FAIRFAX, VA / ACCESSWIRE / July 31, 2024 / WidePoint Corporation (NYSE American: WYY), the innovative enterprise cyber security and mobile technology provider, will hold a conference call on Wednesday, August 14, 2024 at 4:30 p.m. Eastern time to discuss its financial results for the second quarter ended June 30, 2024. Financial results will be issued in a press release prior to the call.
WidePoint’s management will host the conference call, followed by a question and answer period.
Date: Wednesday, August 14, 2024
Time: 4:30 p.m. ET (1:30 p.m. PT)
U.S. dial-in number: 888-506-0062
International number: 973-528-0011
Access Code: 403107
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at (949) 574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the company’s website. A replay of the conference call will be available after 7:30 p.m. ET on the same day through Wednesday, August 28, 2024.
Toll-free replay number: 877-481-4010
International replay number: 919-882-2331
Replay ID: 50911
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Analytics & Billing as a Service (ABaaS). For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
FAIRFAX, VA / ACCESSWIRE / July 30, 2024 / WidePoint Corporation (NYSE American: WYY), the innovative enterprise cyber security and mobile technology provider, announced it has successfully deployed a new product offering into a Federal Agency, a proprietary derived digital credential for mobile devices called MobileAnchor™.
Jin Kang, WidePoint’s Chief Executive Officer, stated: “I am excited to announce that WidePoint has successfully developed, tested, and authenticated MobileAnchor™ which is stored directly on the mobile device, providing the highest level of security available. This successful deployment with a Federal Agency is a significant accomplishment among Identity & Access Management solution providers. WidePoint’s new MobileAnchor™ can be relied on for support and stability and provides the highest level of security for mobile digital credentials.”
Unique benefits of WidePoint’s MobileAnchor™ Derived Digital Credential:
1. Enhanced Security:
- Direct Integration: WidePoint’s MobileAnchor™ generates a digital credential directly on the device, can leverage device-specific security features, such as hardware-based secure elements (e.g., TPM or SE) and biometric authentication, ensuring high levels of security.
- Reduced Attack Surface: WidePoint’s MobileAnchor™ direct integration can minimize potential vulnerabilities associated with additional layers or intermediaries
2. User Convenience:
- Seamless Access: Users can directly access applications and services without needing to navigate through an additional Mobile Device Management (MDM) interface or container, streamlining the user experience.
- Integrated MFA: WidePoint’s MobileAnchor™ can be combined with device biometrics (fingerprint, face recognition) for seamless multi-factor authentication (MFA).
3. Simplified Deployment:
- Less Overhead: Deploying and managing WidePoint’s MobileAnchor™ credentials directly on the device can be more straightforward compared to managing credentials within an MDM container, reducing administrative overhead.
4. Flexibility and Compatibility:
- Native Support: WidePoint’s MobileAnchor™ can be supported natively by many modern operating systems and applications, ensuring better integration and compatibility.
Caroline Godfrey, WidePoint’s Chief Security Officer, stated: “I am extremely proud of the WidePoint team and our partners for bringing this solution to market. The ‘good enough’ solutions provided by other vendors often fall short of consistent security. That’s why we are so excited about WidePoint’s MobileAnchor™. WidePoint’s MobileAnchor™ significantly enhances mobile device security to the highest level and allows digital signing of emails and authenticating to federally controlled facilities, information systems, and applications from a mobile smart device.”
Jason Holloway, WidePoint’s Chief Revenue Officer, stated: “Marketing efforts are already in-progress to other Federal Agencies that currently utilize PIV Smart-Card Credential and similarly to Commercial entities that utilize PIV-I Smart-Card Credentials. We are optimistic that organizations seeking the highest form of security, as well as cost savings recognized by not requiring a MDM software, will welcome WidePoint’s MobileAnchor™ as a next generation IAM solution.”
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Analytics & Billing as a Service (ABaaS). For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc., Matt Glover or John Yi
949-574-3860, [email protected]
Fairfax, VA – July 9, 2024 – WidePoint Corporation (NYSE American: WYY), the innovative enterprise cyber security and mobile technology provider, announced that it was awarded approximately $2.84 million in new contracts and renewals.
Jin Kang, WidePoint’s Chief Executive Officer, stated: “We are very excited about our business development momentum. The majority of these new wins are commercial SaaS revenues and should bolster our bottom-line improvements, an initiative we continue to strive for. With multiple awards across all WidePoint business units, the value of our solutions and managed services continues to be recognized by government and commercial enterprises.”
