Fairfax, VA – September 20, 2023 – WidePoint Corporation (NYSE American: WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity & Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), will be attending the 16th annual LD Micro Main Event on October 3-5, 2023 at the Luxe Sunset Boulevard Hotel.
This three-day event will feature presentations from the management teams of approximately 200 companies across multiple industries to showcase the next generation of exceptional, innovative companies in the micro-cap space.
WidePoint is scheduled to present on Wednesday, October 4th at 9:30 AM Pacific time, with one-on-one meetings to be held throughout the conference. The presentation will also be available for viewing online here. To receive additional information or to schedule a one-on-one meeting, please email [email protected].
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.
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
Fairfax, VA – August 30, 2023 – WidePoint Corporation (NYSE American: WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity & Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), will be virtually presenting and holding one-on-one meetings at the H.C. Wainwright 25th Annual Global Investment Conference on September 11-13, 2023 at the Lotte New York Palace Hotel in New York City.
WidePoint’s management is scheduled to virtually present on Monday, September 11, 2023 at 7:00 AM Eastern time, with virtual one-on-one meetings to be held throughout the conference. The presentation will be available for replay here.
To receive additional information or to schedule a one-on-one meeting, please email [email protected].
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.
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
Fairfax, VA – August 22, 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 today that it was awarded a new 3-year, $1.7 million Identity and Access Management contract by an agency of the U.S. Department of Transportation.
Under this contract, WidePoint will be providing the Agency of the DoT our most secure identity management solution. Also offered is a full set of operations and maintenance support services related to our quantum resistant identity management solution.
Jin Kang, WidePoint’s CEO, stated: “WidePoint is proud to announce that our pioneering security offering has been selected to support a critical U.S. Department of Transportation Agency. This is a proof point of how our capital investment in our hybrid issuance is beginning to bear fruit.” WidePoint will deliver the certificates and support services needed to secure the Agency’s identity and access management, devices, systems and infrastructure.
Jason Holloway, WidePoint’s Chief Revenue Officer, noted: “In today’s zero trust reality, WidePoint’s IAM provides the most secure identity, device and service authentication. This contract award is further proof that the most discerning organizations understand that WidePoint’s IAM is the solution of choice for enhanced security. We had to compete against a number of major competitors in order to win the confidence of this critical DoT agency. To that end, the Team at WidePoint answered the challenge and was able to secure this 3-year contract and begin forging an additional strategic relationship within the federal space.”
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity & Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Analytics & Billing as a Service (ABaaS). For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
[email protected]
Fairfax, VA – August 15, 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
Second Quarter 2023 and Recent Operational Highlights:
- Awarded a new three-year IT managed services contract worth $2.7 million by a national Sports Marketing, Media & Technology company, which is an expansion from a successful pilot program.
- Awarded a $3.2 million contract for wireless mobility services by the Federal Communications Commission (FCC).
- Earned approximately $46.0 million in IT and security contracts during the second quarter of 2023. Commercial contracts were $3.0 million and government contracts were $43.0 million.
- Awarded a 2-year digital billing and analytics contract by BT Group PLC valued at approximately $1.6 million.
- Awarded a managed mobility services contract by the County of Marin, California.
- Opened two new locations issuing Identity & Access Management credentials, namely Columbus, Ohio and Hampton, Virginia, as well as expanding the credentialing team in Fairfax, Virginia.
Second Quarter 2023 Financial Highlights:
- Revenues were $26.8 million, a 16% increase from the same period last year
- Gross margin was 15%, and gross margin excluding carrier services revenue was 31%
- Net loss totaled $842,000, or a loss of $(0.10) per diluted share
- Adjusted EBITDA, a non-GAAP financial measure, was $140,000
- As of June 30, 2023, cash and cash equivalents equaled $7.8 million
Six Month 2023 Financial Highlights:
- Revenues were $52.1 million, a 14% increase from the same quarter last year
- Gross margin was 15%, and gross margin excluding carrier services revenue was 32%
- Net loss totaled $1.8 million, or a loss of $(0.20) per diluted share
- Adjusted EBITDA, a non-GAAP financial measure, was $160,000
Management Commentary
“We’ve experienced a period of financial growth in our businesses thanks to the execution of our strategic plan and the investments we have made back into the business beginning to bear fruit,” said WidePoint CEO, Jin Kang. “Not only have we achieved our 24th consecutive quarter of positive Adjusted EBITDA, but we’re continuing to exceed customer service level agreements and are renewing materially all of our customers that are up for contract renewals, and in some cases, even expanding the scope of services we provide. We’re moving full steam ahead on the sales and marketing front, especially within the healthcare and education sectors. We believe that we are approaching an inflection point here at WidePoint and look forward to this next chapter in our corporate history of growth.”
