FAIRFAX, VA / ACCESSWIRE / May 1, 2025 / WidePoint Corporation (NYSE American: WYY), an innovative leader in enterprise cybersecurity and mobile technology, will hold a conference call on Thursday, May 15, 2025, at 4:30 p.m. Eastern time to discuss its financial results for the first quarter ended March 31, 2025. 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: Thursday, May 15, 2025
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: 299364
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 Thursday, May 29, 2025.
Toll-free replay number: 877-481-4010
International replay number: 919-882-2331
Replay ID: 52402
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 16, 2025 – WidePoint Corporation (NYSE American: WYY), the innovative enterprise cyber security and mobile technology provider, reported results for the fourth quarter and full year ended December 31, 2024.
Fourth Quarter 2024 and Recent Operational Highlights:
- Exceeded revenue, adjusted EBITDA, and free cashflow guidance
- 30th consecutive quarter of positive Adjusted EBITDA
- 5th consecutive quarter of positive free cash flow
- Awarded $2.5 million Task Order under the Spiral 4 Contract Vehicle
- Achieved FedRAMP Authorized Status for its Intelligent Technology Management System
- Launched M365 Analyzer that identifies actionable savings for Microsoft software license inventory
- Partnered with 22Vets Technologies for Smart City Internet of Things Program
- $51.2 million contract awards in 2024, of which $45.6 million was from Federal agencies and $5.6 million from commercial organizations
- $290 million contract backlog as of December 31, 2024
Fourth Quarter 2024 Financial Highlights:
- Revenues were $37.7 million, a 33% increase from the same quarter last year
- Gross margin was 13%, and gross margin excluding carrier services revenue was 36%
- Adjusted EBITDA1, a non-GAAP financial measure, was $631,000, a 49% improvement from the same quarter last year
- Net loss improved to $356,000 or a loss of $(0.04) per share, compared to $1.3 million or a loss of $(0.15) per share from the same period last year,
- Free cash flow1, a non-GAAP financial measure, was $593,000 or an improvement of 92% compared to the same period last year
Full Year 2024 Financial Highlights:
- Revenues were $142.6 million, a 35% increase from last year
- Gross margin was 13%, and gross margin excluding carrier services revenue was 34%
- Adjusted EBITDA, a non-GAAP financial measure, was $2.6 million, a 229% increase from last year
- Net loss improved to $1.9 million or a loss of $(0.21) per share, from a loss of $4.0 million or a loss of $(0.46) per share last year
- Free cash flow, a non-GAAP financial measure, was $2.5 million compared to $(300,000) last year
- As of December 31, 2024, our unrestricted cash was $6.8 million with no bank debt
1 Free cash flow and Adjusted EBITDA are non-GAAP financial measures. See below for the definition of such measures and a reconciliation to GAAP.
Management Commentary
WidePoint CEO Jin Kang commented: “Our 2024 results were a byproduct of surpassing the three key goals we set for the year: continued investments in sales and marketing, operational execution, and technical advancements. We continue to execute across all facets of our business lines, as demonstrated not only by exceeding all three of our guidance metrics of (revenue, adjusted EBITDA and free cashflow), but also by the notable improvements in our bottom line from 2022 to 2024. The positive trend in our financial performance has positioned us well to achieve our goal of positive earnings per share for the full year 2025. A major highlight of the year was our technical advancements. We successfully developed our MobileAnchor and M365 Analyzer solution sets and, most notably, achieved the long-awaited FedRAMP Authorization Status. This milestone will be pivotal in unlocking new opportunities that were previously beyond our reach, in addition to positioning us for future growth and outpacing our competitors.”
