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WidePoint Corporation

WidePoint Corporation (WYY)

4.1254
0.0254
( 0.62% )
업데이트: 00:51:25

실시간 토론 및 거래 아이디어: 강력한 플랫폼으로 자신있게 거래하세요.

주요 통계 및 세부정보

가격
4.1254
매수가
-
매도가
-
거래량
13,849
4.0768 일간 변동폭 4.165
1.65 52주 범위 4.55
market_cap
전일 종가
4.10
개장가
4.10
최근 거래 시간
8
@
4.15
마지막 거래 시간
01:04:13
재정 규모
US$ 57,261
VWAP
4.1346
평균 볼륨(3m)
58,173
발행 주식
9,652,172
배당수익률
-
주가수익률
-9.83
주당순이익(EPS)
-0.42
매출
106.03M
순이익
-4.05M

WidePoint Corporation 정보

WidePoint Corp is a provider of trusted mobility management (TM2) that offers federally certified communications management, identity management, and interactive bill presentment and analytics solutions. The company's solutions include Telecom Lifecycle Management, Digital billing communications sol... WidePoint Corp is a provider of trusted mobility management (TM2) that offers federally certified communications management, identity management, and interactive bill presentment and analytics solutions. The company's solutions include Telecom Lifecycle Management, Digital billing communications solutions, and Mobile and Identity management. 더 보기

섹터
Cmp Integrated Sys Design
산업
Cmp Integrated Sys Design
웹사이트
본부
Dover, Delaware, USA
설립됨
-
WidePoint Corporation is listed in the Cmp Integrated Sys Design sector of the 아메리카 증권거래소 with ticker WYY. The last closing price for WidePoint was US$4.10. Over the last year, WidePoint shares have traded in a share price range of US$ 1.65 to US$ 4.55.

WidePoint currently has 9,652,172 shares in issue. The market capitalisation of WidePoint is US$39.57 million. WidePoint has a price to earnings ratio (PE ratio) of -9.83.

WYY 최신 뉴스

기간변동변동 %시가고가저가평균 일일 거래량VWAP
10.535414.91364902513.594.1653.59285663.93844938CS
40.34549.137566137573.784.1653.35838083.68051133CS
120.35549.427055702923.774.353.11581733.61418503CS
261.575461.78039215692.554.552.2810823.6495523CS
522.4154141.2514619881.714.551.65679373.15866399CS
156-1.0346-20.05038759695.165.271.6486343.00827574CS
2603.80041169.353846150.32515.8850.31992372.6607095CS

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WYY Discussion

게시물 보기
Methinks Methinks 46 분 전
https://finance.yahoo.com/news/widepoint-2-other-promising-us-130907433.html
Share price is improving.
👍️0
Methinks Methinks 5 일 전
https://finance.yahoo.com/news/widepoint-wyy-may-report-negative-150019264.html

WidePoint (WYY) May Report Negative Earnings: Know the Trend Ahead of Next Week's Release

Zacks Equity Research
Wed, November 6, 2024 at 3:00 PM GMT 4 min read


In This Article:
WYY
+2.47%
The market expects WidePoint (WYY) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.


The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on November 13. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus Estimate
This information technology services provider is expected to post quarterly loss of $0.07 per share in its upcoming report, which represents a year-over-year change of +30%.

Revenues are expected to be $30.41 million, up 18.2% from the year-ago quarter.

Estimate Revisions Trend
The consensus EPS estimate for the quarter has been revised 112.5% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Earnings Whisper
Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.


Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for WidePoint?
For WidePoint, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -7.69%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that WidePoint will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?
While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that WidePoint would post a loss of $0.08 per share when it actually produced a loss of $0.05, delivering a surprise of +37.50%.

Over the last four quarters, the company has beaten consensus EPS estimates just once.

Bottom Line
An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

WidePoint doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

WidePoint Corporation (WYY) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research
👍️0
Bull_Dolphin Bull_Dolphin 1 주 전
Hoping for $37M or above.
We'll see what happens.
👍️0
Methinks Methinks 1 주 전
https://feeds.issuerdirect.com/news-release.html?newsid=6832552310803797
WidePoint Sets Third Quarter 2024 Conference Call for Wednesday, November 13, 2024 at 4:30 p.m. ET
FAIRFAX, VA / ACCESSWIRE / October 31, 2024 / WidePoint Corporation (NYSE American:WYY), the innovative enterprise cyber security and mobile technology provider, will hold a conference call on Wednesday, November 13, 2024, at 4:30 p.m. Eastern time to discuss its financial results for the third quarter ended September 30, 2024. Financial results will be issued in a press release prior to the call.

WidePoint's management will host the conference call, followed by a question and answer period.

Date: Wednesday, November 13, 2024
Time: 4:30 p.m. ET (1:30 p.m. PT)
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. ET 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.

WidePoint Investor Relations:

Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
WYY@gateway-grp.com

SOURCE: WidePoint Corporation



View the original press release on accesswire.com

I'll have to sit up late, again!
👍️0
Methinks Methinks 2 주 전
https://feeds.issuerdirect.com/news-release.html?newsid=7050881202739330
WidePoint's Subsidiary IT Authorities Awarded More than $1.7 Million in Cisco and Managed IT Services Contracts
FAIRFAX, VA / ACCESSWIRE / October 30, 2024 / WidePoint Corporation(NYSE American:WYY), the innovative enterprise cyber security and mobile technology provider, announced that its subsidiary IT Authorities ("ITA") has been awarded more than $1.7 million in Cisco and Managed IT Services contracts.

Jin Kang, WidePoint's Chief Executive Officer, stated: "These contracts, including $1.4 million in previously disclosed awards dated Q3 2024, illustrate the value and resilience of ITA. Many of these contracts were awarded while business slowed significantly in Florida due to the hurricanes. We are grateful that our team was not directly impacted and proud that WidePoint has been able to provide tech services and support to companies in the region without interruption."

The contracts include Managed IT Services and Cisco solutions to:

Three beverage distributors

A sports marketing firm

A child development and education outreach center

One of Florida's most popular attractions and research centers

A data management firm

A new Cisco Enterprise Agreement valued at $300,000 to be recognized in Q4 2024

Jason Holloway, WidePoint's Chief Revenue Officer, added: "We are proud of the ITA team for expanding services to numerous important clients and for deepening our partnership with Cisco through Cisco SMARTnet and Meraki solutions."

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.

WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
WYY@gateway-grp.com

SOURCE: WidePoint Corporation



View the original press release on accesswire.com

👍️0
Bull_Dolphin Bull_Dolphin 3 주 전
On Fidelity:

--HC Wainwright Initiates WidePoint at Buy, $7 Price Target
MT NEWSWIRES 7:57 AM ET 10/24/2024
07:57 AM EDT, 10/24/2024 (MT Newswires) --

Price: 3.9600, Change: +0.28, Percent Change: +7.61


MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

©http://www.mtnewswires.com Copyright © 2024 MT Newswires. All rights reserved.
👍️0
Methinks Methinks 3 주 전
https://feeds.issuerdirect.com/news-release.html?newsid=5156006166469431

October 23, 2024 2:00 PM
WidePoint Awarded More than $15.2 Million in New and Renewal Contracts in Q3 2024
FAIRFAX, VA / ACCESSWIRE / October 23, 2024 / WidePoint Corporation(NYSE American:WYY), the innovative enterprise cyber security and mobile technology provider, announced it was awarded approximately $15.2 million in contract awards and renewals during the third quarter of 2024.

Jin Kang, WidePoint's Chief Executive Officer, stated: "Q3 2024 confirms that each of WidePoint's solution lines is gaining market momentum. We are proud that our offerings are being recognized by commercial and government enterprises as the preferred technology partner for managing and securing devices, staff and mobile environments. We are excited to see this momentum continuing through Q4 2024 and into 2025."

Highlights include:

More than 39 contractual actions resulting in approximately $15.2 million in contract value

Approximately $3.2 million in commercial contracts

Approximately $12 million in government contracts

New orders for WidePoint's MobileAnchor™ Derived Digital Credentials from federal defense and civilian agencies

Multi-year managed technology services contracts

Multiple commercial MMS contracts including leading transportation, insurance and healthcare companies

A major mobility management program for a new federal civilian agency client went live after months of implementation, marking the success of another strategic partnership

Jason Holloway, WidePoint's Chief Revenue Officer, stated: "Q3 2024 was particularly noteworthy for WidePoint's PKI and Identity & Access Management business development initiatives with the launch of MobileAnchor™ Derived Digital Credentials.We are now fielding numerous pilot programs and are seeing increased interest in this next generation Derived Digital Credential offering."

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.

WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
WYY@gateway-grp.com

SOURCE: WidePoint Corporation



View the original press release on accesswire.com
👍️0
Methinks Methinks 3 주 전
I saw a news bulletin about Berkshire Hathaway selling a load of stock and I wondered what they are saving their pennies for? Must be something big.
👍️0
Bull_Dolphin Bull_Dolphin 4 주 전
Lots of activity lately and we're back on the good side of the 50DMA. Maybe something good in the wind.
👍️0
Methinks Methinks 4 주 전
https://www.accesswire.com/929914/widepoint-to-present-at-the-17th-annual-ld-micro-main-event-on-wednesday-october-30th-at-800-am-pt

WidePoint to Present at the 17th Annual LD Micro Main Event on Wednesday, October 30th at 8:00 a.m. PT
Monday, 14 October 2024 09:00 AM

FAIRFAX, VA / ACCESSWIRE / October 14, 2024 / WidePoint Corporation (NYSE American:WYY), the innovative enterprise cyber security and mobile technology provider, will be attending the 17th annual LD Micro Main Event on October 28-30, 2024 at the Luxe Sunset Boulevard Hotel in Los Angeles, California.

WidePoint is scheduled to present on Wednesday, October 30th at 8:00 a.m. Pacific time, with one-on-one meetings to be held throughout the conference. The presentation will also be available for viewing online here. To receive additional information or to schedule a one-on-one meeting, please email WYY@gateway-grp.com.

This three-day event will feature presentations from the management teams of approximately 150 companies across multiple industries to showcase the next generation of exceptional, innovative companies in the micro-cap space.

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.

WidePoint Investor Relations:

Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
WYY@gateway-grp.com

SOURCE: WidePoint Corporation

👍️0
Methinks Methinks 1 월 전
Just waiting for the recognition of that little piece of hardware and when that happens, as the record says, the whole world starting to go boom.
👍️0
Bull_Dolphin Bull_Dolphin 1 월 전
What's shaking here? Big volume suddenly.
👍️0
Bull_Dolphin Bull_Dolphin 1 월 전
On Fidelity this morning:

Top Premarket Gainers
MT NEWSWIRES 7:30 AM ET 10/8/2024
Symbol Last Price Change
OTRK 1.82down 0 (0%)
ORKA 26up 0 (0%)
LFLY 1.94up 0 (0%)
WYY 3.39down 0 (0%)
QUOTES AS OF 04:00:00 PM ET 10/07/2024
07:30 AM EDT, 10/08/2024 (MT Newswires) -- Ontrak(OTRK) shares soared 67% pre-bell Tuesday following a 6.7% drop in the previous session.

Accolade (ACCD) shares increased 6% after the company reported improved fiscal Q2 financial results.

