High Wire Networks Inc. Reports Fourth Quarter and Full Year 2021 Results
High Wire Networks (OTCQB: HWNI) reported a 41% growth in pro forma revenue for Q4 2021 compared to Q4 2020, following over 20% growth in Q3 2021. The company's Overwatch Managed Cybersecurity customer growth surged by 300% in the second half of 2021, with a 100% increase in channel partners. The staffing segment's annual run rate increased from $14 million to $25 million, nearly doubling its gross profitability. High Wire also secured over $10 million in booked projects during Q4 2021, demonstrating strong backlog growth across segments.
- Q4 2021 pro forma revenue growth of 41% year-over-year.
- Overwatch Managed Cybersecurity customer growth of 300% in H2 2021.
- 100% growth in Overwatch channel partners in 2021.
- Staffing segment increased annual run rate from $14 million to $25 million.
- Gross profitability in the staffing segment nearly doubled.
- More than $10 million in booked projects in Q4 2021.
- None.
Significant Sequential Growth in Q3 and Q4
BATAVIA, Ill., April 18, 2022 (GLOBE NEWSWIRE) -- High Wire Networks Inc. (the “Company” or "High Wire") (OTCQB: HWNI), today announced its financial results for Q4 and its full year ended December 31, 2021.
Summary:
- Fourth quarter 2021 pro forma revenue growth of
41% compared to fourth quarter 2020 - Follows third quarter 2021 growth of more than
20% year over year - Overwatch Managed Cybersecurity customer growth of
300% for the second half of 2021 100% growth in Overwatch channel partners in 2021- Staffing segment of the business grew from a
$14 million annual run rate to$25 million and nearly doubled its gross profitability - More than
$10 million in booked projects in Fourth quarter 2021 - Strong and growing backlog in all segments
“We had a lot of work to get done in 2021 to make this a healthy organization,” said High Wire CEO Mark Porter. “We have spent every day focused on growing our revenues with an emphasis on long-term recurring revenue streams. The entire organization is moving in the same direction, and we are accelerating. Our previously stated plan remains the goal, and we will work every day to make that happen.”
Porter continued, “As we grow, the management team is now able to focus on generating more cash flow to give us the opportunity to improve our liquidity and look for ways to lower the cost of financing activities and increasing the value of the equity.”
About High Wire Networks
For 20 years, High Wire Networks Inc. (OTCQB: HWNI) has been a trusted partner to VARs, MSPs, distributors, integrators, manufacturers and telecom providers by enabling them to minimize overhead while extending delivery capabilities around the world. Our flexible workforce delivers vendor-agnostic technical field, professional and security services in more than 180 countries. Our services include design, installation, configuration and support for unified communications, wired and wireless networks, cabling and infrastructure, and electrical systems. Our Overwatch Managed Security Marketplace enables our partners to deliver comprehensive cybersecurity that's easy to sell and easy to buy for an affordable subscription. We also offer a variety of on-demand, rapid-response solutions with service levels ranging from two hours to the next business day for onsite break-fix and remote technical support. With High Wire Networks, partners Get Work Done. Learn more at www.highwirenetworks.com.
Forward-Looking Statements:
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as “anticipate,” “appear,” “believe,” “could,” “estimate,” “expect,” “hope,” “indicate,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “project,” “seek,” “should,” “will,” “would,” and other variations or negative expressions of these terms, including statements related to expected market trends and the Company’s performance, are all “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based except as required by applicable law and regulations.
Investor Relations
www.highwirenetworks.com/investors
investors@highwirenetworks.com
Media Relations
Susanna Song
Vice President of Communications
susanna.song@highwirenetworks.com
FAQ
What was High Wire Networks' revenue growth for Q4 2021?
How much did Overwatch Managed Cybersecurity's customer base grow in 2021?
What was the increase in the staffing segment's annual run rate?
How many booked projects did High Wire Networks secure in Q4 2021?
What was the growth in Overwatch channel partners in 2021?
