WidePoint Sets First Quarter 2023 Conference Call for Monday, May 15, 2023 at 4:30 p.m. ET

Fairfax, VA – May 1, 2023 – 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 Monday, May 15, 2023 at 4:30 p.m. Eastern time to discuss its financial results for the first quarter ended March 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: Monday, May 15, 2023

Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)

U.S. dial-in number: 888-506-0062

International number: 973-528-0011

Access Code: 727683

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 Monday, May 29, 2023.

Toll-free replay number: 877-481-4010

International replay number: 919-882-2331

Replay ID: 48181

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 – April 17, 2023 – 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 be presenting at the Ladenburg Thalmann Tech Expo on April 27th, 2023 in New York, NY.

WidePoint management is scheduled to present on Thursday, April 27th at 9:00 a.m. Eastern time.

Presentation Time: 9:00 a.m. Eastern Time

Date: Thursday, April 27th, 2023

Location: Convene, 101 Park Avenue, New York, NY (41st and Park)

To receive additional information, or schedule a one-on-one meeting, please contact [email protected].

About The Ladenburg Thalmann Tech Expo 2023

The 2023 Expo will feature presentations from the managements of approximately 50 public and private technology companies covering media and content-tech; software and service-tech; and hardware and defend-tech. The format will include three presentation tracks along with one-on-one meetings. In addition, a number of companies will be providing live demonstrations of their products and offerings in the “Ladenburg Expo format,” which will provide an additional opportunity to interact with management teams.

About WidePoint

Investor Relations:

Gateway Group, Inc.

Matt Glover or John Yi

949-574-3860

[email protected]

Fairfax, VA – March 27, 2023 – 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, 2022.

Fourth Quarter 2022 and Recent Operational Highlights:

Executed a new contract to provide Mobile and Telecom Managed Services to a Standard & Poor’s 500 Food & Beverage company; WidePoint was selected to replace one of its competitors
Executed two new contracts with leading telecommunications companies under its strategic agreement with CSG International
Announced that its subsidiary Soft-ex Communications has been formally launched in the Ingram Micro Cloud Marketplace for its innovative Voice Analytics solution which helps drive Microsoft Teams usage and adoption
Entered into a strategic agreement with a leading cybersecurity and identity management company to transition all of their federal government customers to WidePoint’s IdM delivery system
Entered into a reseller agreement with BK Technologies Corporation for the resale of BK’s InteropONE PTToC (Push-To-Talk Over Cellular) service to the U.S. Department of Homeland Security and the U.S. Department of State
Achieved Intelligent Technology Management System (ITMS) has achieved “FedRAMP in Process” status
WidePoint’s Public Key Infrastructure (PKI) Identity & Access Management solution is in compliance with the new phishing-resistant MFA Guidance issued by CISA, the Cybersecurity & Infrastructure Security Agency of the U.S. Department of Homeland Security
15 total contractual actions resulting in over $5.7 million in funding for the next 12 months: $360,000 in new Commercial contracts, and $5.3 million in Government contracts, including $141,000 in new contracts and $5.2 million in renewals

Fourth Quarter 2022 Financial Highlights:

Revenues were $23.3 million
Managed Services and billable fees revenue increased to $8.4 million
Gross margin was 15%
Net loss totaled $8.9 million, or a loss of $(1.02) per diluted share
Adjusted EBITDA, a non-GAAP financial measure, was $561,000
As of December 31, 2022, cash and cash equivalents equaled $7.5 million

Full Year 2022 Financial Highlights:

Revenues grew 8% to $94.1 million
Managed Services and billable fees revenue increased to $28.1 million
Gross margin was 15%
Net loss totaled $23.6 million, or a loss of $(2.70) per diluted share
Adjusted EBITDA, a non-GAAP financial measure, was $1.1 million

Management Commentary

“We finished off 2022 on a high note, as we met both guidance targets with full year revenue of $94.1 million and Adjusted EBITDA of $1.1 million thanks to the continued operational excellence of our team in conjunction with our growing sales pipeline,” said WidePoint CEO, Jin Kang. “That same momentum has carried over into 2023 as we’re seeing strong renewal rates with existing customers thanks to the continued upsell and cross-selling opportunities we provide, supplemented by net new federal government and commercial enterprise customers wins we’re procuring. We are making significant progress across all fronts of our business with a leaner workforce and remain well-capitalized and financially sustainable. Looking ahead, our team will continue to steadfastly execute our organic growth strategy, while meticulously vetting M&A targets for our inorganic initiative.”