“Four months into 2025, we have set the following goals to drive further improvements in WidePoint’s financial performance and enhance returns for our valued shareholders. First, we aim to establish strategic partnerships to leverage shared client networks, expand our customer base, and grow our contract backlog. While still in the early stages, we are actively engaged in serious discussions with multiple parties regarding MobileAnchor, our Device-as-a-Service program, and offering solutions for cost savings to the new presidential administration. Second, we continue to prepare for the upcoming DHS CWMS 3.0 recompete, where we believe we are in a strong position to succeed. Our authorization to operate from DHS and now our FedRAMP Authorized status, proven track record working with the agency, seamless system integration with DHS infrastructure, and industry certifications and accreditations all places us ahead of our competition for this opportunity. Third, we are focused on the commercialization of our newly developed MobileAnchor and M365 Analyzer. Through our upcoming partnership program and additional investments, we believe these solutions will gain significant traction throughout 2025. Lastly, our goal is to achieve positive earnings per share for the year, an important milestone for our company. We look forward to continued growth and successful execution across all areas of our business throughout 2025.”
Fourth Quarter 2024 Financial Summary
| (in millions, except per share amounts) | Dec. 31, 2024 | Dec. 31, 2023 |
| (unaudited) | ||
| Revenues |
$37.7
|
$28.3
|
| Gross Profit |
4.8
|
4.0
|
| Gross Profit % |
13%
|
14%
|
| Operating Expenses |
5.1
|
5.3
|
| Loss from Operations |
(0.3)
|
(1.3)
|
| Loss per Share, Basic & Diluted |
$(0.04)
|
$(0.15)
|
| EBITDA |
0.4
|
(0.2)
|
| Adjusted EBITDA |
0.6
|
0.4
|
| Free Cashflow |
0.6
|
0.3
|
Full Year 2024 Financial Summary
| (in millions, except per share amounts) | Dec. 31, 2024 | Dec. 31, 2023 |
| (unaudited) | ||
| Revenues |
$142.6
|
$106.0 |
| Gross Profit |
19.0
|
15.6 |
| Gross Profit % |
13%
|
15% |
| Operating Expenses |
20.9
|
19.3 |
| Loss from Operations |
(1.9)
|
(4.0) |
| Loss per Share, Basic & Diluted |
$(0.21)
|
$(0.46) |
| EBITDA |
1.4
|
(0.4) |
| Adjusted EBITDA | 2.6 |
0.8
|
| Free Cashflow |
2.5
|
(0.3)
|
Conference Call
WidePoint’s management will host the conference call today (April 16, 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: 333097
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, April 30, 2025.
Toll-free replay number: 877-481-4010
International replay number: 919-882-2331
Replay ID: 52176
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, Adjusted EBITDA, and Free cashflow, 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 and Free cashflow is provided below:
WidePoint uses EBITDA, Adjusted EBITDA and Free cashflow 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 such as stock-based compensation expense. WidePoint defined Free cashflow as Adjusted EBITDA less capital expenditures. Management believes that adjustments for certain non-cash or other items and the exclusion of certain pass-through revenue and expenses should enhance stockholders’ ability to evaluate the Company’s performance, as such measures provide additional insights into the factors and trends affecting its business. Therefore, the Company excludes these items from its GAAP financial measures to calculate these unaudited non-GAAP measures. These unaudited non-GAAP measures may not be comparable to similarly titled measures reported by other companies and should be considered in addition to, and not as a substitute for 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, 2024 filed with the SEC on March 26, 2025.
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 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
CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS’ EQUITY
WIDEPOINT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FAIRFAX, VA / ACCESSWIRE / April 11, 2025 / WidePoint Corporation (NYSE American: WYY), an innovative leader in enterprise cybersecurity and mobile technology, will hold a conference call on Wednesday, April 16, 2025, at 4:30 p.m. Eastern time to discuss its financial results for the fourth quarter and full year ended December 31, 2024. Financial results will be issued in a press release prior to the call.
WidePoint management will host the conference call, followed by a question and answer period.
Date: Wednesday, April 16, 2025
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: 333097
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, April 30, 2025.
Toll-free replay number: 877-481-4010
International replay number: 919-882-2331
Replay ID: 52176
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
This delay is not related to any material concerns regarding the company’s financial condition or operations
FAIRFAX, VA / ACCESSWIRE / March 25, 2025 / WidePoint Corporation (NYSE American: WYY), an innovative leader in enterprise cybersecurity and mobile technology, is postponing the conference call to discuss its financial results for the fourth quarter and full year ended December 31, 2024, originally scheduled for Wednesday, March 26, 2025.
