WidePoint Reports Third Quarter 2024 Financial Results
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) ha comunicato i risultati del terzo trimestre 2024, registrando ricavi di 34,6 milioni di dollari, in aumento del 35% rispetto allo stesso periodo dell'anno precedente. L'azienda ha ottenuto 15,2 milioni di dollari in contratti e rinnovi, tra cui 1,4 milioni di dollari in contratti di IT as a Service. Nonostante abbia registrato una perdita netta di ($425.200), questo segna un miglioramento rispetto ai ($921.100) dello stesso periodo dell'anno scorso. Tra i risultati notevoli c'è il successo nell'implementazione della loro soluzione proprietaria MobileAnchor Digital Credential in due Agenzie Federali e il raggiungimento del 29° trimestre consecutivo di EBITDA rettificato positivo. L'azienda mantiene solidi risultati finanziari con 5,6 milioni di dollari in contante e nessun debito bancario, tendendo verso la parte alta delle loro previsioni annuali.
WidePoint (NYSE American:WYY) informó los resultados del tercer trimestre de 2024 con ingresos de 34,6 millones de dólares, un aumento del 35% en comparación con el año anterior. La compañía aseguró 15,2 millones de dólares en contratos y renovaciones, incluyendo 1,4 millones de dólares en contratos de IT como servicio. A pesar de mostrar una pérdida neta de ($425.200), esto representa una mejora respecto a los ($921.100) del mismo período del año pasado. Logros notables incluyen la implementación exitosa de su solución propietaria MobileAnchor Digital Credential en dos agencias federales y la marca de su 29° trimestre consecutivo de EBITDA ajustado positivo. La compañía mantiene sólidos estados financieros con 5,6 millones de dólares en efectivo y sin deuda bancaria, tendiendo hacia el extremo superior de su guía anual.
WidePoint (NYSE American:WYY)는 2024년 3분기 실적을 발표하며 매출 3,460만 달러를 기록했고, 이는 지난해 같은 기간 대비 35% 증가한 수치입니다. 이 회사는 1,520만 달러의 계약 수주 및 갱신을 확보했으며, 그 중 140만 달러는 IT 서비스 계약입니다. 순손실이 ($425,200)로 나타났지만, 이는 지난해 같은 기간의 ($921,100)보다 개선된 결과입니다. 주목할 만한 성과로는 두 개의 연방 기관에 자사의 MobileAnchor 디지털 자격증 솔루션을 성공적으로 배포한 것과 연속적으로 29분기째 긍정적인 조정 EBITDA를 기록한 것이 있습니다. 이 회사는 560만 달러의 현금을 보유하고 있으며, 은행 부채가 없는 강력한 재무 상태를 유지하고 있어 연간 가이드라인의 상단에 해당하는 추세입니다.
WidePoint (NYSE American:WYY) a annoncé les résultats du troisième trimestre 2024 avec des revenus de 34,6 millions de dollars, en hausse de 35 % par rapport à l'année précédente. L'entreprise a obtenu 15,2 millions de dollars en contrats et renouvellements, y compris 1,4 million de dollars dans des contrats IT comme service. Bien qu'elle ait enregistré une perte nette de ($425.200), cela représente une amélioration par rapport à ($921.100) durant la même période l'année dernière. Parmi les réalisations notables, on trouve le déploiement réussi de sa solution propriétaire MobileAnchor Digital Credential dans deux agences fédérales et le fait d'atteindre son 29e trimestre consécutif d'EBITDA ajusté positif. L'entreprise maintient une solide situation financière avec 5,6 millions de dollars en liquidités et sans dette bancaire, tendant vers le haut de ses prévisions annuelles.
WidePoint (NYSE American:WYY) gab die Ergebnisse für das 3. Quartal 2024 bekannt, mit Einnahmen von 34,6 Millionen Dollar, was einem Anstieg von 35 % im Vergleich zum Vorjahr entspricht. Das Unternehmen sicherte sich 15,2 Millionen Dollar an Vertragsvergaben und -verlängerungen, darunter 1,4 Millionen Dollar in IT-as-a-Service-Verträgen. Trotz eines Nettoverlusts von ($425.200) stellt dies eine Verbesserung im Vergleich zu ($921.100) im gleichen Zeitraum des Vorjahres dar. Zu den bemerkenswerten Leistungen gehört die erfolgreiche Implementierung ihrer proprietären MobileAnchor Digital Credential-Lösung in zwei Bundesbehörden und die Erreichung des 29. aufeinanderfolgend positiven Quartals mit bereinigtem EBITDA. Das Unternehmen weist eine starke finanzielle Situation mit 5,6 Millionen Dollar an Liquidität und ohne Bankverbindlichkeiten auf, was auf einen Trend zur oberen Grenze ihrer jährlichen Prognose hindeutet.