Fourth Quarter 2022 Financial Summary

(in millions, except per share amounts)	Dec. 31, 2022	Dec. 31, 2021
	(unaudited)
Revenue	$23.3	$24.5
Gross Profit	3.6	4.0
Operating Expenses	4.3	4.8
(Loss) Income from Operations	(0.7)	(0.8)
Net Loss	(8.9)	(0.6)
Diluted (Loss) Earnings per share	(1.02)	(0.06)
EBITDA	0.4	0.32
Adjusted EBITDA	$0.6	$0.5

Full Year 2022 Financial Summary

(in millions, except per share amounts)	Dec. 31, 2022	Dec. 31, 2021
	(unaudited)
Revenue	$94.1	$87.3
Gross Profit	14.6	16.4
Operating Expenses	34.2	15.8
(Loss) Income from operations	(19.6)	0.6
Net (Loss) Income	(23.6)	0.3
Diluted (Loss) Earnings per share	(2.70)	0.04
EBITDA	(15.8)	2.9
Adjusted EBITDA	$1.1	$3.8

A reconciliation of GAAP Net income to EBITDA and Adjusted EBITDA is provided below.

Share Repurchase Program

The repurchase program remains on hold to preserve the company’s cash balance, as we look to invest back into our technology and prepare for potential acquisitions. Longer-term, the company may leverage the buyback program when deemed appropriate.

ATM Sales Program

On March 27, 2023, the Company provided notice to the Sales Agents that we were terminating the Sales Agreement. Accordingly, no future sales will be made pursuant to the Sales Agreement.

Conference Call

WidePoint management will hold a conference call today (March 27, 2023) at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results.

WidePoint’s President and CEO Jin Kang, Executive Vice President and Chief Revenue Officer Jason Holloway, and CFO Bob George will host the conference call, followed by a question and answer period.

U.S. dial-in number: 888-506-0062

International number: 973-528-0011

Access Code: 241547

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 Monday, April 10, 2023.

Toll-free replay number: 877-481-4010

International replay number: 919-882-2331

Replay ID: 47779

About WidePoint

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:

View Full Size

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 charge. 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 ability to achieve expected benefits from the acquisition of ITA, the ability to achieve the financial outlook included herein, the impact of the COVID-19 pandemic on our business and operations; the impact of any supply chain interruptions; our ability to successfully execute our strategy; our ability to sustain profitability and positive cash flows; our ability to gain market acceptance for our products; our ability to win new contracts, execute contract extensions and expansion of services of 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 retain key personnel; and the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 28, 2022. 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

[email protected]

WIDEPOINT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

View Full Size

WIDEPOINT CORPORATION AND SUBSIDIARIES
Liabilities & Stockholders’ Equity

View Full Size

WIDEPOINT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

View Full Size

Fairfax, VA – March 13, 2023 – 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 Monday, March 27, 2023 at 4:30 p.m. Eastern time to discuss its financial results for the fourth quarter and full year ended December 31, 2022. 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: Monday, March 27, 2023

Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)

U.S. dial-in number: 888-506-0062

International number: 973-528-0011

Access Code: 241547

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 Monday, April 10, 2023.

Toll-free replay number: 877-481-4010

International replay number: 919-882-2331

Replay ID: 47779

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 8, 2023 – 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), today announced that it has entered into a reseller agreement with BK Technologies Corporation (NYSE American: BKTI), for the resale of BK’s InteropONE PTToC (Push-To-Talk Over Cellular) service to the U.S. Department of Homeland Security and the U.S. Department of State. InteropONE is the only PTToC (Push-To-Talk Over Cellular) service that enables operational interoperability to first responders through on-demand creation of user groups without requiring network pre-provisioning or gateways.

