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Passkeys is now being used by Outlook so the TPM is creeping into the internet slowly but surely. WYY must have a huge advantage using the TPM for so long.
WidePoint Shares Strong 2023 Preliminary Results and Announces Strategic Priorities for 2024
https://feeds.issuerdirect.com/news-release.htm
FAIRFAX, VA / ACCESSWIRE / February 13, 2024 / WidePoint Corporation (NYSE American:WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity & Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), today announced positive operational and financial results for 2023 and shared its priorities for a robust 2024.
Preliminary Fourth Quarter and Full Year 2023 Results
Based on preliminary, unaudited financial results, WidePoint anticipates meeting its revenue guidance of $103 million to $108 million for the full year 2023. Highlights and preliminary financial results for the fourth quarter and full year 2023 include:
Full year 2023 Revenues of approximately $106 million
26th consecutive quarter of positive Adjusted EBITDA
Sequential quarter-over-quarter growth in Adjusted EBITDA for 2023
Cashflow positive in Q4 2023 (Cashflow is defined as Adjusted EBITDA less capital expenditures)
Ended 2023 with approximately $6.9 million in cash and cash equivalents, with no bank debt
2023 Operational and Product Development Highlights
In 2023, WidePoint strategically enhanced its product development initiatives to strengthen and broaden operational capabilities. Milestones and achievements include:
The Intelligent Telecommunications Management System (ITMS) has reached the In-Process status under FedRAMP
Opened two new locations for issuing Identity & Access Management credentials
Offered credential issuance for ECA and NFI PIV-I Credentials and ECA Medium Hardware Credentials in Columbus, Ohio, Fairfax, Virginia, and Hampton, Virginia
ECA credentials issued at more than 18,000 unique enterprises including Fortune 500 companies, small businesses, colleges and universities, private and public research organizations, healthcare organizations, and banks and financial institutions
The Unified Communication Analytics Application is now in the Microsoft Marketplace
2024 Financial Outlook
Building upon a robust fourth quarter marked by material new contract awards in Q4, WidePoint sustains its momentum with a substantial federal contract backlog totaling $359 million as of December 31, 2023. Fueled by this backlog and strong demand, WidePoint forecasts double-digit percentage growth in the high teens for both top-line revenue and managed services revenue, in addition to being cash flow positive for the full year 2024.
Management Commentary
"This past year was pivotal for WidePoint, as evidenced by our strong financial performance and strategic operational achievements of organic growth," said WidePoint CEO Jin Kang. "Not only do we expect to reach the higher end of our revenue guidance, but we also achieved cash flow positivity by the year's end and anticipate continuing this trend throughout 2024. Our continued focus on sales and marketing initiatives has yielded fruitful results with a robust pipeline. The consistent renewal rates of contracts underscore our unwavering commitment to protecting our customers' privacy through our enterprise solutions. The performance seen this past year prompted us to increase investments in sales and marketing efforts to sustain our positive momentum into 2024. Additionally, pipelines for all our business solutions have created synergistic opportunities for cross-selling and upselling, further propelling WidePoint's overall growth trajectory. We also see customers reengaging with us as the COVID pandemic recedes. Customers are focusing more resources on mobile security and increasingly, understanding the value of WidePoint's most secure IAM solutions and our zero-trust security model. The prioritization on security and a growing understanding about the differentiation of WidePoint's solutions are providing additional tailwinds for our business."
2024 Outlook and Strategic Priorities
WidePoint's capital investments made throughout 2023 have for the most part been completed and the company does not expect to see material capital expenditures in 2024. The completion of key capital investments, including establishment of hybrid issuance capabilities, and the successful deployment of the Unified Communication Analytics Application, now in the Microsoft Marketplace, are pivotal drivers anticipated to fuel the company's long-term growth. Additionally, the investment in the Intelligent Technology Management System continues to yield positive results as ITMS nears its final FedRAMP Authorized designation, as well as our hot COOP site nearing completion; both projected for completion in the first half of 2024.
In 2023, WidePoint made significant progress in strengthening its sales and marketing efforts, deploying a robust strategy to expand its market presence. Despite facing challenging macro-economic headwinds, the company strategically maneuvered through these obstacles by concentrating its efforts on capturing higher margin contracts. This targeted approach enabled WidePoint to sustain its competitive advantage while mitigating the effects of external economic fluctuations.
In 2024, WidePoint remains committed to advancing its sales and marketing initiatives, with plans to allocate additional resources and budget toward enhancing its staff and capabilities. Specifically, WidePoint will seize the current momentum gained in Q4 2023 by adding an additional senior level commercial sales resource, an established Federal Business Development resource with a proven track record within the D.C. area, and a Vendor-Partner Manager for the expansion of strategic partners in 2024. WidePoint remains dedicated to safeguarding its customers' right to privacy through the application of its TM2 solutions, notably the IAM solutions to uphold the highest standards of security and confidentiality for its customers. Cybersecurity has never been more critical and WidePoint is positioned to tackle this epidemic of security breaches through the convergence of WidePoint Managed Mobility Services (MMS) and Identity and Access Management (IAM). Adoption of a Zero Trust environment for the B2B and D2C world is not an optional feature, it is a must, and WidePoint's IAM solution is the basis for Zero Trust.
Within the K-12 sector, WidePoint continues to seize opportunities, having collaborated with various school districts conducting pilots across three states. The company recently engaged with a subject matter expert within K-12 to facilitate a partnership program aimed at integrating WidePoint's IAM solutions into existing offerings for numerous K-12 entities, accelerating market penetration. WidePoint remains committed to enhancing the overall solutions provided during the pilot phase to ensure readiness for market launch through this partnership program to protect the most at-risk demographic of our population.
All of WidePoint's business solutions continue to contribute significantly to the company's overall success. As such, all of the business solutions experienced growth year-over-year and see this trend continuing throughout 2024. Each business solution is an integrated layer in WidePoint's full set of TM2 solutions that provides opportunities for cross-selling and upselling to spur on additional growth. These business solutions continue to play a crucial role in strengthening WidePoint's competitive edge and unlocking additional pathways for business growth and development.
Further details and discussion of operational and financial results will be included in the fourth quarter and fiscal year 2023 earnings release and conference call.
From Fidelity:
WidePoint's Subsidiary IT Authorities Awarded New $1.4M Managed IT And Cyber Services Contract
BENZINGA 9:33 AM ET 2/5/2024
Symbol Last Price Change
WYY 2.855up -0.125 (-4.1946%)
QUOTES AS OF 10:20:17 AM ET 02/05/2024
WidePoint Corporation (WYY) , the innovative technology Managed Solution Provider (MSP) specializing in Identity & Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), announced that its subsidiary IT Authorities has been awarded a new three-year contract valued at more than $1.4 million from a major Florida attraction and research center.
Jason Caras, CEO of IT Authorities, stated: "This contract award expands IT Authorities' reputation as a leading MSP. I am proud of the IT Authorities team for their dedication and expertise which allowed us to win this contract. We will be providing a full scope of managed IT services, including cyber security services, to one of Florida's most popular attractions and research centers."
The contract encompasses:
Managed IT Services (24x7x365 Management and Support)
Monitoring and management of technology
End user support
Disaster recovery planning
Strategy & Consulting
Managed Cyber Security Services (24x7x365 Management and Support)
Security Operations Center as a Service (SOC-as-a-Service)
Security Information Event Management (SIEM)
Jin Kang, WidePoint's(WYY) CEO, added: "This award is a prime example of successful cross-sell efforts by our organization. By incorporating cyber security services, IT Authorities is combining WidePoint's(WYY) strengths to win and elevate WidePoint's(WYY) position in the MSP arena."
It does explain a bit of the recent price activity. Let's hope it is one of many dominos..
Nice find, Bull! Now they are serving government(s) and those companies that serve government(s). That could push the share price up a few cents and when do they go global - and with many large concerns?
WYY.........................................https://stockcharts.com/h-sc/ui?s=WYY&p=W&b=5&g=0&id=p86431144783
Something happenin here; what it is ain't exactly clear...
WYY.................................................https://stockcharts.com/h-sc/ui?s=WYY&p=W&b=5&g=0&id=p86431144783
I saw a news item on the BBC reporting on a 4 number code being put into a smart phone to access data instead of a password - which is exactly what Wave invented - and the techs getting very excited about it. I wonder when this news will break, properly?
Same to you... it's been a long haul.
You probably caught it at it's lowest value so congrats and good luck!
Mehopes, too. Especially now that I recently doubled down at $2.
It's been very difficult following this stock for decades but when the TPM is fully appreciated, all will become clear - mehopes!
You know me, Methinks; I am not a pessimist, however, this announcement makes me suspicious that Q4 numbers weren't banner.
