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
CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS’ EQUITY
WIDEPOINT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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
Fairfax, VA – February 13, 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), today announced positive operational and financial results for 2023 and shared its priorities for a robust 2024.
Preliminary Fourth Quarter and Full Year 2023 Results
Based on preliminary, unaudited financial results, WidePoint anticipates meeting its revenue guidance of $103 million to $108 million for the full year 2023. Highlights and preliminary financial results for the fourth quarter and full year 2023 include:
- Full year 2023 Revenues of approximately $106 million
- 26th consecutive quarter of positive Adjusted EBITDA
- Sequential quarter-over-quarter growth in Adjusted EBITDA for 2023
- Cashflow positive in Q4 2023 (Cashflow is defined as Adjusted EBITDA less capital expenditures)
- Ended 2023 with approximately $6.9 million in cash and cash equivalents, with no bank debt
2023 Operational and Product Development Highlights
In 2023, WidePoint strategically enhanced its product development initiatives to strengthen and broaden operational capabilities. Milestones and achievements include:
- The Intelligent Telecommunications Management System (ITMS) has reached the In-Process status under FedRAMP
- Opened two new locations for issuing Identity & Access Management credentials
- Offered credential issuance for ECA and NFI PIV-I Credentials and ECA Medium Hardware Credentials in Columbus, Ohio, Fairfax, Virginia, and Hampton, Virginia
- ECA credentials issued at more than 18,000 unique enterprises including Fortune 500 companies, small businesses, colleges and universities, private and public research organizations, healthcare organizations, and banks and financial institutions
- The Unified Communication Analytics Application is now in the Microsoft Marketplace
2024 Financial Outlook
Building upon a robust fourth quarter marked by material new contract awards in Q4, WidePoint sustains its momentum with a substantial federal contract backlog totaling $359 million as of December 31, 2023. Fueled by this backlog and strong demand, WidePoint forecasts double-digit percentage growth in the high teens for both top-line revenue and managed services revenue, in addition to being cash flow positive for the full year 2024.
Management Commentary
“This past year was pivotal for WidePoint, as evidenced by our strong financial performance and strategic operational achievements of organic growth,” said WidePoint CEO, Jin Kang. “Not only do we expect to reach the higher end of our revenue guidance, but we also achieved cash flow positivity by the year’s end and anticipate continuing this trend throughout 2024. Our continued focus on sales and marketing initiatives has yielded fruitful results, with a robust pipeline. The consistent renewal rates of contracts underscore our unwavering commitment to protecting our customers’ privacy through our enterprise solutions. The performance seen this past year prompted us to increase investments in sales and marketing efforts to sustain our positive momentum into 2024. Additionally, pipelines for all our business solutions have created synergistic opportunities for cross-selling and upselling, further propelling WidePoint’s overall growth trajectory. We also see customers reengaging with us as the COVID pandemic recedes. Customers are focusing more resources on mobile security and increasingly, understanding the value of WidePoint’s most secure IAM solutions and our zero-trust security model. The prioritization on security and a growing understanding about the differentiation of WidePoint’s solutions are providing additional tailwinds for our business.”
2024 Outlook and Strategic Priorities
WidePoint’s capital investments made throughout 2023 have for the most part been completed and the company does not expect to see material capital expenditures in 2024. The completion of key capital investments, including establishment of hybrid issuance capabilities, and the successful deployment of the Unified Communication Analytics Application, now in the Microsoft Marketplace, are pivotal drivers anticipated to fuel the company’s long-term growth. Additionally, the investment in the Intelligent Technology Management System continues to yield positive results as ITMS nears its final FedRAMP Authorized designation, as well as our hot COOP site nearing completion; both projected for completion in the first half of 2024.
In 2023, WidePoint made significant progress in strengthening its sales and marketing efforts, deploying a robust strategy to expand its market presence. Despite facing challenging macro-economic headwinds, the company strategically maneuvered through these obstacles by concentrating its efforts on capturing higher margin contracts. This targeted approach enabled WidePoint to sustain its competitive advantage while mitigating the effects of external economic fluctuations.
In 2024, WidePoint remains committed to advancing its sales and marketing initiatives, with plans to allocate additional resources and budget toward enhancing its staff and capabilities. Specifically, WidePoint will seize the current momentum gained in Q4 2023 by adding an additional senior level commercial sales resource, an established Federal Business Development resource with a proven track record within the D.C. area, and a Vendor-Partner Manager for the expansion of strategic partners in 2024. WidePoint remains dedicated to safeguarding its customers’ right to privacy through the application of its TM2 solutions, notably the IAM solutions to uphold the highest standards of security and confidentiality for its customers. Cybersecurity has never been more critical and WidePoint is positioned to tackle this epidemic of security breaches through the convergence of WidePoint Managed Mobility Services (MMS) and Identity and Access Management (IAM). Adoption of a Zero Trust environment for the B2B and D2C world is not an optional feature, it is a must, and WidePoint’s IAM solution is the basis for Zero Trust.