Under WidePoint’s single award Cellular Wireless Managed Services (CWMS) IDIQ contract, WidePoint plans to offer BK’s InteropONE service to all DOS and DHS agencies including U.S. Customs and Border Protection (CBP), U.S. Immigration and Customs Enforcement (ICE), The United States Coast Guard, Federal Emergency Management Agency (FEMA), Transportation Security Administration (TSA), U.S. Secret Service and others.

InteropONE facilitates multi-agency incident response and mutual aid in planned or unplanned incidents such as large public events, disaster relief, criminal intelligence, and mass violence, where a lack of communications can slow or hinder the response. Incident command staff can dynamically manage PTToC communications from a smartphone, by “inviting” participants to engage in the incident. Invited participants simply need a smartphone with a data subscription to any carrier network. InteropONE is designed to enable all first responders to communicate regardless of which cellular network they use or PTToC service they subscribe to, or even first responders who do not subscribe to a PTToC service, providing interoperable communications during emergency incidents when no other communications platform meets the need.

Jin Kang, President and CEO of WidePoint Corporation stated: “Federal contract vehicles, such as WidePoint’s CWMS contract, provide federal agencies a clear pathway to purchasing InteropONE. Our relationship with DHS is quite wide and deep with over 100,000 smartphones under management; InteropONE is currently undergoing field trials with our customers, which have generated favorable initial feedback. We’re pleased to establish a strategic partnership with BK Technologies and believe our ability to offer their PTToC offering will broaden our customer relationships and grow our business.”

John Suzuki, CEO for BK Technologies, commented: “The federal government is a large PTToC service user, as more government personnel carry a smartphone than carry a land mobile radio. InteropONE allows these users to initiate and participate in Push-To-Talk (PTT) group communications on demand. When DHS agents conduct a mission, typically they are joined by other state and local public safety agencies; InteropONE enables DHS agents to form onsite group communications with any smartphone device on any cellular service worldwide in five minutes or less. With WidePoint’s deep DHS relationships and BK Technologies’ InteropONE offering, this is an ideal strategic partner for both companies.”

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 & 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.

About BK Technologies

BK Technologies Corporation (NYSE American: BKTI) manufactures high-specification, American-made communications equipment of unsurpassed reliability and value for use by public safety professionals and government agencies. BK Technologies SaaS business focuses on new, innovative public safety smartphone services that will make the first responders safer or more productive. BK Technologies is honored to serve these heroes when every moment counts. For more information, visit bktechnologies.com.

WidePoint Investor Relations:

Gateway Group, Inc.
Matt Glover or John Yi

949-574-3860

[email protected]

Fairfax, VA – March 6, 2023 – 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), has executed a new contract to provide Mobile and Telecom Managed Services to a Standard & Poor’s 500 (“S&P 500”) and FTSE4Good Food & Beverage company.

WidePoint will provide a Telecom and MMS solution that encompasses:

Managing communications with vendors through their respective tooling channels (tickets, phone and/or chat)
Invoice processing (Wired and Wireless)
Reviewing and verifying invoice payments
Identifying and resolving billing disputes
Identifying cost savings
Identifying zero usage users
Analyzing CDR data with monthly/quarterly/ad-hoc reports
Quarterly / Yearly Audits
Vendor Management

Jin Kang, CEO of WidePoint, stated: “WidePoint is pleased that our Mobile Telecom Managed Services solution was selected to replace one of our competitors by one of the biggest national players in the food & beverage sector. This win marks the third occurrence in the past few months where WidePoint has displaced a major competitor. We credit our success to our superior cybersecurity solution and posture as well as a better delivery system, our Intelligent Technology Management System (ITMS™). We are honored to have this visionary food and beverage company as a client and look forward to long and mutually productive business relationship.”

About WidePoint

WidePoint Investor Relations:

Gateway Group, Inc.
Matt Glover or John Yi

949-574-3860
[email protected]

Fairfax, VA – December 7, 2022 – 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 today that its subsidiary Soft-ex Communications has been formally launched in the Ingram Micro Cloud Marketplace for its innovative Voice Analytics solution which helps drive Microsoft Teams usage and adoption.

