FAIRFAX, Va., Aug. 06, 2024 (GLOBE NEWSWIRE) -- WidePoint Corporation (NYSE American: WYY), the innovative enterprise cyber security and mobile technology provider, is confirmed to present at the 2024 Annual Gateway Conference, which is being held September 4-5, at the Four Seasons Hotel in San Francisco, CA. WidePoint's management team is scheduled to present on Wednesday, September 4 at 9:00 a.m. Pacific Time (PT). The presentation will be webcast live and available for replay here. In addition to the pre ...

FAIRFAX, Va., Aug. 06, 2024 (GLOBE NEWSWIRE) -- WidePoint Corporation (NYSE American: WYY), the innovative enterprise cyber security and mobile technology provider, is confirmed to present at the 2024 Annual Gateway Conference, which is being held September 4-5, at the Four Seasons Hotel in San Francisco, CA. WidePoint's management team is scheduled to present on Wednesday, September 4 at 9:00 a.m. Pacific Time (PT). The presentation will be webcast live and available for replay here. In addition to the pre ...

Financial Results - WidePoint Corporation conducted a conference call on May 15, 2024, to discuss its financial results for Q1 2024[5] - The financial results for the quarter ended March 31, 2024, were announced in a press release issued on the same day[5] - The report does not include specific financial metrics or performance indicators from the earnings call[5] Regulatory Compliance - The report is filed under the Securities Exchange Act of 1934, ensuring compliance with regulatory requirements[6] - The company has not indicated whether it is an emerging growth company[2] Company Information - The company is listed on the NYSE American under the trading symbol WYY[4] - The address of the principal executive office is 11250 Waples Mill Road, South Tower 210, Fairfax, Virginia 22030[2] - The CEO of WidePoint Corporation is Jin Kang, who signed the report on May 20, 2024[11] Conference Call Details - The conference call transcript is available as Exhibit 99.1, and the earnings press release is available as Exhibit 99.2[7] Product and Market Developments - No new products, technologies, market expansions, or acquisitions were mentioned in the provided content[5]

WidePoint Corporation (NYSE:WYY) Q1 2024 Earnings Conference Call May 15, 2024 4:30 PM ET Company Participants Jin Kang - President and CEO Jason Holloway - Chief Revenue Officer Robert George - Chief Financial Officer Conference Call Participants Barry Sine - Litchfield Hills Research Operator Good afternoon. Welcome to WidePoint's First Quarter 2024 Earnings Conference Call. My name is Kelly, and I'll be your operator for today's call. Joining us for today's presentation are WidePoint's President and CEO, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________________ to ___________________ Commission File Number: 001-33035 WidePoint Corporation (Exact name of Registrant as specified in its charter) Delaware 52-204 ...

Financial Data and Key Metrics Changes - For Q4 2023, revenue was $28.3 million, a 21% increase from the same quarter last year, while total revenue for the year reached approximately $106 million, marking a 13% increase from the previous year [27][68] - The company achieved positive free cash flow of approximately $300,000 in Q4 2023 and anticipates maintaining this trend throughout 2024 [16][44] - The net loss for Q4 2023 was $1.3 million, significantly improved from a net loss of $8.9 million in the same period last year [56] Business Line Data and Key Metrics Changes - Carrier services revenue for Q4 was $15.7 million, up 14% year-over-year, and for the full year, it was $58.3 million, a 9% increase [27][35] - Managed and billable services revenue for Q4 was $4.4 million, a 23% increase from the same quarter last year, with annual revenue reaching $31 million, a 10% increase [33] - Reselling and other services revenue for Q4 was $8.1 million, a 37% increase year-over-year, and for the full year, it was $16.8 million, a 33% increase [52] Market Data and Key Metrics Changes - The company secured approximately $60 million in governmental contracts in Q4 2023, contributing to a substantial contract backlog totaling $359 million as of December 31, 2023 [21][17] - The company noted strong contract renewal and customer retention rates of over 90%, indicating solid market positioning [18] Company Strategy and Development Direction - The company is focused on achieving full FedRAMP certification for its ITMS platform, which is expected to enhance its competitive edge in securing federal government contracts [9][10] - Investments in AI are being explored to improve customer service, streamline operations, and enhance cybersecurity measures [12][13] - The company plans to expand its market presence through strategic hires and partnerships, particularly in the K-12 sector and federal business development [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving double-digit revenue growth in the teens for 2024, supported by a strong contract backlog and ongoing operational improvements [18][68] - The company anticipates minimal capital expenditures for 2024, allowing for a focus on operational growth initiatives [19] - Management highlighted the importance of maintaining a strong cash position and free cash flow to support future growth and strategic initiatives [58][68] Other Important Information - The company has developed a robust device recycling program as part of its ESG initiatives, aiming to minimize electronic waste and reduce carbon emissions [61] - The company has entered into a new revolving credit facility, providing an additional $4 million in borrowing capacity to support growth [58] Q&A Session Summary Question: What is the guidance for 2024 revenue and contracts in place? - Management indicated that approximately 60% to 65% of the revenue guidance for 2024 is already secured, with high confidence in the remaining portion [62] Question: How does the federal budget impact the company? - Management confirmed that all current task orders with the Department of Homeland Security (DHS) are fully funded, and they expect business as usual despite budget discussions [47][80] Question: What are the plans for capital allocation given the positive cash flow? - Management is considering various options for capital allocation, including increased investment in sales and marketing, strategic hires, and potential stock repurchase programs [44][83]

