High Wire Networks Inc. Reports Third Quarter 2022 Results
High Wire Networks Inc. (OTCQB: HWNI) reported impressive Q3 results, with $13.5M in revenue, representing a 26% year-over-year increase on a pro forma basis. This marks five consecutive quarters of growth, with quarterly increases ranging from 20% to 80%. Notably, Overwatch revenue surged 373% compared to the same period last year, and paying clients rose 27% quarter-over-quarter. Backlog in technology projects reached $19 million, nearly quadrupling since January 2022, underscoring strong demand in the managed security segment.
- Revenue increased to $13.5M, growing 26% year-over-year.
- Five consecutive quarters of revenue growth between 20% and 80%.
- Overwatch revenue rose 373% compared to Q3 2021.
- Paying clients for Overwatch increased by 27% quarter-over-quarter.
- Current backlog in technology projects stands at $19 million, nearly quadruple from January 2022.
- Project and program slippage occurred in Q3.
Company and Overwatch Managed Cybersecurity Business Revenue Show Growth
BATAVIA, Ill., Nov. 15, 2022 (GLOBE NEWSWIRE) -- High Wire Networks Inc. (the “Company” or "High Wire") (OTCQB: HWNI), announced today its financial results for Q3 ended September 30, 2022.
Summary:
- Revenue was
$13.5M , an increase of26% compared to Q3, 2021 on a pro forma basis - This marks five consecutive quarters of strong growth, ranging
20% to80% of YOY quarterly growth - Revenue backlog in technology projects nearly quadruples compared to January 2022
- Overwatch revenue increased
373% compared to Q3, 2021 - Overwatch paying clients increased
27% Q/Q
“Our Overwatch Managed Security business unit is accelerating as we sign on larger MSP partners who bring an expansive client base with more established opportunities; in tandem, the Company continues to invest in significant security automation tools, marketing and channel partner enablement programs,” said High Wire CEO Mark Porter.
“While we saw project and program slippage in Q3, our backlog currently stands at
“We are confident results from Q3 and projected Q4 results lay the foundation for continued success next year.”
About High Wire Networks
For 22 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 were the financial results of High Wire Networks for Q3 2022?
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