- Revenue increased 35% year-over-year to $34.6 million
- Secured $15.2 million in new contract awards and renewals
- Adjusted EBITDA improved 149% year-over-year
- Free cash flow positive for fourth consecutive quarter at $511,000
- Gross margin excluding carrier services increased to 38% from 35%
- Strong cash position of $5.6 million with no bank debt
- Net loss of ($425,200) or ($0.04) per diluted share
- Overall gross margin declined to 14% from 15% year-over-year
- Operating expenses increased to $5.1 million from $4.7 million
Insights
WidePoint's Q3 results show meaningful progress with
The gross margin excluding carrier services improved to
The successful deployment of MobileAnchor digital credentials and two new related contracts position the company well for future growth, particularly in high-margin services. The guidance trending toward the higher end suggests continued momentum into 2025.
The launch of the proprietary MobileAnchor Digital Credential solution marks a strategic technological advancement. Its successful deployment in two Federal Agencies validates the technology's market readiness and security compliance capabilities. This positions WidePoint favorably for the CWMS 3.0 recompete and SEWP VI contracts.
The solution's focus on derived digital credentials for mobile devices addresses growing demand for secure mobile authentication in government agencies. The quick market traction with two new contracts post-July launch indicates strong product-market fit and potential for accelerated adoption in the federal sector.
Company remains on track to hit higher end of annual guidance range
FAIRFAX, VA / ACCESSWIRE / November 13, 2024 / WidePoint Corporation (NYSE American:WYY), the innovative enterprise cyber security and mobile technology provider, reported results for the third quarter and nine-months ended September 30, 2024.
Third Quarter 2024 and Recent Operational Highlights:
Won
$15.2 million in contract awards and renewals during the third quarter of 2024, of which$1.4 million were IT as a Service contractsAwarded two MobileAnchor Digital Credential contracts for the quarter from federal defense and civilian agencies
Certified and successfully deployed new proprietary MobileAnchor Digital Credential solution into two Federal Agencies
29 th consecutive quarter of positive Adjusted EBITDA 1
Fourth consecutive quarter ending free cash flow positive
Third Quarter 2024 Financial Highlights:
Revenues were
$34.6 million , a35% increase from the same quarter last yearAdjusted EBITDA 1 , a non-GAAP financial measure, was
$574,000 , a149% improvement from the same quarter last yearGross margin was
14% , and gross margin excluding carrier services revenue increased to38% from35% in the same period last yearNet loss improved to (
$425,200) compared to ($921,100) from the same period last year, or a loss of ($0.04) per diluted shareFree cash flow 1 , a non-GAAP financial measure, was
$511,000 , or an improvement of120% compared to the same period last yearAs of September 30, 2024, cash was
$5.6 million with no bank debt
Nine Months 2024 Financial Highlights:
Revenues were
$104.9 million , a35% increase from the same quarter last yearAdjusted EBITDA, a non-GAAP financial measure, was
$1.9 million , a424% increase from the same quarter last yearGross margin was
14% , and gross margin excluding carrier services revenue was33% Net loss improved to (
$1.6) million or a loss of ($0.17) per diluted share from ($2.7) million in the same period last yearFree cash flow, a non-GAAP financial measure, was
$1.9 million compared to ($590,000) from the same period last year
1 Free cashflow and Adjusted EBITDA are non-GAAP financial measures. See below for the definition of such measures and a reconciliation to GAAP.
Management Commentary
"The third quarter showcased a significant development across our technological capabilities with the successful deployment of our proprietary derived digital credential for mobile devices, MobileAnchor," said WidePoint's CEO Jin Kang. "Since its launch in late July, demand for MobileAnchor has been strong, as we closed two new contracts this quarter. MobileAnchor opens an additional high-growth opportunity for WidePoint and will be a key part of our sales and marketing strategy, helping us secure managed services work under the Spiral 4 contract. It also strengthens WidePoint's positioning for the upcoming CWMS 3.0 recompete and SEWP VI contracts. Our sales and marketing team, PMO model, and ongoing technological innovation continue to drive our robust sales pipeline. As we approach year-end, we are on trending towards the higher end of our annual guidance and are confident in carrying our growth momentum into 2025."