The Ingram Micro Cloud Marketplace is the world’s largest one-stop shop for cloud-based solutions, enabling businesses to easily purchase, provision, manage, and invoice leading cloud applications via a central ecommerce platform. The addition of Soft-ex, a Microsoft Gold Partner, allows partner organizations to purchase their Voice Analytics solution through the channel of their choice. The Marketplace platform automates purchasing and provisioning processes, providing buyers with seamless setup and management of the Soft-ex solution. Accelerated global adoption of Microsoft Teams has been one of the most exciting business developments in recent years and the Soft-ex solution delivers advanced UC Voice Analytics to assist enterprises to optimize adoption, performance, infrastructure and costs while also delivering an enhanced customer experience.

Abby Hanson, U.S. Microsoft Modern Workplace Sales Practice Leader at Ingram Micro, commented: “In this new and dynamic hybrid working environment, Soft-ex’s Voice Analytics helps drive the adoption and usage of Microsoft Teams and highly compliments our Modern Workplace sales proposition. For MSPs (Managed Service Providers) it delivers incremental high margin revenues and stickiness to enterprise clients for retention at contract renewal. For the enterprise, it delivers centralized visibility and advanced self-serve analytics for Teams Voice & Collaboration. We at Ingram Micro are excited to be partnering with Soft-ex.”

Ian Sparling, CEO at Soft-ex stated: “Ingram Micro is leading the way in how cloud solutions are now purchased and we are delighted to be named an Ingram Micro Cloud Marketplace partner. Our SaaS solution has been identified by Ingram Micro as satisfying a requirement to optimize the Teams Voice experience and we are well positioned to help create a differentiator for Ingrams MSPs. Soft-ex remains focused on delivering compelling solutions and enhanced digital experiences for our joint clients. We look forward to deepening our relationship with the Ingram Micro sales teams and their MSP channel partners.”

Jin Kang, CEO of WidePoint noted: “Soft-ex continues to expand the availability of its solutions. The Ingram Micro Cloud Marketplace will provide broad exposure for Soft-ex and help drive new client adoption. WidePoint is excited by this partnership and how it deepens our relationship with such important companies as Ingram Micro and Microsoft.”

About WidePoint
WidePoint Corporation (NYSE:WYY) is a leading provider of trusted mobility management (TM2) solutions, including telecom management, mobile management, identity management, and digital billing and analytics. For more information, visit widepoint.com.

About Soft-ex

Soft-ex, part of the WidePoint Group, is a leading supplier of SaaS based Analytics & Billing as a Service (ABaaS) that provide unique online data intelligence for Digital Service Providers and their Enterprise & Consumer customers for fixed, mobile and PABX communications. Headquartered in Ireland, we are a Microsoft Gold partner and proud to serve our clients and partners across the globe. For more information, visit soft-ex.net.

About Ingram Micro

Ingram Micro helps businesses realize the promise of technology. It delivers a full spectrum of global technology and supply chain services to businesses around the world. Deep expertise in technology solutions, mobility, cloud, and supply chain solutions enables business partners to operate efficiently and successfully in the markets they serve. Unrivaled agility, deep market insights and the trust and dependability that come from decades of proven relationships set Ingram Micro apart and ahead. Discover how Ingram Micro can help you realize the promise of technology. More at www.ingrammicro.com.

WidePoint Investor Relations:

Gateway Group, Inc.
Matt Glover or John Yi

949-574-3860
[email protected]

Fairfax, VA – November 28, 2022 – WidePoint Corporation (NYSE American: WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity and Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), will be presenting and holding one-on-one meetings at the Ladenburg Virtual Tech Expo 22 on Wednesday, December 7, 2022.

The one-day Expo will feature virtual presentations from the management of approximately 50 Technology and Media companies covering ad-tech, cloud, communications, connectivity, cybersecurity, defense, digital mining, e-commerce, software and services, fintech, media, mobility, payments and semiconductors.

WidePoint management is scheduled to present on Wednesday, December 7th at 9:00 a.m. Eastern time, with virtual one-on-one meetings to be held throughout the conference.

To receive additional information or to schedule a one-on-one meeting, please email [email protected].