The postponement is due to a subsequent event which occurred in March 2025 and impacted the accounting treatment of WidePoint’s financial results. WidePoint needs additional time to assess the impact on its financials, and accordingly, has delayed its financial statement preparation and completion of the audit for 2024. The Company plans to file its Form 10-K timely and intends on rescheduling the fourth quarter and full year 2024 conference call.
The Company will issue a press release announcing the new date and time for the postponed earnings call upon the completion of the audit.
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 / March 19, 2025 / WidePoint Corporation (NYSE American: WYY), an innovative leader in enterprise cybersecurity and mobile technology, today announced a new Task Order award under the Spiral 4 contract vehicle from a combat support agency within the U.S. Department of Defense (DoD). The Task Order has an annual value of approximately $2.5 million and a period of performance of one base year with nine one-year option periods. The Task Order has a potential value of $25 million if all options are exercised. Through this Task Order, WidePoint will support the procurement and management of wireless devices that meet standard functionality requirements through its Managed Mobility Solutions. The service will extend to users located in all 50 U.S. states and 90 international countries, ensuring seamless connectivity and operational efficiency for personnel deployed in diverse environments.
WidePoint CEO Jin Kang, stated: “We are honored to be awarded this Task Order, WidePoint’s first under the Spiral 4 contract. Our services will enhance the operational capabilities of our armed forces. This award illustrates WidePoint’s expertise in providing tailored Managed Mobility Solutions through one of the most pivotal contract vehicles in the federal space.”
WidePoint’s Chief Operating Officer, Todd Dzyak, stated: “Spiral 4 provides a best value solution, and the required cybersecurity profiles, for the procurement and management of unclassified wireless mobility telecommunications services and devices. This Task Order exemplifies WidePoint’s dedication to innovation and excellence in support of the U.S. military’s mission. By ensuring access to reliable wireless devices, we are empowering our service members to perform their duties effectively, regardless of their location. We take pride in being a trusted partner to the DoD and are committed to delivering superior service through the Spiral 4 contract vehicle.”
Kang added, “We look forward to working collaboratively with the combat support agency to deliver high-quality services and solutions that empower our service members with an additional focus on security, efficiency and minimizing cost.”
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 / March 12, 2025 / WidePoint Corporation (NYSE American: WYY), an innovative leader in enterprise cybersecurity and mobile technology, will hold a conference call on Wednesday, March 26, 2025, at 4:30 p.m. Eastern time to discuss its financial results for the fourth quarter and full year ended December 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, March 26, 2025
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: 333097
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, April 9, 2025.
Toll-free replay number: 877-481-4010
International replay number: 919-882-2331
Replay ID: 52176
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 – February 24, 2025 – WidePoint Corporation (NYSE American: WYY), an innovative leader in enterprise cybersecurity and mobile technology, announced today that its Intelligent Technology Management System (ITMS) achieved FedRAMP Authorized status from the Federal Risk and Authorization Management Program (FedRAMP) Program Management Office (PMO) on February 19, 2025. FedRAMP is a U.S. government-wide program that provides a standardized approach to security assessment, authorization, and continuous monitoring for cloud products and services. Authorized for use by the Bureau of Alcohol, Tobacco, Firearms and Explosives and the U.S. Department of Homeland Security, WidePoint’s ITMS is available to federal agencies on the FedRAMP Marketplace in the Analytics, Customer Service, Data Management, Fleet Management, Mobile Device Management (MDM), Network Management, Operations Management, and System Administration business categories.
Todd Dzyak, WidePoint’s Chief Operating Officer, stated: “WidePoint’s ITMS is built to establish a trusted system of record for information related to telecommunications, mobility, and technology management. ITMS enables organizations to manage usage data for analysis, reporting, and optimization, improving budget efficiency and enhancing program security. Achieving this FedRAMP Authorized status confirms that ITMS complies with the federal government’s cybersecurity standards for data protection.”
