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WidePoint Corporation (NYSE American: WYY) is a leading provider of advanced technology solutions specializing in wireless mobility management and cybersecurity. With a focus on identity access management (IAM), multi-factor authentication, and critical response management, WidePoint delivers cutting-edge information technology services to both government and commercial markets. The company operates through four distinct business units, each offering specialized services such as emergency response management, asymmetric authentication, telecom expense management, and forensic informatics systems engineering.
WidePoint's comprehensive suite of services includes Technology Management as a Service (TMaaS), Telecom Lifecycle Management, Digital Billing Communications, and Mobile and Identity Management. These solutions are designed to enhance the security and efficiency of the mobile workforce across various sectors. The company generates the majority of its revenue from the United States, with a growing presence in Europe.
Recent achievements highlight WidePoint's strong market position. In early 2024, the company announced a new three-year contract worth over $1.4 million with a major Florida attraction and research center, showcasing its expertise in managed IT services and cybersecurity. This followed a successful 2023, where WidePoint reported revenue of $103-$108 million and a substantial federal contract backlog totaling $359 million.
WidePoint's strategic priorities for 2024 include maintaining double-digit revenue growth, enhancing its ITMS platform, and leveraging its strong sales pipeline for continued contract renewals and new business opportunities. The company also focuses on expanding its footprint in sectors such as K-12 education and healthcare, further solidifying its role as a trusted partner for secure and efficient technology solutions.
For more information, visit widepoint.com.
WidePoint (NYSE American:WYY) has announced it expects to exceed its full-year 2024 revenue guidance and meet or surpass adjusted EBITDA and Free cash flow targets. The company reported a federal contract backlog of approximately $300 million as of December 31, 2024, marking its 30th consecutive quarter of positive adjusted EBITDA.
Key 2024 achievements include $52.7 million in contract awards, successful deployment of MobileAnchor Digital Credential solution, and advancement to the final phase of FedRAMP authorization. The company secured notable contracts including the $2.7 billion Spiral 4 contract and a $254 million ceiling increase in its DHS CWMS 2.0 contract.
For 2025, WidePoint aims to achieve positive earnings per share, focusing on the U.S. Department of Homeland Security's CWMS 3.0 recompete and expanding its Device as a Service (DaaS) partnership program in the commercial sector.
WidePoint (NYSE American:WYY) announced that its subsidiary Soft-ex Communications has launched the M365 Analyzer solution for Microsoft clients. The new solution provides a dashboard for monitoring volumes and costs, offering ROI insights and license management capabilities.
The M365 Analyzer addresses key challenges in Microsoft 365 optimization, including management of unassigned, unused, and duplicated licenses. According to Gartner, companies could achieve an average 30% cost reduction through active M365 license management.
The solution offers enterprises cost savings through license optimization, enhanced visibility for M365 subscription management, improved compliance, and better risk management. For Microsoft Modern Workplace solution channels and distributors, the M365 Analyzer provides opportunities for incremental recurring revenue with increased margins and service differentiation.
WidePoint (NYSE American:WYY) has announced the complete integration of IT Authorities (ITA) as an operating subsidiary, strengthening its position as a full federal service integrator. The integration expands WidePoint's capabilities in secure IT services, particularly in Identity and Access Management solutions and Telecom Expense Management.
The expanded service portfolio now includes Managed IT Services, NOC-as-a-Service with 24/7 support, IT Outsourcing, and advanced IT security infrastructure solutions. ITA brings highest-level Cisco and Microsoft certifications, enhancing WidePoint's cloud solutions and disaster recovery capabilities. Jason Caras, ITA's CEO, will continue as senior vice president at WidePoint.
The integration aligns with WidePoint's strategy to strengthen its competitive position in securing new government contracts and emerging opportunities while delivering enhanced value to clients through comprehensive IT service delivery.
WidePoint (NYSE American:WYY) has secured a new contract in partnership with 22Vets Technologies to provide Non-Federal Issuer (NFI) for PIV-Interoperable credentials supporting a global energy service company's Smart City Internet of Things (IoT) program. The partnership combines WidePoint's Identity & Access Management technology with 22Vets's IoT expertise.
The contract serves as a pilot for what is planned to be a nationwide rollout focused on creating safer communities. 22Vets will integrate smart city initiatives through their CommunityFirst and StudentFirst Security programs, combining cyber, physical, and critical infrastructure security services with WidePoint's cybersecurity and PKI solutions.
WidePoint (NYSE American:WYY) reported Q3 2024 results with revenues of $34.6 million, up 35% year-over-year. The company secured $15.2 million in contract awards and renewals, including $1.4 million in IT as a Service contracts. Despite showing a net loss of ($425,200), this represents an improvement from ($921,100) in the same period last year. Notable achievements include the successful deployment of their proprietary MobileAnchor Digital Credential solution to two Federal Agencies and marking their 29th consecutive quarter of positive Adjusted EBITDA. The company maintains strong financials with $5.6 million in cash and no bank debt, trending towards the higher end of their annual guidance.
WidePoint (NYSE American:WYY), an enterprise cyber security and mobile technology provider, has scheduled its third quarter 2024 earnings conference call for Wednesday, November 13, 2024, at 4:30 p.m. ET. The company will release its financial results for the quarter ended September 30, 2024, before the call. Management will host the conference call followed by a Q&A session. The call will be broadcast live and available for replay through November 27, 2024.
WidePoint (NYSE American: WYY) announced that its subsidiary IT Authorities has secured contracts worth over $1.7 million for Cisco and Managed IT Services. The contracts include $1.4 million in previously disclosed Q3 2024 awards and a new $300,000 Cisco Enterprise Agreement for Q4 2024. Despite hurricane-related business slowdowns in Florida, ITA secured contracts with diverse clients including beverage distributors, a sports marketing firm, an education center, a research center, and a data management firm.
WidePoint (NYSE American:WYY) secured contracts worth $15.2 million in Q3 2024, including $3.2 million in commercial contracts and $12 million in government contracts. The company reported over 39 contractual actions, including new orders for MobileAnchor™ Derived Digital Credentials from federal agencies, multi-year managed technology services contracts, and multiple commercial MMS contracts in transportation, insurance, and healthcare sectors. A major mobility management program for a new federal civilian agency client was successfully launched.
WidePoint (NYSE American:WYY), an enterprise cyber security and mobile technology provider, is set to participate in the 17th Annual LD Micro Main Event. The event will take place from October 28-30, 2024 at the Luxe Sunset Boulevard Hotel in Los Angeles, California.
WidePoint's presentation is scheduled for Wednesday, October 30th at 8:00 a.m. Pacific time. The company will also be available for one-on-one meetings throughout the conference. Investors can view the presentation online and schedule meetings by emailing WYY@gateway-grp.com.
The LD Micro Main Event will feature presentations from approximately 150 companies across various industries, showcasing innovative micro-cap companies.
WidePoint (NYSE American:WYY) has been awarded a new one-year agreement to provide MobileAnchor™ Derived Digital Credentials for a Federal Civilian Agency. This contract highlights WidePoint's ability to offer high-security identity and access management services for mobile digital credentials in the federal market space.
The MobileAnchor™ solution offers several unique benefits, including:
- Enhanced security through direct integration and reduced attack surface
- User convenience with seamless access and integrated multi-factor authentication
- Simplified deployment with less overhead
- Flexibility and compatibility with native support for modern operating systems and applications
This new client acquisition demonstrates the growing recognition of MobileAnchor™ as a valuable solution for secure mobile access to resources, even when traditional PIV cards are impractical.
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