Hope I'm wrong.
WidePoint Awarded More than $70.3 Million in IT and Security Services Contracts During Q4 2023
https://finance.yahoo.com/news/widepoint-awarded-more-70-3-143000902.html
FAIRFAX, VA / ACCESSWIRE / January 16, 2024 / WidePoint Corporation (NYSE American:WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity & Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), announced that it was awarded more than $70.3 million in contracts during the fourth quarter of 2023.
Jin Kang, WidePoint's CEO, stated: "The fourth quarter was a great ending to 2023 for WidePoint with more than 30 contractual actions across our business units. These wins include new awards, renewals, contract extensions and exercised option periods for our MMS, IAM and ITaas solutions. Importantly, numerous contracts that had been delayed or impacted by government funding were finally awarded and are even being carried over into this month. Much of that revenue will be realized in the first quarter of 2024 and beyond. We're optimistic with how operations have been at the start of the new year and look forward to sustaining this trend throughout 2024."
Highlights include:
More than 30 contractual actions resulting in more than $70,300,000 in contract value
More than $64.9 million in new business
Approximately $1.3 million in commercial contracts
Approximately $69 million in government contracts
Numerous federal contracts including, among others, the U.S. Department of Homeland Security, the United States Coast Guard, U.S. Customs and Border Protection, U.S. Courts, the Federal Emergency Management Agency and the U.S. Department of Health & Human Services
Telecom Expense Management and MMS contracts with a major commercial airline
Multi-year MPS contracts with leading healthcare and bottling enterprises
Renewals and new orders for WidePoint's IAM offerings
Jason Holloway, WidePoint's Chief Revenue Officer, stated: "With cyber-attacks crippling organizations around the globe on a daily basis, we are committed to delivering enhanced security to protect remote teams, mobile resources, work environments and IT infrastructure. WidePoint is proud that our IAM solutions are increasingly being adopted and looks forward to expanding our impact in 2024."
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@gatewayir.com
SOURCE: WidePoint Corporation
I'm all passkeyed-up now so am protected by the TPM. When is WidePoint going to really take off?
Check out "Passkeys". This could make the internet a lot safer.
Got our Golden Cross today.
Sure looks like we're on the brink of a Golden Cross (50DMA/200DMA).
https://www.investopedia.com/ask/answers/121114/what-difference-between-golden-cross-and-death-cross-pattern.asp
Time will tell if it's a harbinger of better share prices.
The Death Cross painted over 2 1/2 years ago sure was accurate.
On Fidelity:
WidePoint's Subsidiary IT Authorities Awarded New Contract To Provide Managed IT Services; 3-Year Contract Initially Valued At $216,000 From A Mobile Healthcare Provider
BENZINGA 9:33 AM ET 12/4/2023
Symbol Last Price Change
WYY 1.8down -0.05 (-2.7027%)
QUOTES AS OF 09:30:00 AM ET 12/04/2023
WidePoint Corporation (WYY) , the innovative technology Managed Solution Provider (MSP) specializing in Identity & Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), announced that its subsidiary IT Authorities (ITA) has been awarded a new three-year contract initially valued at $216,000 from a mobile healthcare provider.
"IT Authorities is pleased to announce our newest managed services client in the healthcare sector, a mobile medical practice of doctors, nurse practitioners, and physician assistants making house calls," said Jason Caras, CEO of IT Authorities. "Based in Florida with locations in Ohio and Michigan, the company is expanding its nationwide reach to address the growing homebound patient population. Their unwavering commitment to compliance, particularly adherence to HIPAA regulations, reflects their dedication to safeguarding patient privacy. The selection of IT Authorities as their trusted partner underscores our ability to navigate the dynamic landscapes of the healthcare industry."
Jin Kang, WidePoint's(WYY) CEO, added: "This strategic partnership is a testament to WidePoint's(WYY) ongoing commitment to excellence in this pivotal field and ability to meet the rigorous technology standards of healthcare providers. This is an expansion opportunity for WidePoint(WYY). This contract is yet another example of how IT Authorities continues to deliver value for WidePoint(WYY) by presenting new synergistic opportunities that solidify WidePoint's(WYY) security and managed mobility solution as the benchmark for excellence and security in the industry."
WidePoint's Subsidiary IT Authorities Awarded New CISCO Equipment Contract
From Yahoo Finance
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FAIRFAX, VA / ACCESSWIRE / November 29, 2023 / WidePoint Corporation (NYSE American:WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity & Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), announced that its subsidiary IT Authorities (ITA) has been awarded a new contract valued at $900,000 for Cisco equipment by a national bottling distributor.
"IT Authorities is proud to support the growth of our customers by providing Cisco products," said Jason Caras, CEO of IT Authorities. "Our long-term collaboration with Cisco includes our exemplary certification achievements, our deep network architecture expertise, and the deployment of their cutting-edge security solutions. Within the Consumer Packaged Goods (CPG) industry, IT Authorities has established a reputation for unparalleled excellence in competitive pricing, operational efficiency, reliable delivery, and an unwavering commitment to simplifying the procurement process for our clients."
Jin Kang, WidePoint's CEO, added, "As organizations face technology purchasing challenges, IT Authorities continues to be recognized for delivering high-quality and best in value products and services. The ITA team has a proven track record, the expertise and insight essential to facilitate complex procurements. This contract is another example of how IT Authorities continues to expand cross-selling and upselling of WidePoint ITaaS 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 Corporation (WYY) Q3 2023 Earnings Call Transcript
Nov. 14, 2023 7:23 PM ETWidePoint Corporation (WYY)1 Comment
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From Seeking Alpha
SA Transcripts
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WidePoint Corporation (NYSE:WYY) Q3 2023 Earnings Conference Call November 14, 2023 4:30 PM ET
Company Participants
Jin Kang - President and CEO
Jason Holloway - Chief Revenue Officer
Robert George - Chief Financial Officer
Conference Call Participants
Scott Buck - H.C. Wainwright
Operator
Good afternoon. Welcome to WidePoint's Q3 2023 Earnings Conference Call. My name is Paul, and I will be your operator for today's call.
Joining us for today's presentation are WidePoint's President and CEO, Jin Kang; Chief Revenue Officer, Jason Holloway; and Chief Financial Officer, Robert George.
Following the 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 would 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 the 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 would 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 to everyone. Thank you for joining us today to review our financial results for the third quarter ended September 30, 2023.
I am pleased to share the progress we've made over the past several months. As we concluded the third quarter on a high note, thanks to the continued dedication and hard work of our entire team. We have experienced consistent sequential improvements quarter-over-quarter underlying our continued growth and resilience, as we also surpassed the results of Q3 2022 and have achieved positive adjusted EBITDA for the 25th consecutive quarter, highlighting our consistent profitability and operational strength. We anticipate this positive trend will persist into the fourth quarter and into 2024, something Bob will go into deeper later in this call.
Our revenue remains within the guidance range of $103 million to $108 million, a reflection of our steady and disciplined approach to managing our business. Although, we do expect that our adjusted EBITDA is trending toward the lower end of the range due to various sales opportunities having pushed into Q4, but I'm happy to report that several of these opportunities have already successfully closed. This bodes well for Q4 and full year 2024. To further quantify our forecast, we expect free cash flow to be approximately $3.5 million more than in 2022. The action that we've taken in the past 12 months to be prudent with our capital in conjunction with the overall proactive nature of our team. Another significant catalyst contributing to our strong position is the fact that the majority of our capital investments have been successfully closed. As a result, we anticipate only minimal capital expenses in the fourth quarter and throughout 2024, reflecting our disciplined approach to managing our resources.
Additionally, we believe there will be no material non-cash adjustments for the current year, which will both lead to an optimized adjusted EBITDA and bottom line. An example I wanted to share where all investments have been completed is our Intelligent Technology Management System or ITMS, which is still in the FedRAMP in process status. We anticipate hearing back from General Services Administration in the next couple of months, and I look forward to realizing this important milestone.
Beyond that, other capital investment projects that we've mentioned before such as our hot COOP site improvements, soft certificate issuance and remote issuance of certificates have all been materially completed. Although, we are encouraged by some of the trends and preliminary results we are seeing, I must shed lights on some of the macroeconomic factors we are witnessing and the way we're mitigating those uncontrollable variables.
Despite the interest rates, as lofty as they are, WidePoint remains well prepared for the foreseeable future, effectively managing our cash balance. We closed Q3 with a healthy reserve of approximately $8.4 million. As you know, the Federal Government is currently embroiled in budget debates and a potential government shutdown is looming. However, we have a long history of successfully navigating such challenging environments, and we'll continue to mitigate these risks.