Jin Kang, WidePoint’s Chief Executive Officer, added: “Reaching this milestone, after more than three years of dedicated effort, is a significant achievement for WidePoint. We thank the FedRAMP team for their guidance and support throughout this process, and we commend our team for securing the FedRAMP Authorized status. This achievement sets WidePoint apart from our competitors as an important technology solution provider and positions us to successfully compete for vital federal contracts such as the DHS CWMS 3.0 recompete, the Census Decennial 2030, NASA SEWP VI, and many others. We remain eager to finalize contracts that are currently pending our FedRAMP Authorized status.”
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, Cloud Security, and Analytics & Billing as a Service (ABaaS). To learn more, visit https://www.widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
[email protected]
Fairfax, VA – February 18, 2025 – WidePoint Corporation (NYSE American: WYY), an innovative leader in enterprise cybersecurity and mobile technology, today announced its fiscal 2024 financial outlook, operational highlights, and strategic priorities for fiscal 2025.
Fourth Quarter and Full Year 2024 Financial Outlook
Based on preliminary, unaudited financial results, WidePoint expects to exceed its full-year 2024 revenue guidance and meet or surpass its full year 2024 guidance for adjusted EBITDA and Free cash flow.
WidePoint expects its fourth quarter 2024 results to mark the 30th consecutive quarter of positive adjusted EBITDA and the 5th consecutive quarter of positive free cash flow, reflecting a full year of positive free cash flow for 2024. Federal contract backlog remained strong at approximately $300 million as of December 31, 2024.
Management Commentary
WidePoint CEO Jin Kang, stated: “As we closed out 2023, we focused on driving momentum into 2024 through three key initiatives: sales and marketing investments, operational execution, and technical innovations. I am proud to report that we’ve exceeded our goals in these areas. Our sales and marketing investments delivered exceptional results, positioning us to exceed the high end of our revenue guidance. We also secured significant new contract in both federal and commercial sectors, most notably the Spiral 4 contract, showcasing the strength of our team and strategy. We expect this momentum to carry into 2025.
“In our forward-looking efforts, we are exploring strategic partnerships to tap into shared client networks, expand our customer portfolios, and grow contract backlog. These initiative includes a Direct to Consumer (D2C) program with a Mobile Virtual Network Operator (MVNO) partner for MobileAnchor. Additionally, we’ve been working closely with members of the new presidential administration to help identify federal-related fraud, waste, and abuse. We are also excited to soon announce a new Chief Strategist who will lead our Strategic Partnership efforts, focusing on government efficiency and cybersecurity.
“On the technical front, the successful deployment of MobileAnchor and launch of M365 Analyzer have positioned WidePoint as an industry leader, enhancing both our credibility and competitiveness. The completion of integration of ITA into the WidePoint further strengthens our capabilities allowing us to leverage synergies as a unified organization. These advancements are pivotal to our 2025 strategy, driving new opportunities across both federal and commercial markets.
“The progress made over the past year sets the stage for WidePoint to achieve our goal of positive earnings per share for the full year 2025. Our primary focus this year will be preparing for the U.S. Department of Homeland Security’s CWMS 3.0 recompete, where we are highly competitive due to our excellent past performance, technical innovations, our solid relationships with DHS, and our dedicated team. We also have assembled a dedicated team led by Michelle Richards, our DHS CWMS Program Manager, to ensure our success in this recompete process. Additionally, our Device as a Service (DaaS) partnership program presents significant potential, especially in the commercial sector. With a solid contract backlog, we are well-positioned to maximize financial benefits to support our 2025 goals. With the right team, resources, and strategic plan in place, we are primed to deliver another year of top- and bottom-line growth and look forward to a robust 2025.”
2024 Operational Highlights
WidePoint continued to execute its organic growth strategy, evidenced by the technical advancements, full-scale implementations, and contractual actions that position the Company for significant growth in 2025. Notable achievements include:
- $52.7 million contract awards in 2024, of which $45.2 million was from Federal agencies and $7.5 million from commercial organizations.
- Successful development, testing, and deployment of the MobileAnchor Digital Credential solution. Company signed two contracts with federal defense and civilian agencies in connection with its MobileAnchor solution.
- FedRAMP status advanced to the in-process “finalization” phase, the last step before achieving FedRAMP “Authorized” status.
- Subsidiary Soft-Ex Communications launched M365 Analyzer.
