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 launched ITMS™, an Intelligent Technology Management Solution aimed at securing technology assets. Developed under COO Todd Dzyak's leadership, ITMS™ enhances asset management and accountability by offering real-time tracking and secure device return capabilities. The solution has already shown success across various federal agencies, managing over 18,000 mobility IT assets monthly and facilitating secure custody for over 700,000 devices. CEO Jin Kang emphasizes the solution's appeal to commercial organizations, backed by U.S. Government vetting.
WidePoint Corporation (NYSE American:WYY) announced on August 22, 2022, that its subsidiary IT Authorities secured a Managed Service Provider contract worth over $616,700 annually from a leading Sports Marketing & Media company. This contract encompasses a full range of ITaaS solutions, including IT infrastructure support, monitoring, and business productivity support. The agreement is expected to enhance cross-selling opportunities for WidePoint's ITaaS offerings. Both CEOs expressed optimism about the contract's potential to foster growth and synergy within the company.
WidePoint Corporation (NYSE American:WYY) announced that its subsidiary IT Authorities has secured five new commercial contracts exceeding $360,000. These contracts span various sectors, including healthcare, finance, and education, indicating broad recognition of IT Authorities' services. CEO Jin Kang emphasized that these wins contribute to a growing pipeline for cross-selling WidePoint's IT solutions, particularly in Identity and Access Management and mobility management.
WidePoint Corporation (WYY) reported a 16% revenue increase to $23.1 million for Q2 2022, although it faced a net loss of $(13.8 million) due to a $16.3 million goodwill impairment. Managed Services revenue dropped to $6.7 million, while gross margin decreased to 14%. The company secured a $73.4 million task order from the U.S. Coast Guard and executed over $53.2 million in contracts during the quarter. For 2022, guidance estimates revenues between $92 million - $98 million but leans towards the lower end for EBITDA.
WidePoint Corporation (NYSE American:WYY) has secured a new Managed Mobility Services contract valued at approximately $540,000 with a major U.S. beverage bottler. This 3-year agreement will enable WidePoint to offer a comprehensive suite of services. CEO Jin Kang highlighted the contract as a testament to their successful cross-selling and upselling strategies following the acquisition of IT Authorities. The company aims to expand its technology solutions portfolio, enhancing efficiencies for its clients in mobility and security.
WidePoint Corporation (NYSE American:WYY) announced that its subsidiary Soft-ex Communications launched the Three Analyst platform with Three UK on August 3, 2022. This platform enhances digital billing communications and analytics for Three UK's business customers, allowing them to monitor mobile usage and spending through a self-service portal. The collaboration is expected to optimize customer engagement and deliver cost certainty for businesses. This initiative highlights WidePoint's focus on adapting to digitalization and improving customer engagement for enterprise clients.
WidePoint Corporation (NYSE American:WYY) will hold a conference call on August 15, 2022, at 4:30 p.m. Eastern time to discuss its second-quarter financial results for the period ending June 30, 2022. The announcement of the financial results will be made in a press release prior to the call.
The call will be hosted by management, followed by a Q&A session. Interested parties can participate by calling 888-506-0062 (U.S.) or 973-528-0011 (International) using access code 228203. A replay of the call will be available after 7:30 p.m. ET.
WidePoint Corporation (NYSE American:WYY) announced over $53.2 million in contracts awarded during Q2 2022. The company secured more than 50 contractual actions, including new awards and renewals, primarily in Identity and Access Management (IAM), Telecommunications, and IT as a Service (ITaaS). Notable contracts were awarded under the DHS CWMS 2.0 IDIQ contract involving key agencies such as the U.S. Coast Guard and TSA. CEO Jin Kang highlighted growth in the commercial sector and an expanding contract pipeline, reinforcing the company's strategic focus.
WidePoint Corporation (NYSE American:WYY) has announced a new Task Order award from the U.S. Coast Guard under the DHS Cellular Wireless Management Services 2.0 BPA. This Task Order, effective from May 1, 2022, to October 31, 2026, has a ceiling value of $73.4 million if fully exercised. The initial funding is $7.9 million for a six-month base period. CEO Jin Kang emphasized the commitment to enhancing operational efficiency for the U.S. Coast Guard. The collaboration aims to provide cost savings and improved security in mobile services.
WidePoint Corporation (NYSE American:WYY) has renewed its revolving credit facility, increasing its borrowing capacity from $5 million to $7 million, a 40% rise. This expansion is aimed at supporting anticipated growth while maintaining specific financial covenants. CEO Jin Kang stated that although no funds have been borrowed yet, the increased capacity positions the company favorably for future investments. WidePoint specializes in technology solutions such as Identity and Access Management, Telecommunications, and Managed Mobility Services.
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