WidePoint Corporation Reports Strong Quarterly and Nine-Month Results

FAIRFAX, VA / ACCESSWIRE / November 13, 2024 –

WidePoint Corporation (NYSE American:WYY) has announced their latest financial results for the third quarter and nine-months ending September 30, 2024.

Impressive Operational Highlights:

• Won $15.2 million in contract awards and renewals, including $1.4 million in IT as a Service contracts

• Awarded two MobileAnchor Digital Credential contracts from federal defense and civilian agencies

• Successfully deployed new MobileAnchor Digital Credential solution into two Federal Agencies

• Achieved 29th consecutive quarter of positive Adjusted EBITDA

• Fourth consecutive quarter with free cash flow positive

Financial Highlights for Q3 2024:

• Revenues of $34.6 million, a 35% increase from the same quarter last year

• Adjusted EBITDA of $574,000, a 149% improvement from the previous year

• Gross margin at 14%, with gross margin excluding carrier services revenue increasing to 38%

• Net loss decreased to ($425,200) from ($921,100) in the same period last year

• Free cash flow reached $511,000, a 120% improvement compared to the same period last year

Nine Months 2024 Financial Highlights:

• Revenues of $104.9 million, a 35% increase from the previous year

• Adjusted EBITDA of $1.9 million, a 424% increase from the same period last year

• Gross margin was 14%, with gross margin excluding carrier services revenue at 33%

• Net loss improved to ($1.6 million) compared to ($2.7 million) in the same period last year

• Free cash flow increased to $1.9 million from ($590,000) in the same period last year

With consistent growth and positive financial indicators, WidePoint Corporation is on track to meet their annual guidance range and continue their success in the cybersecurity and mobile technology sector.

How Will This Affect Me?

As a consumer, the success of WidePoint Corporation means that your data and information may be more secure as they provide innovative cybersecurity solutions. This could lead to better protection of your personal information in an increasingly digital world.

How Will This Affect the World?

WidePoint’s strong performance in the cybersecurity and mobile technology industry contributes to the overall advancement of technology and digital security on a global scale. Their solutions could potentially impact the way businesses and governments operate, ensuring more secure transactions and data protection worldwide.

Conclusion:

In conclusion, WidePoint Corporation’s impressive financial results reflect their dedication to innovation and excellence in the cybersecurity and mobile technology sector. With continued growth and success, they are poised to make a significant impact on both individual consumers and the global community as a whole.