Revenue Performance - Revenues for the year ended December 31, 2023, were $106.0 million, an increase of $11.9 million (or 13%) compared to approximately $94.1 million in 2022[209]. - Revenues for the year ended December 31, 2023, were $106.0 million, an increase of $11.9 million (or 12.6%) compared to $94.1 million in 2022[211]. - Carrier Services revenue increased to $58.2 million in 2023 from $53.3 million in 2022, a variance of $4.9 million[210]. - Total Managed Services revenue rose to $47.8 million in 2023, up from $40.8 million in 2022, reflecting an increase of $7.0 million[210]. - Sales to U.S. Federal Government increased by $10.1 million to $84.5 million, while sales to foreign governments decreased by $67.0 thousand to $79.6 thousand[211][218]. Financial Metrics - Cost of revenues for 2023 was $90.4 million, representing 85% of revenues, consistent with 2022[215]. - Gross profit for the year ended December 31, 2023, was $15.6 million, maintaining a gross profit margin of 15%[219]. - General and administrative expenses for 2023 were approximately $15.9 million (15% of revenues), up from $14.7 million (16% of revenues) in 2022[224]. - Net loss for the year ended December 31, 2023, was $4.0 million, or negative $0.46 per share, compared to a net loss of $23.6 million, or negative $2.70 per share in 2022[233]. - Cash provided by operating activities for 2023 was approximately $0.6 million, down from $6.1 million in 2022[239]. - Cash used in investing activities for 2023 was approximately $0.6 million, primarily for computer hardware and software purchases[241]. - The company’s net working capital decreased to approximately $1.4 million at December 31, 2023, from $1.8 million at December 31, 2022[234]. Strategic Initiatives - The company aims to attain full FedRAMP certification in 2024 to enhance its service offerings[178]. - The company plans to grow recurring high-margin managed services revenues and expand its solution offerings into the commercial space[178]. - The company is focused on executing cross-sell opportunities identified from the ITA acquisition, including Identity Management and Digital Billing & Analytics solutions[177]. - The company is exploring the integration of artificial intelligence into its solutions to improve information security and service delivery[189]. - The company is committed to expanding its customer base organically and leveraging strategic partnerships to capture additional market share[176]. Impairment and Financial Assessment - The company recorded a $16.3 million non-cash goodwill impairment charge for the three-month period ended June 30, 2022[198]. - The company performed its annual impairment assessment as of December 31, 2023, which did not result in any additional impairment of goodwill[200]. Financing Activities - The company entered into a new $4 million revolving line of credit facility with Old Dominion National Bank, maturing on February 28, 2025[250][251].

WidePoint Corporation (NYSE:WYY) Q3 2023 Earnings Conference Call November 14, 2023 4:30 PM ET Company Participants Jin Kang - President and CEO Jason Holloway - Chief Revenue Officer Robert George - Chief Financial Officer Conference Call Participants Scott Buck - H.C. Wainwright Operator Good afternoon. Welcome to WidePoint's Q3 2023 Earnings Conference Call. My name is Paul, and I will be your operator for today's call. Joining us for today's presentation are WidePoint's President and CEO, Jin Kang; Chie ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________________ to ___________________ Commission File Number: 001-33035 WidePoint Corporation (Exact name of Registrant as specified in its charter) | Delaware ...

Financial Data and Key Metrics Changes - For Q2 2023, revenue was $26.8 million, an increase of $3.7 million or 16% from $23.1 million in the same period last year [13] - For the six-month period ended June 30, 2023, revenue was $52.1 million, an increase of $6.8 million or 14% from $45.5 million in the same period last year [13] - Net loss for Q2 2023 was $842,000, compared to a net loss of $13.8 million in the same period last year [19] - The company ended the quarter with $7.8 million in cash, aided by accelerated cash receipts [20] Business Line Data and Key Metrics Changes - Carrier services revenue for Q2 2023 was $14.2 million, an increase of $1.7 million from $12.5 million in Q2 2022 [14] - Managed services revenue for Q2 2023 was $6.9 million, showing marginal growth compared to $6.7 million in the same period last year [15] - Billable services fees increased to $1.9 million in Q2 2023 from $1 million in Q2 2022 [15] - Reselling and other services revenue was $3.8 million in Q2 2023, up from $2.9 million in the same period last year [16] Market Data and Key Metrics Changes - The company noted increased interest from both government and commercial entities in technology management solutions [10] - Cybersecurity threats are rising, with 2,200 cyber-attacks per day, highlighting the demand for secure solutions [11] Company Strategy and Development Direction - The company is focused on operational efficiency and has seen improvements despite a leaner team due to recent workforce reductions [4][5] - Investments in technology management systems are expected to conclude by the end of the year, with FedRAMP authorization anticipated [8][22] - The company is exploring M&A opportunities that could benefit existing operations [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating unpredictable macroeconomic trends, including potential government budget issues [6][26] - The company expects to improve cash flow year-over-year by approximately $3.5 million [23] - Management believes they are approaching an inflection point in growth, driven by increased client retention and expanded service scope [24] Other Important Information - The company has completed remote issuance of certificates and developed a hybrid issuance capability for clients [9] - The gross profit for Q2 2023 was $3.9 million, or 15% of revenues, compared to $3.3 million, or 14% of revenues in Q2 2022 [17] Q&A Session Summary Question: How does the current federal government budget discussions affect FEMA and WidePoint? - Management stated that current contracts are funded with little risk to revenue, but new projects could face delays [26] Question: Can you provide more color on your FedRAMP status? - Management indicated they are awaiting final authorization from the ATF, with expectations for completion in Q4 2023 [27]