WidePoint Reports Second Quarter 2025 Financial Results

Fairfax, VA – August 14, 2025 – WidePoint Corporation (NYSE American: WYY), an innovative leader in enterprise cybersecurity and mobile technology, reported results for the second quarter ended June 30, 2025.

Second Quarter 2025 and Recent Operational Highlights:

32nd consecutive quarter of positive Adjusted EBITDA
7th consecutive quarter of positive free cash flow
Awarded new Identity & Access Management contract in support of the U.S. Department of Education
Awarded new MobileAnchor contract by an agency under the U.S. Department of Energy
Awarded fourth task order under the Navy Spiral 4 contract vehicle for the Defense Counterintelligence and Security Agency
Secured new Device-as-a-Service (DaaS) management and support contract for a prominent Federal health research agency
Awarded 3-year contract to deliver External Certificate Authority (ECA) Identity Certificates to a top-tier, U.S.-based aerospace and defense contractor
Partnered with BroadSat Technologies LLC to deliver end-to-end secure connectivity, computing, and content distribution to the edge – fortifying Smart Cities and federal agencies with a powerful “dome of defense” for all connected applications and devices

Second Quarter 2025 Financial Highlights:

Revenues were $38.0 million, an increase from the same quarter last year
Gross margin was 14%, and gross margin excluding carrier services revenue was 33%
Net loss was $618,000 or a loss of $(0.06) per share
Adjusted EBITDA1, a non-GAAP financial measure, was $183,000
Free cash flow1, a non-GAAP financial measure, was $90,000
As of June 30, 2025, unrestricted cash was $6.8 million with no bank debt

Six Months 2025 Financial Highlights:

Revenues were $72.2 million, an increase from the same period last year
Gross margin was 14%, and gross margin excluding carrier services revenue was 36%
Net loss was $1.3 million or a loss of $(0.14) per share
Adjusted EBITDA1, a non-GAAP financial measure, was $276,000
Free cash flow1, a non-GAAP financial measure, was $155,000

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: “The first half of 2025 served as a critical foundation for WidePoint’s next phase of growth, driven by deliberate investments of time and resources across multiple business pipeline opportunities. These actions have set the stage for a more sustainable growth trajectory in the second half of the year, with momentum carrying into 2026. A continued key focus remained in our preparation for the upcoming U.S. Department of Homeland Security’s CWMS 3.0 recompete. As the two-time incumbent, we believe our proven track record, expanded capabilities since winning CWMS 2.0 in 2020, and strategic investments across the business – including achieving the long-awaited FedRAMP authorized status for our ITMS platform, DHS’s system of record and operational hub – places us in a leading position to rewin this award. We expect the final RFP to be released soon, with the award announcement anticipated by year-end. CWMS 3.0 remains a cornerstone of WidePoint’s long-term growth strategy, and we are committed to continuing to deliver best-in-class services to DHS.”

nue to view DaaS as a key driver of WidePoint’s long-term sustainable growth plan, particularly given the pipeline is growing and is composed of 90% large commercial, managed services opportunities. While several opportunities initially anticipated to close at the end of Q1 and throughout Q2 have shifted, we remain optimistic about the level of activity in the pipeline. We are actively investing time, resources, and capital to build the necessary infrastructure to scale this business. Notably, we secured our first DaaS contract in July, an important milestone we believe marks the beginning of a broader momentum shift heading into the second half of the year. We believe our efforts are beginning to gain traction and will start to show tangible results through the remainder of 2025 and into 2026, building on the groundwork we’ve laid.”

“Strategic partnerships also remain a core pillar of our approach. We’re not only cultivating new relationships but also deepening existing ones to expand our reach, unlock new revenue opportunities, and position WidePoint for optimal long-term success. While reaching positive EPS in 2025 was among our initial objectives, the timing of several promising opportunities ultimately impacted our first-half results. That said, our pipeline remains strong and these opportunities have only been deferred, not diminished, and we continue to view them as highly achievable. Given this timing adjustment, while we expect to meet our revenue guidance for the year, we anticipate that our EBITDA and free cash flow guidance will need to be adjusted. We plan to hold off on any formal adjustments until next quarter, as many of these pipeline opportunities have the potential to materialize in the second half of 2025. Allowing them the necessary time to develop will allow us to provide the most accurate and informed outlook for the year. Importantly, EBITDA and free cash flow will continue to remain positive throughout the remainder of 2025, and revenue is on track to meet previously disclosed targets. Rather than narrowly focusing on achieving a modest EPS gain this year, we believe that reinvesting in the business and across the high-impact initiatives that are essential to unlocking long-term value is the more strategic and future-focused path forward. The first half of 2025 has been about laying the foundation for the next phase of WidePoint, and we’re excited about what’s ahead.”