Second Quarter 2023 Financial Summary
Six Month 2023 Financial Summary
Conference Call
WidePoint’s management will host the conference call today (August 15, 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: 586441
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, August 29, 2023.
Toll-free replay number: 877-481-4010
International replay number: 919-882-2331
Replay ID: 48895
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 STOCKHOLDER’S EQUITY
WIDEPOINT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FAIRFAX, VA / ACCESSWIRE / August 8, 2023 / WidePoint Corporation (NYSE American:WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity & Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), will hold a conference call on Tuesday, August 15, 2023 at 4:30 p.m. Eastern time to discuss its financial results for the second quarter ended June 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, August 15, 2023
Time: 4:30 p.m. Eastern Time (1:30 p.m. Pacific time)
U.S. dial-in number: 888-506-0062
International number: 973-528-0011
Access Code: 586441
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, August 29, 2023.
Toll-free replay number: 877-481-4010
International replay number: 919-882-2331
Replay ID: 48895
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 – August 7, 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 IT managed services contract worth $2.7 million by a national Sports Marketing, Media & Technology company, which is an expansion from a successful pilot program. ITA will provide IT-as-a-Service Network & Infrastructure Monitoring and management, with 24x7x365 help desk support.
Jason Caras, the CEO of IT Authorities stated: “IT Authorities is proud to provide top-tier managed services for this national sports marketing firm that has grown from $30 million in revenue to a staggering $750 million with a network of offices across the country. As this expansion persists, IT Authorities is committed to overseeing, managing and catering to their IT and security requirements.”
Jin Kang, WidePoint’s CEO, stated, “WidePoint’s subsidiary, IT Authorities, is being recognized for excellent service with this expanded contract. We look forward to continued expansion of our contract with this industry-leading firm as they continue to experience exponential growth. And as more organizations seek to outsource technology management activities, WidePoint is positioned well for delivering these essential services. ITA is also providing new opportunities for cross-selling and upselling of WidePoint security and managed mobility services.”
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Analytics & Billing as a Service (ABaaS). For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
[email protected]
Fairfax, VA – July 20, 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 today that it was awarded a $3.2 million contract for wireless mobility services by the Federal Communications Commission (FCC). The period of performance is one-year base phase followed by four-year option periods.
WidePoint will be responsible for mobile lifecycle and telecom expense management services for all FCC managed mobile devices. Core tasks include:
- Wireless Contract Administration Services
- Inventory Management
- Invoice Management and Audit Services
- Rate Plan Optimization
- Smartphones, Cellular Devices, and Accessories Provisioning
- Reporting and Analytics/Management Solutions
- Bill Payment Services
- Device and Line of Service Ordering on Behalf of The FCC
- Device Disposition/Exchange-Sale/Recycling Services
- Device Logistics Services
WidePoint will also obtain and manage cellular services from wireless carriers for the FCC.
Jin Kang, WidePoint’s CEO, stated: “WidePoint is proud that our MMS and TEM expertise, performance track record and Intelligent Telecommunications Management System were recognized by the FCC. We are excited that the FCC is returning as a client after our initial contract work from 2013-2016. WidePoint looks forward to delivering mobile lifecycle and telecom expense management services for the FCC and expanding our work in support of yet another U.S. Government agency.”
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Analytics & Billing as a Service (ABaaS). For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
[email protected]
Fairfax, VA – July 11, 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 today that it was awarded approximately $46 million in IT and security contracts during the second quarter of 2023.
Jin Kang, WidePoint’s CEO, stated: “In the second quarter of 2023, WidePoint saw more than 80 contractual actions across our business units including new awards, renewals, contract extensions and exercised option periods. These wins encompass our Managed Mobility Services, AbaaS, Identity & Access Management and Information Technology as a Service solutions.”
Highlights include:
- More than 80 contractual actions resulting in $45,908,000 in contract value.
- $3 million in commercial contracts
- $43 million in government contracts
- Under the U.S. Department of Homeland Security Cellular Wireless Managed Services (CWMS) 2.0 IDIQ contract, multimillion dollar awards from federal agencies including the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), the Cybersecurity and Infrastructure Security Agency (CISA), the United States Coast Guard and the Transportation Security Administration (TSA), among others
- Numerous renewals and orders for WidePoint’s Identity & Access Management offerings
- Contract renewals for Soft-ex’s Analytics & Billing as a Service solution
- Product and service contracts for IT Authorities
Jason Holloway, WidePoint’s Chief Revenue Officer, noted: “WidePoint continues to evolve and expand our cross-selling initiatives. We are excited to see new and current clients choose WidePoint solutions to secure and manage their work environments and maximize their technology investments.”