- Maintained Authority to Operate (ATO) with both DHS and the U.S. Department of Justice confirming the strength of WidePoint’s cybersecurity infrastructure.
- Finalized the integration of its subsidiary, IT Authorities, which helps WidePoint become a full-service federal integrator.
- Fully implemented notable contracts, including Federal Emergency Management Agency (FEMA) and a major quasi-government agency.
- Notable contractual awards, including being selected for the $2.7 billion Spiral 4 contract and awarded the $254 million ceiling increase in its DHS CWMS 2.0 contract.
2025 Strategic Priorities
Since 2023, WidePoint has prioritized continued investment in its sales and marketing team and capabilities, yielding strong results that have driven its financial growth through 2024. Looking ahead, WidePoint plans to maintain its focus on sales and marketing strategies while exploring strategic partnerships to leverage its resources and relationships. This approach aims to strengthen customer relationships, expand WidePoint’s reach, and unlock new opportunities to secure additional contracts.
The development of MobileAnchor, launch of M365 Analyzer, the full integration of its subsidiary IT Authorities, and continued investments in sales and marketing have positioned WidePoint to maintain its momentum into 2025. With much of the work surrounding MobileAnchor focused on SaaS revenue, the Company is well-positioned to capture a significant share of the mobile digital credential market, further diversifying WidePoint’s revenue streams. Additionally, the recent launch of M356 Analyzer by Soft-ex offers businesses and government agencies a valuable tool for optimizing their Microsoft infrastructures.
An example of the strategic partnerships WidePoint aims to pursue is the recent Device as a Service (DaaS) partnership program with one of the industry’s most respected systems integrators. This DaaS opportunity provides WidePoint with a new avenue in the commercial sector that is expected to result in strong returns. Additionally, more than 90% of the opportunities seen across the DaaS program are commercial clients, particularly across highly regulated industries such as finance, healthcare, and transportation, further expanding WidePoint’s commercial pipeline and diversifying its customer portfolio outside of governmental entities.
WidePoint remains optimistic and anticipates receiving FedRAMP Authorized status in the coming months. The FedRAMP initiative represents a multi-year investment that will set WidePoint apart from our industry peers. Achieving the highest security standards serves as a seal of trust and credibility, demonstrating that WidePoint’s ITMS solution is both reliable and capable of safeguarding sensitive federal data against cyber threats. FedRAMP full Authorized status unlocks substantial business opportunities within the U.S. government sector. WidePoint intends to leverage both MobileAnchor and its upcoming FedRAMP full authorization status to expand its contract backlog, secure meaningful work from IDIQ contracts such as Spiral 4, and position itself competitively for upcoming billion-dollar federal contract opportunities to drive bottom-line growth in 2025.
Kang added, “In line with our business development strategies, we are proud to announce that WidePoint’s solutions have been recognized in Gartner’s new Market Guide for Telecom Expense Management Services, Global. The Market Guide provides a comprehensive overview of the TEM industry and includes market trends and customer feedback. Inclusion in the Gartner’s TEM Market Guide confirms WidePoint’s position in the marketplace as a major TEM provider.”
Further details and discussion of operational and financial results will be included in the fourth quarter and full year 2024 earnings release and conference call.
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, Cloud Security, and Analytics & Billing as a Service (ABaaS). To learn more, visit https://www.widepoint.com
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
[email protected]
Fairfax, VA – February 3, 2025 – WidePoint Corporation (NYSE American: WYY), the innovative enterprise cyber security and mobile technology provider, announced that its subsidiary Soft-ex Communications has just launched M365 Analyzer solution for Microsoft clients.
This new M365 Analyzer solution delivers a unique dashboard, detailing volumes and costs with clear ROIs and actionable insights. The solution also includes a new License Management module to manage typical challenges of M365 optimization including purchased but unassigned licenses; unused or underutilized licenses; and duplicated licenses. Gartner has indicated that companies could achieve an average of 30% reduction in cost by more active management of their M365 licenses.
Tangible benefits for Enterprises include compelling cost savings by optimizing licenses and enhanced visibility to continually manage M365 subscriptions more effectively. Additional benefits include improved compliance and risk management, ensuring that licenses are used correctly and meet internal policy requirements and if required, reallocated to where they are needed most within the organization.