Third Quarter 2024 Financial Summary
| THREE MONTHS ENDED |
| ||||||
(In millions except per share amounts) |
| SEPTEMBER 30, |
| |||||
| 2024 |
|
| 2023 |
| |||
| (Unaudited) |
| ||||||
Revenue |
| $ | 34.6 |
|
| $ | 25.7 |
|
Gross profit |
|
| 4.7 |
|
|
| 3.9 |
|
Gross profit margin |
|
| 14 | % |
|
| 15 | % |
|
|
|
|
|
|
|
| |
Operating expenses |
|
| 5.1 |
|
|
| 4.7 |
|
Loss from operations |
|
| (0.5 | ) |
|
| (0.8 | ) |
Loss per share |
| $ | (0.04 | ) |
| $ | (0.10 | ) |
EBITDA |
|
| 0.4 |
|
|
| (0.1 | ) |
Adjusted EBITDA |
|
| 0.6 |
|
|
| 0.2 |
|
Nine-Month 2024 Financial Summary
| NINE MONTHS ENDED |
| ||||||
(In millions except per share amounts) |
| SEPTEMBER 30, |
| |||||
| 2024 |
|
| 2023 |
| |||
| (Unaudited) |
| ||||||
Revenue |
| $ | 104.9 |
|
| $ | 77.8 |
|
Gross profit |
|
| 14.3 |
|
|
| 11.6 |
|
Gross profit margin |
|
| 14 | % |
|
| 15 | % |
|
|
|
|
|
|
|
| |
Operating expenses |
|
| 15.8 |
|
|
| 14.1 |
|
Loss from operations |
|
| (1.6 | ) |
|
| (2.4 | ) |
Loss per share |
| $ | (0.17 | ) |
| $ | (0.31 | ) |
EBITDA |
|
| 1.0 |
|
|
| (0.2 | ) |
Adjusted EBITDA |
|
| 1.9 |
|
|
| 0.4 |
|
Conference Call
WidePoint's management will host the conference call today (November 13, 2024) at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results.
U.S. dial-in number: 888-506-0062
International number: 973-528-0011
Access Code: 392210
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at (949) 574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the company's website .
A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through Wednesday, November 27, 2024.
Toll-free replay number: 877-481-4010
International replay number: 919-882-2331
Replay ID: 51501
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 .
Non-GAAP Financial Measures
WidePoint uses a variety of operational and financial metrics, including non-GAAP financial measures such as EBITDA, Adjusted EBITDA, and Free cashflow, to enable it to analyze its performance and financial condition. The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. A reconciliation of GAAP Net income to EBITDA and Adjusted EBITDA and Free cashflow is provided below:
| THREE MONTHS ENDED |
|
| NINE MONTHS ENDED |
| |||||||||||
| SEPTEMBER 30, |
|
| SEPTEMBER 30, |
| |||||||||||
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| |||||
| (Unaudited) |
|
| (Unaudited) |
| |||||||||||
NET LOSS |
| $ | (425,200 | ) |
| $ | (921,100 | ) |
| $ | (1,577,900 | ) |
| $ | (2,714,700 | ) |
Adjustments to reconcile net income to EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
| 821,700 |
|
|
| 788,100 |
|
|
| 2,562,000 |
|
|
| 2,328,200 |
|
Income tax provision (benefit) |
|
| (18,700 | ) |
|
| 13,300 |
|
|
| (45,000 | ) |
|
| 68,400 |
|
Interest income |
|
| (59,800 | ) |
|
| (27,700 | ) |
|
| (161,000 | ) |
|
| (39,100 | ) |
Interest expense |
|
| 52,900 |
|
|
| 69,100 |
|
|
| 184,000 |
|
|
| 184,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
EBITDA |
| $ | 370,900 |
|
| $ | (78,300 | ) |
| $ | 962,100 |
|
| $ | (172,400 | ) |
Other adjustments to reconcile net (loss) income to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
| 202,600 |
|
|
| 299,800 |
|
|
| 986,300 |
|
|
| 535,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Adjusted EBITDA |
| $ | 573,500 |
|
| $ | 226,500 |
|
| $ | 1,948,400 |
|
| $ | 386,858 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Capital expenditures |
|
| (62,701 | ) |
|
| (617,771 | ) |
|
| (80,702 | ) |
|
| (976,429 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Free cashflow |
| $ | 510,799 |
|
| $ | (391,271 | ) |
| $ | 1,867,698 |
|