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Analytics & Billing as a Service (ABaaS). For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
[email protected]
Fairfax, VA – May 31, 2023 – WidePoint Corporation (NYSE American: WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity & Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), has opened two new locations for issuing Identity & Access Management credentials.
WidePoint provides information assurance and authentication services for business-to-government, government-to-government, and citizen-to-government entities. WidePoint ECA credentials are issued to more than 18,000 unique companies including Fortune 500 companies, small businesses, colleges and universities, private & public research organizations, healthcare organizations, banks and financial institutions.
Jin Kang, WidePoint’s CEO, stated: “WidePoint is honored to be trusted by these diverse organizations and to see the demand for WidePoint U.S. Department of Defense certified credentials increase. As more government and commercial personnel and contractors seek expedited services, we are expanding our credentialing team in Fairfax, Virginia and opening locations in Columbus, Ohio and Hampton, Virginia.”
WidePoint now offers credential issuance appointments at these locations:
Columbus, Ohio:
- ECA Medium Hardware Credentials
- NFI PIV-I Credentials
- ECA PIV-I Credentials
Fairfax, Virginia:
- ECA Medium Hardware Credentials
- NFI PIV-I Credentials
- ECA PIV-I Credentials
Hampton, Virginia:
- ECA Medium Hardware Credentials
- NFI PIV-I Credentials
- ECA PIV-I Credentials
“WidePoint has been issuing U.S. Government authentication credentials since 1999,” said Jason Holloway, WidePoint’s Chief Revenue Officer. “We are excited to open these new credential issuing locations for ECA and PIV-I Credentials. By appointment, WidePoint now supports same day issuance in and around Columbus, Fairfax and Hampton. These geographic locales represent established and growing communities of users.”
To learn more or to schedule an appointment, visit Schedule Appointment.
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 – May 15, 2023 – WidePoint Corporation (NYSE American: WYY), the Trusted Mobility Solutions company, reported results for the first quarter ended March 31, 2023.
First Quarter 2023 and Recent Operational Highlights:
- Executed a new contract to provide Mobile and Telecom Managed Services to a Standard & Poor’s 500 Food & Beverage company; WidePoint was selected to replace one of its competitors
- Entered into a reseller agreement with BK Technologies Corporation for the resale of BK’s InteropONE PTToC (Push-To-Talk Over Cellular) service to the U.S. Department of Homeland Security and the U.S. Department of State
- Intelligent Technology Management System, or ITMS™, has achieved FedRAMP in-process status
- Unified Communication Analytics solution set has been approved for the Microsoft commercial marketplace and has been launched in the Ingram Micro Marketplace
- Expanded credential issuing capabilities for customers to schedule credentialling appointments at any WidePoint facility
- Secured a substantial amount of “text capture” business as a result of a February 2023 mandate that federal agencies must preserve all government business communications including texts
- Implemented multiple commercial and federal customers from awards in Q4 and early Q1
- 45 total contractual actions resulting in over $34 million in annual contract value. New commercial contracts were $.6 million, new government awards were $9.1 million and government renewals were $24.3 million
First Quarter 2023 Financial Highlights:
- Revenues were $25.3 million, a 13% increase from the same quarter last year
- Gross margin was 15%, and gross margin excluding carrier services revenue was 33%
- Net loss totaled $(951,000), or a loss of $(0.11) per diluted share
- Adjusted EBITDA, a non-GAAP financial measure, was $20,000
- As of March 31, 2023, cash and cash equivalents equaled $4.6 million
Management Commentary
“Thanks to the continuous ability of our team to execute, we achieved our 23rd consecutive quarter of being Adjusted EBITDA positive and concluded Q1 much better than we had anticipated both quantitatively and qualitatively,” said WidePoint CEO, Jin Kang. “Our progress in utilizing our network of partners to secure more contracts has significantly contributed to expediting the sales process. We remain positive and confident with the outlook for the remainder of the year, thanks to our accelerating sales and marketing efforts, proven stickiness of our valuable and indispensable solutions to existing customers, and business development initiatives.”
