WidePoint Awarded More than $15.2 Million in New and Renewal Contracts in Q3 2024

Rhea-AI Summary

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.

Positive

• Secured $15.2 million in new and renewal contracts in Q3 2024
• Government contracts represent majority of awards at $12 million
• Successfully launched major mobility management program with new federal civilian agency
• Expanded commercial presence with contracts in transportation, insurance, and healthcare sectors

Negative

• None.

Insights

Financial Analyst

WidePoint's $15.2 million in Q3 contract wins demonstrates solid business momentum, with a healthy mix of government ($12 million) and commercial ($3.2 million) contracts. The company's strategic focus on cybersecurity and mobile technology solutions is paying off, particularly in the high-value federal sector. The successful launch of MobileAnchor™ Derived Digital Credentials and expansion into new federal civilian agencies suggests improving market penetration.

The diverse contract portfolio, spanning transportation, insurance and healthcare sectors, indicates strong cross-industry demand for WidePoint's services. The multi-year nature of many contracts provides revenue visibility and stability. The 79% concentration in government contracts, while showing strong public sector trust, also highlights potential revenue concentration risk.

Cybersecurity Expert

The market traction for WidePoint's MobileAnchor™ Derived Digital Credentials is particularly significant given the increasing focus on zero-trust security architectures in federal agencies. The multiple pilot programs indicate growing recognition of the need for advanced identity and access management solutions. The expansion across both defense and civilian agencies suggests broad applicability of their security solutions.

The successful implementation of a major mobility management program for a new federal client validates WidePoint's technical capabilities and could serve as a reference case for future government contracts. The combination of PKI infrastructure and mobile security positions the company well in the evolving federal cybersecurity landscape.

FAIRFAX, VA / ACCESSWIRE / October 23, 2024 / WidePoint Corporation(NYSE American:WYY), the innovative enterprise cyber security and mobile technology provider, announced it was awarded approximately $15.2 million in contract awards and renewals during the third quarter of 2024.

Jin Kang, WidePoint's Chief Executive Officer, stated: "Q3 2024 confirms that each of WidePoint's solution lines is gaining market momentum. We are proud that our offerings are being recognized by commercial and government enterprises as the preferred technology partner for managing and securing devices, staff and mobile environments. We are excited to see this momentum continuing through Q4 2024 and into 2025."

Highlights include:

• More than 39 contractual actions resulting in approximately $15.2 million in contract value

  • Approximately $3.2 million in commercial contracts

  • Approximately $12 million in government contracts

• New orders for WidePoint's MobileAnchor™ Derived Digital Credentials from federal defense and civilian agencies

• Multi-year managed technology services contracts

• Multiple commercial MMS contracts including leading transportation, insurance and healthcare companies

• A major mobility management program for a new federal civilian agency client went live after months of implementation, marking the success of another strategic partnership

Jason Holloway, WidePoint's Chief Revenue Officer, stated: "Q3 2024 was particularly noteworthy for WidePoint's PKI and Identity & Access Management business development initiatives with the launch of MobileAnchor™ Derived Digital Credentials.We are now fielding numerous pilot programs and are seeing increased interest in this next generation Derived Digital Credential offering."

About WidePoint

WidePoint Corporation (NYSE American:WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM, Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Analytics & Billing as a Service (ABaaS). For more information, visit widepoint.com.

WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
WYY@gateway-grp.com

SOURCE: WidePoint Corporation

View the original press release on accesswire.com

FAQ

How much in contract awards did WidePoint (WYY) secure in Q3 2024?

WidePoint secured approximately $15.2 million in contract awards and renewals during Q3 2024, consisting of $12 million in government contracts and $3.2 million in commercial contracts.

What types of contracts did WidePoint (WYY) win in Q3 2024?

WidePoint won multiple types of contracts including MobileAnchor™ Derived Digital Credentials orders from federal agencies, multi-year managed technology services contracts, and commercial MMS contracts in transportation, insurance, and healthcare sectors.

How many contractual actions did WidePoint (WYY) report in Q3 2024?

WidePoint reported more than 39 contractual actions during Q3 2024.