High Wire Reports 2024 Continuing Operations Revenue Up 21% to Record $8.38 Million
High Wire Networks (OTCQB: HWNI) reported strong financial results for 2024, with continuing operations revenue increasing 21% to a record $8.38 million. The company's Secure Voice achieved profitability and positive cash flow, while Overwatch demonstrated significant growth with a 134% increase in monthly recurring revenue over six months.
Key developments include the strategic sale of its technology services business in June 2024, allowing focus on managed cybersecurity solutions. The company implemented operational improvements, including a virtualized platform at Secure Voice Corp and strategic leadership transformation in Q3, appointing industry veterans to key positions.
Financial highlights show total operating expenses decreased to $16.9 million from $18.8 million in 2023. The company achieved a net income of $0.4 million in 2024, which included $9.7 million from discontinued operations, compared to a net loss of $14.5 million in 2023.
High Wire Networks (OTCQB: HWNI) ha riportato risultati finanziari solidi per il 2024, con un aumento del 21% nei ricavi delle operazioni continuative, raggiungendo un record di 8,38 milioni di dollari. Il Secure Voice dell'azienda ha raggiunto la redditività e un flusso di cassa positivo, mentre Overwatch ha mostrato una crescita significativa con un aumento del 134% nei ricavi mensili ricorrenti in sei mesi.
Sviluppi chiave includono la vendita strategica della sua attività di servizi tecnologici a giugno 2024, che consente di concentrarsi su soluzioni di cybersecurity gestite. L'azienda ha implementato miglioramenti operativi, tra cui una piattaforma virtualizzata presso Secure Voice Corp e una trasformazione strategica della leadership nel terzo trimestre, nominando veterani del settore in posizioni chiave.
I punti salienti finanziari mostrano che le spese operative totali sono diminuite a 16,9 milioni di dollari rispetto ai 18,8 milioni del 2023. L'azienda ha registrato un reddito netto di 0,4 milioni di dollari nel 2024, che includeva 9,7 milioni da operazioni cessate, rispetto a una perdita netta di 14,5 milioni nel 2023.
High Wire Networks (OTCQB: HWNI) reportó resultados financieros sólidos para 2024, con un aumento del 21% en los ingresos de operaciones continuas, alcanzando un récord de 8.38 millones de dólares. La Secure Voice de la empresa logró rentabilidad y flujo de efectivo positivo, mientras que Overwatch demostró un crecimiento significativo con un aumento del 134% en los ingresos recurrentes mensuales en seis meses.
Los desarrollos clave incluyen la venta estratégica de su negocio de servicios tecnológicos en junio de 2024, lo que permite enfocarse en soluciones de ciberseguridad gestionadas. La empresa implementó mejoras operativas, incluida una plataforma virtualizada en Secure Voice Corp y una transformación estratégica del liderazgo en el tercer trimestre, nombrando a veteranos de la industria en posiciones clave.
Los aspectos financieros destacados muestran que los gastos operativos totales disminuyeron a 16.9 millones de dólares desde 18.8 millones en 2023. La empresa logró un ingreso neto de 0.4 millones de dólares en 2024, que incluía 9.7 millones de operaciones discontinuadas, en comparación con una pérdida neta de 14.5 millones en 2023.
하이 와이어 네트웍스 (OTCQB: HWNI)는 2024년 강력한 재무 결과를 보고했으며, 계속 운영되는 수익이 21% 증가하여 838만 달러의 기록을 세웠습니다. 회사의 Secure Voice는 수익성과 긍정적인 현금 흐름을 달성했으며, Overwatch는 6개월 동안 월간 반복 수익이 134% 증가하며 상당한 성장을 보여주었습니다.
주요 개발 사항으로는 2024년 6월 기술 서비스 사업의 전략적 매각이 있으며, 이를 통해 관리형 사이버 보안 솔루션에 집중할 수 있게 되었습니다. 회사는 Secure Voice Corp에서 가상화 플랫폼을 포함한 운영 개선을 구현하고, 3분기에는 업계 전문가를 주요 직책에 임명하여 전략적 리더십 변화를 도입했습니다.
재무 하이라이트에 따르면 총 운영 비용은 2023년 1880만 달러에서 1690만 달러로 감소했습니다. 회사는 2024년에 40만 달러의 순이익을 달성했으며, 여기에는 중단된 운영에서 발생한 970만 달러가 포함되어 있으며, 이는 2023년의 1450만 달러 순손실과 비교됩니다.
High Wire Networks (OTCQB: HWNI) a rapporté de solides résultats financiers pour 2024, avec une augmentation de 21 % des revenus des opérations continues, atteignant un record de 8,38 millions de dollars. Le Secure Voice de l'entreprise a atteint la rentabilité et un flux de trésorerie positif, tandis que Overwatch a montré une croissance significative avec une augmentation de 134 % des revenus récurrents mensuels sur six mois.