Oruka Therapeutics (ORKA) shares rose 9% following a 2% increase in the previous session.

Leafly Holdings (LFLY) shares advanced 9% after Monday's 3.7% gain.

Widepoint (WYY) shares were up 9%, erasing Monday's losses.

Price: 3.0500, Change: +1.23, Percent Change: +67.58


MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

©http://www.mtnewswires.com Copyright © 2024 MT Newswires. All rights reserved.
👍️0
Methinks Methinks 1 월 전
Seeking Alpha -
"Worst performing U.S. technology stocks over the past 3 months".

Obviously, there is something we know that they don't.
---------------------------------------------------------------------------------------------

I hope "Helene" didn't flood you out again!
👍️0
Bull_Dolphin Bull_Dolphin 1 월 전
They just posted it on Fidelity:

WidePoint Awarded Federal Contract for Identity, Access Management Services
MT NEWSWIRES 11:03 AM ET 9/30/2024
Symbol Last Price Change
WYY 3.41up +0.08 (+2.4024%)
QUOTES AS OF 10:24:28 AM ET 09/30/2024
11:03 AM EDT, 09/30/2024 (MT Newswires) -- WidePoint(WYY) said Monday it was awarded a one-year contract from a federal civilian agency to provide identity and access management services through its MobileAnchor derived digital credentials.

Financial terms weren't disclosed.

The company said MobileAnchor provides enhanced security for mobile digital credentials and can be combined with device biometrics for multi-factor authentication.

Shares of WidePoint(WYY) were up 2.4% in recent Monday trading.

Price: 3.41, Change: +0.08, Percent Change: +2.40


MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

©http://www.mtnewswires.com Copyright © 2024 MT Newswires. All rights reserved.
👍️0
Methinks Methinks 1 월 전
https://feeds.issuerdirect.com/news-release.html?newsid=5457021683986373

WidePoint Awarded New Federal Contract for MobileAnchor Derived Digital Identity & Access Management Credentials
FAIRFAX, VA / ACCESSWIRE / September 30, 2024 / WidePoint Corporation (NYSE American:WYY), the innovative enterprise cyber security and mobile technology provider, announced it has been awarded a new one-year agreement for MobileAnchor™ Derived Digital Credentials for a Federal Civilian Agency. WidePoint will provide identity and access management services and support through its recently developed proprietary MobileAnchor™ Derived Digital Credential.

Jin Kang, WidePoint's Chief Executive Officer, stated: "WidePoint is proud to be awarded this contract for a Federal Civilian Agency, a new client for WidePoint. This award recognizes WidePoint's MobileAnchor™ as the Derived Digital Credential that provides the highest level of security for mobile digital credentials. It also speaks to the fact that MobileAnchor has applicability within the entire Federal market space."

Jason Holloway, WidePoint's Chief Revenue Officer, added: "This allows users to access secure resources using their mobile device, even when a PIV card is not practical. The positive response to MobileAnchor™ is resounding. This award is another illustration that technology experts see the value of MobileAnchor™ and its unique benefits of providing the most secure level of Identity & Access Management."

The unique benefits of WidePoint's MobileAnchor™ Derived Digital Credentials include:

1. Enhanced Security:

Direct Integration: WidePoint's MobileAnchor™ generates a digital credential directly on the device, can leverage device-specific security features, such as hardware-based secure elements (e.g., TPM or SE) and biometric authentication, ensuring high levels of security.

Reduced Attack Surface: WidePoint's MobileAnchor™ direct integration can minimize potential vulnerabilities associated with additional layers or intermediaries.

2. User Convenience:

Seamless Access: Users can directly access applications and services without needing to navigate through an additional Mobile Device Management (MDM) interface or container, streamlining the user experience.

Integrated MFA: WidePoint's MobileAnchor™ can be combined with device biometrics (fingerprint, face recognition) for seamless multi-factor authentication (MFA).

3. Simplified Deployment:

Less Overhead: Deploying and managing WidePoint's MobileAnchor™ Derived Credentials directly on the device can be more straightforward compared to managing credentials within an MDM container, reducing administrative overhead.

4. Flexibility and Compatibility:

Native Support: WidePoint's MobileAnchor™ can be supported natively by many modern operating systems and applications, ensuring better integration and compatibility.

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 & 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.

WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
WYY@gateway-grp.com

SOURCE: WidePoint Corporation

👍️ 1
Bull_Dolphin Bull_Dolphin 2 월 전
There sure are some strange goings on with this stock. Opening trade 7069 shares @ $3.23.... next trade $3.42.
👍️0
Bull_Dolphin Bull_Dolphin 2 월 전
WidePoint mention posted on Fidelity:

ProMIS Neurosciences And 2 Other Stocks Under $5 Executives Are Buying
BENZINGA 9:17 AM ET 9/19/2024
Symbol Last Price Change
WYY 3.46down 0 (0%)
PMN 1.24down 0 (0%)
EMMA 0.016down 0 (0%)
QUOTES AS OF 04:10:00 PM ET 09/18/2024
The Dow Jones index closed lower by over 100 points on Wednesday. When insiders purchase or sell shares, it indicates their confidence or concern around the company’s prospects. Investors and traders interested in penny stocks can consider this a factor in their overall investment or trading decision.

Below is a look at a few recent notable insider transactions for penny stocks. For more, check out Benzinga’s insider transactions platform.

WidePoint
The Trade: WidePoint Corporation(WYY)CEO Jin Kang bought a total of 1,000 shares at an average price of $3.50. To acquire these shares, it cost around $3,499.
What's Happening: On Aug. 14, WidePoint(WYY) posted a second-quarter GAAP loss of 5 cents per share.
What WidePoint Does: WidePoint Corp (WYY) is a provider of Technology Management as a Service (TMaaS) that consists of federally certified communications management, identity management, interactive bill presentment and analytics, and Information Technology as a Service solution.
ProMIS Neurosciences
The Trade: ProMIS Neurosciences, Inc.(PMN) 10% owner Michael S Gordon acquired a total of 93,223 shares at an average price of $1.25. To acquire these shares, it cost around $116,880.
What's Happening: On Aug. 29, ProMIS Neurosciences(PMN) filed for resale from time to time of 56.5 million common shares of the company by selling stockholders.
What ProMIS Neurosciences Does: ProMIS Neurosciences Inc (PMN) is a clinical-stage biotechnology company focused on generating and developing antibody therapeutics selectively targeting toxic misfolded proteins in neurodegenerative diseases such as Alzheimer’s disease (AD), amyotrophic lateral sclerosis (ALS) and multiple system atrophy (MSA).
Emmaus Life Sciences
The Trade: Emmaus Life Sciences, Inc. (EMMA) Director Seah H. Lim acquired a total of 20,000 shares at an average price of $0.04. The insider spent around $800 to buy those shares.
What's Happening: On Sept. 10, the company said net revenues for the six months ended June 30 were $7.9 million, down from $17.5 million in the year-ago period.
What Emmaus Life Sciences Does: Emmaus Life Sciences Inc (EMMA) is a biopharmaceutical company engaged in the discovery, development, and commercialization of new treatments and therapies predominantly for rare and orphan diseases.
Read Next:
👍️0
Methinks Methinks 2 월 전
https://finance.yahoo.com/news/despite-fast-paced-momentum-widepoint-125006721.html
Just a reminder...
👍️0
Bull_Dolphin Bull_Dolphin 2 월 전
Absolutely worth a read! Thanks Methinks
👍️0
Methinks Methinks 2 월 전
https://cdn.prod.website-files.com/620edb8d96dca415fe5e419c/66ce17cd35ef272e0f9cb2b4_WYY%20%20Littllefield%20Hills%20Research%20Report_Q2%202024%20Results_August%2015%202024.pdf

https://investors.widepoint.com/news

Well worth a read!
👍️0
Methinks Methinks 2 월 전
From WidePoint -
WidePoint to Present at the H.C. Wainwright 26th Annual Global Investment Conference on September 11, 2024
FAIRFAX, VA / ACCESSWIRE / August 27, 2024 / WidePoint Corporation (NYSE American:WYY), the innovative enterprise cyber security and mobile technology provider, will be presenting and holding one-on-one meetings at the H.C. Wainwright 26th Annual Global Investment Conference on September 9-11, 2024 at the Lotte New York Palace Hotel in New York City.

WidePoint management is scheduled to present on Wednesday, September 11, 2024, at 1:30 PM Eastern time, with in-person one-one-one meetings to be held throughout the conference.

To receive additional information or to schedule a one-on-one meeting, please email WYY@gateway-grp.com.

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.
👍️0
Bull_Dolphin Bull_Dolphin 3 월 전
It sure seems so.
👍️0
Methinks Methinks 3 월 전
This stock is always being "managed" so we must wait until it is time to rocket - IMO.
👍️0
Bull_Dolphin Bull_Dolphin 3 월 전
Hard to believe someone sold for $2.75 at open, this morning.
👍️0
Bull_Dolphin Bull_Dolphin 3 월 전
Nice quarter, IMO.

Q2 2024:

👍️0
Methinks Methinks 3 월 전
https://www.accesswire.com/901068/widepoint-wyy-reports-second-quarter-and-year-to-date-2024-financial-results

WidePoint WYY Reports Second Quarter and Year to Date 2024 Financial Results
Wednesday, 14 August 2024 04:05 PM

FAIRFAX, VA / ACCESSWIRE / August 14, 2024 / WidePoint Corporation (NYSE American:WYY), the innovative enterprise cyber security and mobile technology provider, reported results for the second quarter and six-months ended June 30, 2024.

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

1 Free cash flow, a non-GAAP financial measure, is defined as Adjusted EBITDA less capital expenditures

Management Commentary

"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. "Compared to last year, our position in the capital markets has improved, thanks to the effective execution of our organic growth strategy. Our strategic investments and partnerships, including advancements in our business solutions, certifications and credentials, project management offices, and strategic hires, have all contributed to driving sales growth and profitable projections in 2025. Additionally, we have received initial RFQs for the Spiral 4 contract and are currently setting up administrative arrangements with the Navy and establishing vendor agreements for services and equipment. We maintain a positive outlook for the remainder of the year, buoyed by promising sales developments and technological advancements that will further enhance WidePoint's ability to offer a diverse range of services and support our sales and marketing goals for years to come."

Second Quarter 2024 Financial Summary


THREE MONTHS ENDED

(In millions except per share amounts)
JUNE 30,

2024

2023

(Unaudited)

Revenue
$

36.0

$

26.8

Gross profit
4.9

3.9

Gross profit margin
14

%

15

%

Operating expenses
5.4

4.6

Loss from operations
(0.5

)

(0.7

)

Loss per share
$

(0.05

)

$

(0.10

)

EBITDA

0.4

0.0

Adjusted EBITDA

0.8

0.1

Six-Month 2024 Financial Summary

SIX MONTHS ENDED

(In millions except per share amounts)
JUNE 30,

2024

2023

(Unaudited)

Revenue
$

70.2

$

52.0

Gross profit
9.6

7.7

Gross profit margin
14

%

15

%

Operating expenses
10.7

9.3

Loss from operations
(1.1

)

(1.6

)

Loss per share
$

(0.13

)

$

(0.20

)

EBITDA
0.6

(0.1

)

Adjusted EBITDA
1.4

0.2

Conference Call

Wide Point's management will host the conference call today (August 14, 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: 403107

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, August 28, 2024.