Second Quarter 2025 Financial Summary

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Six Months 2025 Financial Summary

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Conference Call

WidePoint’s management will host the conference call today (August 14, 2025) 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: 153093

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 Thursday, August 28, 2025.

Toll-free replay number: 877-481-4010

International replay number: 919-882-2331

Replay ID: 52738

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 .

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:

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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 Form 10-Q for the quarter ended June 30, 2025 filed with the SEC on August 14, 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

[email protected]

WIDEPOINT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

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LIABILITIES AND STOCKHOLDER’S EQUITY

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WIDEPOINT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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WIDEPOINT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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Fairfax, VA – August 12, 2025 – WidePoint Corporation (NYSE American: WYY), an innovative leader in enterprise cybersecurity and mobile technology, announced today that Jin Kang, WidePoint’s Chief Executive Officer, will participate in the HCW @ Home fireside chat on Tuesday, August 19, 2025 at 11:00 a.m. Eastern time (8:00 a.m. Pacific time).

H.C. Wainwright Equity Research Analyst Scott Buck will host the fireside chat with a discussion of WidePoint’s future business pipeline outlook and growth strategy.

Date: Tuesday, August 19, 2025

Time: 11:00 a.m. Eastern time

Webcast Link: Register here

Please join the webcast 5-10 minutes prior to the start time. If you have any difficulty accessing the webcast link, please contact Gateway Group at (949) 574-3860. A replay of the webcast will also be available on the investor relations section of the Company’s website.

WidePoint encourages investors to submit any questions by Friday, August 15, 2025, to the Company’s investor relations contact at [email protected].

About WidePoint

WidePoint Investor Relations:

Gateway Group, Inc.

Matt Glover or John Yi

949-574-3860
[email protected]

Fairfax, VA – August 11, 2025 – WidePoint Corporation (NYSE American: WYY), an innovative leader in enterprise cybersecurity and mobile technology, today announced a new Identity & Access Management contract in support of the U.S. Department of Education. Commencing August 1, 2025, until July 31, 2031. Using a strategic partner, WidePoint will provide PIV-I credentials for logical access to authenticate to networks or applications. WidePoint’s PIV-I credentials provide the capability for digital signing and encryption of emails as well as the ability to use the Smart-Card for physical access.

Jin Kang, WidePoint’s CEO, stated: “WidePoint continues to execute our strategy of developing opportunities with innovative and industry-leading partners. We are honored to be trusted by both our strategic partner and the U.S. Department of Education, and are excited to be developing opportunities in defense, intelligence, public safety, civilian and military health.”

Jason Holloway, WidePoint’s Chief Revenue Officer, stated: “WidePoint is proud that our credentialing solutions will be protecting the U.S. Department of Education. This contract underscores the preference for our secure identity solutions by government leaders devoted to education. Providing security to K-12 schools remains an important goal and working with the Department of Education now provides another viable path for us to expand our reach within this vertical.”

About WidePoint

WidePoint Investor Relations:

Gateway Group, Inc.

Matt Glover or John Yi

949-574-3860
[email protected]

FAIRFAX, VA / ACCESSWIRE / July 29, 2025 / WidePoint Corporation (NYSE American: WYY), an innovative leader in enterprise cybersecurity and mobile technology, will hold a conference call on Thursday, August 14, 2025, at 4:30 p.m. Eastern time to discuss its financial results for the second quarter ended June 30, 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, August 14, 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: 153093

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, August 28, 2025.