2023 Guidance
The collective factors noted above indicate that the company is witnessing favorable trends moving forward and is the basis behind its full year guidance range of $103 million to $108 million in revenue and $1.1 million to $1.5 million in adjusted EBITDA. The company expects a GAAP net loss of between $(2.8) million and $(3.2) million, or $(0.32) to $(0.36) loss per share, respectively. A major contributor to the loss per share is non-cash depreciation and amortization, which has increased as a result of prior capital investments being placed into service.
First Quarter 2023 Financial Summary
| THREE MONTHS ENDED MARCH 31, | ||
| (in millions, except per share amounts) | 2023 | 2022 |
| (unaudited) | ||
| Revenue |
$25.3
|
$22.4
|
| Gross Profit |
$3.8
|
$3.9
|
| Gross Profit Percentage |
15.1%
|
17.4%
|
| Operating Expenses |
$4.7
|
$4.6
|
| Loss from Operations |
(0.9)
|
(0.7) |
| Net Loss | (1.0) | (0.4) |
| Earnings per Share |
(0.11)
|
(0.04)
|
| EBITDA |
(0.12)
|
0.2
|
| Adjusted EBITDA |
0.020
|
0.344
|
Share Repurchase Program
The repurchase program remains on hold to preserve the company’s cash balance, as it looks to invest back into its technology and prepare for potential acquisitions. Longer-term, the company may leverage the buyback program when deemed appropriate.
Conference Call
WidePoint’s management will host the conference call today (May 15, 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: 727683
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at (949) 574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the company’s website.
A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through Monday, May 29, 2023.
Toll-free replay number: 877-481-4010
International replay number: 919-882-2331
Replay ID: 48181
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Analytics & Billing as a Service (ABaaS). For more information, visit widepoint.com.
Non-GAAP Financial Measures
WidePoint uses a variety of operational and financial metrics, including non-GAAP financial measures such as EBITDA and Adjusted EBITDA, to enable it to analyze its performance and financial condition. The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. A reconciliation of GAAP Net income to EBITDA and Adjusted EBITDA is provided below:
WidePoint uses adjusted EBITDA as supplemental non-GAAP measure of performance. WidePoint defines EBITDA as net income excluding (i) interest expense, (ii) provision for or benefit from income taxes, (iii) depreciation and amortization, and (iv) Impairment charges. Adjusted EBITDA excludes certain amounts included in EBITDA. WidePoint is not providing a quantitative reconciliation of adjusted EBITDA in reliance on the “unreasonable efforts” exception for forward-looking non-GAAP measures set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated without unreasonable effort and expense. In this regard, WidePoint does not provide a reconciliation of forward-looking adjusted EBITDA (non-GAAP) to GAAP net income, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Because certain deductions for non-GAAP exclusions used to calculate projected net income may vary significantly based on actual events, WidePoint is not able to forecast on a GAAP basis with reasonable certainty all deductions needed in order to provide a GAAP calculation of projected net income at this time. The amounts of these deductions may be material and, therefore, could result in projected GAAP net income being materially less than is indicated by estimated adjusted EBITDA (non-GAAP).
Safe Harbor Statement
This press release contains forward-looking statements concerning our business, operations and financial performance and condition as well as our plans, objectives and expectations for our business operations and financial performance and condition that are subject to risks and uncertainties. All statements other than statements of historical fact included herein are forward-looking statements. You can identify these statements by words such as “aim,” “anticipate,” “assume,” “believe,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “potential,” “positioned,” “predict,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends. These forward-looking statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and our management’s beliefs and assumptions. These statements are not guarantees of future performance or development and involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including, the impact of supply chain issues; our ability to successfully execute our strategy; our ability to sustain profitability and positive cash flows; our ability to access sufficient financing on acceptable terms given the tightening credit markets due to the current banking environment; our ability to gain market acceptance for our products; our ability to win new contracts, execute contract extensions and expand scope of services on existing contracts; our ability to compete with companies that have greater resources than us; our ability to penetrate the commercial sector to expand our business; our ability to identify potential acquisition targets and close such acquisitions; our ability to successfully integrate acquired businesses with our existing operations; our ability to maintain a sufficient level of inventory necessary to meet our customers demand due to supply shortage and pricing; our ability to retain key personnel; our ability to mitigate the impact of increases in interest rates; the impact of increasingly volatile public equity markets on our market capitalization; the impact and outcome of negotiations around the Federal debt ceiling; our ability to mitigate the impact of inflation; and The risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 31, 2023.
The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
WIDEPOINT CORPORATION AND SUBSIDIARIES
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WIDEPOINT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
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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!