Toll-free replay number: 877-481-4010
International replay number: 919-882-2331
Replay ID: 50911

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 and 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

SIX MONTHS ENDED

JUNE 30,

JUNE 30,

2024

2023

2024

2023

(Unaudited)

(Unaudited)

NET LOSS
$

(499,600

)

$

(842,100

)

$

(1,152,700

)

$

(1,793,600

)

Adjustments to reconcile net income to EBITDA:
Depreciation and amortization
906,900

771,700

1,740,300

1,540,100

Amortization of deferred financing costs
-

-

-

-

Income tax provision (benefit)
15,800

48,800

(26,300

)

55,100

Interest income
(51,800

)

(9,200

)

(101,200

)

(11,400

)

Interest expense
72,400

56,900

131,100

115,700

EBITDA
$

443,700

$

26,100

$

591,200

$

(94,100

)

Other adjustments to reconcile net (loss) income to Adjusted EBITDA:
Loss on factoring of receivables
1,666

18,858

8,948

18,858

Stock-based compensation expense
365,900

95,500

783,700

235,600

Adjusted EBITDA
$

811,266

$

140,458

$

1,383,848

$

160,358


Capital expendatures
(11,507

)

(358,658

)

(18,001

)

(717,928

)

Free cashflow
$

799,759

$

(218,200

)

$

1,365,847

$

(557,570

)

WidePoint uses 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. WidePoint is not providing a quantitative reconciliation of adjusted EBITDA in reliance on the "unreasonable efforts" exception for forward-looking non-GAAP measures set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated without unreasonable effort and expense. In this regard, WidePoint does not provide a reconciliation of forward-looking adjusted EBITDA (non-GAAP) to GAAP net income, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Because certain deductions for non-GAAP exclusions used to calculate projected net income may vary significantly based on actual events, WidePoint is not able to forecast on a GAAP basis with reasonable certainty all deductions needed in order to provide a GAAP calculation of projected net income at this time. The amounts of these deductions may be material and, therefore, could result in projected GAAP net income being materially less than is indicated by estimated adjusted EBITDA (non-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, the impact of supply chain issues; our ability to successfully execute our strategy; our ability to sustain profitability and positive cash flows; our ability to access sufficient financing on acceptable terms given the tightening credit markets due to the current banking environment; our ability to gain market acceptance for our products; 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 to successfully integrate acquired businesses with our existing operations; our ability to maintain a sufficient level of inventory necessary to meet our customers demand due to supply shortage and pricing; our ability to retain key personnel; our ability to mitigate the impact of increases in interest rates; the impact of increasingly volatile public equity markets on our market capitalization; the impact and outcome of negotiations around the Federal debt ceiling; 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


JUNE 30,

DECEMBER 31,


2024

2023


(Unaudited)

ASSETS

CURRENT ASSETS
Cash
$

4,000,899

$

6,921,160

Accounts receivable, net of allowance for credit losses
of $78,334 and $81,359, respectively
10,560,802

8,219,793

Unbilled accounts receivable
25,784,217

16,618,639

Other current assets
1,527,940

1,083,671

Total current assets
41,873,858

32,843,263

NONCURRENT ASSETS
Property and equipment, net
617,203

780,800

Lease right of use asset
3,707,771

4,045,222

Intangible assets, net
6,098,664

7,336,348

Goodwill
5,811,578

5,811,578

Other long-term assets
489,700

483,288

Total assets
$

58,598,774

$

51,300,499


LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
Accounts payable
$

14,033,887

$

12,633,658

Accrued expenses
22,594,181

16,175,702

Current portion of deferred revenue
2,269,718

2,009,343

Current portion of lease liabilities
600,819

638,258

Total current liabilities
39,498,605

31,456,961

NONCURRENT LIABILITIES
Lease liabilities, net of current portion
3,874,080

4,114,516

Contingent consideration
6,900

6,900

Deferred revenue, net of current portion
1,059,922

1,027,770

Deferred tax liabilities, net
138,077

16,923


Total liabilities
44,577,584

36,623,070

Commitments and contingencies (Note 14)
-

-

STOCKHOLDERS' EQUITY
Preferred stock, $0.001 par value; 10,000,000 shares
authorized; 2,045,714 shares issued and none outstanding
-

-

Common stock, $0.001 par value; 30,000,000 shares
authorized; 9,485,508 and 8,893,220 shares
issued and outstanding, respectively
9,487

8,894

Additional paid-in capital
102,676,148

102,151,381

Accumulated other comprehensive loss
(363,835

)

(334,899

)

Accumulated deficit
(88,300,610

)

(87,147,947

)

Total stockholders' equity
14,021,190

14,677,429

Total liabilities and stockholders' equity
$

58,598,774

$

51,300,499



WIDEPOINT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

THREE MONTHS ENDED

SIX MONTHS ENDED

JUNE 30,

JUNE 30,

2024

2023

2024

2023

(Unaudited)

REVENUES
$

36,040,771

$

26,762,857

$

70,248,050

$

52,036,538

COST OF REVENUES (including amortization and depreciation of
$654,122, $508,025, $1,231,027, and $1,010,585, respectively)
31,147,549

22,853,220

60,688,937

44,316,961

GROSS PROFIT
4,893,222

3,909,637

9,559,113

7,719,577

OPERATING EXPENSES
Sales and marketing
559,926

542,172

1,171,819

1,063,850

General and administrative expenses (including share-based
compensation of $365,958, $95,454, $783,741 and $235,570, respectively)
4,542,769

3,830,513

8,991,252

7,741,333

Depreciation and amortization
252,112

263,684

508,646

529,527

Total operating expenses
5,354,807

4,636,369

10,671,717

9,334,710

LOSS FROM OPERATIONS
(461,585

)

(726,732

)

(1,112,604

)

(1,615,133

)

OTHER (EXPENSE) INCOME
Interest income
51,725

9,245

101,151

11,441

Interest expense
(72,331

)

(56,910

)

(131,068

)

(115,688

)

Other (expense) income, net
(1,534

)

(18,864

)

(36,405

)

(19,058

)

Total other (expense) income, net
(22,140

)

(66,529

)

(66,322

)

(123,305

)

LOSS BEFORE INCOME TAX (BENEFIT) PROVISION
(483,725

)

(793,261

)

(1,178,926

)

(1,738,438

)

INCOME TAX (BENEFIT) PROVISION
15,828

48,812

(26,263

)

55,114

NET LOSS
$

(499,553

)

$

(842,073

)

$

(1,152,663

)

$

(1,793,552

)

EARNINGS PER SHARE, BASIC AND DILUTED
$

(0.05

)

$

(0.10

)

$

(0.13

)

$

(0.20

)

WEIGHTED-AVERAGE SHARES OUTSTANDING, BASIC AND DILUTED
9,390,154

8,794,704

9,151,265

8,767,163

DILUTED EARNINGS PER SHARE
$

(0.05

)

$

(0.10

)

$

(0.13

)

$

(0.20

)

DILUTED WEIGHTED-AVERAGE SHARES OUTSTANDING
9,390,154

8,794,704

9,151,265

8,767,163


WIDEPOINT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

SIX MONTHS ENDED

JUNE 30,

2024

2023

(Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES
Net loss
$

(1,152,663

)

$

(1,793,552

)

Adjustments to reconcile net loss to net cash provided by
(used in) operating activities:
Deferred income tax expense
117,700

-

Depreciation expense
516,833

532,557

Provision for credit losses
13,725

34,037

Amortization of intangibles
1,223,491

1,007,555

Share-based compensation expense
783,741

235,570

Loss on disposal of fixed assets
-

3,211

Changes in assets and liabilities:
Accounts receivable and unbilled receivables
(11,774,202

)

(2,158,825

)

Inventories
82,917

(85,066

)

Other current assets
(511,277

)

(54,040

)

Other assets
(6,412

)

27,161

Accounts payable and accrued expenses
7,856,266

2,197,714

Income tax payable
(90,629

)

25,535

Deferred revenue and other liabilities
303,130

1,049,118

Net cash (used in) provided by operating activities
(2,637,380

)

1,020,975

CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment
(18,001

)

(103,014

)

Capitalized hardware and software development costs
-

(614,914

)

Proceeds from beneficial interest in sold receivables
259,125

143,116

Net cash provided by (used in) investing activities
241,124

(574,812

)

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
(278,574

)

(255,436

)

Withholding taxes paid on behalf of employees on net settled restricted stock awards
(258,381

)

(3,628

)

Net cash used in financing activities
(536,955

)

(259,064

)

Net effect of exchange rate on cash
12,950

57,150

NET (DECREASE) INCREASE IN CASH
(2,920,261

)

244,249

CASH, beginning of period
6,921,160

7,530,864

CASH, end of period
$

4,000,899

$

7,775,113


SOURCE: WidePoint Corporation
👍️0
Methinks Methinks 3 월 전
From Seeking Alpha.com -

WidePoint Corporation (WYY) Q2 2024 Earnings Call Transcript
Aug. 14, 2024 8:30 PM ETWidePoint Corporation (WYY) Stock
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WidePoint Corporation (NYSE:WYY) Q2 2024 Earnings Conference Call August 14, 2024 4:30 PM ET

Company Participants

Jin Kang - President and CEO
Jason Holloway - Chief Revenue Officer
Robert George - CFO

Conference Call Participants

Barry Sine - Litchfield Hills Research

Operator

Good afternoon. Welcome to WidePoint's Second Quarter 2024 Earnings Conference Call. My name is Matthew, and I will be your operator for today's call.

Joining us for today's presentation are WidePoint's President and CEO, Jin Kang; Chief Revenue Officer, Jason Holloway; and Chief Financial Officer, Robert George. Following their remarks, we will open up the call for questions from WidePoint's publishing analysts and major investors. If your questions were not taken today and you like additional information, please contact WidePoint's Investor Relations team at wyy@gateway-grp.com.

Before we begin the call, I would like to provide WidePoint's Safe Harbor Statements that includes cautions regarding forward-looking statements made during this call. The matters discussed in this conference call may include forward-looking statements regarding future events and the future performance of WidePoint Corporation that involve risks and uncertainties that could cause actual results to differ materially from those anticipated. These risks and uncertainties are described in the company's Form 10-Q filed with the Securities and Exchange Commission.

Finally, I’d like to remind everyone that this call will be made available for replay via a link in the Investor Relations section of the company's website at www.widepoint.com.

Now I’d like to turn the call over to WidePoint's President and CEO, Mr. Jin Kang. Sir, please proceed.

Jin Kang

Thank you, operator, and good afternoon to everyone. Thank you for joining us today to review our financial results for the second quarter ended June 30, 2024. I am pleased to share that we have continued to build on the momentum from previous quarters, having finished Q2 ahead of forecast for the second consecutive time and seeing significant year-over-year improvements in revenue, adjusted EBITDA and free cash flow.

Our revenue for second quarter was $36 million, and our six month revenue ended June 30, 2024, was $70 million, both a 35% increase from the same period in 2023 and a testament to our team's ability to execute our sales and marketing strategy. We achieved our 28th consecutive quarter of positive adjusted EBITDA, concluding with $811,000 or 479% increase from the same period last year.