Toll-free replay number: 877-481-4010

International replay number: 919-882-2331

Replay ID: 52738

About WidePoint

WidePoint Investor Relations:

Gateway Group, Inc.

Matt Glover or John Yi

949-574-3860

[email protected]

Fairfax, VA – July 28, 2025 – WidePoint Corporation (NYSE American: WYY), a leading provider of trusted identity, data, and cybersecurity solutions, today announced a new contract award by an agency under the U.S. Department of Energy to deliver secure mobile authentication using WidePoint’s proprietary MobileAnchor® platform.

Under the one-year agreement, WidePoint will provide Derived Credentials on mobile devices, enabling agency personnel to securely authenticate to federal systems and applications in full compliance with FIPS 201 and NIST SP 800-157 guidelines. This mobile-first approach enables users to authenticate using their smartphone instead of physical smart cards, supporting the agency’s strategy for secure mobility.

Jin Kang, CEO of WidePoint, stated, “This is another new customer to adopt the WidePoint MobileAnchor® solution, underscoring the clear market adoption of derived credentialing on smartphones across federal agencies. It’s a strong validation of our mobile-first approach to secure identity and demonstrates the growing trust in our technology.”

For legacy systems or applications that are unable to directly accept digital certificates from mobile devices, WidePoint’s MobileAnchor® can also authenticate to a proxy server. The proxy server acts as an intermediary, allowing older systems to leverage WidePoint’s modern credentialing solution while maintaining security. This method provides a seamless way for organizations to use MobileAnchor® without needing to replace or overhaul existing infrastructure.

Jason Holloway, WidePoint’s Chief Revenue Officer, stated: “WidePoint’s MobileAnchor® is a game-changer in making secure, mobile-first authentication accessible to legacy systems. This ability to authenticate through a proxy server is a powerful way to bridge the gap between modern identity management and older systems, enabling organizations to strengthen security without significant infrastructure upgrades.”

Kang added, “This contract further strengthens WidePoint’s position as a trusted provider of scalable, secure identity solutions for federal agencies seeking to modernize access controls while maintaining compliance and operational efficiency.”

About WidePoint

WidePoint Investor Relations:

Gateway Group, Inc.

Matt Glover or John Yi

949-574-3860
[email protected]

Fairfax, VA – July 14, 2025 – WidePoint Corporation (NYSE American: WYY), a leading provider of trusted identity, data, and cybersecurity solutions, is pleased to announce that it has been awarded a four-year contract, with a one-year base period and three one-year option periods. The contract was awarded under the Navy Spiral 4 Contract vehicle, positioning WidePoint as a trusted partner to the Defense Counterintelligence and Security Agency (DCSA).

Jin Kang, CEO of WidePoint, stated, “The Defense Counterintelligence and Security Agency’s recognition of WidePoint’s comprehensive value underscores our commitment to delivering innovative and dependable solutions to support our country’s national security.”

The DCSA is the largest security agency in the federal government dedicated to protecting America’s trusted workforce and trusted workspaces. WidePoint will support DCSA with secure communication and device management solutions, beginning with the provisioning of 106 iPhones and MiFi devices in the base period. The subsequent option periods will see increased device allocations, with first Option Period One covering 146 iPhones and MiFi devices, Option Period Two covering 179 iPhones and MiFi devices, and Option Period Three providing 210 iPhones and MiFi devices, ensuring the agency’s operational needs are met through secure, reliable connectivity.

Kang added, “WidePoint continues to make significant strides under the Navy Spiral 4 contract, chipping away at our competitors as our proven performance builds a stronger foothold. With our expanded past performance, additional contract opportunities are likely to follow as we establish a more competitive position in this arena.”

This partnership highlights WidePoint’s ongoing dedication to serving the federal government with tailored technology solutions that enhance security and efficiency.

About WidePoint

WidePoint Investor Relations:

Gateway Group, Inc.

Matt Glover or John Yi

949-574-3860
[email protected]

Fairfax, VA – June 23, 2025 – WidePoint Corporation (NYSE American: WYY), the federally certified provider of Trusted Mobility Management (TM2) solutions, announced today that it has secured a one-year, $110,000 contract to deliver Device as a Service (DaaS) management and support for a prominent Federal health research agency. This initiative is aimed at streamlining the deployment and lifecycle management of cutting-edge technologies critical to advancing innovative health solutions. This award marks the first of several material DaaS opportunities in the pipeline in collaboration with the Company’s strategic Fortune 500 partner.

