WidePoint Raises Guidance for Full Year 2019
Full Year 2019 Revenues and Adjusted EBITDA Guidance of $95 Million and $3.5 Million, Respectively
Fairfax, VA – December 9, 2019 – WidePoint Corporation (NYSE American: WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Telecommunications Lifecycle Management, Identity Management and Digital Billing & Analytics solutions, has raised its revenue and adjusted EBITDA guidance for the full year ending December 31, 2019.
Subsequent to WidePoint’s third quarter 2019 earnings call held on November 14, 2019, the federal government definitized its budget for the end of 2019. As a result of additional insights gained from the updated budget, WidePoint now anticipates revenues for its full year 2019 to be $95M (previously a range of $90.0 million to $93.0 million) and adjusted EBTIDA to be $3.5M (previously a range of 2.75 million to $3.5 million). The company’s new guidance represents an increase in revenues of 14% and an increase in adjusted EBITDA of 94% compared to 2018.
“With the clarity we recently gleaned from the federal government’s budget and spending initiatives for their fiscal year ending September 30, 2020, we have even greater visibility and confidence that WidePoint’s 2019 financial results will be stronger than we originally anticipated,” said company CEO, Jin Kang. “The combination of this new information and the opportunities we’re actively pursuing have us on track to not only generate positive results for 2019 but continue the momentum into 2020.”
WidePoint Corporation (NYSE American: WYY) is a leading provider of trusted mobility management (TM2) solutions, including telecom management, mobile management, identity management, and digital billing and analytics. For more information, visit widepoint.com.
Matt Glover and Charlie Schumacher
Gateway Investor Relations