Within the K-12 sector, WidePoint continues to seize opportunities, having collaborated with various school districts conducting pilots across three states. The company recently engaged with a subject matter expert within K-12 to facilitate a partnership program aimed at integrating WidePoint’s IAM solutions into existing offerings for numerous K-12 entities, accelerating market penetration. WidePoint remains committed to enhancing the overall solutions provided during the pilot phase to ensure readiness for market launch through this partnership program to protect the most at-risk demographic of our population.
All of WidePoint’s business solutions continue to contribute significantly to the company’s overall success. As such, all of the business solutions experienced growth year-over-year and see this trend continuing throughout 2024. Each business solution is an integrated layer in WidePoint’s full set of TM2 solutions that provides opportunities for cross-selling and upselling to spur on additional growth. These business solutions continue to play a crucial role in strengthening WidePoint’s competitive edge and unlocking additional pathways for business growth and development.
Further details and discussion of operational and financial results will be included in the fourth quarter and fiscal year 2023 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 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 5, 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 its subsidiary IT Authorities has been awarded a new three-year contract valued at more than $1.4 million from a major Florida attraction and research center.
Jason Caras, CEO of IT Authorities, stated: “This contract award expands IT Authorities’ reputation as a leading MSP. I am proud of the IT Authorities team for their dedication and expertise which allowed us to win this contract. We will be providing a full scope of managed IT services, including cyber security services, to one of Florida’s most popular attractions and research centers.”
The contract encompasses:
- Managed IT Services (24x7x365 Management and Support)
- Monitoring and management of technology
- End user support
- Disaster recovery planning
- Strategy & Consulting
- Managed Cyber Security Services (24x7x365 Management and Support)
- Security Operations Center as a Service (SOC-as-a-Service)
- Security Information Event Management (SIEM)
Jin Kang, WidePoint’s CEO, added: “This award is a prime example of successful cross-sell efforts by our organization. By incorporating cyber security services, IT Authorities is combining WidePoint’s strengths to win and elevate WidePoint’s position in the MSP arena.”
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 – January 16, 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 more than $70.3 million in contracts during the fourth quarter of 2023.
Jin Kang, WidePoint’s CEO, stated: “The fourth quarter was a great ending to 2023 for WidePoint with more than 30 contractual actions across our business units. These wins include new awards, renewals, contract extensions and exercised option periods for our MMS, IAM and ITaas solutions. Importantly, numerous contracts that had been delayed or impacted by government funding were finally awarded and are even being carried over into this month. Much of that revenue will be realized in the first quarter of 2024 and beyond. We’re optimistic with how operations have been at the start of the new year and look forward to sustaining this trend throughout 2024.”
Highlights include:
- More than 30 contractual actions resulting in more than $70,300,000 in contract value
- More than $64.9 million in new business
- Approximately $1.3 million in commercial contracts
- Approximately $69 million in government contracts
- Numerous federal contracts including, among others, the U.S. Department of Homeland Security, the United States Coast Guard, U.S. Customs and Border Protection, U.S. Courts, the Federal Emergency Management Agency and the U.S. Department of Health & Human Services
- Telecom Expense Management and MMS contracts with a major commercial airline
- Multi-year MPS contracts with leading healthcare and bottling enterprises
- Renewals and new orders for WidePoint’s IAM offerings
Jason Holloway, WidePoint’s Chief Revenue Officer, stated: “With cyber-attacks crippling organizations around the globe on a daily basis, we are committed to delivering enhanced security to protect remote teams, mobile resources, work environments and IT infrastructure. WidePoint is proud that our IAM solutions are increasingly being adopted and looks forward to expanding our impact in 2024.”
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 – December 4, 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), announced that its subsidiary IT Authorities (ITA) has been awarded a new three year contract initially valued at $216,000 from a mobile healthcare provider.
“IT Authorities is pleased to announce our newest managed services client in the healthcare sector, a mobile medical practice of doctors, nurse practitioners, and physician assistants making house calls,” said Jason Caras, CEO of IT Authorities. “Based in Florida with locations in Ohio and Michigan, the company is expanding its nationwide reach to address the growing homebound patient population. Their unwavering commitment to compliance, particularly adherence to HIPAA regulations, reflects their dedication to safeguarding patient privacy. The selection of IT Authorities as their trusted partner underscores our ability to navigate the dynamic landscapes of the healthcare industry.”