WidePoint’s CEO Jin Kang stated, “WidePoint will bring our proven expertise in asset management and full range of DaaS solutions to this agency’s device ecosystem, ensuring that this complex deployment is managed efficiently, securely, and transparently. This contract award builds a strong foundation for WidePoint to provide exceptional value, ongoing support and evolving needs for this agency. This award is also just the tip of the iceberg as we develop additional material DaaS opportunities with our strategic Fortune 500 partner.”

WidePoint’s DaaS solutions address the critical challenges faced by agencies in deploying and managing a large volume of devices across multiple locations. Partnering with WidePoint provides:

Reliable, scalable support tailored to high-tech environments
Streamlined procurement and deployment processes
Help desk support, asset disposition and reporting to ensure seamless integration and operations
Enhanced security and compliance through secure asset disposition
Real-time visibility into device status and usage

The contract scope includes sourcing Apple products and supporting hardware components, with all Windows devices and accessories being supplied and staged by a trusted partner before deployment.

Todd Dzyak, WidePoint’s COO, added, “WidePoint’s Intelligent Technology Management System (ITMS) platform is at the core of managing this DaaS program, providing complete oversight, automation and reporting. Our proven approach ensures organizations can focus on their core mission while leveraging reliable, efficient, and secure technology services. WidePoint’s DaaS solution is a game changer for delivering rapid, reliable, and compliant solutions at scale.”

About WidePoint

WidePoint Investor Relations:

Gateway Group, Inc., Matt Glover or John Yi

949-574-3860
[email protected]

Fairfax, VA – June 16, 2025 – WidePoint Corporation (NYSE American: WYY), the federally certified provider of Trusted Mobility Management (TM2) solutions, announced today that it has secured a three-year deal valued at $1.06 million to deliver External Certification Authority (ECA) Token Certificate credentials to a top-tier, U.S.-based aerospace and defense contractor. This transaction underscores WidePoint’s ongoing commitment to supporting the secure identity management needs of mission-critical national security partners.

“Our ability to support organizations at the forefront of defense and innovation continues to position WidePoint as a trusted identity management provider in the federal and defense sectors,” said Jin Kang, CEO of WidePoint. “We’re proud to enable secure authentication and communications for this valued client as they advance technologies vital to national security.”

The client, a Fortune 100 company with extensive operations in aerospace, defense, and advanced technologies, benefits from WidePoint’s PKI solutions, which are designed to meet the rigorous standards of federal agencies and leading defense integrators.

Jason Holloway, Chief Revenue Officer at WidePoint, commented, “We are pleased to be one of two providers authorized by the U.S. Department of Defense to provide our certified ECA Token Certificate, a secure digital credential that verifies and authenticates tokens within the ECA ecosystem. This certificate enhances trust by ensuring the integrity and legitimacy of tokens used for secure transactions and communications. It leverages advanced encryption standards to provide a reliable and scalable solution for organizations seeking robust digital certification. Caroline Godfrey, WidePoint Cyber Security Corporation’s Chief Security Officer, will continue to work with this client to promote MobileAnchor in order to move to the next phase of our Derived Credential Solution.”

As part of their supply chain security initiatives, this Fortune 100 defense contractor requires that all shipments from foreign manufacturers, including drop shipments to sub-tier suppliers or end customers, must be transported through validated transportation companies participating in recognized supply chain security programs. These programs are designed to protect the supply chain from the introduction of terrorist contraband such as weapons, explosives, biological, nuclear, or chemical agents. Shippers are advised to coordinate with procurement representatives to ensure compliance with validated transport providers, aiming to prevent the introduction of such contraband into shipments.

About WidePoint

WidePoint Investor Relations:

Gateway Group, Inc., Matt Glover or John Yi

949-574-3860
[email protected]

Partnership combines cybersecurity, EdgeAI, and broadcast broadband to create a dome of defense for mission-critical applications and connected environments across smart cities, defense, and federal networks.