Next, despite some large tech companies implementing layoffs, the labor market remains extremely competitive. We are diligently managing this situation, albeit with potential additional staffing costs. However, we intend to offset this risk by focusing on higher margin managed services revenue. All that said, the supply chain challenges that were prevalent have fortunately now largely subsided, and we are all well equipped to manage them effectively.
On an operational note, it has been encouraging to witness customers reengaging with us in both the commercial and federal government sectors. A contract with the FCC, an agency within the Department of Transportation, implementation of Cox Communication and MCPC ProMedica are major successful engagements that are going well. Additionally, we successfully signed contracts with The Federal Emergency Management Agency and a major beverage bottling company for telecom and IT as our service solutions, respectively, in Q4. We will be providing additional updates on these and other awards in press releases soon. We have several material opportunities that we see on the horizon that we hope to win before the end of the year. Some of these opportunities did slip to the right into Q4 due to the previously discussed macroeconomic factors, but we remain keen on doing everything we can to get these deals across the finish line.
Again, we continue to garner all this traction in tandem with operating efficiently as a leaner and tight organization, following our reduction in force at the end of 2022, and as evidenced by our ability to renew materially all of our contracts up for renewal, our customers continue to value our solutions and services.
In some cases, we have been able to expand the scope of work, which speaks to the robust nature of our offerings, in addition to the relentless efforts from our team to continuously cross sell and up-sell our solutions. We will maintain focus on scaling the growth of our Federal Government and commercial customers.
I will now hand the mic over to Jason, who will further elaborate on these topics and provide some color on the sales and marketing front. Jason?
Jason Holloway
Thanks, Jin, and good afternoon, everyone. As Jin stated, we continue to build momentum and are seeing the results of hard work in closing the higher margin deals. As you may have seen, we had a press release in which we closed an identity and access management deal with an agency within the Department of Transportation totaling $1.7 million. You may have also seen on the Federal Procurement Database System web portal that we closed another deal under our CWMS two contract with Department of Homeland Security, namely Federal Emergency Management Agency or FEMA. The award is approximately $60 million over a three year period of performance with a one-year base period and two one-year option periods. Additional details can be found on our filed SEC Form 8-K.
I am also proud to announce that we also won a new contract with the SEC, with a total contract value of $3.2 million and Soft-ex, our operations in Dublin, Ireland, recently announced a win with CSG as well as an Irish telecom agency. Soft-ex is also targeting opportunities in the B2C market for Cox Communications. Our pipeline remains robust. We look to finish 2023 strong with additional potential material contracts.
We continue to make positive progress within the K-through-12 Arena. Jin and I hosted an event in which very influential K-through-12 District IT leaders were in attendance. Along with piloting our soft search solution, we are also exploring wireless PIV-I credential readers in which the user can connect using a Bluetooth connection to the device. In parallel, IT Authorities continues to build its pipeline as well and is making headway in closing the number of exciting deals. Not only will this immediately benefit our top line, but it presents the broader WidePoint Organization with incremental cross sell and up sell opportunities looking ahead. Please stay tuned for additional IT authority updates in the near term.
Additionally, we continue to work closely with our systems integrators, and we believe that our tremendous past performance in both the federal and commercial space will close additional opportunities in which the systems integrators are reaching out to WidePoint for assistance in closing. Our marketing efforts continue to grow with the targeted campaigns with increased social media presence. Given the remote work environment, we see positive results from the increased social media efforts. We will continue to stay laser focused and continue to close higher margin deals.
With that, I will hand the call over to Bob.
Robert George
Thank you, Jason. Good afternoon, everyone. I'm pleased to share the details of our third quarter 2023 financial results. For the third quarter, our revenue was $25.7 million, an increase of $0.4 million or 2% from the $25.3 million reported for the same period last year. Revenues for the nine months period ended September 30, 2023 were $77.8 million, an increase of $7 million or 8% from the $70.8 million in the same period last year.
Now I'll provide a further breakdown of our third quarter and nine months revenues. In the third quarter, our carrier services revenue was $14.6 million, an increase of $0.5 million from $14.1 million in the same period in 2022. For the nine months ended September 30, 2023, our carrier services revenue was $42.5 million, an increase of $3 million from the $39.5 million in the same period in 2022. The increase for both three and nine month results is due to increased contracting activity within our federal customers.
In the third quarter, our managed services revenue is $8.1 million and remained relatively constant from period to period. For the nine months ended September 30, 2023, our managed services revenue was $21.8 million, which is also relatively consistent from period to period. In the third quarter, billable services fees were $1.6 million, an increase of $0.7 million from the $0.9 million in the same period in 2022. For the nine months ended September 30, 2023, billable services fees were $4.7 million, an increase of $1.7 million from the $3 million in the same period last year. For both the three and nine month periods, the increase in billable services fees was a result of more billable positions on our federal contracts and increased billable implementation services in our Soft-ex subsidiary.
In the third quarter, reselling and other services was $1.4 million, a decrease of $1.4 million from the $2.8 million in the same period last year. For the nine months ended September 30, 2023, reselling and other services was $8.8 million, an increase of approximately $2 million from the $6.8 million in the same period last year. The decrease for the three month results was due to the timing of reselling opportunities near the government fiscal year end that moved into the fourth quarter. The increase in the nine month result was due to the resale of new capabilities provided by a third party partner for several federal customers. We do want to highlight that reselling and other services are transactional in nature and the amount and timing of revenue could vary significantly from quarter-to-quarter.
Gross profit for the three month period ended September 30, 2023 was $3.8 million or 15% of revenues compared to $3.8 million, also 15% of revenues in 2022. Gross profit for the nine month period ended September 30, 2023 was $11.6 million or 15% of revenues as compared to $11 million or 16% of revenues in 2022. The more significant metric of gross profit percentage excluding carrier services was 37% in the third quarter 2023 compared to 34% in the same period last year. The increase in the third quarter of 2023 was due to two new contracts in our identity management business, which are high margin contracts. For the nine month period ended September 30, 2023, gross profit percentage excluding carrier services was 34% compared to 35% in the same period last year. The lower gross margin percentage excluding carrier services is related to the increased depreciation and amortization related to capital investments and our delivery platforms reaching completion and beginning to be amortized. We note that our gross profit percentage will vary from quarter-to-quarter due to our revenue mix.
In the third quarter, general and administrative expenses are $4 million or 15% of revenues compared to $3.6 million or 14% of revenues in the same period of 2022. The increase primarily relates to an increase in noncash share based compensation expense compared to the same period last year. General and administrative expenses for the nine month period ended September 30, 2023 are $11.7 million or 15% of revenue as compared to $11.2 million or 16% of revenues in 2022. We expect to see general administrative costs as a percentage of revenue lower in the future.
For the third quarter of 2023, our net loss is $921,000 compared to a net loss of $541,000 in the same period last year. The difference in net loss between the third quarter of 2023 and 2022 is predominantly related to increased depreciation and amortization related to our delivery platforms reaching completion and beginning to be amortized. Net loss for the nine month period ended September 30, 2023 was $2.7 million compared to a net loss of $14.7 million in the same period last year. The principal difference in the net loss from the nine month period in 2023 compared to the same period in 2022 was the noncash goodwill charge of $16.3 million that was taken in the second quarter of 2022 and to a lesser extent the increased amortization expenses previously mentioned.
Moving to our balance sheet. I'm encouraged about where WidePoint stands from a liquidity perspective as we've done an exceptional job to manage our cash and because of our access to the $4 million receivables factory facility. With that said, we ended the quarter with $8.5 million cash, which was in part due to a large advance payment from a customer for a three-year contract and tables management in preparation for the potential federal government shutdown, although that shutdown was averted.
This completes my financial summary.
For a more detailed analysis of our financial results, please reference our Form 10-Q, which was filed on November 14.
So with that, I will turn the call back over to Jin.
Jin Kang
Thank you, Bob, and thank you, Jason.
I am proud that our efforts show that we are headed in the right direction as our financial performance has shown significant improvement and the bulk of our capital investments are now in the rear view mirror. In terms of strategic growth initiatives, we have formed key teaming agreements with products and solution providers that are poised to fuel our growth by enhancing our offerings and expanding our market reach. In parallel with this effort is our strategy to continue teaming with large systems integrators and other strategic partners as we look to scale our growth engine.
Additionally, in line with the trends observed in previous quarters, we have remained actively engaged in evaluating various M&A prospects that have the potential to enhance our current business operations. As of now, I don't have any significant developments to report, but rest assured that we will promptly inform our stakeholders should a promising opportunity materialize. Our team remained focused on continuing to execute our plan for organic growth.