Highlights include:
- Of the $2.84 million in contract awards, approximately $2.4 million were commercial SaaS wins and $438,000 were government contracts.
- $1.8 million was for new contracts and $1,036,000 for renewals.
- Contract awards include all WidePoint solution lines including, Managed Mobility Services, Identity & Access Management, IT as a Service, and Interactive Billing & Analytics.
Kang added, “The $2.84 million in contracts is in addition to the previous press release highlighting our U.S. Department of Homeland Security CWMS 2.0 IDIQ ceiling increase of $254 million. We are already seeing new task orders for DHS, and activity related to Spiral 4, and we are excited about this continued momentum. Our strategic plan of building out program management offices for these important contracts is also being realized and expanding our sales opportunities.”
Jason Holloway, WidePoint’s Chief Revenue Officer, stated: “WidePoint is seeing pilot projects launched, and strategic partnerships with system integrators resulting in new opportunities. When it comes to our PKI and Identity & Access Management solutions, we are especially excited to see key federal agencies interested in our next generation Derived Credential offering. We look forward to sharing more details in the near term.”
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM, Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS, Cloud Security, and Analytics & Billing as a Service (ABaaS). For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
[email protected]
Fairfax, VA – June 25, 2024 – WidePoint Corporation (NYSE American: WYY), the innovative enterprise cyber security and mobile technology provider, announced that the U.S. Department of Homeland Security (“DHS”) has increased the ceiling of the Cellular Wireless Managed Services (“CWMS”) 2.0 Indefinite Delivery/Indefinite Quantity (“IDIQ”) contract from $500 million to $754 million, an increase of $254 million.
All other terms and conditions of the CWMS 2.0 contract remain unchanged. The contract includes managed services; WidePoint’s proprietary Intelligent Technology Management System (ITMS™) platform for device ordering and asset management; cellular wireless equipment and devices; cellular and data service; Mobile Device Management (MDM); project management; services to enhance in-building cellular coverage; 24×7 service desk support and other optional services. Together, these services provide DHS and all its major component agencies with streamlined logistics, standardized reporting, a robust means of providing wireless devices and services, and invoicing processing.
Jin Kang, WidePoint’s Chief Executive Officer, stated: “WidePoint has saved DHS in excess of $250 million on telecommunications costs to date through this contract. The additional $254 million represents nearly a 55% increase to the original contract value, underscoring that WidePoint’s managed services are enabling these agencies to maximize their resources while executing their critical mission of protecting the United States.”
Todd Dzyak, WidePoint’s Chief Operating Officer, stated: “DHS is setting the standard for how federal agencies can achieve accountability and efficiencies across the mobility landscape. WidePoint has seen a rapid increase in contracting activity with CWMS 2.0 and currently has task orders in place with every major DHS component agency. In order to address the increased activity, WidePoint is establishing a formalized Program Management Office model to manage this expansive contract.”
Kang added, “I am pleased to announce that Michelle Richards has joined our team to lead WidePoint’s DHS CWMS 2.0 program. Michelle is highly respected within the DHS community and brings to WidePoint more than three decades of experience in the mobile telecommunication industry and more than 15 years of federal government contracting experience. In addition to growing our work with DHS, Michelle’s industry stature will help WidePoint expand both our commercial and federal impact, while helping to prepare and capture significant portions of the recently awarded Spiral 4 contract. We are honored that Michelle shares our vision and that she is devoting her talent and expertise to WidePoint.”
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM, Mobility Managed Services (MMS, Telecom Management, Information Technology as a Service (ITaaS, Cloud Security, and Analytics & Billing as a Service (ABaaS). For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
[email protected]
Fairfax, VA – May 15, 2024 – WidePoint Corporation (NYSE American: WYY), the innovative enterprise cyber security and mobile technology provider, reported results for the first quarter ended March 31, 2024.