Washington, D.C. / Boston, MA — May 19, 2025 — BroadSat Technologies LLC, a leader in AI-powered broadcast and broadband infrastructure, today announced a strategic partnership with WidePoint Corporation (NYSE American: WYY), a premier provider of Technology Management, Mobility as a Service, and best in class cybersecurity solutions. The partnership aims to deliver end-to-end secure connectivity, computing, and content distribution to the edge – fortifying Smart Cities and federal agencies with a powerful “dome of defense” for all connected applications and devices.

This partnership will integrate BroadSat’s Sure Broadcast platform – leveraging ATSC 3.0, 5G Broadcast, and EdgeAI – with WidePoint’s cybersecurity portfolio, including Identity and Access Management (IAM), IT-as-a-Service (ITaaS), and cloud-based security communication services. The result: a resilient, intelligent, and secure edge network for powering smart infrastructure, defense communications, and mission-critical services.

“Partnering with BroadSat Technologies reflects WidePoint’s commitment to delivering holistic cybersecurity and connectivity solutions to the edge,” said Jason Holloway, President and Chief Revenue Officer at WidePoint. “Together, we’re building a cyber-secure, AI-enhanced ecosystem that protects every node – from federal networks to street-level sensors – through a unified dome of defense.”

The joint solution stack enables intelligent automation, real-time data analytics, and secure broadcast-grade content delivery – all while ensuring zero-trust access, endpoint protection, and continuous monitoring across devices and networks. It will be applied to smart transportation, public safety, federal continuity systems, and defense base connectivity.

“This is more than a technology integration – it’s a mission to secure America’s digital front lines,” said Aby Alexander, President & CEO of BroadSat Technologies. “By merging BroadSat’s broadcast internet and edge intelligence with WidePoint’s cybersecurity pedigree, we are creating the infrastructure for secure, intelligent, and always-on digital services across the public and defense sectors.”

As agencies prepare for a future shaped by autonomous systems, IoT expansion, and AI-powered governance, this partnership ensures data, devices, and users are protected at scale and at the speed of need.

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 delivers Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, IT-as-a-Service (ITaaS), Cloud Security, and Analytics & Billing as a Service (ABaaS). Learn more at www.widepoint.com.

About BroadSat Technologies

BroadSat Technologies LLC is an AI-broadcast and broadband infrastructure company enabling secure, resilient connectivity to the edge. Using ATSC 3.0, 5G Broadcast, TV White Space, and EdgeAI, BroadSat powers Smart Cities, precision agriculture, and secure mission-critical applications with its Sure Broadcast platform. Learn more at www.broadsattechnologies.com.

Media Contact:WidePoint Investor Relations:

Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
[email protected]

Contact Name: Alicia Martinez (Director of Communications)
BroadSat Technologies

617-861-3686 EXT 712
[email protected]

Fairfax, VA – May 15, 2025 – WidePoint Corporation (NYSE American: WYY), the innovative enterprise cyber security and mobile technology provider, reported results for the first quarter ended March 31, 2025.

First Quarter 2025 and Recent Operational Highlights:

31st consecutive quarter of positive Adjusted EBITDA
6th consecutive quarter of positive free cash flow
Awarded three Task Orders under the Spiral 4 Contract Vehicle, including a $2.5 million Task Order with a combat support agency within the U.S. Department of Defense
Achieved FedRAMP Authorized Status for its Intelligent Technology Management Systems (ITMS)
Launched M365 Analyzer that identifies actionable savings for Microsoft software license inventory
$27.6 million contract awards in Q1 2025, of which $26.1 million was from Federal agencies and $1.5 million from commercial organizations
$268 million contract backlog as of March 31, 2025

First Quarter 2025 Financial Highlights:

Revenues were $34.2 million, a slight increase from the same quarter last year
Gross margin was 14%, and gross margin excluding carrier services revenue was 40%
Net loss was $724,100 or a loss of $(0.08) per share
Adjusted EBITDA1, a non-GAAP financial measure, was $92,400
Free cash flow1, a non-GAAP financial measure, was $65,700
As of March 31, 2025, unrestricted cash was $3.7 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.