WidePoint Secures More than $11 Million in Trusted Mobility Management (TM2) Contracts during the Third Quarter of 2020

Rhea-AI Summary

WidePoint Corporation (NYSE American: WYY) reported over $11.6 million in contract awards in Q3 2020, comprising 40 contractual actions including new awards and extensions. CEO Jin Kang highlighted the growing demand for their Mobility Managed Services (MMS) as organizations adapt to mobile and remote work. The company aims to enhance revenues through ancillary services and has secured a new Identity Management client, indicating a focus on higher-margin business opportunities. WidePoint positions itself as a trusted provider for telecom and mobile resource consolidation.

Positive

• Contract awards exceed $11.6 million in Q3 2020.
• 40 contractual actions including awards and renewals.
• Growth in Mobility Managed Services due to rising demand.
• Expansion into higher-margin business with new Identity Management client.
• Focus on cross-selling ancillary services to boost revenues.

Negative

• None.

FAIRFAX, Va., Nov. 02, 2020 (GLOBE NEWSWIRE) -- WidePoint Corporation (NYSE American: WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Telecommunications Lifecycle Management, Identity Management and Digital Billing & Analytics solutions, today reported that the company recorded more than $11.6 million in contract awards during the third quarter of 2020.

During the quarter, WidePoint recorded 40 contractual actions, including new awards, renewals, contract extensions and exercised option periods.

“The shift to mobile and remote work practices by government agencies and commercial enterprises continues to expand WidePoint’s growth opportunities,” said Jin Kang, WidePoint’s CEO. “Across our growing client base, WidePoint’s Mobility Managed Services (MMS) are trusted as the solution of choice for managing the mobile landscape. We are leveraging that reputation to expand our footprint and secure higher margin business, which we’ve already accomplished this quarter by adding a new Identity Management credentialing client.”

Jason Holloway, WidePoint’s CSMO, added, “We are focusing on adding ancillary services to our core solutions that will increase our higher margin revenues. WidePoint is now expanding our cross-selling of mobile devices, accessories and VAR software licensing and equipment. WidePoint is the preferred MMS provider for organizations seeking to consolidate their telecom and mobile resources and services in a secure framework. We look forward to delivering on these contracts and helping prospective clients adjust to this shifting landscape.”

About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading provider of trusted mobility management (TM2) solutions, including telecom management, managed mobility services, identity management, and digital billing and analytics. For more information, visit widepoint.com.

Investor Relations:
Gateway Investor Relations
Matt Glover or Charlie Schumacher
949-574-3860, WYY@gatewayir.com

FAQ

What were WidePoint Corporation's contract awards for Q3 2020?

WidePoint Corporation reported over $11.6 million in contract awards during Q3 2020.

How many contractual actions did WidePoint undertake in Q3 2020?

WidePoint had 40 contractual actions, including new awards and renewals, in Q3 2020.

What services is WidePoint expanding to increase revenues?

WidePoint is focusing on cross-selling ancillary services to increase higher-margin revenues.

What is the stock symbol for WidePoint Corporation?

WidePoint Corporation trades under the stock symbol WYY.

Who commented on the company's growth opportunities in the press release?

CEO Jin Kang highlighted the growth opportunities resulting from the shift to mobile and remote work.