We will not be offering specific guidance for 2024 at this time. There are numerous uncertainties that make it challenging to provide a clear outlook. Factors such as the ever changing federal budget landscape make it difficult to determine the timing of new awards. Additionally, inflation and the result in increased labor costs continued to pose a challenge for us in determining our costs. We are also faced with uncertainty regarding pending awards for material contracts. However, we are optimistic that we will eclipse our 2023 financial performance in 2024. Rest assured, we remain committed to providing updates as soon as we can offer a more accurate and reliable outlook for the future.
In conclusion, our company's performance continued to demonstrate its resilience and adaptability, and we remain dedicated to navigating the challenges ahead with a strategic and forward thinking approach. We appreciate the trust and support of our investors and shareholders as we work to deliver long term value and sustainable growth.
With that said, we are ready to take questions from our analysts and major shareholders. Operator, will you please open the call for questions?
Question-and-Answer Session
Operator
Certainly, at this time, we'll be conducting a question and answer session. [Operator Instructions].
We did have a question coming from Scott Buck from H.C. Wainwright. Scott, your line is live.
Scott Buck
Hi, good afternoon guys. Thanks for taking my questions. Jin, I'm curious, you talked about expanding kind of the scope of some of the contracts at renewal, have you guys been able to move pricing at all or has that been pretty stagnant?
Jin Kang
The pricing has been pretty stagnant, however, we did have some successes in adjusting some of our contractual pricing in our TLM business, and we're continuing to work with DHS and the General Services Administration to increase the unit price for our managed services. We're quoting the current inflationary situation and so far we've seen the government be a little bit more receptive to our plight. So I'm hopeful that we can get some price increases for both our managed services and our professional services rates.
Scott Buck
Great, that's helpful. And second, could you give us a little more color on how you see the K-12 opportunity? And then maybe how you guys can potentially accelerate your involvement there?
Jin Kang
Yes. So - so as Jason said, we did have a fairly large group of folks that came in and listened to our sales pitch and we pitched to them several new potential solutions, with our identity management solution and we have a new development - couple of new developments in that front but before I steal Jason's thunder here. Jason, if you want add - talk a little bit about the new development, our Bluetooth and also the - our ability to issue soft search with our new teaming partner.
Jason Holloway
Sure. No problem. Hey, Scott, how are you doing? So, as we stated on the call, we - we did - we did host this event and what we've been doing over the time that we've been working with K-12, we've gotten - we have a number of pilots that are active. We've gotten a lot of significant feedback from them in terms of how to make the deployment of our identity and access management solution a whole lot easier for them. So what we did is, we went into a development project and came out with soft search. So that this way we're going more digital on the student side, so that - that way we're not issuing a lot of the smart cards that have the - the chip that's inserted. So they wanted more of a digital solution because they are handing out a lot of the Chrome, the Chrome workbooks and tablets and things like that. So we did go in successfully develop that.
And then the second thing we did is for the IT group and the teachers and all of the other staff members, they didn't really want to have the smart cards plugged into the dongles that go into the side of their laptops. They wanted to be able to walk around freely and potentially jump from machine to machine. So what we're doing now as part of the pilot program is we've gone to a Bluetooth reader in which you can insert that smart card credential what we call the PIV-I for them, and that gives them that capability of wirelessly connecting to these various machines. We're using it in house at Y point successfully now, and that's going well.
And then - and then overall strategically what we've been doing is we are - we are positioning ourselves inside of K-12 to get more at the legislative level so that we can get - we can be a part of a bigger cyber security or security spending budget for these schools, so - and in order to do that we've been having to get the feedback from the K-12 schools, so that we can meet certain criteria so that we can be elevated and take advantage of again a lot of these state program to where we don't have to go and deal with individual budgets of K-12 schools. So hopefully this helps a little bit.
Scott Buck
That's - that's great color. I appreciate that. And then just last one from me. Jin, if you could kind of walk us through what your M&A criteria is, what are you looking for in a transaction?
Jin Kang
Well, we are looking for companies that are either horizontal and vertical integration opportunities, companies that - in terms of horizontal, we're looking for companies that do the same thing that we do. Stable companies that do the same thing that we do and we can move them onto our delivery platform and we remove the redundancies to make the deal immediately accretive. We're also looking for those companies that have specific intellectual properties or capabilities that's going to deepen our capabilities and increase our depth of service. But, we are going to be concentrating more on organic growth and we're not going to spend too much time looking around for these out of the blue M&A opportunities, because I think it's critically important for us now that we are turning the corner here that we concentrate on organic growth. But we're not going to say no if somebody shows up with the right profile of a company that adds depth to our company or adds breadth of customers to our company as well.
Just to allow - enhance what Jason had said about K-12, we do have several pilot programs going and we now have the capability for mass issuance to make the whole process of issuing digital certificates easier and more convenient. And he also talked - he already talked about the Bluetooth that's going to make the form factor much more palatable for the K-12 community. And so we see a lot of good things happening there. We'll be rolling out the Bluetooth capability here in the next week or so and we'll see what kind of acceptance we get.
Scott Buck
Perfect. I appreciate the time guys. Thank you very much.
Jin Kang
Great. Thank you, Scott. I think we did receive an email question earlier. So, Bob, did you want to discuss that about gross margins.
Robert George
May need your help.
Jin Kang
Yes.
Robert George
Okay. The email question was during the call you noted that your gross margin percentage excluding carrier services revenues was 35% in the nine month period in 2022 and 34% in the nine months of 2023, what is driving the apparent margin compression?
Good question. The recent gross margin excluding the carrier services is approximately 100 basis points lower in 2023 compared to the nine months in 2022, it's a result of the increased noncash depreciation and amortization expenses in that period. The increase is a result of our investments in our delivered platforms being placed in the service during 2023 and the D&A and cost of sales for the nine months ended was $961,000 and $1.5 million in the nine months ended 2023. This represents the entire difference in the 100 basis points of decreased margin. Including this item, cash margins are consistent from ’22 and are higher or - on higher revenues excluding care services. Also I'd like to highlight that we are have no debt other than long term leases, which are offset by right to use asset, as the accounting standards require. That's all I have on that.
Jin Kang
Okay, great. Thank you. Operator, are there other questions?
Operator
There were no other questions 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. Jing Kang for his 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 Third Quarter 2023 Conference Call. [Operator Closing Remarks].
WidePoint Sets Third Quarter 2023 Conference Call for Tuesday, November 14, 2023 at 4:30 p.m. ET
From Yahoo
WidePoint Corporation
Wed, November 1, 2023 at 1:30 PM GMT
In this article:
FAIRFAX, VA / ACCESSWIRE / November 1, 2023 / WidePoint Corporation (NYSE American:WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity & Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), will hold a conference call on Tuesday, November 14, 2023 at 4:30 p.m. Eastern Time to discuss its financial results for the third quarter ended September 30, 2023. 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.
WidePoint to Virtually Present and Participate at the H.C. Wainwright 25th Annual Global Investment Conference
From Yahoo.
FAIRFAX, VA / ACCESSWIRE / August 30, 2023 / WidePoint Corporation (NYSE American:WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity & Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), will be virtually presenting and holding one-on-one meetings at the H.C. Wainwright 25th Annual Global Investment Conference on September 11-13, 2023 at the Lotte New York Palace Hotel in New York City.
WidePoint's management is scheduled to virtually present on Monday, September 11, 2023 at 7:00 AM Eastern time, with virtual one-on-one meetings to be held throughout the conference. The presentation will be available for replay here.
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.
Thank you. This one will miss us, thank God! ... Just now in the process of getting my roof replaced from Ian.
Good luck with hurricane "Idalia" going to hit Florida, tomorrow!
From Fidelity:
WidePoint Cybersecurity Awarded New $1.7M Identity And Access Management Contract
BENZINGA 9:35 AM ET 8/22/2023
Symbol Last Price Change
WYY 1.9165up +0.0965 (+5.3022%)
QUOTES AS OF 10:16:09 AM ET 08/22/2023
WidePoint Corporation (NYSE:WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity & Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), announced today that it was awarded a new 3-year, $1.7 million Identity and Access Management contract by an agency of the U.S. Department of Transportation.
Under this contract, WidePoint will be providing the Agency of the DoT our most secure identity management solution. Also offered is a full set of operations and maintenance support services related to our quantum resistant identity management solution.
Jin Kang, WidePoint's CEO, stated: "WidePoint is proud to announce that our pioneering security offering has been selected to support a critical U.S. Department of Transportation Agency. This is a proof point of how our capital investment in our hybrid issuance is beginning to bear fruit." WidePoint will deliver the certificates and support services needed to secure the Agency's identity and access management, devices, systems and infrastructure.
