Welcome to our dedicated page for WidePoint Corporation news (Ticker: WYY), a resource for investors and traders seeking the latest updates and insights on WidePoint Corporation stock.
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 Corporation (NYSE American: WYY) has entered a reseller agreement with BK Technologies Corporation (NYSE American: BKTI) to promote BK's InteropONE Push-To-Talk Over Cellular (PTToC) service to the U.S. Department of Homeland Security (DHS) and U.S. Department of State. This service allows first responders to establish on-demand communication groups without needing prior network setup. Under the Cellular Wireless Managed Services contract, WidePoint aims to enhance multi-agency incident response capabilities, enabling seamless communication during emergencies. Initial field trials have received positive feedback. This partnership is expected to broaden customer relationships and support business growth.
WidePoint Corporation (NYSE American: WYY) has secured a new contract to provide Mobile and Telecom Managed Services to a major S&P 500 and FTSE4Good Food & Beverage company. This contract includes comprehensive services such as vendor communication management, invoice processing, billing dispute resolution, cost-saving identification, and analytics reporting. CEO Jin Kang expressed pride in displacing a competitor and highlighted the role of their Intelligent Technology Management System in achieving this win. This contract marks the third significant competitive displacement for WidePoint recently, emphasizing its strong position in the market.
WidePoint Corporation (NYSE:WYY) has launched its subsidiary Soft-ex Communications on the Ingram Micro Cloud Marketplace to offer innovative Voice Analytics solutions that enhance Microsoft Teams usage and adoption. This strategic move enables Soft-ex to reach a broader audience through a major ecommerce platform, making it easier for businesses to implement and manage their solutions. By partnering with Ingram Micro, Soft-ex aims to provide value-added services that optimize Teams Voice experiences, driving client retention and incremental revenue for Managed Service Providers.
WidePoint Corporation (NYSE American:WYY) will participate in the Ladenburg Virtual Tech Expo 22 on December 7, 2022. The event will feature presentations from around 50 technology and media firms across sectors such as cybersecurity and fintech. WidePoint's management is set to present at 9:00 a.m. Eastern Time, alongside virtual one-on-one meetings. The company is recognized for its innovative solutions in Identity and Access Management and other technology services.
WidePoint Corporation (WYY) reported its Q3 2022 results, showcasing a 14% revenue growth to $25.3 million. Managed Services revenue rose to $7.6 million, with a gross margin of 15%. However, the company incurred a net loss of $541,000 or $(0.06) per diluted share. For the nine months ending September 30, 2022, revenues increased 13% to $70.8 million, but the net loss totaled $14.7 million or $(1.68) per diluted share. Management anticipates full-year revenues between $92 million - $98 million and Adjusted EBITDA of $1.0 million - $1.2 million.
WidePoint Corporation (NYSE American:WYY) announced that its Public Key Infrastructure (PKI) Identity & Access Management solution complies with new guidance from the Cybersecurity & Infrastructure Security Agency (CISA). CISA emphasizes the need for organizations to adopt phishing-resistant Multi-Factor Authentication (MFA) to counter cyber threats. WidePoint's PKI technology is recognized as a leading solution in this sector, and the company has established its credentials as an External Certificate Authority (ECA) for the DoD, enabling secure access to federal IT services.
WidePoint Corporation (NYSE American: WYY) announced it will hold a conference call on November 14, 2022, at 4:30 p.m. ET to discuss its financial results for the third quarter ended September 30, 2022. A press release with the financial results will precede the call. The call will include a question and answer session. Interested parties can join via U.S. dial-in at 877-545-0523 or international at 973-528-0016, with access code 469816. Replay options will be available after the call until November 28, 2022.
WidePoint Corporation (NYSE American:WYY) announced securing over $6.9 million in Managed Mobility Services (MMS) contracts in Q3 2022. The CEO, Jin Kang, highlighted 44 contractual actions including new awards, renewals, and extensions. Key metrics revealed $2.46 million in commercial contracts and $4.45 million in government contracts. Notably, a new Task Order from the Cybersecurity and Infrastructure Security Agency (CISA) extends services under a federal contract until March 2026. The company anticipates continued growth and increased cross-selling opportunities across its services.
WidePoint Corporation (NYSE American:WYY) announced a pilot program for its Identity and Access Management (IAM) solutions in K-12 schools. Phase 1 aims to eliminate usernames and passwords for Tier 1 IT staff and secure email communication. The initiative addresses rising ransomware threats that compromise school resources and budgets. WidePoint's IAM uses advanced Public Key Infrastructure (PKI) to enhance cybersecurity. The company anticipates significant growth opportunities in providing these solutions, as the demand for secure technology in educational institutions continues to rise.
WidePoint Corporation (NYSE American: WYY) announced that its subsidiary, IT Authorities, secured two new contracts worth over $140,000 for IT Infrastructure and Modernization services. These contracts are tied to a leading Sports Marketing, Media & Technology company's nationwide expansion. IT Authorities will provide procurement, project management, and design expertise to support growth in the sports sector. CEO Jin Kang emphasized the potential for cross-selling WidePoint's ITaaS solutions through this collaboration.
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