First Quarter 2024 and Recent Operational Highlights:
- Selected by the U.S. Navy as one of seven contractors for the 10-Year, $2.7 billion Spiral 4 contract
- Awarded more than 18 contractual actions resulting in approximately $22.7 million in contract value in Q1 2024
- Awarded a 3-year contract valued at over $1.4 million from a major Florida attraction and research center to provide managed IT cyber services
- 27th consecutive quarter of positive Adjusted EBITDA
- Second consecutive quarter ending free cash flow positive
First Quarter 2024 Financial Highlights:
- Revenues were $34.2 million, a 35% increase from the same quarter last year
- Gross margin was 14%, and gross margin excluding carrier services revenue was 31%
- Net loss totaled $0.7 million, or a loss of $(0.07) per diluted share
- Adjusted EBITDA, a non-GAAP financial measure, was $573,000
- Free cashflow was $566,000
- As of March 31, 2024, cash was $5.3 million with no bank debt
Management Commentary
“We’ve carried the fourth quarter momentum into the new year, with our results ahead of our forecast, and vast improvements in our year over year and sequential quarter performance in our top-line and free cash flow, and doubling our adjusted EBITDA compared to last quarter,” said WidePoint CEO Jin Kang. “This success is a testament to the relentless dedication of our sales and marketing and operations teams, whose execution to acquiring and implementation of higher-margin contracts helped drive our financial performance. We are actively looking to invest additional capital in our sales and marketing initiatives to expand our reach into our potential customers. Demand for our solutions remains high, evidenced by a growing pipeline of new deals and opportunities and improved customer retention. We’re well on track to meet the guidance we provided last quarter and look forward to the continued execution of our strategic initiatives. We also look forward to providing additional details on the newly awarded Spiral 4 Navy contract as we engage in detail conversations with our client’s representative.”
First Quarter 2024 Financial Summary
Conference Call
WidePoint’s management will host the conference call today (May 15, 2024) at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results.
U.S. dial-in number: 888-506-0062
International number: 973-528-0011
Access Code: 667873
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at (949) 574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the company’s website.
A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through Wednesday, May 29, 2024.
Toll-free replay number: 877-481-4010
International replay number: 919-882-2331
Replay ID: 50508
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Analytics & Billing as a Service (ABaaS). For more information, visit widepoint.com.
Non-GAAP Financial Measures
WidePoint uses a variety of operational and financial metrics, including non-GAAP financial measures such as EBITDA and Adjusted EBITDA, to enable it to analyze its performance and financial condition. The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. A reconciliation of GAAP Net income to EBITDA and Adjusted EBITDA is provided below:
WidePoint uses Adjusted EBITDA as supplemental non-GAAP measure of performance. WidePoint defines EBITDA as net income excluding (i) interest expense, (ii) provision for or benefit from income taxes, (iii) depreciation and amortization, and (iv) Impairment charges. Adjusted EBITDA excludes certain amounts included in EBITDA. WidePoint is not providing a quantitative reconciliation of adjusted EBITDA in reliance on the “unreasonable efforts” exception for forward-looking non-GAAP measures set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated without unreasonable effort and expense. In this regard, WidePoint does not provide a reconciliation of forward-looking adjusted EBITDA (non-GAAP) to GAAP net income, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Because certain deductions for non-GAAP exclusions used to calculate projected net income may vary significantly based on actual events, WidePoint is not able to forecast on a GAAP basis with reasonable certainty all deductions needed in order to provide a GAAP calculation of projected net income at this time. The amounts of these deductions may be material and, therefore, could result in projected GAAP net income being materially less than is indicated by estimated adjusted EBITDA (non-GAAP).
Safe Harbor Statement
This press release contains forward-looking statements concerning our business, operations and financial performance and condition as well as our plans, objectives and expectations for our business operations and financial performance and condition that are subject to risks and uncertainties. All statements other than statements of historical fact included herein are forward-looking statements. You can identify these statements by words such as “aim,” “anticipate,” “assume,” “believe,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “potential,” “positioned,” “predict,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends. These forward-looking statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and our management’s beliefs and assumptions. These statements are not guarantees of future performance or development and involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including, the impact of supply chain issues; our ability to successfully execute our strategy; our ability to sustain profitability and positive cash flows; our ability to access sufficient financing on acceptable terms given the tightening credit markets due to the current banking environment; our ability to gain market acceptance for our products; our ability to win new contracts, execute contract extensions and expand scope of services on existing contracts; our ability to compete with companies that have greater resources than us; our ability to penetrate the commercial sector to expand our business; our ability to identify potential acquisition targets and close such acquisitions; our ability to successfully integrate acquired businesses with our existing operations; our ability to maintain a sufficient level of inventory necessary to meet our customers demand due to supply shortage and pricing; our ability to retain key personnel; our ability to mitigate the impact of increases in interest rates; the impact of increasingly volatile public equity markets on our market capitalization; the impact and outcome of negotiations around the Federal debt ceiling; our ability to mitigate the impact of inflation; and The risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 31, 2023.