About WidePoint

WidePoint Investor Relations:

Gateway Group, Inc.
Matt Glover or John Yi

949-574-3860

[email protected]

Fairfax, VA – November 21, 2022 – 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 today that the company’s Intelligent Technology Management System (ITMS™) has achieved “FedRAMP in Process” status.

The FedRAMP Program Management Officer updated the status for WidePoint’s proprietary Intelligent Technology Management System (ITMS™) from “FedRAMP Ready” to “FedRAMP In Process” on the FedRAMP Marketplace with the U.S. Department of Justice, Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) as the sponsoring agency.

The Federal Risk and Authorization Management Program (FedRAMP®) was established in 2011 to provide a cost-effective, risk-based approach for the adoption and use of cloud services by the federal government. FedRAMP empowers agencies to use modern cloud technologies, with an emphasis on security and protection of federal information.

WidePoint is working with a contracted Third-Party Assessment Organization (3PAO) and ATF to review and test the 616 security controls and sub-controls necessary to achieve FedRAMP Authorization at the FISMA moderate level. WidePoint will have six months to complete the assessment to earn a FedRAMP Authorization status. Once the FedRAMP Authorization is issued, ITMS™ will enter a continuous monitoring phase. WidePoint will continue to work with a 3PAO to annually review a subset of security controls, submit assessment reports to ATF, conduct penetration testing, and assess any required security control changes.

Jin Kang, WidePoint’s CEO, noted, “The FedRAMP Authorized status will mean that WidePoint meets all of the stringent security requirements as prescribed by the federal government for cybersecurity. Receiving the Authorized status makes WidePoint much more likely to get additional business from government agencies as well as improves our profile with commercial customers.”

Todd Dzyak, WidePoint COO, added, “The FedRAMP Authorized status will enable WidePoint to leverage the authorization package across federal government agencies without having to go through a separate certification and accreditation process for each and every agency. The FedRAMP Authorized status will mean better security, faster implementation, less expense, and most of all least amount of cybersecurity risk for our customers.”

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 & 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 – November 14, 2022 – WidePoint Corporation (NYSE American: WYY), the Trusted Mobility Solutions company, reported results for the third quarter ended September 30, 2022.

Third Quarter 2022 and Recent Operational Highlights:

WidePoint’s Public Key Infrastructure (PKI) Identity & Access Management solution is in compliance with the new phishing-resistant MFA Guidance issued by CISA, the Cybersecurity & Infrastructure Security Agency of the U.S. Department of Homeland Security
Piloted IAM solutions within IT groups at several K-12 schools
Awarded two new professional services contracts for Turnkey IT Infrastructure and Modernization by a leading Sports Marketing, Media & Technology company
Launched the Intelligent Technology Management Solution (ITMS™) platform to provide next generation secure asset management
IT Authorities awarded a new Managed Service Provider contract from a leading Sports Marketing & Media company valued at more than $616,700 annually
IT Authorities awarded five new commercial contracts for a total of more than $360,000
WidePoint awarded a new Trusted Mobility Services (MMS) contract by a leading U.S. beverage bottler
$2.46 million in Commercial contracts including $544,000 in new contracts and $1.92 million in renewals
$4.45 million in Government contracts including $1.95 million in new contracts and $1.82 million in renewals
Under the U.S. Department of Homeland Security Cellular Wireless Managed Services (CWMS) 2.0 IDIQ contract, the Cybersecurity and Infrastructure Security Agency (CISA) issued a new Task Order with expanded scope of services that extends until March 2026

Third Quarter 2022 Financial Highlights:

Revenues grew 14% to $25.3 million
Managed Services revenue increased to $7.6 million
Gross margin was 15%
Net loss totaled $541,000, or a loss of $(0.06) per diluted share
Adjusted EBITDA, a non-GAAP financial measure, was $152,000
As of September 30, 2022, cash and cash equivalents equaled $5.1 million

Nine Month 2022 Financial Highlights:

Revenues grew 13% to $70.8 million
Managed Services revenue increased to $21.5 million
Gross margin was 16%
Net loss totaled $14.7 million, or a loss of $(1.68) per diluted share
Adjusted EBITDA, a non-GAAP financial measure, was $503,000