For the six months ended June 30, 2024, our adjusted EBITDA was approximately $1.4 million, which is a 764% increase from the same period last year. We also achieved a third consecutive quarter of positive free cash flow sequentially improving from $310,000 in Q4 2023 and $566,000 and $800,000 in the first and second quarter 2024 respectively. Compared to where we were last year, our position in the capital markets has improved significantly, thanks to our team's dedication to executing our organic growth strategy.

Our sales and marketing team continues to deliver and capture new high-margin contracts that have positioned us well for potential positive earnings per share for 2025. Additionally, all of our capital investments and fixed costs have been paid for and we continue to aggressively manage our costs, supporting our future bottom-line results, margin improvements and profitability projections.

As evidenced by our consecutively improving free cash flow figures, we are heading in the right direction. Our strategic partnerships and investments, particularly in our different business solutions, have played an incremental role in driving our sales growth and have significantly contributed to our topline performance over the past several quarters. These efforts, along with our certification and accreditation, superior and diverse suite of offerings as well as recently announced MobileAnchor Digital Credential solutions have positioned us well to be able to successfully target our competitors' business.

WidePoint is now in a strong position where our strategic partners seek us out and want to work with us, a significant shift from a few years ago when we were the ones pursuing them. The investments and efforts we have made over the years are paying off, and we are excited to continue building on this upward momentum towards profitable return for our valued shareholders.

Moving on to some second quarter contract highlights and operational developments. The standout this quarter was our $2.7 billion Spiral 4 contract award, where we were one of seven companies, including the US Big 3 wireless carriers, to provide a full range of wireless and telecommunication services to military personnel and federal civilian employees stationed within the country and the US territories. We also received the contract modification, adding $254 million to the ceiling of the CWMS 2.0 contract with DHS.

Specifically with Spiral 4, we have started receiving initial RFQs and are in the process of setting up administrative arrangements with the US Navy, as well as establishing vendor agreements for services and equipment. We have a differentiated set of offerings for the Navy and believe that we will be able to successfully compete with previous incumbents on this contract. We look forward to sharing more good news with you on this front on our future calls.

Our CWMS 2.0 contract with DHS is an Indefinite Delivery, Indefinite Quantity or IDIQ contract valued at $754 million reflecting an increase of $254 million, which represents nearly a 55% increase from the original contract value. And as announced in our previous earnings call, we have begun to receive additional task order requests for quotes from DHS since the contract ceiling increased. We should see the results from these new task order awards that will improve our topline and bottom line results.

Additionally, as many of you have seen in our press release, we made a strategic hire by bringing on Michelle Richards, who is now our lead for CWMS program. Michelle has an extensive background working within the DHS community and brings to WidePoint over 3 decades of experience in the mobile telecommunication industry and over 15 years of federal government contracting experience.

Michelle's industry stature will help WidePoint enhance our commercial and federal presence and impact. And our expertise will be invaluable in preparing for and capturing significant portions of the Spiral 4 contract. We are excited to have her on board and with her vision and mission perfectly aligned with WidePoint, we look forward to the immense value she will be providing.

In addition to these two IDIQ contracts, we have two more exciting milestone deals currently in the works. First is the CWMS 3.0 RFI, a 10-year and approximately $1.5 billion to $2 billion contract. Our systems and processes are closely integrated with DHS systems and our strong track record for past performance positions us in the best spot to rewin this contract. We hold certification and accreditations that our competitors cannot match and our pending FedRAMP authorized status will further strengthen our competitive edge.

Additionally, we are pursuing the SEWP VI contract with NASA. This opportunity is a 10-year $60 billion government-wide acquisition contract or GWAC, that can be utilized by every government agency. This contract's scope of work includes all manners of IT products and services. We believe that we have the qualification, the certifications and accreditations to be a winner on this contract. We will also be positioned well with a differentiated set of products and services to capture a significant amount of work under this contract.

To maximize our ability to capture significant work under these outstanding IDIQ contracts, we have recently implemented a project management office model or PMO. This model will aid WidePoint in outperforming our competitors in capturing work under these IDIQ contracts. The PMO model takes a team approach to managing large programs, ensuring that there is no single point of failure and a model that has worked well in our other marquee programs. We will continue to leverage this PMO model and are excited to see our team capture additional work to further drive our top and bottom-line growth.

These billion-dollar IDIQ contracts we pursue such as the $2.7 billion Spiral 4 and the $60 billion SEWP VI contracts are crucial to our company's long-term growth strategy. These contracts provides a target-rich environment, offering a unique competitive advantage for WidePoint's sales and marketing team. Many companies aspire to operate in such a target-rich lucrative ecosystem, but very few have the opportunity.

With our recent strategic investments, partnerships, certifications and accreditations and application of the PMO model, we continue to aggressively invest in our sales and marketing efforts to position ourselves to maximize our ability to capture work and more importantly, the opportunity to even do so in the first place. This proactive approach aims to ensure that WidePoint secures a meaningful portion of these contracts. Even capturing a small percentage of the $1 billion opportunity from these two contracts alone could substantially elevate our growth trajectory.

In the commercial sector, we are seeing pilot projects launched and strategic partnership consummated with systems integrators, which are resulting in new opportunities. We are pursuing sizable opportunities with Fortune 100 companies and look forward to providing you with news of contract awards later this year.

In the second quarter alone, we saw contractual actions across all WidePoint solution lines, including our managed mobility services, identity and access management, IT as a service and interactive billing and analytics. These new opportunities are the high-margin SaaS contracts, our sales and marketing team is aggressively pursuing, which are expected to contribute greatly to our bottom-line performance.

We began the third quarter with approximately $320 million in federal contract backlog. Additionally, our current qualified sales pipeline is healthier than it has ever been. To provide you some additional color on our sales pipeline, I’ll now hand the mic over to Jason, who will dive deeper into our sales and marketing efforts and recent technological developments, specifically our new proprietary MobileAnchor Digital Credential solution. Jason?

Jason Holloway

Thanks, Jin, and good afternoon, everyone. As Jin just mentioned, we successfully developed, tested and authenticated our new proprietary MobileAnchor Digital Credential. This digital credential solution no longer requires a smart card, but instead is deployed directly on to smart mobile devices, providing the highest level of security for mobile digital credentials available while ensuring that cyber interactions use the most secure identity management solutions on the market today.

This is a technology breakthrough and places WidePoint ahead of our competition in the cyber identity world. We have already successfully deployed MobileAnchor in a federal agency and are actively marketing it to other federal and commercial agencies that currently use the traditional smart card-based credentials. We continue to establish our competitive edge, and this new product will enable us to win business from our competitors as they do not offer similar solutions. This coincides with our strategy to win work away from our competitors in the IdM sector. We're excited to continue marketing this new product and look forward to potentially implementing it within our pipeline of deals currently in the works.

On a related note, MobileAnchor has traction within the Department of Education. As you are aware, we've been aggressively pursuing K-12 at the district level. Now we are seeing a shift in getting closer to securing the necessary customer funding to move this initiative forward. Even though WidePoint has been at the forefront of identity and access management since the inception of PKI, it takes time to reconfigure our solution to address a market such as K-12. We will keep you posted as MobileAnchor gains traction within the Department of Education.

As Jin mentioned earlier, SEWP VI is a very exciting opportunity for WidePoint. Due to its 10-year, $60 billion ceiling, WidePoint is uniquely positioned to provide our Managed Mobility Services, as well as gain additional market share for our proprietary platform, intelligent technology management system. Along with the impending FedRAMP authorized status, we are cautiously optimistic that WidePoint will be positioned to capitalize once the SEWP VI has been awarded.

As I've stated previously, we are optimistic regarding our pipeline, and there are many opportunities that we are aggressively working. That being said, we are proactively hiring additional strategic resources in anticipation of these contract awards as well as pursuing additional sales opportunities. We have established our program management offices or PMO for both the DHS 3.0 recompete effort and the Spiral 4 contract. We will also be utilizing the same PMO model for SEWP VI.

Lastly, for Q3 and onwards, we plan to continue advancing our efforts to enhance WidePoint's overall capabilities. The ongoing innovation in our technological capabilities is critical for strengthening and maintaining our competitive position. By improving our technological capabilities, we aim to offer more solutions and better meet the needs of our clients. This strategic focus on technology will significantly enhance our ability to secure new contracts and expand our marketing presence in the future. We are confident that these efforts will play a vital role in driving our long-term growth and success, and we look forward to announcing relevant developments as they arise.

With that, I will now turn the call over to Bob to discuss our second quarter financial results. Bob?

Robert George

Thank you, Jason, and thanks to everyone for joining us today. I'm pleased to share the details of our financial results for the second quarter and first half of 2024. We delivered strong three and six months 2024 results, and I'm happy to report we are trending towards the higher end of our guidance range. Total revenues for the quarter were $36 million, an increase of $9.3 million or 35% from $26.8 million reported for the same period last year. Revenues for the first half of '24 were $70.2 million, an increase of $18.2 million or 35% on the $52 million in the same period last year.

Now I'll provide a further breakdown of our second quarter and first half 2024 revenues. Our carrier services revenue for the quarter was $20.4 million, an increase of $6.2 million compared to the same period in 2023. Carrier services revenue for the first half of '24 was $39.8 million, an increase of $11.9 million compared to the same period last year.

Our managed services revenue for the quarter was $9.2 million an increase of $2.3 million or 25% compared with the same period in 2023. For the first half of 2024, our managed services revenues were $17.9 million, an increase of $4.1 million or 23% in the same period last year. The increase in both carrier and managed services revenue is principally due to new federal and commercial customers signed in the third and fourth quarter of 2023, which are not reflected in the comparison period last year and also, due to growth within several existing federal customers.

Billable services fees for the quarter were $1.2 million, a decrease of $618,000 compared to the same period in 2023. For the first half of 2024, billable services fees were $2.4 million, a decrease of $678,000 in the same period last year. The second quarter and the first half of 2024, the decrease was due to comparatively less project work at a US government customer. Reselling and other services in the second quarter were $5.2 million, an increase of $1.5 million from the same period last year.

For the first half of 2024, reselling and other services were $10.2 million, an increase of $2.9 million from the same period last year. The increase for both periods was due to increased demand and sales activity for items that we sell to our federal and commercial customers. A reminder, reselling and other services are transactional in nature and the amount and timing of revenue may vary significantly from period to period.

Gross profit for the second quarter was $4.9 million or 14% of revenue compared to $3.9 million or 15% of revenues in the same period in 2023. Gross profit for the first half of 2024 was $9.5 million or 14% of revenues compared to $7.7 million or 15% of revenues in 2023. The more significant metric of gross profit percentage excluding carrier services, was 31% in the second quarter which is consistent from the same period last year.

For the first half of 2024, gross profit percentage, excluding carrier services, was 31% compared to 32% in the same period last year. Slightly lower gross margin percentage excluding carrier services is impacted by our revenue mix and increased depreciation and amortization related to our completed delivery platforms. Our gross profit percentage will vary from period to period based on our revenue mix.

Sales and marketing expenses in the second quarter were $600,000 or 2% of revenue compared to $500,000 and also 2% of revenues in the same period last year. In the first half of 2024, sales and marketing expenses were $1.2 million or 2% of revenues compared to $1.1 million and 2% of revenues in the same period last year.