Ian Sparling CEO of Soft-ex stated: “We are delighted to launch this new solution at a time when companies are reassessing and optimizing their Microsoft infrastructure. For the channels and distributors of Microsoft Modern Workplace solutions, who also sell our M365 Analyzer solution, they can benefit from gaining incremental recurring revenue with increased margins and a solution which allows them to differentiate service offerings and achieve true customer loyalty.”
Jin Kang, CEO of WidePoint added: “Soft-ex is constantly innovating. With much of the business world and government using Microsoft solutions, it is of significant value-add that Soft-ex now launches a solution to optimize this M365 landscape.”
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, Cloud Security, and Analytics & Billing as a Service (ABaaS). To learn more, visit https://www.widepoint.com
About Soft-ex
Soft-ex is part of the WidePoint Group. Soft-ex provides organizations with actionable intelligence to help extract value and derive opportunities from their communication and collaboration data. Backed by a growing roster of global partners, Soft-ex is trusted by organizations across the public and private sectors in over 90 countries. Headquartered in Ireland, Soft-ex is a Microsoft Gold partner. To learn about Soft-ex and M365 Analyzer or to schedule a demonstration, please contact [email protected] or visit soft-ex.net.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
[email protected]
Fairfax, VA – January 27, 2025 – WidePoint Corporation (NYSE American: WYY), the innovative enterprise cyber security and mobile technology provider, announced the complete integration of IT Authorities (“ITA”), positioning WidePoint as a full federal service integrator.
Jin Kang, WidePoint’s Chief Executive Officer, stated: “With the full integration of ITA now complete and under the WidePoint umbrella, our MSP solutions offer clients an even stronger assurance of secure, efficient, and strategically tailored IT service delivery. From managing IT infrastructure to ensuring the seamless operation of mission-critical systems, WidePoint remains at the forefront of IT service integration and delivery.”
Jason Caras, CEO of IT Authorities, stated: “When IT Authorities was founded, we always envisioned becoming part of a larger organization that would complement our service and amplify our impact. WidePoint’s team, solutions, mission, and vision align perfectly with ours, making this full integration a significant milestone in our journey. I am thrilled to stay on board as senior vice president at WidePoint and look forward to continuing to drive innovation, deliver value to our clients, and shape the future of our industry together.”
The complete integration of ITA as an operating subsidiary of WidePoint broadens the Company’s capabilities while complementing its robust IT MSP offerings and established industry reputation to deliver secure and efficient IT services. As a full federal service integrator, WidePoint directly manufactures Identity and Access Management solutions designed to ensure secure identity verification and access control to meet the stringent security requirements of federal clients. Additionally, WidePoint leverages its proprietary Telecom Expense Management (“TEM”) platform to provide end-to-end telecom lifecycle management, enabling government and enterprise clients to optimize costs and improve service efficiency.
With this integration, WidePoint now offers an expanded and cohesive service portfolio that includes:
- Managed IT Services: Tailored IT management solutions ensuring high performance and security.
- NOC-as-a-Service: 24/7 network operations center support for real-time monitoring and incident response.
- IT Outsourcing: Full or partial management of IT operations, allowing clients to focus on their core business.
- Cutting-edge IT and security infrastructure solutions, including:
- Cisco and Microsoft Certified: ITA holds the highest-level certifications from Cisco and Microsoft, ensuring top-tier solutions in networking, cloud, and productivity tools.
- Cloud Solutions: Transitioning clients to secure, scalable cloud environments.
- Disaster Recovery and Business Continuity: Strategies and solutions to keep operations running smoothly under any circumstances.
- Consulting: Strategic IT and cybersecurity advice to navigate complex regulatory landscapes and technology integrations.
Kang added, “This integration further broadens and enhances our service capabilities, reinforcing our commitment to differentiating WidePoint’s services and positioning us to win clients away from our competitors and strengthens our position to better secure new government contracts and emerging opportunities.”
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, Cloud Security, and Analytics & Billing as a Service (ABaaS). To learn more, visit https://www.widepoint.com
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
[email protected]
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