The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
WIDEPOINT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
WIDEPOINT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
WIDEPOINT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
WidePoint is Among 7 Companies Selected by the U.S. Navy to Provide Wireless and Telecommunications Services.
Fairfax, VA – May 8, 2024 – WidePoint Corporation (NYSE American: WYY), the innovative enterprise security and mobile technology provider, announced that the U.S. Navy has included the company in the fourth iteration of the Wireless and Telecommunications Services vehicle (“Spiral 4”).
WidePoint, along with six other companies including the U.S. “Big Three” wireless carriers, was awarded a position on a 10-year, $2.7 billion Spiral 4 contract to provide a full range of wireless and telecommunication services to military personnel and federal civilian employees stationed within the country and U.S. territories. The Naval Supply Systems Command Fleet Logistics Center San Diego launched a full-and-open competition in late January for the indefinite-delivery, indefinite-quantity (IDIQ) contract, which includes hardware, software, firmware and related IT equipment and services. The U.S. Department of Defense announced the firm-fixed-price, IDIQ contract has a one-year base period valued at approximately $267 million and nine one-year option periods that would run through May 2034 if all options are exercised.
Jin Kang, WidePoint’s CEO, stated: “WidePoint is honored to be included in this award group. As an agnostic provider of Managed Mobility Services (MMS) to the U.S. Federal Government, WidePoint is uniquely poised to deliver on this new IDIQ contract. We look forward to each opportunity to provide wireless and telecommunications services to U.S. Navy personnel and civilian team members. Additionally, we remain focused on continuing to execute our sales and marketing strategy in what is shaping to be a very strong year for our organization.”
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM, Mobility Managed Services (MMS, Telecom Management, Information Technology as a Service (ITaaS, Cloud Security, and Analytics & Billing as a Service (ABaaS). For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
[email protected]
FAIRFAX, VA / ACCESSWIRE / May 1, 2024 / WidePoint Corporation (NYSE American: WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity & Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), will hold a conference call on Wednesday, May 15, 2024 at 4:30 p.m. Eastern time to discuss its financial results for the first quarter ended March 31, 2024. Financial results will be issued in a press release prior to the call.
WidePoint’s management will host the conference call, followed by a question and answer period.
Date: Wednesday, May 15, 2024
Time: 4:30 p.m. ET (1:30 p.m. PT)
U.S. dial-in number: 888-506-0062
International number: 973-528-0011
Access Code: 667873
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at (949) 574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the company’s website. A replay of the conference call will be available after 7:30 p.m. ET on the same day through Wednesday, May 29, 2024.
Toll-free replay number: 877-481-4010
International replay number: 919-882-2331
Replay ID: 50508
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Analytics & Billing as a Service (ABaaS). For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
Fairfax, VA – April 23, 2024 – WidePoint Corporation (NYSE American: WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity & Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), announced that it was awarded approximately $22.7 million in contracts during the first quarter of 2024.
Jin Kang, WidePoint’s CEO, stated: “WidePoint entered 2024 on a high note and carried the momentum from 2023 into the new year, with more than 18 contractual actions totaling approximately $22.7 million. These wins include new government and commercial awards, renewals, and contract extensions across all WidePoint solution lines. We are pleased by how our strategic partnerships are evolving to create new opportunities based on the recognition that WidePoint truly is the most trusted industry leader in Managed Mobility Services and Identity & Access Management. Our team is pleased with the sustained growth trajectory of our business and look forward to carrying this momentum forward for the rest of 2024.”
Highlights include:
- More than 18 contractual actions resulting in approximately $22.7 million in contract value
- Approximately $1.0 million in commercial contracts
- Approximately $21.7 million in government contracts
- Numerous federal contracts including: the U.S. Department of Homeland Security, U.S. Customs and Border Protection, the National Science Foundation and the Transportation Security Administration
- Renewals and new orders for WidePoint’s IAM offerings including university, aerospace and defense organizations
- Multi-year Managed Services contracts with leading financial and bottling enterprises
Jason Holloway, WidePoint’s Chief Revenue Officer, stated: “WidePoint is proud that our PKI and ECA IAM solutions are gaining traction beyond our U.S. Department of Defense work as infrastructure, healthcare, education and financial entities are waking up to the reality that most commercial IAM offerings are highly vulnerable to cyberattacks. While a change in enterprise technology buying habits does not happen overnight, WidePoint is excited to see numerous new paths for market penetration in important sectors and industries.”