We expect to see further dollar increases in sales and marketing expenses as we continue to invest in sales and marketing efforts, though we expect sales and marketing to be constant to slightly lower as a percentage of revenue. General and administrative expenses in the second quarter are $4.5 million or 12% of revenues compared to $3.8 million or 16% of revenues in the same period of 2023. General and administrative expenses in the first half of 2023 are $8.9 million or 13% of revenue compared to $7.8 million or 15% of revenue in 2023. The increase in absolute dollars relates primarily to an increase in share-based compensation expenses.

Net loss for the second quarter decreased by $342,000 to a net loss of $500,000 or a loss of $0.05 per share compared to a net loss of $842,000 or a loss of $0.10 per share for the same period last year. Net loss for the first half of 2024 decreased by $600,000, with a net loss of $1.2 million or a loss of $0.13 per share compared to a net loss of $1.8 million or a loss of $0.20 per share in the same period last year.

Moving to the balance sheet. We ended the quarter with $4 million in cash, which, in our view, is a significant decrease compared to the $6.9 million at December 31, 2023. This is significant, particularly considering our strong free cash flow metrics over the last three quarters. The decrease in cash was primarily due to new customer implementations, which have temporarily impacted billings and accordingly our cash position.

We want to highlight that we have additional liquidity options available with our revolving line of credit facility with $4 million of potential borrowing capacity, although we do not anticipate having to rely on that facility. Further, we don't expect these issues to persist and are actively working to resolve them to improve our cash position in the coming quarters.

This completes my financial summary. For a more detailed analysis of our financial results, please refer to our Form 10-Q, which was filed prior to this call.

With that, I'll turn the call back over to Jin.

Jin Kang

Thank you, Bob and Jason. One ongoing initiative we'd like to update you on is our FedRAMP certification status. We have submitted responses to all of GSA's questions, and they are currently under review. While we are still in the in-process stage, we expect to achieve FedRAMP authorized status by the end of 2024. This certification is one of the key technological investments that Jason mentioned, which will diversify our offerings and capture business from competitors, while enhancing WidePoint's competitive edge and position in the market.

With the upcoming federal election cycle, budget discussions are expected to take center stage once again. A change in administration could lead to delays in federal budgets regardless of which party wins the presidency. We will closely monitor the situation as it unfolds. Currently, we anticipate minimal or no impact from the administration change, given that we operate in the critical sector of cybersecurity and mobility management. These areas are essential services that will remain in high demand for the foreseeable future.

Lastly, I'd like to reiterate our guidance where we expect revenues to range between $120 million and $133 million, adjusted EBITDA range between $2.1 million and $2.4 million. Additionally, we expect free cash flow to range between $2 million and $2.3 million.

I'm happy to report that we have been ahead of our forecast for the past two quarters and are trending towards the higher end of our guidance for the full year. Our sales and marketing efforts, technological advancements and the deals currently in the pipeline are strong indicators of improvements in our bottom-line and margin for the upcoming quarters.

Our team continues to aggressively push for profitable operations in the fourth quarter, and we anticipate achieving positive earnings per share in 2025. Our executive team maintains a positive outlook on our future as evidenced by several board members and executives acquiring additional shares in the open market. We remain dedicated to unlocking sustainable growth and delivering strong returns for our valued shareholders.

That concludes our prepared remarks, and now we'll take questions from our analysts and major shareholders. Operator, will you please open the call for questions.

Question-and-Answer Session

Operator

Certainly. Everyone at this time we conducting a question-and-answer session. [Operator Instructions] Your first question is coming from Barry Sine from Litchfield Hills Research. Your line is live.

Barry Sine

Hi, good evening gentlemen. First question is on CWMS. I don't think my hand was writing fast enough to get all the details down. So it sounds like there is visibility on letting out 3.0. If you could just repeat the dollar amount, give us any sense of the timing on that? And then just to put that in some perspective, obviously you won 2.0. You recently had a very significant increase in the ceiling on that. And then I remember vividly, 2.0 just took forever to get extended. So the government works pretty slowly. So I guess we shouldn't be expecting a fast decision on 3.0?

Jin Kang

Hi ihGiBarry, this is Jin. It's good to hear from you again. The answer is yes. It will probably take longer than anticipated. Right now the timeline for the 3.0 award is going to -- they want to get it done by the end of 2015 -- I mean, 2025, sorry. And the reason for them upping the cap on the contract is because they have already reached the ceiling on the contract with task orders that were already awarded under 2.0. And I believe also that the additional dollars will also provide an overlap between the 2.0 and 3.0, so that they can smoothly transition from the 2.0 and the 3.0.

And so we believe that this contract now is going to go from a five-year contract to a 10-year contract. And we did sort of a mathematical extrapolation to come up with the $1.2 billion to $1.5 billion ceiling. And so based upon where we are today, we are at $750 million or so million. So if you multiply that by two for a 10-year period, that will put you at like $1.5 billion in a delegated procurement authority. And so that's what we are seeing.

Again, we feel like we are ahead of our competition in our software platform, our subject matter expertise and our past performance with DHS. Just like when we competed for the 2.0, our systems and workflows are all integrated with DHS's processes and systems, and we have the security accreditations and certifications that others cannot match. So we feel pretty good about our prospect of winning the 3.0. But we're not sitting on our hands. We are constantly looking for improvements, constantly looking for value-add services that we can offer to DHS so that when it come the award time for 3.0, we will be the ones receiving the award.

Barry Sine

And just a few more points of clarification on CWMS. What is the official contract end date for 2.0? And then when that happens, last time, it ended they didn't renew, but you were made whole the whole time. So I know there was investor angst that you were made a whole the whole time while they took an extended period to renew that. So could you give us the expiration date? And then just remind us what did happen previously. And hopefully, that's an indication of what may happen if they're late on issuing 3.0.

Jin Kang

Sure, sure. So the official end date for the CWMS 2.0 is November, I believe, 19th or 20th of 2015. And so -- '25? 2025. Yes. Did I say 2015 again? I'm looking back. But anyway, it is November 19th or 20th of 2025 and likely, it may be extended -- and so the last time what happened was the government came up to the end date, and they put in a bridge contract for a year. The contract was supposed to have been a five-year contract, and it ended up being 8. So they had extended the contract with like a 12-month contract. They put another bridge contract in for 1.5 years. And then they exercised another option to go another six months beyond that, making it an eight-year contract for a five-year contract.

So it is -- it could be that the contract may have to be extended. But what they did with CWMS 2.0, is that they put in an option, so that they can actually award task orders 12 months beyond the end of the official contract date. So the official contract date ended November 19 of 2025, so they can actually issue task orders that go until November 19, 2026. And if they need additional extensions, they can modify the contract to extend the contract further. They can also put a bridge contract in.

So they have a lot of tools in their tool belt to be able to extend the contract if they do fall behind on their acquisition schedule. So we won't be left holding any unpaid bills or anything like that during the time the contract is going through the recompete.

Barry Sine

What is the deadline for you to submit your bid for -- has that been given for CWMS 3.0.

Jin Kang

Not yet. What was released was a request for information. And what that is -- is that they're looking around for qualified bidders for the contract. And we intentionally didn't put out a press release because we didn't want to publicize this information, so we will get more competitors. But the deadline for the request for information had expired. I believe this was at the end of July sometime. And so we did all of our responses, and we sent it back in. And now we're letting people know that the RFI was out there on the street and that they're in the process of going through the recompete process. They have not put out the schedule for the award or when the proposals are due but it will be released in the RFP as government gets prepared to send out and receive the proposals.

Barry Sine

And I believe that context is for ITMS and ITMS is also the product that you are applying for FedRAMP certification. That's on a product-by-product basis, not on a company-wide basis. How does the delays we're seeing with the FedRAMP? And I mean you won 2.0 without FedRAMP certification. So I assume it is nice to have but not needed to have for -- to win the 3.0.

Jin Kang

Right. So that's a great question. The answer is ITMS is the product that is going under the FedRAMP certification process. As I said, we've answered all of the questions for GSA and they had an extensive list of questions, but most of them were pretty superficial questions. And I think we answered the mail on all of those things. But what I will tell you is that for DHS is that we had ATOs, authorization to operate. Essentially, what that means is that we meet all of the cybersecurity requirements that the Department of Homeland Security requires.

None of our competitors can say that. And the last time around, they did not make the FedRAMP certification specifically a requirement because there weren't that many vendors that had the system that met the FedRAMP authorized status. And so this time around, it is probably going to be the same thing. Even if we do get our FedRAMP certification because we might be the only company that has that certification, they need to open up the bidding to have some additional competitors. But what FedRAMP authorized status will do for us is that they will give us a higher point in the technical section so that we get extra points for having that capability.

Barry Sine

Okay. Got it. And then switching gears to the SEWP contract vehicle. I just want to clarify, that's S-E-W-P not soup?

Jin Kang

Correct.

Barry Sine

Okay. These acronyms. Solutions for enterprise-wide procurement. I don't quite understand why NASA is ahead for a government-wide contract and not TSA. But that's a topic for another call. So if you could give us some specifics on that. What is the deadline there for a contract award? And then also, I don't believe you were the prime previously. Are you bidding to be the prime for SEWP VI?

Jin Kang

Yes. We are bidding to be prime on SEWP VI. We were partners with other contractors like Carahsoft and I think that there was one other where we were subcontractors too. But because we have a differentiated product set, we are now pursuing this as a prime contractor. And so SEWP VI and NASA -- NASA has been going through this acquisition process for SEWP for now many years. This is the sixth iteration. So they have been doing this for a long time. And it is been a very successful contract for NASA, not only because they can get products and services for themselves because this contract is managed well, other government agencies have decided to forego their own acquisition cycle and go after using the SEWP vehicle to purchase.

There are other contracts that we are also pursuing, and we'll talk a little bit more about that on our future calls, but the SEWP contract is a fairly large scope of work, and it has products and services that goes -- again it covers the entire waterfront in information technology, products and services. So it is a very general contract for anybody to come and use the contract vehicles. That's why they increased the delegated procurement authority to $60 billion.

Barry Sine

What was it previously?

Jin Kang

I believe the previous one was like $20 billion.

Barry Sine

Okay. And switching gears to Navy Spiral 4. You had announced the win some time ago. How are we doing with task orders on Navy Spiral 4?

Jin Kang

Right now, we are in the initial stages where RFQs are coming out, and a lot of them are small and a lot of them are for renewal contracts. And so right now, we're in the process of setting up our relationship with our resellers, getting all of our pricing, all of our items and services and products, get them all nailed out. So when the RFP comes out for our specific differentiated product set, we will be bidding on them.

Barry Sine

Okay. And then Spiral 4, you've announced a product called MobileAnchor, which sounds like it would be perfect for the Navy, but I guess that's not the -- it's not intended that way. Could you elaborate, there is a lot of jargon associated with MobileAnchor. But essentially, my understanding is it allows the cell phone to be the computer processing engine for the security card rather than having a separate card.

Jin Kang

Right. So that was the MobileAnchor product that is a differentiated asset that we will be offering under SEWP. We will be offering it under Spiral 4. There is one thing that I'd like to point out for every -- all the listeners here today is that the Spiral 3 doesn't officially end until September of this year, September 2024 or something like that. And so the task orders are starting to roll in. And hopefully, we'll see some that actually meet with our specialized product and service set.