Jin Kang, WidePoint’s CEO, added: “This strategic partnership is a testament to WidePoint’s ongoing commitment to excellence in this pivotal field and ability to meet the rigorous technology standards of healthcare providers. This is an expansion opportunity for WidePoint. This contract is yet another example of how IT Authorities continues to deliver value for WidePoint by presenting new synergistic opportunities that solidify WidePoint’s security and managed mobility solution as the benchmark for excellence and security in the industry.”
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 – November 29, 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), announced that its subsidiary IT Authorities (ITA) has been awarded a new contract valued at $900,000 for Cisco equipment by a national bottling distributor.
“IT Authorities is proud to support the growth of our customers by providing Cisco products,” said Jason Caras, CEO of IT Authorities. “Our long-term collaboration with Cisco includes our exemplary certification achievements, our deep network architecture expertise, and the deployment of their cutting-edge security solutions. Within the Consumer Packaged Goods (CPG) industry, IT Authorities has established a reputation for unparalleled excellence in competitive pricing, operational efficiency, reliable delivery, and an unwavering commitment to simplifying the procurement process for our clients.”
Jin Kang, WidePoint’s CEO, added, “As organizations face technology purchasing challenges, IT Authorities continues to be recognized for delivering high-quality and best in value products and services. The ITA team has a proven track record, the expertise and insight essential to facilitate complex procurements. This contract is another example of how IT Authorities continues to expand cross-selling and upselling of WidePoint ITaaS solutions.”
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 – November 14, 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 third quarter ended September 30, 2023.
Third Quarter 2023 and Recent Operational Highlights:
- Awarded a new three-year, $1.7 million Identity & Access Management contract to provide IAM solutions to an agency of the U.S. Department of Transportation.
- Attained positive Adjusted EBITDA for the 25th consecutive quarter and expect free cash flow to surpass 2022 figures by $3.5 million.
- Awarded a new 5-year $3.2 million managed mobility services (MMS) contract by the Federal Communications Commission.
- Won recompete of a 5-year Managed Mobility Services contract from an agency within the Health and Human Services valued at $2.5 million.
- Won recompete of 3-year digital billing and analytics contract with British Telecom valued at $1.5 million.
- A component within the U.S. Department of Homeland Security exercised a 1-year option for managed mobility services valued at $9.8 million.
- Total of $24.4 million in contract awards, renewals and expansions in Q3.
Third Quarter 2023 Financial Highlights:
- Revenues were $25.7 million, a 2% increase from the same quarter last year
- Gross margin was 15%, and gross margin excluding carrier services revenue was 37%
- Net loss totaled $921,100, or a loss of $(0.10) per diluted share
- Adjusted EBITDA, a non-GAAP financial measure, was $226,500
- As of September 30, 2023, cash and cash equivalents equaled $8.5 million
Nine Month 2023 Financial Highlights:
- Revenues were $77.8 million, a 10% increase from the same period last year
- Gross margin was 15%, and gross margin excluding carrier services revenue was 34%
- Net loss totaled $2.7 million, or a loss of $(0.31) per diluted share
- Adjusted EBITDA, a non-GAAP financial measure, was $363,000
Management Commentary
“We are pleased to announce that we have attained positive Adjusted EBITDA for the 25th consecutive quarter and expect free cash flow to surpass 2022 figures by an impressive $3.5 million, both underscoring our unwavering commitment to prudent financial stewardship and operational resilience,” said WidePoint CEO, Jin Kang. “With the majority of our capital investments having been made, we’ve begun to see early signs of success with our sales and marketing initiatives and anticipate our growth engine to be activated at scale the end of this year and early next. This has also led us to believe that we will hit our revenue guidance range of $103 million to $108 million. As we continue to navigate a dynamic market environment, our focus remains on staying adaptable, delivering value to shareholders, and capitalizing on the multitude of opportunities that come ahead.”
Third Quarter 2023 Financial Summary
Nine Month 2023 Financial Summary
Conference Call
WidePoint’s management will host the conference call today (November 14, 2023) 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: 718986
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, November 28, 2023.
Toll-free replay number: 877-481-4010
International replay number: 919-882-2331
Replay ID: 49372
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
LIABILITIES AND STOCKHOLDER’S EQUITY
WIDEPOINT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FAIRFAX, VA / ACCESSWIRE / November 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 Tuesday, November 14, 2023 at 4:30 p.m. Eastern Time to discuss its financial results for the third quarter ended September 30, 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, November 14, 2023
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: 718986
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, November 28, 2023.
Toll-free replay number: 877-481-4010
International replay number: 919-882-2331
Replay ID: 49372
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
Connect with
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!