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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 Corporation (NYSE American:WYY) will present at the Ladenburg Thalmann Virtual Tech Expo on November 18, 2021, at 1:30 p.m. Eastern time. The company specializes in Trusted Mobility Management (TM2), focusing on Identity Management, Telecommunications Lifecycle Management, and Digital Billing & Analytics. Interested investors can register to view the presentation and request one-on-one meetings through the expo's website. For additional inquiries, they can contact investor relations at WYY@gatewayir.com.
WidePoint Corporation (NYSE American:WYY) will hold a conference call on November 15, 2021, at 4:30 p.m. ET to discuss its third-quarter financial results for the period ending September 30, 2021. Financial results will be released prior to the call. Investors can join via U.S. dial-in number (888) 506-0062 or the international number (973) 528-0011. A live broadcast and replay will be available on the company's investor relations website. The replay will be accessible until November 29, 2021.
WidePoint Corporation (NYSE American:WYY) announced a new contract to deliver Identity and Access Management credentials to a government branch in the District of Columbia. Awarded on September 29, 2021, this contract involves issuing three-year NFI PIV-I credentials, along with necessary hardware and services. WidePoint's Chief Security Officer emphasized the rising demand for secure identity management solutions amid increasing cyber threats, while the CEO noted the company's commitment to expanding its impact in both government and commercial sectors.
WidePoint Corporation (NYSE American:WYY) reported contract awards exceeding $16.8 million in Q3 2021, highlighting significant growth opportunities in its core services: Identity Management and Telecommunications Lifecycle Management.
Key contracts include IdM solutions for the District of Columbia and a major public university, alongside TLM contracts for a global automotive manufacturer and a Fortune 500 insurance provider. U.S. Citizenship and Immigration Services transitioned to the DHS CWMS 2.0 contract, with options extending through 2026, indicating strong demand for WidePoint's services.
WidePoint Corporation (NYSE American:WYY) has announced the acquisition of IT Authorities, a prominent Managed Service Provider, for substantially all its assets. This move aims to enhance WidePoint’s capabilities in delivering ITaaS solutions, particularly in the commercial sector targeting small and mid-sized businesses. The acquisition is projected to generate approximately $10 million in annualized revenue and $1.5 million in adjusted EBITDA for 2021, while providing significant upsell and cross-sell opportunities.
WidePoint Corporation (NYSE American: WYY) has reinstated its share repurchase program, allowing for the repurchase of up to $2.1 million of its common stock, which was suspended during the COVID-19 pandemic. With 9.1 million shares outstanding, the company views this as an opportunity to enhance shareholder value. CEO Jin Kang stated that the robust balance sheet enables this decision, reflecting confidence in the company's growth potential. The repurchases will comply with SEC regulations and will be financed through existing cash.
WidePoint Corporation (NYSE American:WYY) announced its participation in several virtual conferences in September 2021, showcasing its solutions in Trusted Mobility Management (TM2). Key events include the 10th Annual Gateway Conference on September 8, 17th Annual Taglich Brothers Investment Conference on September 13, and Lake Street's 5th Annual Best Ideas Growth Conference on September 15. These conferences aim to connect management teams with institutional investors and analysts, emphasizing WidePoint's role in identity management and telecom solutions.
WidePoint Corporation (NYSE American: WYY) has secured a contract with a major U.S. research university to deliver Identity Management credentials. Under this agreement, WidePoint Cybersecurity will issue ECA (External Certificate Authority) Personal Identity Verification (PIV-I) credentials, along with associated services and hardware for on-site issuance. This three-year contract is significant as it provides access to approved U.S. Department of Defense (DoD) information systems, highlighting WidePoint's unique position as the sole DoD-approved issuer of ECA PIV-I credentials.
WidePoint Corporation (WYY) reported second-quarter 2021 revenues of $20.0 million, down from $54.8 million in Q2 2020, with a net loss of $205,000 or $0.02 per diluted share. Despite carrier services revenue declines, gross margins improved significantly to 20.0%. The company secured over $36 million in contracts and gained recognition in the 2021 Gartner Magic Quadrant. Adjusted EBITDA reached $531,000. Looking forward, management emphasizes revenue diversification and cautious optimism amid macroeconomic challenges.
WidePoint Corporation (NYSE American: WYY) announced that its subsidiary, WidePoint Mobile Corporation, achieved R2v3 certification for its Columbus, Ohio facility. This certification includes Core and Specialty Process Requirements, such as Downstream Vendor Management and Logical Sanitization, reflecting increased standards for data protection and electronic recycling. CEO Jin Kang emphasized that this certification enhances their Managed Mobility Services and aligns with their Green Initiative Policy, expanding revenue streams and ensuring responsible device recycling.
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