Getting back to the MobileAnchor, yes, we are going away from the traditional smart card form factor to the smartphones. And Jason can tell you a little bit more about that our MobileAnchor and our -- how that is differentiated from our competitors.

Jason Holloway

Hi, Barry how are doing?

Barry Sine

Hi Jason.

Jason Holloway

As Jin mentioned, so with MobileAnchor, historically, people have been using their smart card credentials. That's the credential that has the chip on it. And typically, what they are doing is they stick it into the side of their laptop or they have a sled that's connected to the mobile device itself. Historically what some people have been doing to get what's called a derived credential which all that means is that it allows you to do secure communications from your mobile device is they've been using what's called a mobile device management container. But what that does is, without getting too technical on everybody is that transmission and authentication is happening over the airways. So essentially, there is no real security or authenticating that's actually happening.

So what WidePoint has figured out how to do is how to generate a net new digital credential on the device itself, and that's what makes it so game-changing. So we've taken all of the vetting, the identity of the cardholder, right, of that person, so it will be very signed. And then we've been able to derive that data and then put that information on the device itself and then that allows you to be able to securely sign e-mail transmissions and all of the things that are happening on the mobile device itself.

So it's -- like I said on the call, it's a big-time game changer. There's -- we know that a lot of the federal agencies are going to be very interested in this because they clearly understand that MDMs -- using MDM containers over the airways has been one of those good enough solutions, and I think all of our listeners will agree that good enough, it's just not -- it's not good enough anymore. So we're very happy to be in the position that we're in as well as the timing. So stay tuned, and then we'll have more good stuff for you.

Barry Sine

Okay. And then lastly, I'd like to put Bob on the hot seat with a couple of questions. And first, to compliment Bob for getting that Q, I'm already looking at it. It's already filed. So thank you. That makes life a lot easier for us analyzing the company.

The first question, Bob you mentioned the decline in the cash balance is due to government ramp-ups. Are those -- have you issued bills? So does that show up in accounts receivable? Or have you not yet issued bills, so those are receivables that will still come? And what are we looking at in terms of having calculated DSOs? Are DSOs going up?

Robert George

DSOs have gone up. And in these ramp-ups, we essentially pre-agree the billing with the customer. And with our existing customers where we're in ordinary course of business, we send them the invoice, then we explain the detail and they approve it, we bill it, and they pay it very quickly. With these new customers, there's lots of discussion around the minutia on these bills. One of them has 8 different contract officers. So it's kind of a democracy process has happened.

So once they do approve these bills, it's been very excruciating, then we bill it and we get paid. We've been paid, I think the last one was paid in less than a week or maybe just a little over a week. But it is just been very hard to get the bills into an improved state. We looked at kind of how quickly they're peeling off now. And we think that by the end of the year, we'd be in a normal steady state.

A couple of other ones are causing some difficulties. It's the same situation in a sense that the customers moved line counts and funding between different contracts -- different agencies within DHS. And so it's longer to sort that out. And once you sort it out with some of the bill and they pay very promptly.

Barry Sine

So it sounds like there's three kind of moving -- related moving pieces. First of all, accounts receivable balance is up. Second, overall DSOs are taking longer. And then third, it sounds like you still have unbilled work that is out there that is not on the receivables line yet. Is that correct?

Robert George

Well, it's on the unbilled receivable line. So we do book an asset and accrued revenue, and we also accrue for the most part, almost all the costs because these are carrier invoices which are causing the problems. And so we have an increase in the accrued expenses and an increase in billed and unbilled AR.

Barry Sine

Okay. So I see that $25.8 million in unbilled accounts receivable.

Robert George

Yes.

Barry Sine

Okay. I got it. Okay. That's a good explanation. And I did not jot down the backlog number, and that's not in the Q. Could you give me the backlog number again? And then I always ask this, but remind me how long to expect that backlog to turn to revenue?

Robert George

The backlog number is $320 million. I think we said that in the call. And in terms of when it peels off, a lot of that backlog is over the next two years because of the ending -- or the recompete on the CWMS 20. But I kind of say maybe an average life of that backlog is two years.

Jin Kang

Yes. And on that front, Barry I just want to make sure that I'm clear on this, is that the Department of Homeland Security cannot issue task orders beyond the contract official end, but they can issue task orders before that date. In other words, they can issue a task order in October to go out until November of 2026.

Barry Sine

But I mean, if the whole thing hypothetically were to run out, the DHS's phones would stop working. So they are going to find a way to get that extended if they haven't let 3.0. And they did last time.

Jin Kang

Yes, yes. They have plenty of avenues to do that. So I'm not – we are not too concerned about them losing coverage or us holding the bag for any cost that is not reimbursed. And they will extend the contract. And we're pretty confident that they will get the contract in place in time.

Barry Sine

Okay. You're an optimistic man. All right. Will end my questions on that note. Thank you.

Jin Kang

Thank you.

Jason Holloway

Thank you Barry.

Operator

Thank you. At this time, this concludes our question-and-answer session. If your question was not taken, please contact WidePoint's IR team at wyy@gateway-grp.com.

I'd now like to turn the call back over to Mr. Jin Kang for his closing remarks.

Jin Kang

Great. Thank you, operator. We appreciate everyone taking the time to join us today. As the operator mentioned, if there were any questions that we did not address today, please contact our IR team. You can find their full contact information at the bottom of today's earnings release. Thank you again, and have a great evening.

Operator

Thank you for joining us today for WidePoint's second quarter 2024 conference call. You may now disconnect.
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Bull_Dolphin Bull_Dolphin 3 월 전
Today's the day. I would be pleased to just equal last quarter's rev (34,207), anything above that would be most encouraging. A bit below wouldn't be the end of the world.

We'll see what happens.
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Methinks Methinks 3 월 전
https://finance.yahoo.com/news/widepoint-present-2024-gateway-conference

WidePoint to Present at the 2024 Gateway Conference on September 4 at 9:00 a.m. Pacific Time
WidePoint Corporation
Tue, Aug 6, 2024, 2:00 PM GMT+12 min read

In this article:
WYY
-5.51%
WidePoint CorporationWidePoint Corporation
WidePoint Corporation
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 presentation, WidePoint’s executives will be available for one-on-one meetings throughout the conference. For additional information, to request an invitation, or to schedule a one-on-one meeting, please email conference@gateway-grp.com.


About The Gateway Conference
Set against the backdrop of the Four Seasons Hotel in San Francisco, the Gateway Conference offers a unique stage for both public and private companies to introduce their stories to new audiences. Celebrating 25 years of fostering impactful industry connections, this year's conference embodies Gateway's mission of connecting leading growth-stage companies with prospective investors, analysts, partners, and other capital markets constituents.

The event offers attendees an exclusive look at a diverse array of companies across sectors such as technology, cleantech, consumer, industrials, financial services, and healthcare. Through presentations and one-on-one meetings, investors and analysts will have exclusive access to senior company executives from over 100 private and public companies.

About Gateway Group
Gateway is a leading financial communications and digital media advisory firm specializing in assisting emerging growth companies for over 25 years. We work with businesses at various stages of corporate development, from private startups to public enterprises. Our team of experts offers decades of experience in all facets of corporate communications, including investor relations (IR) and public relations (PR), as well as cutting-edge digital media services such as branding & creative, web development, and social media. Gateway clients are industry leaders in technology, consumer, industrials, finance, business services, and more. To learn more about Gateway Group, our offerings, or how we can help meet your communications needs visit gateway-grp.com or connect with us on LinkedIn.

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.

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Bull_Dolphin Bull_Dolphin 3 월 전
Thanks Methinks. I'm not expecting rocket fuel, but perhaps a bit of charcoal lighter.
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Methinks Methinks 3 월 전
WidePoint Sets Second Quarter 2024 Conference Call for Wednesday, August 14, 2024 at 4:30 p.m. ET
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Bull_Dolphin Bull_Dolphin 4 월 전
I thought that pea was going to bounce off the edge for a bit this morning.
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Methinks Methinks 4 월 전
That pea has certainly got some bounce in it, today!
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Methinks Methinks 4 월 전
Reminds me of a pea on a drum!
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Bull_Dolphin Bull_Dolphin 4 월 전
7200 traded pre-market up to $4.25
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Bull_Dolphin Bull_Dolphin 4 월 전
From Fidelity:

WidePoint Corporation Secures $2.84M In New Contracts And Renewals For Enterprise Cyber Security And Mobile Technology Services

BENZINGA 9:05 AM ET 7/9/2024
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Bull_Dolphin Bull_Dolphin 4 월 전
Q2 is done. Too bad it takes six weeks to hear the numbers.
I'm thinking revenue greater than $35M for the quarter.
The future is looking brighter for WYY.
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Methinks Methinks 4 월 전
Hope you've got a sweet tooth, today!
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Bull_Dolphin Bull_Dolphin 5 월 전
Made for a sweet day!
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Methinks Methinks 5 월 전
https://feeds.issuerdirect.com/news-release.html?newsid=8186153817317416
WidePoint Awarded $254 Million Ceiling Increase in U.S. Department of Homeland Security Cellular Wireless Managed Services 2.0 IDIQ Contract
FAIRFAX, VA / ACCESSWIRE / June 25, 2024 / WidePoint Corporation (NYSE American:WYY), the innovative enterprise cyber security and mobile technology provider, announced that the U.S. Department of Homeland Security ("DHS") has increased the ceiling of the Cellular Wireless Managed Services ("CWMS") 2.0 Indefinite Delivery/Indefinite Quantity ("IDIQ") contract from $500 million to $754 million, an increase of $254 million.

All other terms and conditions of the CWMS 2.0 contract remain unchanged. The contract includes managed services; WidePoint's proprietary Intelligent Technology Management System (ITMS™) platform for device ordering and asset management; cellular wireless equipment and devices; cellular and data service; Mobile Device Management (MDM); project management; services to enhance in-building cellular coverage; 24x7 service desk support and other optional services. Together, these services provide DHS and all its major component agencies with streamlined logistics, standardized reporting, a robust means of providing wireless devices and services, and invoicing processing.

Jin Kang, WidePoint's Chief Executive Officer, stated: "WidePoint has saved DHS in excess of $250 million on telecommunications costs to date through this contract. The additional $254 million represents nearly a 55% increase to the original contract value, underscoring that WidePoint's managed services are enabling these agencies to maximize their resources while executing their critical mission of protecting the United States."

Todd Dzyak, WidePoint's Chief Operating Officer, stated: "DHS is setting the standard for how federal agencies can achieve accountability and efficiencies across the mobility landscape. WidePoint has seen a rapid increase in contracting activity with CWMS 2.0 and currently has task orders in place with every major DHS component agency. In order to address the increased activity, WidePoint is establishing a formalized Program Management Office model to manage this expansive contract."

Kang added, "I am pleased to announce that Michelle Richards has joined our team to lead WidePoint's DHS CWMS 2.0 program. Michelle is highly respected within the DHS community and brings to WidePoint more than three decades of experience in the mobile telecommunication industry and more than 15 years of federal government contracting experience. In addition to growing our work with DHS, Michelle's industry stature will help WidePoint expand both our commercial and federal impact, while helping to prepare and capture significant portions of the recently awarded Spiral 4 contract. We are honored that Michelle shares our vision and that she is devoting her talent and expertise to WidePoint."