Jason Holloway, WidePoint's Chief Revenue Officer, noted: "In today's zero trust reality, WidePoint's IAM provides the most secure identity, device and service authentication. This contract award is further proof that the most discerning organizations understand that WidePoint's IAM is the solution of choice for enhanced security. We had to compete against a number of major competitors in order to win the confidence of this critical DoT agency. To that end, the Team at WidePoint answered the challenge and was able to secure this 3-year contract and begin forging an additional strategic relationship within the federal space."
Maybe that's what I was hearing... the calm of confidence. Hope so.
He seems to me to be confident without being over-confident.
There are several benefits that he highlighted in his speech and a couple of drawbacks and SA was very keen on their performance.
See what happens with the share price.
Thanks for posting this. Maybe it's just me, but Jin seemed less positive.
WidePoint Corporation (WYY) Q2 2023 Earnings Call Transcript
Aug. 15, 2023 5:34 PM ETWidePoint Corporation (WYY)
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WidePoint Corporation (NYSE:WYY) Q2 2023 Earnings Call Transcript August 15, 2023 8:00 AM ET
Company Participants
Jin Kang - Chief Executive Officer & President
Jason Holloway - Chief Revenue Officer
Robert George - Chief Financial Officer
Conference Call Participants
Operator
Good afternoon. Welcome to WidePoint’s Second Quarter 2023 Earnings Conference Call. My name is John, 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 publishing analysts and major investors. If your questions were not taken today and you would 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 future events and the future performance of WidePoint Corporation. That involves risk 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 would 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 to everyone. Thank you for joining us today to review our financial results for the second quarter ended June 30, 2023. I’m pleased to share that WidePoint has been executing our strategic plan as we have seen anecdotal evidence of our business steadily improving. And this has, of course, been supported by our financial performance being modestly ahead of our internal forecast. The kicker here is that, we've been seeing general improvements within our business, even though we are operating with a leaner team following our recent reduction in force initiative. This has led to our 24th consecutive quarter of positive adjusted EBITDA, which is an accomplishment we're hoping to continue going forward and a milestone we're proud of.
A big contributing factor to our ability to operate optimally has to do with our team always looking to make system and processes more efficient. In parallel with the reduction in force, our way of operating efficiently has led WidePoint in becoming a lean and lean corporate organization. We're continuing to meet or exceed customer service level agreements and are renewing materially all of our customers that are up for contract renewals and in some cases, even expanding the scope of services we provide. This is a testament of our robust technological solutions and most certainly the team behind the scenes. In particular, we continue to see growth in the mobility and cyber security sectors and remain steadfast in our trusted mobility management solutions.
One intriguing point to note is that, businesses are still leveraging the remote working model and appears that for a good chunk of them the model is here to stay. From our vantage point, it is quite encouraging as that trend will continue to provide tailwinds for WidePoint and more opportunities for us to capitalize on. That said, there are a flurry of unpredictable macroeconomic trends that could potentially impact our operations. First, as you all may have heard in the news, the Federal Government is again royal in the budget debate and is facing possible government shutdown, which could hamper our operations in that sector. We continue to carefully navigate this environment as we have done for many years, and we will continue to mitigate any risks.
Second, the labor market still remains very tight despite many large tech companies executing layoffs. We are managing this situation but may see some staffing cost increases as we strive to maintain our key personnel. We will mitigate this risk by concentrating our sales effort to capture higher margin managed services revenue. Lastly, supply chain challenges still exist and have been affecting our mobile and accessories fulfillment business. With that said, the encouraging piece of news is that, this challenge has been largely manageable. Thanks to our team's ability to remain nimble.
Although there is the possibility of the delivery timeline pushing to the right, we are confident that our staff can react swiftly and mitigate those supply chain risks. Despite these macro variables, as you may know, we have remained laser focused on controlling the controllables and a major part of that narrative has been the investment we have been making back into our business. After the past several quarters of making strategic investments back into our business, I am pleased to share that we see the light at the end of the tunnel as we expect the majority of our capital expenditures to conclude by the end of the year. One of the bigger programs has, of course, been our intelligent technology management system or ITMS achieving FedRAMP in process status. We're in the latter innings of dealing with the final government entities, which are reviewing our status as we expect this to be completed by the end of the year.
Next, our coop site improvement have largely been completed and is in the testing phase. Furthermore, as we said we would on the last call, remote issuance of certificates also known as soft search, along with our remote vetting process have been completed and will allow WidePoint flexibility in modes of certificate issuance that will result in increased higher margin revenues. Additionally, as we also mentioned on the last call, the development of a hybrid issuance capability which will allow our clients to retain their personally identifiable information or PII in their possession has been completed as well. We are already issuing identity certificates using this new capability. As a result of some of these investments, we've become a stickier solution provider for a number of our preexisting clients, but we've also won a number of incremental deals from net new customers as well.
I'd like to now hand the mic over to Jason so he can talk about some of the activities going on within the sales and marketing front. Jason?
Jason Holloway
Thank you, Jin and good afternoon everyone. While the execution of our sales and marketing strategy continues as planned, I want to focus my remarks today on three topics. First, Q2 Awards. As we reported on July 11, in the second quarter of 2023 WidePoint saw more than 80 contractual actions across our business units, including new awards, renewals, contract extensions and exercise option periods, totaling approximately $46 million in contract value. These wins encompass our managed mobility service, analytics and billing as a service, identity and access management and information technology as a service solutions.
Second, pipeline. Q2 saw increased interest from both government and commercial entities in all of our technology management as a service solutions. We have numerous meaningful new opportunities in the works that we look forward to closing and reporting on in the months ahead. And third, there's a demand for a more secure future. As many of you know, in the United States the first half of 2023 was nonstop news headlines about cyber breaches, ransomware attacks and cyber-crime. With 2,200 cyber-attacks per day, a cyber-attack happening every 39 seconds on average, and a data breach costing an average of $9.44 million, cyber-crime is predicted to cost $8 trillion in the United States by the end of the year. And this is not to even mention the threat to human security and lives posed by cyber-attacks and identity and access management failure.
New solutions and partnerships are needed to more effectively guard against this ever-changing threat landscape. I am also proud and excited to share that building on our K-12 pilot projects and the WidePoint’s experience and expertise, our team is now working with government and industry partners to develop and deploy a more secure offering based on our pioneering PKI solution. To shift public and private sector enterprises to adopt new secure solutions in a monumental effort. Imagine a war room of strategists working together to combat terror. Cybercrime is such a threat. WidePoint is joining forces with the experts and leaders needed to shift this work. It will not happen overnight, but Q2, 2023 will be one of our markers for when the partnerships truly started coming together. In the months ahead, we will report back with incremental material developments and successes.
With that, I will hand the call over to Bob.
Robert George
Thank you, Jason. Good afternoon, everyone. I'm pleased to share the details of our second quarter 2023 financial results. For the second quarter, our revenue was $26.8 million, an increase of $3.7 million or 16% from the $23.1 million reported for the same period last year. Revenues for the six-month period ended June 30, 2023, were $52.1 million, an increase of $6.8 million or 14% from the $45.5 million in the same period last year.
Now I will provide a further breakdown of our second quarter and six-month revenues. In the second quarter, our carrier services revenue was $14.2 million, an increase of $1.7 million from the $12.5 million in the same period in 2022. For the six months ended June 30, 2023, our carrier services revenue was $27.8 million, an increase of $2.4 million from $25.4 million in the same period in 2022. The increase for both the three-month and six-month results is due to increased carrier activity that we are seeing across our customer base.
In second quarter, our managed services revenues increased marginally relative to the same period last year at $6.9 million and $6.7 million, respectively. For the six months ended June 30, 2023, our managed services revenue is $13.8 million, which is relatively constant from period to period. In the second quarter, billable services fees were $1.9 million, an increase of $900,000 from $1 million in the same period in 2022. For the six months ended June 30, 2023, billable services fees were $3.1 million, an increase of $1 million from the $2.1 million in the same period last year. For both the three and six month periods, the increase in billable services fees was the result of more billable positions with a particular government customer and an increase in implementation services in our Soft-ex subsidiary.
In the second quarter, reselling and other services was $3.8 million, an increase of $900,000 from the $2.9 million in the same period last year. For the six months ended June 30, 2023, reselling and other services was $7.3 million, an increase of approximately $3.3 million from the $4 million in the same period last year. The increase for both periods was due to the resale of new capabilities for three federal customers. We do want to highlight that reselling and other services are transactional in nature and the amount and timing of revenue could vary significantly from quarter-to-quarter.