Les développements clés incluent la vente stratégique de son entreprise de services technologiques en juin 2024, permettant de se concentrer sur des solutions de cybersécurité gérées. L'entreprise a mis en œuvre des améliorations opérationnelles, notamment une plateforme virtualisée chez Secure Voice Corp et une transformation stratégique du leadership au troisième trimestre, nommant des vétérans de l'industrie à des postes clés.
Les points forts financiers montrent que les dépenses d'exploitation totales ont diminué à 16,9 millions de dollars contre 18,8 millions de dollars en 2023. L'entreprise a réalisé un revenu net de 0,4 million de dollars en 2024, dont 9,7 millions de dollars provenant d'opérations abandonnées, par rapport à une perte nette de 14,5 millions de dollars en 2023.
High Wire Networks (OTCQB: HWNI) berichtete über starke finanzielle Ergebnisse für 2024, mit einem Anstieg der Umsätze aus fortgeführten Betrieben um 21% auf einen Rekord von 8,38 Millionen Dollar. Die Secure Voice des Unternehmens erzielte Rentabilität und positiven Cashflow, während Overwatch ein signifikantes Wachstum mit einem Anstieg der monatlich wiederkehrenden Einnahmen um 134% über einen Zeitraum von sechs Monaten zeigte.
Wichtige Entwicklungen umfassen den strategischen Verkauf seines Technologie-Dienstleistungsunternehmens im Juni 2024, der es ermöglicht, sich auf verwaltete Cybersicherheitslösungen zu konzentrieren. Das Unternehmen implementierte betriebliche Verbesserungen, einschließlich einer virtualisierten Plattform bei Secure Voice Corp und einer strategischen Transformation der Führung im dritten Quartal, wobei Branchenveteranen in Schlüsselpositionen berufen wurden.
Finanzielle Höhepunkte zeigen, dass die gesamten Betriebsausgaben von 18,8 Millionen Dollar im Jahr 2023 auf 16,9 Millionen Dollar gesenkt wurden. Das Unternehmen erzielte im Jahr 2024 ein Nettoergebnis von 0,4 Millionen Dollar, das 9,7 Millionen Dollar aus aufgegebenen Betrieben beinhaltete, verglichen mit einem Nettoverlust von 14,5 Millionen Dollar im Jahr 2023.
- Revenue growth of 21% to $8.38 million in 2024
- 134% increase in Overwatch monthly recurring revenue over 6 months
- Achieved net income of $0.4 million, compared to previous year's loss
- Secure Voice reached profitability and positive cash flow
- Reduced operating expenses by $1.9 million year-over-year
- Operating expenses remain high at $16.9 million despite revenue of $8.4 million
- Recorded $1.2 million in goodwill impairment charges
- Net income heavily dependent on discontinued operations ($9.7M of total)
Secure Voice Corporation Profitable and Cash Flowing, Overwatch Growing and Focused on Profitability in Late 2025
BATAVIA, Ill., April 01, 2025 (GLOBE NEWSWIRE) -- High Wire Networks, Inc. (OTCQB: HWNI), a leading global provider of managed cybersecurity and wholesale telecommunications transport, reported results from continuing operations for the quarter and year ended December 31, 2024. All comparisons are for the same year-ago period unless otherwise noted.
On June 27, 2024, High Wire announced the sale of its technology services business. The following financial results from continuing operations exclude this divested business and provide only the results from the company’s continuing managed cybersecurity and technology enablement business. GAAP results for the full year 2024 can be found at www.sec.gov in the company’s annual report as filed on Form 10-K.
2024 Financial Highlights
- Implemented a virtualized platform at Secure Voice Corp to enhance gross margin performance and scale revenue-generating capacity, achieving profitability and strong cash flow.
- Achieved sustained year-over-year growth from 2023 to 2024 of
21% , with 2025 on track to continue the upward trajectory. - Increased Overwatch monthly recurring revenue (MRR) by
134% over the past six months, reflecting strong market demand and value delivery. - Sold the technology enablement services business to a leading provider of technology infrastructure services in an all-cash deal. The sale allows the company to focus on its managed security solutions line of business.
2024 Managed Cybersecurity Highlights
- Developed streamlined service bundles and simplified pricing models to empower Channel partners, resulting in a robust deal pipeline, a strengthened backlog, and improved partner alignment.
- Expanded vendor partnerships to consolidate cost structures and deliver more competitive pricing to the Channel.
- Continued strategic investments in the Channel ecosystem to unlock untapped market segments and create a sustainable competitive edge for both partners and their customers.