| $ | (589,571 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WidePoint uses EBITDA, Adjusted EBITDA and Free cashflow as supplemental non-GAAP measure of performance. WidePoint defines EBITDA as net income excluding (i) interest expense, (ii) provision for or benefit from income taxes, (iii) depreciation and amortization, and (iv) Impairment charges. Adjusted EBITDA excludes certain amounts included in EBITDA such as stock based compensation expense. WidePoint defined Free cashflow as Adjusted EBITDA less capital expenditures. Management believes that adjustments for certain non-cash or other items and the exclusion of certain pass-through revenue and expenses should enhance stockholders' ability to evaluate the Company's performance, as such measures provide additional insights into the factors and trends affecting its business. Therefore, the Company excludes these items from its GAAP financial measures to calculate these unaudited non-GAAP measures. These unaudited non-GAAP measures may not be comparable to similarly titled measures reported by other companies and should be considered in addition to, and not as a substitute for GAAP.
Safe Harbor Statement
This press release contains forward-looking statements concerning our business, operations and financial performance and condition as well as our plans, objectives and expectations for our business operations and financial performance and condition that are subject to risks and uncertainties. All statements other than statements of historical fact included herein are forward-looking statements. You can identify these statements by words such as "aim," "anticipate," "assume," "believe," "could," "due," "estimate," "expect," "goal," "intend," "may," "objective," "plan," "potential," "positioned," "predict," "should," "target," "will," "would" and other similar expressions that are predictions of or indicate future events and future trends. These forward-looking statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and our management's beliefs and assumptions. These statements are not guarantees of future performance or development and involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including, our ability to sustain profitability and positive cash flows; our ability to win new contracts, execute contract extensions and expand scope of services on existing contracts; our ability to compete with companies that have greater resources than us; our ability to penetrate the commercial sector to expand our business; our ability to identify potential acquisition targets and close such acquisitions; our ability ; our ability to mitigate the impact of inflation; and the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 31, 2024.
The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
WYY@gateway-grp.com
WIDEPOINT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| SEPTEMBER 30, |
|
| DECEMBER 31, |
| |||
| 2024 |
|
| 2023 |
| |||
| (Unaudited) |
| ||||||
ASSETS | ||||||||
CURRENT ASSETS |
|
|
|
|
|
| ||
Cash |
| $ | 5,636,057 |
|
| $ | 6,921,160 |
|
Accounts receivable, net of allowance for credit losses |
|
|
|
|
|
|
|
|
of |
|
| 8,498,243 |
|
|
| 8,219,793 |
|
Unbilled accounts receivable |
|
| 24,784,036 |
|
|
| 16,618,639 |
|
Other current assets |
|
| 2,020,459 |
|
|
| 1,083,671 |
|
Total current assets |
|
| 40,938,795 |
|
|
| 32,843,263 |
|
|
|
|
|
|
|
|
| |
NONCURRENT ASSETS |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
| 588,753 |
|
|
| 780,800 |
|
Lease right of use asset |
|
| 3,536,001 |
|
|
| 4,045,222 |
|
Intangible assets, net |
|
| 5,554,997 |
|
|
| 7,336,348 |
|
Goodwill |
|
| 5,811,578 |
|
|
| 5,811,578 |
|
