HIGH WIRE NETWORKS INC. - HWNI STOCK NEWS

High Wire Networks has appointed Stephen LaMarche as Chief Operating Officer, effective February 6, 2023. LaMarche, who has over 25 years of leadership experience, will manage High Wire’s rapidly growing managed IT services, notably the Overwatch cybersecurity service, which has expanded by 400% to nearly 1,000 customers. This growth is fueled by a robust MSP partner program with over 200 partners globally and rising cybersecurity demand. The global cybersecurity market is projected to reach $376 billion by 2029. High Wire anticipates continued success as it leverages LaMarche’s expertise to enhance its offerings and expand its market presence.

High Wire Networks, Inc. (OTCQB: HWNI) has renewed its contract with a major aerospace company, securing a three-year deal valued at $300,000 for enhanced cybersecurity services. This renewal reflects a 40% increase in the client’s financial commitment compared to previous engagement. The expanded scope includes managed endpoint solutions and other services, highlighting growing demand for High Wire’s AI-powered cybersecurity offerings. The company reports a threefold growth in its Overwatch Managed Security business and a robust global market projected to reach $680 billion by 2030.

High Wire Networks (OTCQB: HWNI) has secured a managed services contract renewal valued at $1.2 million annually from a Fortune 500 healthcare company, doubling the previous contract of $600,000. This renewal broadens the scope to include management of additional end user compute devices. High Wire's services support clinical outcomes and adherence to compliance frameworks, reflecting increasing demand for their Overwatch cybersecurity platform. The global managed services market is projected to grow at 13.8% CAGR to reach $680 billion by 2030.

High Wire Networks (OTCQB: HWNI) has partnered with CMA, a capital markets advisory firm, to enhance its investor relations and public presence. The company reported a 53% revenue increase, totaling $52 million for the last twelve months, and a record backlog of $19.2 million, setting the stage for sustained growth in 2023. High Wire aims to leverage CMA's expertise to attract high-net-worth and institutional investors. The cybersecurity market is projected to grow significantly, with High Wire positioned to benefit from this trend.

High Wire Networks (OTCQB: HWNI) has appointed Stephan Tallent as Chief Revenue Officer for its Overwatch Managed Security Services division. Tallent, a seasoned IT executive with over 20 years of experience, previously held significant roles at Stellar Cyber and Fortinet, achieving major revenue growth in managed security services. Under his leadership, High Wire's cybersecurity revenue has surged by more than 260% year-to-date through its partner community. This strategic appointment aims to enhance partners' capabilities and respond to escalating cybersecurity demands.

High Wire Networks (OTCQB: HWNI) has completed a $6 million Private Investment in Public Equity (PIPE) as part of a total offering of up to $10 million, expected to close in early December. The capital raise aims to provide working capital for growth in managed services, eliminate over $4.5 million in debt, and reduce monthly debt obligations by over $300,000. The funds will also support the company's Managed Cyber Security Services business and position it for a future national exchange listing.

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.

High Wire Networks (OTCQB: HWNI) announced a $1.8 million contract for a phone lifecycle refresh project, upgrading over 60,000 IP phone sets at 433 U.S. government sites. This marks their eleventh large-scale government project since 2021. David Hand, Vice President of Global Systems Integrators, expressed confidence in their ability to deliver high-quality results on time. High Wire has been a trusted partner for VARs and telecom providers, offering services in over 180 countries.

High Wire Networks Inc. (OTCQB: HWNI) has secured an additional $6.7 million for a technology deployment project, increasing the total contract value to over $12 million. The project will involve deploying multiple technologies across thousands of stores in the U.S. and U.S. territories. CEO Mark Porter emphasized the importance of long-term programs for sustained success, while EVP Don Schmidt expressed excitement about collaborating with their systems integrator partner. This expansion enhances High Wire's position in technology services.