Unlocking the Power of Emotion: A Heartfelt and Insightful Journey
FAIRFAX, VA / ACCESSWIRE / August 14, 2024 / WidePoint Corporation (NYSE American: WYY )
Second Quarter 2024 and Recent Operational Highlights:
Awarded $254 million contract modification by the U.S. Department of Homeland Security increasing the ceiling of the Cellular Wireless Management Services 2.0 contract from $500 million to $754 million
Selected by the U.S. Navy as one of seven contractors for the 10-Year, $2.7 billion Spiral 4 contract
Certified and successfully deployed new proprietary MobileAnchor Digital Credential into a Federal Agency
28th consecutive quarter of positive Adjusted EBITDA
Third consecutive quarter ending free cash flow positive
Second Quarter 2024 Financial Highlights:
Revenues were $36 million, a 35% increase from the same quarter last year
Adjusted EBITDA, a non-GAAP financial measure, was $811,000, a 479% improvement from the same quarter last year
Gross margin was 14%, and gross margin excluding carrier services revenue was 31%
Net loss decreased to $500,000 compared to $842,000 from the same period last year, or a loss of $(0.05) per diluted share
Free cash flow1, a non-GAAP financial measure, was $800,000, or an improvement of 467% compared to the same period last year
As of June 30, 2024, cash was $4.0 million with no bank debt
Six Months 2024 Financial Highlights:
Revenues were $70.2 million, a 35% increase from the same quarter last year
Adjusted EBITDA, a non-GAAP financial measure, was $1.4 million, a 764% increase from the same quarter last year
Gross margin was 14%, and gross margin excluding carrier services revenue was 31%
Net loss decreased to $1.2 million or a loss of $(0.13) per diluted share compared to $1.8 million in the same period last year
Free cash flow1, a non-GAAP financial measure, was $1.4 million
Free cash flow, a non-GAAP financial measure, is defined as Adjusted EBITDA less capital expenditures
“We continue to make significant strides in our sequential financial performance and growth, with notable improvements in both our top-line results and adjusted EBITDA,” said WidePoint CEO Jin Kang.
Effect on Me:
These financial highlights and operational achievements of WidePoint Corporation could potentially impact me by introducing innovative cybersecurity and mobile technology solutions that enhance security and efficiency in the digital world. It may lead to increased job opportunities, improved services, and overall better digital experiences for consumers like myself.
Effect on the World:
The success of WidePoint Corporation in obtaining major contracts and achieving positive financial growth reflects positively on the technology industry as a whole. It signifies advancements in cybersecurity and mobile technology on a larger scale, potentially leading to increased global digital security and connectivity, which can benefit businesses, governments, and individuals worldwide.
Conclusion:
In conclusion, the journey of unlocking the power of emotion through the growth and success of WidePoint Corporation showcases the importance of innovative solutions in the ever-evolving digital landscape. As technology continues to advance, embracing new opportunities and improvements in cybersecurity and mobile technology can have a profound impact on individuals and the world at large.