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.
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Methinks Methinks 5 월 전
https://www.fintechfutures.com/techwire/trusted-platform-module-tpm-market-revenue-to-hit-usd-6-billion-by-2035-says-research-nester/
WidePoint was one of the first to use the TPM.
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Methinks Methinks 6 월 전
Post X -

See new posts
Conversation
WidePoint Corporation
@WidePoint
Ransomware attack at Michigan hospitals still causing problems 9 days later (via
@Mlive
's
@bdevero
). https://hubs.ly/Q02xMFCv0

#WidePoint's innovative cyber security solutions can protect and secure your health institution! https://hubs.ly/Q02xMM860

What on earth?
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glenn1919 glenn1919 6 월 전
WYY...............................................https://stockcharts.com/h-sc/ui?s=WYY&p=W&b=5&g=0&id=p86431144783
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Bull_Dolphin Bull_Dolphin 6 월 전
The numbers haven't looked this good since 2020, and back then it was driven by the one-off Census. This quarter was driven by systemic growth and new contracts, which will most probably be recurring.

Regardless of what may happen today, tomorrow, next week, or month in the market... this investment is showing some real potential, IMO.
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Methinks Methinks 6 월 전
It's no problem and I often see some interesting subjects covered - like the city in California possibly using Widepoint's services soon and a large government department also considering similar - which could be important for investors.
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Bull_Dolphin Bull_Dolphin 6 월 전
Thanks Methinks, I always look forward to and appreciate your posting these transcripts.
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Methinks Methinks 6 월 전
From Seeking Alpha -
WidePoint Corporation (WYY) Q1 2024 Earnings Call Transcript
May 15, 2024 7:49 PM ETWidePoint Corporation (WYY) Stock

146.79K Followers
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, Jin Kang; Chief Revenue Officer, Jason Holloway; and Chief Financial Officer, Robert George.

Following their remarks, we will open up the call for questions from WidePoint's publishing analysts and major investors. If your questions were not taken today and you'd like additional information, please contact WidePoint's Investor Relations team at wyy@gateway-grp.com.

Before we begin the call, I would like to provide WidePoint's safe harbor statement that includes cautions regarding forward-looking statements made during this call. The matters discussed in this conference call may include forward-looking statements regarding the future events and future performance of WidePoint Corporation that involve risks and uncertainties that could cause actual results to differ materially from those anticipated. These risks and uncertainties are described in the Company's Form 10-Q filed with the Securities and Exchange Commission.

Finally, I'd like to remind everyone that, this call will be made available for replay via a link in the Investor Relations section of the company's website at www.widepoint.com.

Now I would like to turn the call over to WidePoint's President and CEO, Mr. Jin Kang. Sir, please proceed.

Jin Kang

Thank you, operator, and good afternoon, everyone. Thank you for joining us today to review our financial results for the first quarter ended March 31, 2024.

Before I begin, I wanted to share that, this earnings call will be relatively brief, given that we provided an extensive overview just a month and a half ago. Nonetheless, our team has been very busy executing our corporate mission, and we're excited to share some of the recent development with you all.

With that said, let's dive in. We concluded the first quarter on a strong note, slightly ahead of our forecasts with encouraging sequential quarter-over-quarter and year-over-year improvements across revenue, adjusted EBITDA, and free cash flow. Our revenue, adjusted EBITDA, and free cash flow were $34.2 million, $573,000, and $566,000 respectively. Bob will provide additional details on these remarkable improved financials in his financial summary. Additionally, we achieved our 27th consecutive quarter of positive adjusted EBITDA. These achievements are largely attributed to the success of our sales and marketing initiatives, which we outlined in the previous earnings call and intend to aggressively continue pursuing throughout 2024.

In the first quarter, we saw over 18 contractual actions totaling approximately $22.7 million in contract value. A majority of these contracts consisted of federal government agencies, including the U.S. Department of Homeland Security, U.S. Customs and Border Protection, the National Science Foundation, and the Transportation Security Administration. This success underscores our commitment to delivering integrated solutions tailored to the unique needs of our customers. We have strategically positioned each of our solutions to complement and enhance one another while leveraging our as-a-service business model to ensure a seamless approach to secure mobility management.

As a result of our laser-focused approach of a more proactive sales and marketing strategy, we have more recently conducted advanced talks on several potential contract deals that could contribute to significant growth for the future quarters ahead. First, we recently were awarded the Spiral 4 contract by the U.S. Navy to provide wireless and telecommunications services. WidePoint was selected alongside six other companies, which includes the U.S. Big 3 wireless carriers to provide a full range of wireless and telecommunication services. This indefinite delivery indefinite quantity, or IDIQ contract has a one-year base period valued at a total contract value worth approximately $267 billion, and nine option periods with a total contract value worth approximately $2.7 billion if all options are exercised. This award is a testament to our commitment to providing superior, secure, managed mobility solution to large enterprises, both public and private. And to give you a flavor of how significant this deal can be, we are creating a program management office to ensure, there is ample bandwidth to capture more than our fair share of work under this contract. We are honored to be included in this group and look forward to providing our services to U.S. Navy personnel and civilian team members.

Second, we are in active negotiations with a California city to provide managed services. Though we are unable to disclose specific details at this time, we are very optimistic about the direction of these discussions and anticipate sharing further details when appropriate. Outside of these contracts, I just mentioned, our pipeline remains robust with additional deals and opportunities currently under negotiation. This pipeline of new deals serve as a testament to the effectiveness of our sales and marketing team that has positioned us favorably for a promising 2024. Investment in these initiatives are ongoing, and we are actively looking to add resources at senior staffing across the D.C. area to bolster our capabilities to attain higher margin contracts.

Furthermore, our $350 million contract backlog serves as a potent catalyst in our back pocket to propel our financial performance to even greater heights in the foreseeable future. With additional deals currently in the pipeline, we are well-positioned to potentially increase this contract backlog total. I also want to point out that, we are beating our competitors, especially in the managed mobility and interactive billing arena with several recently announced contracts where we displaced our competitors. We are actively targeting our competitors' clients, as we believe that our solution sets are superior in technology, performance, and cost.

An area I want to spend a brief moment addressing the impact the carrier services revenue have on our overall gross profit margin, which has generated a sizable misconception in our equity story. As many of you know, a notable portion of our revenue and cost of sales contain our pass-through carrier services revenue, which relate to carrier invoices we process and pay on behalf of our DHS customer as part of our overall service to this customer. These carrier payments do not include any margin and when looked at as part of the total revenue, lowers our gross profit percentage. This has resulted in some people believing that due to these margins, WidePoint isn't a technology company. I wanted to dispel you of that misconception and reiterate that though we certainly do have a blend of margins, our aim and focus looking ahead pertains to growing our higher-margin businesses. By investing into our promising sales and marketing team that has been executing our strategy of securing higher margin managed services revenue and SaaS contracts, where the bulk of our profitability comes from, we aim to secure higher margin contracts similar to our flagship DHS contracts, which is our only carrier pass-through customer.

Beyond securing new contracts, our post-COVID customer retention rate continues to improve, bolstering our top-line performance and reaffirming the trust our value customer place in our solutions. As an update to one of our newest contracts with the Federal Emergency Management Agency, we are delighted to announce that the implementation process has now been completed. As a reminder, this contract is valued at approximately $60 million over a three-year period of performance with a one-year base period and two, one-year option periods. Our solution remains as a top-tier trusted security provider, and we are confident in executing our services to unlock the full scale and potential of this contract. Our identity and access management pipeline continues to grow. We've been able to add new digital certificates to an existing contract that will have a material impact once it's fully deployed. Like the mobility side, we have been displacing our major competitors due to our reputation for providing excellent customer services continues to gain awareness. Additional customer implementation and integration is ongoing and remains on track, as we maintain our commitment to delivering our secure mobility solutions.

Moving to the progress on two investments made in previous quarters. We continue to await final approval from GSA for our FedRAMP certification. As mentioned last quarter, we are confident in attaining the full certification by the end of the first half of 2024. We recently received communication from GSA that they are actively reviewing our FedRAMP package. Also, our Continuity of Operations Plan or COOP site enhancements are also moving in the right direction with testing scheduled for the end of May. We look forward to announcing relevant updates once the time is right. We continue to make significant headway across all our initiatives and remain on track to meet our guidance numbers announced during the last quarter's call.

We are reiterating our guidance, and we expect revenues to range between $120 million and $133 million, adjusted EBITDA range between $2.1 million and $2.4 million. Additionally, we expect free cash flow to range between $2 million and $2.3 million. As we have shared during the past several calls, we have concluded materially all of our capital investments, as reflected by our growing EBITDA and free cash flow figures. However, we will continue to invest in our sales and marketing to ensure that we keep our momentum in growing our top-line. The future remains extremely bright for WidePoint, which is why several Board members and executive leaders of our company acquired shares of our common stock in the open market. Our executive team remains very confident in our corporate outlook and remains committed to driving and unlocking sustainable growth for our valuable shareholders.

I will now turn the call over to Bob to discuss our first-quarter financial results. Bob?

Robert George

Thank you, Jim, and thanks to everyone for joining us today. I'm pleased to share the details of our first quarter 2024 financial results. As Jim mentioned earlier, we delivered a strong quarter, being slightly ahead of our internal forecast, recording the second consecutive quarter being free cash flow positive, a trend we anticipate carrying across 2024 and beyond.

With that, I'll now give a breakdown of our first quarter 2024 results compared to the first quarter of 2023. Total revenues for the quarter were $34.2 million, up 35% from the same quarter last year. Our carrier services revenue for the quarter was $19.3 million, an increase of 44%. Our managed services revenue for the quarter were $8.7 million, an increase of 27%. The revenue was due to new federal contracts signed in the third and fourth quarters of 2023, which recorded a full quarter of revenue in 2024 but did not have any revenues in the first quarter of 2023.

Billable services fees through the quarter were $1.2 million and remained relatively constant period-to-period. Our reselling and other services revenue for the first quarter were $5 million, an increase of 38%, primarily due to an increased variety of products we offer for sale. I do want to highlight that reselling and other services are transactional in nature, and the amount and timing of revenue could vary significantly from period to period.

Gross profit in the first quarter was $4.6 million or 14% of revenues, compared to $3.8 million or 15% of revenues in 2023. The slight decrease in gross profit margin percentage is related to increased amortization expenses, as our delivery platforms are placed into service and increased reselling revenues, which carry lower margins. The more significant metric of gross profit percentage, excluding carrier services was 31%, compared to 33% in the same period last year. The lower gross margin percentage excluding carrier services was due in part to increased amortization on our delivery platforms and due to increased reselling revenues, which have lower margin. Accordingly, our gross profit percentage will vary from period to period, based on our revenue mix.

Sales and marketing expense for the first quarter of 2024 were $600,000 or 2% of revenues, compared to $500,000 or 2% of revenues in 2023. The increased period-over-period is the result of our increased investment in our sales and marketing capabilities. General and administrative expenses in the first quarter were $4.4 million or 15% of revenues compared to $3.7 million or 13% of revenues in the same period of 2023. The increase primarily relates to increased share-based and other compensation expenses compared to the same period last year.

Our net loss for the quarter decreased by $298,000 to $653,000 or a loss of $0.07 per share compared to a net loss of $950,000 or a loss of $0.11 per share in the same period last year. The decrease in net loss is due to the relatively higher gross profit dollars in the first quarter that was only partially offset by increases in sales and marketing and general and administrative expenses, I previously mentioned.