Gross profit for the three month period ended June 30, 2023 was $3.9 million or 15% of revenues, as compared to $3.3 million, or 14% of revenues in 2022. Gross profit for the six month period ended June 30, 2023, was $7.7 million, or 15% of revenues, as compared to $7.2 million, or 16% of revenues in 2022. The more significant metric of gross profit percentage excluding carrier services was 31.2% for the second quarter of 2023, which is consistent with 31.5% in the same period last year. For the six-month period ended June 30, 2023, gross profit percentage excluding carrier services was 32%, compared to 36% in the same period last year. The lower gross margin percentage excluding carrier services is related to corresponding costs from the resale of the new capabilities provided to the three government customers I previously mentioned, and increased amortization expenses related to the capital investments in our delivery platforms that are reaching completion and now beginning to be amortized. We note that our gross profit percentage will vary quarter to quarter due to our revenue mix.
In the second quarter, general and administrative expenses were $3.9 million, or 15% of revenues, compared to $3.8 million, or 17% of revenues in the same period of 2022. The change in general and administrative dollars was not significant. However, general and administrative expenses are lower as a percentage of revenue. General and administrative expenses for the six month period ended June 30, 2023 are $7.9 million or 15% of revenue, as compared to $7.6 million, or 17% of revenue in 2022. We expect to see general and administrative costs as a percentage of revenues lower in the future.
For the second quarter of 2023, our net loss was $842,000, compared to a net loss of $13.8 million in the same period last year. Net loss for the six month period ended June 20, 2023, was $1.8 million, compared to a net loss of approximately $14.1 million in the same period last year. The principal difference in the net loss from the three and six month periods in 2023, compared to the same periods in 2022 was a non-cash goodwill charge of $16.3 million that was taken in the second quarter of 2022, and to a lesser extent, the increased amortization expenses previously mentioned.
Moving to our balance sheet, I'm encouraged about where WidePoint stands from a liquidity perspective, as we've done an exceptional job in managing our cash, and because of our access to a $4 million receivables factoring facility. With that said, we end of the quarter with $7.8 million in cash, which was in part due to an accelerated timing of cash receipts ahead of some vendor payments on the last day of the quarter.
This completes my financial summary. For a more detailed analysis of our financial results, please reference our Form 10-Q, which was filed on August 14.
So with that, I will turn the call back over to Jin.
Jin Kang
Thank you, Bob and Jason. On band with the prior quarters, we've been continuing to receive and review interesting M&A opportunities that could be incrementally beneficial to our existing operations. There are no substantive updates for me to share with you at this time, but we'll be sure to keep you all apprised if and when an opportunity crystallizes.
As I mentioned at the outset of the call, though operations have been improving and heading in the right direction, there are certain variables that are outside of our control, which I described earlier, and that can potentially impact our operations. To that point, we are trending toward the bottom of our aforementioned adjusted EBITDA guidance, and on target for revenues. The reason behind this stems from us experiencing growth in our value-added resale business, which explains for the higher revenue, but lower adjusted EBITDA. Since it's a lower margin offering, nonetheless, we are still confident that we will be exiting the year on a cash flow positive run rate basis. More specifically, we believe we will be improving cash flow year-over-year by approximately $3.5 million.
It is an exciting time at WidePoint, as the investments we have made into the business have begun to bear fruit. We've seen a small sample set of that recently, as Jason shared, but the more compelling thing to note is, what is in store for our organization. As we shared, in addition to increased client retention, augmented scope of work with some of those clients, fueled by sales and marketing tactics as discussed by Jason, we believe that we are approaching an inflection point in our growth story. It is certainly an invigorating moment in our corporate history.
With that said, we are ready to take questions from our analysts and major shareholders. Operator, will you please open the call for questions?
Question-and-Answer Session
Absolutely. At this time, we will be conducting a question-and-answer session. [Operator Instructions] While we pole for questions, I'd like to start with a couple of questions. The first, regarding FEMA. There have been tragic news coming out of Lahaina, Hawaii, and questions about the FEMA budget in the news. How does the current federal government budget discussions affect FEMA? The overall federal government budget and WidePoint.
A - Jin Kang
Thank you, operator. The news out of Lahaina is tragic, and we pray for the people of Hawaii during this time. On the federal government front, they are again embroiled in a budget discussion, and FEMA's budget, which is part of the Department of Homeland Security, is caught up in that process. Good news is that, current WidePoint's contracts are all funded and very little risk to our current revenue run rate. However, any new projects could be delayed, pushing revenue streams to the right, potentially.
Operator
Thank you. And the second question, can you provide more color on your FedRAMP status?
Jin Kang
Sure, can. The current status is that, we are awaiting the Alcohol, Tobacco, Firearms, and Explosives, or ATF, to provide an Authorization to Operate, or ATO. The ATO is currently with the ATF's CIO's office for final signature. Once signed by the CIO's office, it goes to the General Services Administration for final review and approval and FedRAMP authorization status. GSA's final review usually takes a few weeks to complete. However, GSA has informed us that they have received record numbers of applications this year and that the review process has lengthened a little bit. With that said, we believe that this process will be completed in Q4 of this year.
Operator
Thank you. [Operator Instructions] At this time, this concludes our question-and-answer session. If your question was not taken, please contact WidePoint's IR team at wyy@gatewayir.com. I'd now like to turn the call back over to Mr. Jin Kang for his 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 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.
Will WYY be present?
White House Rolls Out Cybersecurity initiatives as Schools Face Devastating Hacks
https://news.yahoo.com/white-house-rolls-cybersecurity-initiative-090100447.html?guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAL-rE4lV_DBkLrLyFG989Q7uf0LBHkR2z--hlEJ9TDtOETCq-G2b5cdat7fQxvuKAeCeqSEfa3dXlm0-4ZRqTprA32FEBCtcWXblUmTxBITumtphEOg2PstsgWo0oDi0fVi5vZOhHOZFFSneTBRrNp4gsjlOh1lbzbnsezXrJvAn
https://www.widepoint.com/widepoint-engages-k-12-schools-to-offer-identity-access-management-solutions/
WidePoint's Subsidiary IT Authorities Awarded New $2.7 Million IT Managed Services Provider Contract
FAIRFAX, VA / ACCESSWIRE / August 7, 2023 / WidePoint Corporation (NYSE American:WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity & Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), announced that its subsidiary IT Authorities (ITA) has been awarded a new three-year IT managed services contract worth $2.7 million by a national Sports Marketing, Media & Technology company, which is an expansion from a successful pilot program. ITA will provide IT-as-a-Service Network & Infrastructure Monitoring and management, with 24x7x365 help desk support.
Jason Caras, the CEO of IT Authorities stated: "IT Authorities is proud to provide top-tier managed services for this national sports marketing firm that has grown from $30 million in revenue to a staggering $750 million with a network of offices across the country. As this expansion persists, IT Authorities is committed to overseeing, managing and catering to their IT and security requirements."
Jin Kang, WidePoint's CEO, stated, "WidePoint's subsidiary, IT Authorities, is being recognized for excellent service with this expanded contract. We look forward to continued expansion of our contract with this industry-leading firm as they continue to experience exponential growth. And as more organizations seek to outsource technology management activities, WidePoint is positioned well for delivering these essential services. ITA is also providing new opportunities for cross-selling and upselling of WidePoint security and managed mobility services."
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@gatewayir.com
SOURCE: WidePoint Corporation
View source version on accesswire.com:
https://www.accesswire.com/772409/WidePoints-Subsidiary-IT-Authorities-Awarded-New-27-Million-IT-Managed-Services-Provider-Contract
WidePoint Awarded $3.2 Million Mobility Managed Services Contract from the Federal Communications Commission
https://finance.yahoo.com/news/widepoint-awarded-3-2-million
FAIRFAX, VA / ACCESSWIRE / July 20, 2023 / WidePoint Corporation (NYSE American:WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity & Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), announced today that it was awarded a $3.2 million contract for wireless mobility services by the Federal Communications Commission (FCC). The period of performance is one-year base phase followed by four-year option periods.
WidePoint will be responsible for mobile lifecycle and telecom expense management services for all FCC managed mobile devices. Core tasks include:
Wireless Contract Administration Services
Inventory Management
Invoice Management and Audit Services
Rate Plan Optimization
Smartphones, Cellular Devices, and Accessories Provisioning
Reporting and Analytics/Management Solutions
Bill Payment Services
Device and Line of Service Ordering on Behalf of The FCC
Device Disposition/Exchange-Sale/Recycling Services
Device Logistics Services
WidePoint will also obtain and manage cellular services from wireless carriers for the FCC.
Jin Kang, WidePoint's CEO, stated: "WidePoint is proud that our MMS and TEM expertise, performance track record and Intelligent Telecommunications Management System were recognized by the FCC. We are excited that the FCC is returning as a client after our initial contract work from 2013-2016. WidePoint looks forward to delivering mobile lifecycle and telecom expense management services for the FCC and expanding our work in support of yet another U.S. Government agency."