2024 Operational Highlights
- In Q3, Overwatch executed a strategic leadership transformation, appointing Ed Vasko, CISSP, as Chief Executive Officer (30+ years in cybersecurity), Mark Dallmeier as Chief Revenue Officer (27 years in revenue growth strategy), Michael Lieder as Senior Director of Service Delivery (10+ years in operational leadership), and Kim Jones, CISM CISSP, as Chief Information Security Officer (38 years in cybersecurity and risk management).
- Revitalized the sales leadership team and sales motion under new executive guidance to align with enterprise-level growth objectives. Redefined the sales and marketing strategies, rebuilt the team, and repositioned the brand to focus on upmarket opportunities and larger, high-value deals.
- Redesigned the Service Delivery architecture to streamline operations and lay the foundation for the organization-wide hyperautomation initiative planned for 2025.
- Launched a new portfolio of professional services to provide added value for partners and their customers, enhancing both revenue potential and customer success.
2024 Awards
- Frost & Sullivan ranked High Wire Networks as one of the Top 12 Managed Security Service Providers (MSSPs) in the categories of growth and innovation. The report noted that High Wire is a relatively new market entrant but is growing incredibly fast thanks to its partner-focused strategy, flexibility, and portfolio underpinned by open XDR.
- Named to CRN MSP 500 list of Nation’s Top IT Managed Service Providers, which recognizes leading MSPs “whose forward-thinking approach to providing managed services is changing the landscape of the IT channel.”
- Added to CRN 2024 Women of the Channel list, which honors the most “influential women in leadership at some of the country’s most prominent IT integrators, managed service providers, and value-added resellers for their channel advocacy and dedication to helping their customers and technology partners thrive.”
Management Commentary
“2024 was a pivotal year for High Wire Networks. The divestiture of our technology enablement services business was a critical strategic move. While we successfully returned that segment to profitability for the first time since COVID-19 severely impacted its revenues, it consumed disproportionate management time and resources and was not cash-efficient. The project-based nature of the business created unpredictable revenue cycles and made it difficult to maintain resource productivity,” stated High Wire Networks CEO Mark Porter.
“By completing the transaction, we significantly reduced our liabilities, positioning the company for our planned move to a National Exchange. With our Net Shareholder Equity now within striking distance, we are well on our way to achieving that milestone. As reflected in our public filings, this remains a major strategic priority, and one that we believe will be a key driver of future success and long-term shareholder value.”
“We also rebuilt the Overwatch leadership team from the ground up, assembling what we believe is the strongest cybersecurity leadership team in the country. Their predecessors laid a solid foundation by guiding the business through its startup phase and getting it ready to scale. Now, with proven leaders in place, we’re poised to drive substantial organic growth and aggressively pursue acquisitions of other managed security revenue streams.
Thanks to our early investments in AI-driven automation, we can scale revenues without significant increases in headcount. That’s a powerful advantage—it will enable us to reach profitability organically while accelerating margin expansion as we grow through acquisition.”
Porter added, “Secure Voice Corp had an outstanding year and is well-positioned for even greater success in 2025. We expect to see continued improvements in gross margins, which will drive stronger operating income and increased free cash flow from that business unit.”
“We are moving forward with a relentless pursuit of increasing gross profit and managing costs through AI-driven automation capabilities, creating an unfair advantage for our partners and their clients,” Porter concluded.
Full Year 2024 Financial Summary (based on results from Continuing Operations)
Revenue in 2024 totaled
Total operating expenses decreased to
Net income for 2024 totaled
About High Wire Networks
High Wire Networks, Inc. (OTCQB: HWNI) is a fast-growing, award-winning global provider of managed cybersecurity. Through more than 200 channel partners, it delivers trusted managed services for nearly 1,100 managed security customers. Its end customers include hundreds of Fortune 500 companies and the nation’s largest government agencies.
The company’s Overwatch by High Wire Networks™ platform offers a range of subscription services for threat prevention, detection, and response, meeting the security and compliance requirements of organizations large and small. The company’s IT enablement services provide the foundation for growing its higher-margin Overwatch business.
High Wire was recently ranked by Frost & Sullivan as a Top 12 Managed Security Service Provider in the Americas. It was also recently named to CRN’s MSP 500 and Elite 150 lists of the nation’s top IT-managed service providers.
Learn more at HighWireNetworks.com. Follow the company on Twitter, view its extensive video series on YouTube, or connect on LinkedIn.
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.
Company Contact
Mark Porter, CEO
High Wire Networks
Tel +1 (952) 974-4000
Media Relations
Lori Aleman
Director of Marketing
High Wire Networks
Tel +1 (952) 974-4000
Investor Relations
Ronald Both or Grant Stude
CMA Investor Relations
Tel +1 (949) 432-7557
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