Our non-GAAP measures of adjusted EBITDA and free cash flow are as follows. Adjusted EBITDA for the quarter was $573,000, compared to $20,000 in the same period last year. Our free cash flow, which we define as adjusted EBITDA minus capitalized items was a positive $566,000 in the first quarter compared to negative $340,000 in the same period last year. The reason for the EBITDA improvements are related to increased gross margin dollars relative to operating expenses compared to the same period last year. With respect to free cash flow, the positive period-over-period change was related to the increase in EBITDA, I just mentioned and cessation of our material capital investment activities in the first quarter of 2024.

Moving to the balance sheet. We ended the quarter with $5.3 million in cash compared to $6.9 million on December 31st, 2023. The primary driver of the change in cash from year-end was due to typical delays that occur in invoicing activities related to new contract as the invoice process gets worked out with our customer. We believe our forecast for positive free cash flow and refinements to our invoicing of our new customers will provide sufficient liquidity for our operations. For additional information related to our liquidity and capital resources, please refer to that Section of our Form 10-Q for March 31st, 2024.

We are in a strong position to execute our growth strategy, and we look forward to meeting our guidance that Jin previously reiterated. This concludes my financial summary. For a more detailed analysis of our financial results, please refer to our Form 10-Q, which was filed prior to this call.

With that, I'll turn it back over to Jin.

Jin Kang

Thank you, Bob. As evidenced by our remarkable improvements in our financial performance, our healthy contract backlog, new contract awards and a growing sales pipeline, our future is very bright. I look forward to providing additional contract award announcements and other positive news about our company going forward. That concludes our prepared remarks, and now we'll take questions from our analysts and major shareholders.

Operator, will you please open the call for questions?

Question-And-Answer Session

Operator

[Operator Instructions]. Your first question is coming from Barry Sine with Litchfield Hills Research. Please proceed with your question. Your line is live.

Barry Sine

I think I was muted. Can you hear me now?

Jin Kang

Yes, we can hear you. Hi, Barry.

Barry Sine

Good afternoon, gentlemen. First of all, on Spiral 4, congratulations on winning that contract.

Jin Kang

Thank you.

Barry Sine

A number of questions about that. Obviously, government contracts are not as straightforward for investors to understand and you can't really take them at face value. So, here's what we know, $2.7 billion over 10 years. Does that equate to $270 million a year? And then you're one of seven participants. Does that mean you get one-seventh of that or how does that work? And then finally on that contract, would that include any carrier services, zero margin pass through or is that all managed services?

Jin Kang

Very good question, Barry. So the answer to your first question is at $270 million per year. The first base year is funded at $270 million, but I think that that could change depending on how many task orders that can come out.

Your second question is about, there are seven winners on the contract. Does that mean you will end up being you will get one-seventh of the revenue? No, it depends on how successful we are on the various task orders that will be coming out. So, the way the contract works in these IDIQ situations is that, they will be issuing little tiny, sort of small task order RFPs, as the contract period of performance continues, and each vendor – each of the seven vendors will be able to bid on these little task order RFQs that come out and whoever has the best solution for that particular task order will be awarded the task order. I think I answered your question. Does that answer your questions?

Barry Sine

To what extent does it include zero gross margin pass-through carrier services in that contract or is it all managed services?

Jin Kang

Right. For us, we will be bidding on all of the managed services task order and sometimes the customers may wrap in the carrier services and merge the managed services with the carrier services. But this contract is a little bit different than the DHS contract, where the carrier services must be all passed through. This contract will allow for some fee on top of the carrier services. It will depend on how the task orders are structured. We don't know as of yet. There's been a lot of speculation around this contract and we will provide some additional color as some of these task orders come out and we will know a little bit more, but it will be very difficult for us to gauge that, at this point but we believe that this contract will be more profitable because the managed services is merged in with the carrier services.

Barry Sine

Okay. And last question on this contract. You mentioned that there were seven winners of which you're one and that included the three big wireless services companies. I don't know if this has been publicly announced by the Navy or not, but who are the other managed services companies that you'd be likely competing with on each of these task orders?

Jin Kang

Yes. There's AT&T, T-Mobile, Verizon, a company called MetTel, who we partner with from time to time. There was Hughes Telecommunication, then there was one, a small mobile device management provider and I don't quite recall the other one, but it is published along, it's in the Navy release. So, you can just do a quick Google and you should be able to find who the other vendor was.

Barry Sine

Okay. The next question is, you announced a $350 million backlog at this point. Could you kind of define or give us a definition of how you include that? I assume that's not just one year, that's over multiple years. And then, you've talked about some things like FEMA is already out there with $60 million. I assume that's in there. What's when you say $350 million can you better understand what that means?

Jin Kang

Sure, sure. The $350 million does not include any of the Spiral 4 task order that is contemplated but our contract backlog includes contracts that are signed and some of them are multi-year contracts. And so, these are contracts that we -- the $350 million includes only the contracts that we've already executed with the customer, and that's what's included in our contract backlog.

Barry Sine

Is the FEMA that you mentioned $60 million over three years, is that fully included or not included or how does that work in?

Jin Kang

FEMA, the $60 million is included in our contract backlog. Yes. I just did a quick look-up on the Navy release. It's the three main wireless carriers, Hughes Network Systems, Real Mobile, and us, WidePoint. That's all of the seven carriers.

Barry Sine

And then, shifting gears again. Over the last year, you've made a number of significant investments in and technology and it's starting to show in terms of new contract wins. Could you tell us, where we are in that process of those investments starting to bear fruit in new revenue? You just had a very good quarter, but I assume there's a lot more, as a result of those investments in the pipeline.

Jin Kang

Yes. We have made some significant investment in capital and refurbishing and enhancing our delivery system, our IT system, and all of those are materially completed, as you've seen the improvement in our profitability. And so, in terms of our investment in sales and marketing, we have made some key hires and we're continuing to hire, especially we're looking for resources in the DC area. We have several folks that we are courting right now that have some significant network and Rolodex to use an old terminology. And so, we're looking to hire some additional folks, but we have higher sales and marketing and account management ranks. And those are the folks that are filling our sales pipeline, and that's going well.

Barry Sine

And on the same topic, but maybe for Bob, on the new hires, sales and marketing expense went up about $90,000 year-over-year. Is that a result of some of the new hires, Jin just talked about? Do they show up in that line or are they also in the G&A expense?

Robert George

They're in the sales and marketing line. There's a tick-up of $100 million roughly. It will be higher when you get a full year of salaries in there.

Barry Sine

Okay. And then the impact on capital spending. If I look at the delta between your EBITDA guidance and your free cash flow guidance, CapEx looks like, it's to be pretty minimal this year. So, it looks like the capital spending part of those investments is largely complete, correct?

Robert George

Yes, that's absolutely correct. It rounds to $100 million. I think it's maybe a little higher than that, like $120 million, but that's what we plan to spend on just regular IT items and refresh.

Barry Sine

And then my last question, again for Bob. You've given guidance on several key line items. How does that translate into the impact on GAAP, net income, EPS? I know you still have parentheses around your EPS numbers, and I know it's a lot less relevant than EBITDA or free cash flow. But how might that translate into the march towards positive bottom-line net income?

Robert George

It translates pretty linearly in terms of whatever the delta is in D&A and stock-based comp subtracted from EBITDA to get to net income. We are not booking tax expense for all intents and purposes. So, if you look at D&A and stock-based comps, that's really the difference to get into net income.

Barry Sine

And you are not comfortable giving EPS guidance at this point or you are not giving EPS guidance at this point, correct?

Robert George

Not at this point. I just don't have it right in front of me, so I don't want to just go off the cuff on it.

Barry Sine

Okay. Just want to make sure I have my numbers right. Those are my questions. Thank you very much, gentlemen.

Jin Kang

Thank you, Barry. Thank you for joining the call.

Operator

[Operator Instructions]. There have been a lot of speculation around your new contract with the U.S. Navy, namely Spiral 4 contract. Can you provide any additional color on this new contract and what it could mean to WidePoint?

Jin Kang

Thank you, operator. I think we covered this question, but I'll cover it again. It's been approximately a week since the award was made to seven winners. We are the new kid on the block. However, that gives credence to the quality of our solution and business model to be among the awardees, among some of these larger competitors. We are busy putting together a program management office for a full-court press so that we can put a full-court press to capture work under this contract vehicle. This is a $2.7 billion contract, so capturing even a small portion of the contract would have a large impact on our business.

Operator

Thank you. The next question, can you give us any additional status on your cyber security solutions, one that is quantum computing resistant?

Jason Holloway

Thank you, operator. This is Jason Holloway and I'll provide that answer. So, I'm excited to say that, WidePoint continues to make progress with our cybersecurity solutions. For example, WidePoint recently began issuing derived digital certificates on the smartphones for a major federal agency that will no longer require a mobile device management or as known as an MDM solution. So, the MDM solution was not secured because the credentials were issued over the air onto the MDM container on the smartphones. So, although we are in the early stages of adoption, this is still a testimonial that WidePoint is progressing and eliminating the good enough solutions. So, I encourage everybody to stay tuned for additional information.

Operator

Thank you. Your next question, on your last call, you mentioned in your remarks that you have won another contract with the federal government that may grow into one of your largest government contracts. Can you please provide additional details?

Jin Kang

Thank you, operator. We can't mention any end customer's name at this time, this particular one anyway. However, we can mention that this award was attained through one of our strategic partners and our strategic partner program is going well and we displace one of our main competitors. I won't give out the names, but it's within the telecom life cycle management. I don't want to give them any credit or credence, so I won't mention their name here. The implementation is ongoing and we are optimistic that this contract will grow beyond this initial awarded contract value and we'll rival our DHS contract in managed services revenue, hopefully in the near future.

Operator

Thank you. And the final question is, you mentioned in our comments that your sales pipeline is large and growing. Can quantify or provide some additional color on this front?

Jin Kang

Sure. At a high level, the sales pipeline is absolutely growing and it's at a level that we haven't seen in recent memory, if at all. I will not comment on specific opportunities. However, suffice it to say, there are material opportunities in the pipeline and we look forward to providing updates of awards through our press releases. I cannot be more definitive because as you can imagine, it is difficult to predict when or if we will receive contract awards for any particular opportunity. But again, stay tuned.

Operator

Thank you. At this time, this does conclude our question-and-answer session. If your question was not taken, please contact WidePoint’s IR team at wyy@gateway-grp.com.

yy@gateway-grp.com

I'd now like to turn the call back over to Mr. Jin Kang for any closing remarks.

Jin Kang

Thank you, operator. We appreciate everyone taking the time to join us today. As the operator mentioned, if there were any questions that we did not address today, please contact our IR team. You can find their full contact information at the bottom of today's earnings release. Thank you again and have a great evening.

Operator

Thank you for joining us today for WidePoint's first quarter 2024 conference call. You may disconnect.
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Bull_Dolphin Bull_Dolphin 6 월 전
Investor news q1 results:
https://feeds.issuerdirect.com/news-release.html?newsid=7725180126782888
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Bull_Dolphin Bull_Dolphin 6 월 전
Q1 2024




Nice quarter!
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