WidePoint Awarded $46 Million in IT and Security Contracts During Q2 2023
https://feeds.issuerdirect.com/news-release.html?newsid=5024824493943336
FAIRFAX, VA / ACCESSWIRE / July 11, 2023 / WidePoint Corporation (NYSE American:WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity & Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), announced today that it was awarded approximately $46 million in IT and security contracts during the second quarter of 2023.
Jin Kang, WidePoint's CEO, stated: "In the second quarter of 2023, WidePoint saw more than 80 contractual actions across our business units including new awards, renewals, contract extensions and exercised option periods. These wins encompass our Managed Mobility Services, AbaaS, Identity & Access Management and Information Technology as a Service solutions."
Highlights include:
More than 80 contractual actions resulting in $45,908,000 in contract value.
$3 million in commercial contracts
$43 million in government contracts
Under the U.S. Department of Homeland Security Cellular Wireless Managed Services (CWMS) 2.0 IDIQ contract, multimillion dollar awards from federal agencies including the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), the Cybersecurity and Infrastructure Security Agency (CISA), the United States Coast Guard and the Transportation Security Administration (TSA), among others
Numerous renewals and orders for WidePoint's Identity & Access Management offerings
Contract renewals for Soft-ex's Analytics & Billing as a Service solution
Product and service contracts for IT Authorities
Jason Holloway, WidePoint's Chief Revenue Officer, noted: "WidePoint continues to evolve and expand our cross-selling initiatives. We are excited to see new and current clients choose WidePoint solutions to secure and manage their work environments and maximize their technology investments."
I like the contract with Cybersecurity and Infrastructure Security Agency (CISA).
$WYY - Up 23% Pre-Market/ Current Price $2.24
Awarded $46 Million in IT and Security Contracts During Q2 2023
WidePoint Opens New Identity & Access Management Credential Issuing Locations
https://finance.yahoo.com/news/widepoint-opens-identity-access-management
FAIRFAX, VA / ACCESSWIRE / May 31, 2023 / WidePoint Corporation (NYSE American:WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity & Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), has opened two new locations for issuing Identity & Access Management credentials.
WidePoint provides information assurance and authentication services for business-to-government, government-to-government, and citizen-to-government entities. WidePoint ECA credentials are issued to more than 18,000 unique companies including Fortune 500 companies, small businesses, colleges and universities, private & public research organizations, healthcare organizations, banks and financial institutions.
Jin Kang, WidePoint's CEO, stated: "WidePoint is honored to be trusted by these diverse organizations and to see the demand for WidePoint U.S. Department of Defense certified credentials increase. As more government and commercial personnel and contractors seek expedited services, we are expanding our credentialing team in Fairfax, Virginia and opening locations in Columbus, Ohio and Hampton, Virginia."
WidePoint now offers credential issuance appointments at these locations:
Columbus, Ohio:
ECA Medium Hardware Credentials
NFI PIV-I Credentials
ECA PIV-I Credentials
Fairfax, Virginia:
ECA Medium Hardware Credentials
NFI PIV-I Credentials
ECA PIV-I Credentials
Hampton, Virginia:
ECA Medium Hardware Credentials
NFI PIV-I Credentials
ECA PIV-I Credentials
"WidePoint has been issuing U.S. Government authentication credentials since 1999," said Jason Holloway, WidePoint's Chief Revenue Officer. "We are excited to open these new credential issuing locations for ECA and PIV-I Credentials. By appointment, WidePoint now supports same day issuance in and around Columbus, Fairfax and Hampton. These geographic locales represent established and growing communities of users."
To learn more or to schedule an appointment, visit Schedule Appointment.
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 are now listed on the Russell microcap.
Stocks on this index can be seen as "diamonds".
https://www.investopedia.com/terms/r/russell-microcap-index.asp
"The Russell Microcap Growth Index measures the performance of the microcap growth segment of the U.S. equity market. It includes Russell Microcap companies that are considered more growth oriented relative to the overall market as defined by Russell's leading style methodology. Similarly, the Russell Microcap Value Index includes Russel Microcap companies that are considered more value-oriented."
WidePoint Corporation (NYSE:WYY) Q1 2023 Earnings Conference Call May 15, 2023 4:30 PM ET
https://seekingalpha.com/article/4604809-widepoint-corporation-wyy-q1-2023-earnings-call-transcrip
Company Participants
Jin Kang - Chief Executive Officer & President
Jason Holloway - Chief Revenue Officer
Robert George - Chief Financial Officer
Operator
Good afternoon, and welcome to WidePoint's First Quarter 2023 Earnings Conference Call. My name is Ali, 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 investors. If your questions were not taken today and you would like additional information, please contact WidePoint's Investor Relations team at wyy@gatewayir.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 future events and the future performance of WidePoint Corporation. That involves risk 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 would 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 to everyone. Thank you for joining us today to review our financial results for the first quarter ended March 31, 2023. We concluded Q1 much better than we had anticipated, both quantitatively and qualitatively. A big contributing factor to our stronger-than-expected Q1 was due to sales deals crossing the finish line sooner than expected. One of the more prominent deals we've previously shared is the Soft-ex deal with CSG International that continues to gain increased traction and has contributed significantly to our top line.
We have signed 3 key deals with our partner, CSG, as announced in our press releases, and we have been ahead of schedule in completing the implementations. We have also received 3 new task orders for key third-party software applications for the text capture capabilities with our federal government clients. A bump up in several orders with CSG being filled sooner than expected, which has also played a role in the stronger-than-anticipated quarter. A major catalyst that has helped us accomplish some of these wins was a result of our clients re-engaging with us post-COVID and our diligence in betting new mobile capabilities such as the text capture capabilities for our federal clients. As you may have read in the news, preservation of text messages and other data for archival purposes for those in public office has become a topic that is front and center.
We have capitalized on this opportunity, and we see great potential ahead. I was particularly encouraged because we were able to achieve these wins despite several gating factors which includes continual investments being made back into our business, the historically slower Q1 and especially following the rightsizing of our workforce.
As it pertains to the last point, the rightsizing we initiated in Q4 is having a clear positive impact on our profitability as we experienced a full quarter of the benefits and continue to operate with a leaner staff. Additionally, though the pandemic has added the modes of working in the post-pandemic environment are drastically different as more workers are accessing their corporate IT infrastructure from remote locations. We see this as an ongoing tailwind for our business as there will be continuous pressure for companies to secure and manage their mobility assets.
Next, as I stated on our last call, our Intelligence Technology Management System, or ITMS, has achieved FedRAMP In Process status. There is no new status to share with you at this time other than we expect to complete the assessment to earn the FedRAMP Authorization status which, again, will open up new contract opportunities for us. Speaking of new opportunities, we have continued to invest in our technology infrastructure to capture new opportunities. Some highlights in our investments include Unified Communication Analytics solution set that has been recently approved for Microsoft commercial marketplace and has been launched in the Ingram Micro Marketplace. Ingram Micro Marketplace is the world's largest one-stop shop for cloud-based solutions.
Remote issuance of certificates, also known as soft certificates will allow WidePoint to issue identity certificates over the air. This, along with our remote vetting process, will allow WidePoint flexibility in modes of certificate issuance that will result in increased higher-margin revenues. This capability is scheduled to complete in Q3. Development of a hybrid issuance capability will allow our clients to retain their Personally Identifiable Information, or PII, in their possession. These clients are required by law to maintain control of their PII and therefore, were off limits to us, that is up till now. Our hybrid issuance capability will now allow us to issue identity certificates and allow our clients to keep possession of their PII. This capability is scheduled to complete in Q3. As you can see, a majority of our capital projects have either been completed or are in the last stages of completion. I am pleased to share that the associated expenses for these investments will slow down starting from Q4 of this year. Given the progress we've made so far this year, despite the gating factors, it boosts our confidence when looking at our 2023 full year forecast, I'll dive deeper into our forecast for the rest of the year later on in the call.
But first, I will turn the call over to Jason to provide you with some details on the sales and marketing front. Jason?
Jason Holloway
Thanks, Jin, and good afternoon, everyone. To echo Jin's sentiment, there are a multitude of exciting developments with respect to our sales and marketing initiatives that I would like to share with you all today. To simply put it, the execution of our sales and marketing strategy is going as planned. To date, we have displayed a number of our major competitors within the managed mobility space and Identity and Access Management space, thanks to our robust technology. Beginning with managed mobility, we continue to close commercial deals along with expanding our DHS CWMS IDIQ contract.