Other long-term assets |
|
| 489,700 |
|
|
| 483,288 |
|
|
|
|
|
|
|
|
| |
Total assets |
| $ | 56,919,824 |
|
| $ | 51,300,499 |
|
|
|
|
|
|
|
|
| |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
|
|
|
|
|
|
|
| |
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Accounts payable |
| $ | 9,990,672 |
|
| $ | 12,633,658 |
|
Accrued expenses |
|
| 25,063,136 |
|
|
| 16,175,702 |
|
Current portion of deferred revenue |
|
| 2,655,617 |
|
|
| 2,009,343 |
|
Current portion of lease liabilities |
|
| 593,280 |
|
|
| 638,258 |
|
Total current liabilities |
|
| 38,302,705 |
|
|
| 31,456,961 |
|
|
|
|
|
|
|
|
| |
NONCURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Lease liabilities, net of current portion |
|
| 3,699,456 |
|
|
| 4,114,516 |
|
Contingent consideration |
|
| 6,900 |
|
|
| 6,900 |
|
Deferred revenue, net of current portion |
|
| 944,056 |
|
|
| 1,027,770 |
|
|
|
|
|
|
|
|
| |
Total liabilities |
|
| 43,071,712 |
|
|
| 36,623,070 |
|
|
|
|
|
|
|
|
| |
Commitments and contingencies (Note 14) |
|
| - |
|
|
| - |
|
|
|
|
|
|
|
|
| |
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Preferred stock, |
|
|
|
|
|
|
|
|
authorized; 2,045,714 shares issued and none outstanding |
|
| - |
|
|
| - |
|
Common stock, |
|
|
|
|
|
|
|
|
authorized; 9,485,508 and 8,893,220 shares |
|
|
|
|
|
|
|
|
issued and outstanding, respectively |
|
| 9,487 |
|
|
| 8,894 |
|
Additional paid-in capital |
|
| 102,878,731 |
|
|
| 102,151,381 |
|
Accumulated other comprehensive loss |
|
| (314,286 | ) |
|
| (334,899 | ) |
Accumulated deficit |
|
| (88,725,820 | ) |
|
| (87,147,947 | ) |
|
|
|
|
|
|
|
| |
Total stockholders' equity |
|
| 13,848,112 |
|
|
| 14,677,429 |
|
|
|
|
|
|
|
|
| |
Total liabilities and stockholders' equity |
| $ | 56,919,824 |
|
| $ | 51,300,499 |
|
|
|
|
|
|
|
|
|
WIDEPOINT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| THREE MONTHS ENDED |
|
| NINE MONTHS ENDED |
| |||||||||||
| SEPTEMBER 30, |
|
| SEPTEMBER 30, |
| |||||||||||
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| |||||
| (Unaudited) |
| ||||||||||||||
REVENUES |
| $ | 34,620,433 |
|
| $ | 25,733,657 |
|
| $ | 104,868,483 |
|
| $ | 77,770,195 |
|
COST OF REVENUES (including amortization and depreciation of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 29,928,067 |
|
|
| 21,838,836 |
|
|
| 90,617,004 |
|
|
| 66,155,797 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
GROSS PROFIT |
|
| 4,692,366 |
|
|
| 3,894,821 |
|
|
| 14,251,479 |
|
|
| 11,614,398 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
| 530,391 |
|
|
| 490,037 |
|
|
| 1,702,210 |
|
|
| 1,553,887 |
|
General and administrative expenses (including share-based |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
compensation of |
|
| 4,352,980 |
|
|
| 3,977,709 |
|
|
| 13,344,232 |
|
|
| 11,719,042 |
|
Depreciation and amortization |
|
| 259,980 |
|
|
| 259,804 |
|
|
| 768,626 |
|
|
| 789,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total operating expenses |
|
| 5,143,351 |
|
|
| 4,727,550 |
|
|
| 15,815,068 |
|
|
| 14,062,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
LOSS FROM OPERATIONS |
|
| (450,985 | ) |
|
| (832,729 | ) |
|
| (1,563,589 | ) |
|
| (2,447,862 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
OTHER (EXPENSE) INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
| 59,882 |
|
|
| 27,681 |
|
|
| 161,033 |
|
|
| 39,122 |
|
Interest expense |
|
| (52,911 | ) |
|
| (69,095 | ) |
|
| (183,979 | ) |
|
| (184,783 | ) |
Other (expense) income, net |
|
| 99 |
|
|
| (33,663 | ) |
|
| (36,306 | ) |
|
| (52,721 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total other (expense) income, net |