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM, Mobility Managed Services (MMS, Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Analytics & Billing as a Service (ABaaS). For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc., Matt Glover or John Yi
949-574-3860 [email protected]
Fairfax, VA – March 26, 2024 – WidePoint Corporation (NYSE American: WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity & Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), reported results for the fourth quarter and full year ended December 31, 2023.
Fourth Quarter 2023 and Recent Operational Highlights:
- Awarded a three-year contract valued at over $1.4 million from a major Florida attraction and research center to provide managed IT and cyber services
- Received a three-year, $216,000 contract from a mobile healthcare provider to provide managed IT services
- Awarded a $900,000 contract for Cisco equipment by a national bottling distributor
- Attained positive Adjusted EBITDA for the 26th consecutive quarter, and ended the quarter free cash flow positive
- Awarded more than 30 contractual actions resulting in over $70.3 million of contract value in Q4 2023
- Federal contract backlog totaled $359 million as of December 31, 2023
Fourth Quarter 2023 Financial Highlights:
- Revenues were $28.3 million, a 21% increase from the same quarter last year
- Gross margin was 14%, and gross margin excluding carrier services revenue was 32%
- Net loss totaled $1.3 million, or a loss of $(0.15) per diluted share
- Adjusted EBITDA, a non-GAAP financial measure, was $423,000
- As of December 31, 2023, cash and cash equivalents equaled $6.9 million with no bank debt
Full Year 2023 Financial Highlights:
- Revenues were $106.0 million, a 13% increase from the same period last year
- Gross margin was 15%, and gross margin excluding carrier services revenue was 33%
- Net loss totaled $4.0 million, or a loss of $(0.46) per diluted share
- Adjusted EBITDA, a non-GAAP financial measure, was $791,000
Management Commentary
“The fourth quarter of 2023 for WidePoint was a great way to conclude an incredible year of growth and execution,” said Company CEO, Jin Kang. “We continue to achieve year-over-year growth, as we hit our revenue guidance for 2023 and ended the quarter free cash flow positive. In a year filled with external macroeconomic challenges, our sales and marketing team and strategy has proven to be resilient and effective, with the fourth quarter alone witnessing over $70.3 million in contractual actions and ending the year with a federal contract backlog of $359 million. The success seen on this front has prompted us to allocate additional resources and senior staffing to continue securing higher-margin contracts, setting a promising trajectory for fiscal year 2024. With the credit facility under our belt plus a strong balance sheet, we have ample dry powder that primes us to further activate our organic growth strategy, while giving us the optionality to explore synergistic and accretive M&A opportunities.”
Fourth Quarter 2023 Financial Summary
| (in millions, except per share amounts) | Dec. 31, 2023 | Dec. 31, 2022 |
| (unaudited) | ||
| Revenues |
$28.3
|
$23.1
|
| Gross Profit |
4.0
|
3.6
|
| Gross Profit % |
14%
|
15%
|
| Operating Expenses |
5.3
|
4.3
|
| Loss from Operations |
(1.3)
|
(0.7)
|
| Loss per Share, Basic & Diluted |
$(0.15)
|
$(1.02)
|
| EBITDA |
(0.2)
|
0.4
|
| Adjusted EBITDA |
0.4
|
0.5
|
Full Year 2022 Financial Summary
| (in millions, except per share amounts) | Dec. 31, 2023 | Dec. 31, 2022 |
| (unaudited) | ||
| Revenues |
$106.0
|
$94.1
|
| Gross Profit |
15.6
|
14.6
|
| Gross Profit % |
15%
|
15%
|
| Operating Expenses |
19.3
|
34.2
|
| Loss from Operations |
(3.7)
|
(19.6)
|
| Loss per Share, Basic & Diluted |
(0.46)
|
(2.70)
|
| EBITDA |
(0.39)
|
(15.75) |
| Adjusted EBITDA | 0.8 |
1.1
|
Conference Call
WidePoint’s management will host the conference call today (March 26, 2024) at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results.
U.S. dial-in number: 877-545-0523
International number: 973-528-0016
Access Code: 558777
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at (949) 574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the company’s website.