We are very pleased with our strategic partners as they continue to bring us a multitude of managed mobility opportunities based on our excellent past performance as well as our accreditation that give us a clear advantage over our competitors. Commercial entities are coming to the realization that the cheapest price isn't always the best choice. It's about the total breadth of services along with security at the forefront. We should start realizing revenue from these efforts in Q2 and into Q3. Recently, we partnered with a very large Identity and Access Management, or IAM, company to absorb a portion of their existing clients within the federal sector.
To date, the partnership is proceeding on track, and I will have further details on our upcoming calls. Additionally, I recently attended a 3-day event where a larger number of K-12 schools were in attendance to which our discussion around our digital soft search was well received. Our IAM pilots are still progressing and as stated previously, we are targeting the end of Q3 to have our digital soft search capabilities completed. Not only do we plan to market these solutions to K-12 but to commercial entities as well. I am also excited to report that we are working on a proof of concept for the General Services Administration, or GSA, in order to demonstrate our derived credential capability.
As a result of this project, multiple opportunities have surfaced. We are hopeful we can make progress as a result of this project and look forward to keeping you all apprised of our success. To provide you all with additional context, we are working with the most influential technology researching firm regarding our IAM and soft search for K-12 and the commercial sector. This firm has been instrumental in sharpening our message, and we are also planning on including certain key individuals from the firm in strategic upcoming meetings. This strategic relationship also bodes well with our large systems integrators, in which we partner to resell our solutions.
As you can see, we're leveraging the continued momentum we've been building up from the past quarters as they have resulted in executed deals or are in the process of being completed. I look forward to providing additional updates on upcoming calls.
With that, I will hand the call over to Bob.
Robert George
Thank you, Jason. Good afternoon, everyone. I'm pleased to share the details of our first quarter 2023 financial results. Thanks to the continuous ability of our team to execute, we achieved our 23rd consecutive quarter of being EBITDA positive. In the first quarter, our revenue was $25.3 million, an increase of $2.8 million or 13% from the $22.5 million reported for the same period last year.
Now I'll provide a further breakdown of our first quarter revenues. Our carrier services revenue was $13.6 million, an increase of approximately $700,000 from the $12.9 million in the same period in 2022. The increase was primarily due to a large federal government client increasing the number of phone lines we manage by approximately 75% in the second quarter of 2022.
In the first quarter of 2023, our managed services revenue, combined with our billable services fees revenue, remained relatively consistent with the same quarter last year at $8.1 million and $8.4 million, respectively. Reselling and other services revenue was $3.6 million, an increase of $2.5 million from $1.1 million in the same period last year. The increase was primarily due to the resale of text capture capabilities provided by a third-party partner to two large federal clients. While reselling and other services are transactional in nature, we expect to have additional sales of these new technical capabilities throughout the year, although the amount and timing of revenue could vary significantly from quarter-to-quarter.
Gross profit for the first quarter was $3.8 million or 15% of revenues as compared to $3.9 million or 17% of revenues in 2022. The more significant metric of gross profit percentage, excluding carrier services, was 33% for the first quarter in 2023 compared to 41% in the same period last year. The lower comparative gross margin percentage, excluding carrier services, was almost entirely related to the resale of the third-party partner capabilities previously mentioned. As a reminder, our gross profit percentage will vary quarter-to-quarter due to our revenue mix.
For the first quarter, general and administrative expenses were $3.7 million or 15% of revenue compared to $3.7 million or 17% of revenues in the same period of 2022. We believe our general and administrative expenses will be consistent with 2022 levels, but lower as a percentage of revenue as the result of the organizational efficiencies achieved in 2022.
For the first quarter of 2023, our GAAP net loss was $950,000 or $0.11 of diluted loss per share compared to a GAAP net loss of $393,000 or $0.04 of diluted loss per share in the same period last year. The main driver of the change in earnings was an increase in depreciation and amortization expenses as capital projects were completed later in 2022 and began to be amortized in 2023. On a non-GAAP basis, our adjusted EBITDA for the first quarter of 2023 was $20,000 compared to $344,000 in the same period last year. The lower EBITDA was a result of investments being made in preparation to deliver under new contracts later in the year.
Shifting to cash flow and the balance sheet. Our current ratio at the end of March 31, 2023, and December 31, 2022, was 1.1:1. We closed the first quarter with $4.6 million in cash, which is down from $7.5 million at December 31, 2022. The reduction in cash was a result of temporary delays in billing as a result of process realignments in our TLM business. Given the tightening credit posture of regional banks, we do not expect to renew our revolving credit agreement with Atlantic Union Bank in June of this year. As an alternative, we entered into a factoring agreement with Republic Capital Access, a recognized leader in factoring in the government services sector. This factoring facility provides up to $4 million of receivable sales at any point in time and can be expanded to $10 million if needed. The factoring agreement gives us more flexibility to execute our strategic plan. We believe our operating cash flows, cash on hand and available funding through our factoring agreement gives us ample liquidity.
This completes my financial summary. For a more detailed analysis of our financial results, please reference our Form 10-Q, which was filed prior to this call.
So with that, I'll turn the call back over to Jin.
Jin Kang
Thank you, Bob and Jason. Before I dive into the overview of the remainder of the year, I'd like to talk a bit about M&A. In keeping with what I shared last quarter, we have carefully narrowed down a list of potential candidates and are thoroughly evaluating these companies for potential M&A opportunities. To support our inorganic growth strategy, we are actively collaborating with multiple investment banks and will persistently work alongside them. As mentioned previously, given the uncertain state of the broader economy, and the increase in interest rates, the M&A market has become more competitive as companies explore strategic alternatives.
We look forward to the continued progress with our inorganic growth strategy and we'll be sure to notify the public accordingly when the time is right.
Looking ahead at the rest of the year, we are expecting revenues to range between $103 million and $108 million and adjusted EBITDA range between $1.1 million and $1.5 million. We are expecting a GAAP net loss of between $2.8 million and $3.2 million or $0.32 to $0.36 loss per diluted share, respectively. A major contributor to the loss per share is noncash depreciation and amortization, which has increased as a result of investments being placed into service. Furthermore, I am proud to share that we expect to finish off the year cash flow positive.
Our positive outlook for the remainder of this year is driven by a combination of factors. Firstly, our sales and marketing efforts, along with our business development strategy, continue to grow, which has undoubtedly contributed to our ongoing success. Second, we have been successful in resigning and retaining our clients as we consistently provide them with valuable and indispensable solutions. It is worth noting that we often expand the range of services we offer to our existing clients, solidifying our position as a reliable and preferred choice. These collective factors indicate that we are witnessing favorable trends moving forward.
With that said, we are ready to take questions from our analysts and major shareholders. Operator, will you please open the call for questions?
Question-and-Answer Session
Operator
[Operator Instructions] And while we wait, we have had a question that was sent in to us earlier today. If the debt limit problem is not solved, I understand there may not be any new orders. But to the extent you keep supplying them with products and services under the contract, are there funds available to pay WidePoint?
Jin Kang
Thanks for that question, operator. I doubt that anyone has a certain answer to this question as we are in uncharted territory. However, our supposition is that the Feds will continue to have revenue coming in into their coffers from various sources. They will undoubtedly prioritize the use of such revenue, where WidePoint's customers fall on that priority list is hard to determine. However, our work is funded, which means that funds have been obligated to our contracts, we are the federal government's internal accounting systems.
We don't understand all of the intricacies of their accounting system, but we strongly believe that we should be paid and will be paid for services rendered and products delivered. There may be some slowing of payments if the government shuts down and reopens, but we are in a pretty safe position.
Operator
At this time, as we have no questions in the queue at this moment, I will hand it back over to Mr. Kang for any closing remarks you may have.
Jin Kang
Thank you, operator. We appreciate everyone taking the time to join us today. As the operator mentioned, if there were any questions 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.
WidePoint Sets First Quarter 2023 Conference Call for Monday, May 15, 2023 at 4:30 p.m. ET
https://finance.yahoo.com/news/widepoint-sets-first-quarter-2023
WidePoint Corporation
WidePoint Corporation
Mon, May 1, 2023 at 2:00 PM GMT+1
In this article:
FAIRFAX, VA / ACCESSWIRE / May 1, 2023 / WidePoint Corporation (NYSE American:WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity & Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), will hold a conference call on Monday, May 15, 2023 at 4:30 p.m. Eastern time to discuss its financial results for the first quarter ended March 31, 2023. 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.
It's a pleasure, Bull.
Seems like they are building the corporation into a very strong force that will be in the right place at the right time to cope with the oncoming development into the whole world using the TPM in all internet operations. They will deal with the mobile side of the business together with other areas of business and there may be another powerful corporation that deals with other areas of the internet.
All IMO.
Thanks once again, Methinks.
Sounds pretty steady.
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