|
| 7,070 |
|
|
| (75,077 | ) |
|
| (59,252 | ) |
|
| (198,382 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
LOSS BEFORE INCOME TAX (BENEFIT) PROVISION |
|
| (443,915 | ) |
|
| (907,806 | ) |
|
| (1,622,841 | ) |
|
| (2,646,244 | ) |
INCOME TAX (BENEFIT) PROVISION |
|
| (18,705 | ) |
|
| 13,308 |
|
|
| (44,968 | ) |
|
| 68,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
NET LOSS |
| $ | (425,210 | ) |
| $ | (921,114 | ) |
| $ | (1,577,873 | ) |
| $ | (2,714,666 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
EARNINGS PER SHARE, BASIC AND DILUTED |
| $ | (0.04 | ) |
| $ | (0.10 | ) |
| $ | (0.17 | ) |
| $ | (0.31 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
WEIGHTED-AVERAGE SHARES OUTSTANDING, BASIC AND DILUTED |
|
| 9,485,508 |
|
|
| 8,893,220 |
|
|
| 9,263,492 |
|
|
| 8,809,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WIDEPOINT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| NINE MONTHS ENDED |
| ||||||
| SEPTEMBER 30, |
| ||||||
| 2024 |
|
| 2023 |
| |||
| (Unaudited) |
| ||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
| ||
Net loss |
| $ | (1,577,873 | ) |
| $ | (2,714,666 | ) |
Adjustments to reconcile net loss to net cash provided by |
|
|
|
|
|
|
|
|
(used in) operating activities: |
|
|
|
|
|
|
|
|
Deferred income tax expense |
|
| 103,000 |
|
|
| - |
|
Depreciation expense |
|
| 779,972 |
|
|
| 794,344 |
|
Provision for credit losses |
|
| 21,584 |
|
|
| 39,979 |
|
Amortization of intangibles |
|
| 1,782,070 |
|
|
| 1,533,870 |
|
Share-based compensation expense |
|
| 986,325 |
|
|
| 535,417 |
|
Loss on disposal of fixed assets |
|
| - |
|
|
| 3,211 |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable and unbilled receivables |
|
| (8,627,232 | ) |
|
| 1,208,899 |
|
Inventories |
|
| (71,644 | ) |
|
| (271,869 | ) |
Other current assets |
|
| (864,123 | ) |
|
| (198,992 | ) |
Other assets |
|
| (6,412 | ) |
|
| 27,161 |
|
Accounts payable and accrued expenses |
|
| 6,237,759 |
|
|
| (504,739 | ) |
Income tax payable |
|
| (68,342 | ) |
|
| 29,780 |
|
Deferred revenue and other liabilities |
|
| 551,938 |
|
|
| 1,352,781 |
|
|
|
|
|
|
|
|
| |
Net cash (used in) provided by operating activities |
|
| (752,978 | ) |
|
| 1,835,176 |
|
|
|
|
|
|
|
|
| |
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
| (80,702 | ) |
|
| (166,210 | ) |
Capitalized hardware and software development costs |
|
| - |
|
|
| (810,219 | ) |
Proceeds from beneficial interest in sold receivables |
|
| 259,125 |
|
|
| 469,104 |
|
|
|
|
|
|
|
|
| |
Net cash provided by (used in) investing activities |
|
| 178,423 |
|
|
| (507,325 | ) |
|
|
|
|
|
|
|
| |
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Advances on bank line of credit |
|
| 4,600,000 |
|
|
| 6,493,284 |
|
Repayments of bank line of credit advances |
|
| (4,600,000 | ) |
|
| (6,493,284 | ) |
Principal repayments under finance lease obligations |
|
| (456,825 | ) |
|
| (420,139 | ) |
Withholding taxes paid on behalf of employees on net settled restricted stock awards |
|
| (258,382 | ) |
|
| (3,628 | ) |
|
|
|
|
|
|
|
| |
Net cash used in financing activities |
|
| (715,207 | ) |
|
| (423,767 | ) |
|
|
|
|
|
|
|
| |
Net effect of exchange rate on cash |
|
| 4,659 |
|
|
| 23,100 |
|
|
|
|
|
|
|
|
| |
NET (DECREASE) INCREASE IN CASH |
|
| (1,285,103 | ) |
|
| 927,184 |
|
|
|
|
|
|
|
|
| |
CASH, beginning of period |
|
| 6,921,160 |
|
|
| 7,530,864 |
|
|
|
|
|
|
|
|
| |
CASH, end of period |
| $ | 5,636,057 |
|
| $ | 8,458,048 |
|
|
|
|
|
|
|
|
|
SOURCE: WidePoint Corporation
View the original press release on accesswire.com
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