A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through Tuesday, April 9, 2024.
Toll-free replay number: 877-481-4010
International replay number: 919-882-2331
Replay ID: 50055
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Analytics & Billing as a Service (ABaaS). For more information, visit widepoint.com.
Non-GAAP Financial Measures
WidePoint uses a variety of operational and financial metrics, including non-GAAP financial measures such as EBITDA and Adjusted EBITDA, to enable it to analyze its performance and financial condition. The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. A reconciliation of GAAP Net income to EBITDA and Adjusted EBITDA is provided below:
WidePoint uses Adjusted EBITDA as supplemental non-GAAP measure of performance. WidePoint defines EBITDA as net income excluding (i) interest expense, (ii) provision for or benefit from income taxes, (iii) depreciation and amortization, and (iv) Impairment charges. Adjusted EBITDA excludes certain amounts included in EBITDA. WidePoint is not providing a quantitative reconciliation of adjusted EBITDA in reliance on the “unreasonable efforts” exception for forward-looking non-GAAP measures set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated without unreasonable effort and expense. In this regard, WidePoint does not provide a reconciliation of forward-looking adjusted EBITDA (non-GAAP) to GAAP net income, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Because certain deductions for non-GAAP exclusions used to calculate projected net income may vary significantly based on actual events, WidePoint is not able to forecast on a GAAP basis with reasonable certainty all deductions needed in order to provide a GAAP calculation of projected net income at this time. The amounts of these deductions may be material and, therefore, could result in projected GAAP net income being materially less than is indicated by estimated adjusted EBITDA (non-GAAP).
Safe Harbor Statement
This press release contains forward-looking statements concerning our business, operations and financial performance and condition as well as our plans, objectives and expectations for our business operations and financial performance and condition that are subject to risks and uncertainties. All statements other than statements of historical fact included herein are forward-looking statements. You can identify these statements by words such as “aim,” “anticipate,” “assume,” “believe,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “potential,” “positioned,” “predict,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends. These forward-looking statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and our management’s beliefs and assumptions. These statements are not guarantees of future performance or development and involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including, the impact of supply chain issues; our ability to successfully execute our strategy; our ability to sustain profitability and positive cash flows; our ability to access sufficient financing on acceptable terms given the tightening credit markets due to the current banking environment; our ability to gain market acceptance for our products; our ability to win new contracts, execute contract extensions and expand scope of services on existing contracts; our ability to compete with companies that have greater resources than us; our ability to penetrate the commercial sector to expand our business; our ability to identify potential acquisition targets and close such acquisitions; our ability to successfully integrate acquired businesses with our existing operations; our ability to maintain a sufficient level of inventory necessary to meet our customers demand due to supply shortage and pricing; our ability to retain key personnel; our ability to mitigate the impact of increases in interest rates; the impact of increasingly volatile public equity markets on our market capitalization; the impact and outcome of negotiations around the Federal debt ceiling; our ability to mitigate the impact of inflation; and The risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 31, 2023.
The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
WIDEPOINT CORPORATION AND SUBSIDIARIES
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WIDEPOINT CORPORATION AND SUBSIDIARIES
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FAIRFAX, VA / ACCESSWIRE / March 12, 2024 / WidePoint Corporation (NYSE American: WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity & Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), will hold a conference call on Tuesday, March 26, 2024 at 4:30 p.m. Eastern time to discuss its financial results for the fourth quarter and full year ended December 31, 2023. Financial results will be issued in a press release prior to the call.
WidePoint’s management will host the conference call, followed by a question and answer period.
Date: Tuesday, March 26, 2024
Time: 4:30 p.m. ET (1:30 p.m. PT)
U.S. dial-in number: 877-545-0523
International number: 973-528-0016
Access Code: 558777
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at (949) 574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the company’s website. A replay of the conference call will be available after 7:30 p.m. ET on the same day through Tuesday, April 9, 2024.
Toll-free replay number: 877-481-4010
International replay number: 919-882-2331
Replay ID: 50055
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Analytics & Billing as a Service (ABaaS). For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
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WidePoint
WidePoint’s Solutions are customized to each organization to deliver maximum value, enhanced security and data protection. No matter your industry or enterprise budget, WidePoint has the expertise needed to improve operational efficiency and reduce costs.
Contact WidePoint today to learn more!