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From Fidelity:
WidePoint Acquires Cloud Services Provider IT Authorities
MT NEWSWIRES 11:50 AM ET 10/4/2021
Symbol Last Price Change
WYY 5.31down +0.17 (+3.3074%)
QUOTES AS OF 02:08:32 PM ET 10/04/2021
11:50 AM EDT, 10/04/2021 (MT Newswires) -- WidePoint(WYY) said on Monday it has acquired IT Authorities, a provider of cloud services and other IT services.
IT Authorities, with a customer base of 110 clients across a range of industries throughout North America, is expected to strengthen the company's footprint in managed services, cloud, and cybersecurity markets.
IT Authorities expects to report annualized revenue of about $10 million and adjusted EBITDA of about $1.5 million for 2021.
A conference call to discuss the deal is scheduled for Monday at 11:00 AM ET, WidePoint(WYY) added.
Price: 5.26, Change: +0.12, Percent Change: +2.33
MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.
Major US port target of attempted cyber attack
https://thehill.com/homenews/state-watch/573749-major-us-port-target-of-attempted-cyber-attack?
==============================================================
Cyberattacks are everywhere and your company could be the next target
@thehill(https://hubs.ly/H0Yxw8K0).
Learn about WidePoint's leading edge security solutions @https://orc.widepoint.com/security-solutions/
A WidePoint company.
https://orc.widepoint.com/security-solutions/
Security Solutions
At WidePoint-ORC, we’ve done the R&D, testing, and accreditation so you get a solution you can implement immediately without the high costs of in-house development or unnecessary analysis and evaluation. Whether your organization is at the planning or the rollout stage, WidePoint offers a phased-to-fit approach that is cost-effective and compliant.
Fully Managed end-to-end solutions leverage WidePoint’s certified and accredited environment to give you a worry-free implementation.
Agency Owned solutions provide a turnkey operation managed within your agency backed up by WidePoint’s expert installation, training and help desk support.
Partially Managed solutions combine resources from the two above for a custom approach that best meets your agency’s objectives.
Preparing an Information Assurance strategy requires analysis, evaluation, integration, administration and maintenance. We are in an era where many government and commercial entities have an increasingly urgent need to protect sensitive business and personal information from the internet information thieves of our time. Many would agree that the protection of shared information and the opportunity to guarantee trusted digital identity verification must be assured before full communications can take place.
The use of digital signatures is not only becoming a requirement for doing business electronically with Federal, State and local government agencies, it has become an essential element for corporate internal and external communications. But information assurance implementation should not, and need not, be seen as requiring huge expense, inevitably requiring wholesale replacement of existing systems, servers, hardware, software and security tools/firewalls, etc.
WidePoint-ORC leverages standard mature commercial off-the-shelf (COTS) components that have been proven in the technology marketplace offering your organization the efficiency of a common solution for multiple applications within your enterprise and interoperability with the federal government. WidePoint can also replicate these services (in part or whole) to your Enterprise.
Choosing WidePoint gives you the following advantages:
Provides your organization’s applications with multiple I&A/validation interfaces rapidly
Allows applications to have enterprise or local access to account data
Centralizes the configuration management requirement of managing information from multiple authentication methods
Allows local policy to determine trusted authentications by each application (i.e., application does not inherit trust that is not wanted)
Implements components designed to manage specific tasks so that applications do not have to support all authentication functions natively
Provides an easy migration path from less elegant eAuthentication schemes through higher assurance, including full PKI implementations and Federated Identities
Provides your organization with a government approved solution
So, why take this path?
Most importantly, time is of the essence and cost is always a factor. These are proven capabilities, fielded and in use today, eliminating lead-time needed to become operational while waiting for development efforts. The heavy lifting has already been done. Your organization can quickly deploy a fully operational capability, providing the highest levels of identification and authentication of users and devices, securing of sensitive data, time-stamping and archiving of data, and an auditable process flow. Further, the credentials used to accomplish all of these requirements will be interoperable with any other agency or organization choosing to accept the Federal Root Certificate, within an established risk sharing environment that enforces accountability.
WidePoint Reinstates Share Repurchase Program
https://finance.yahoo.com/news/widepoint-reinstates-share-repurchase-program.html
FAIRFAX, VA / ACCESSWIRE / September 27, 2021 / WidePoint Corporation (NYSE American:WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Identity Management (IdM), Telecommunications Lifecycle Management, and Digital Billing & Analytics solutions, has reinstated its prior share repurchase program to which it may repurchase up to $2.1 million of its common stock, which plan was suspended on March 9, 2020 as a precaution due to the COVID-19 pandemic.
Under the share repurchase program, repurchases of the issued and outstanding shares may be made from time-to-time in open market and privately negotiated transactions. WidePoint currently has 9.1 million shares outstanding.
"We elected to pause the share repurchase program in the wake of the pandemic to preserve cash and maintain the utmost financial flexibility," said WidePoint CEO Jin Kang. "With our robust balance sheet and strong business fundamentals, now is the right time to reinstate the program and take advantage of opportunities to repurchase our shares. Additionally, we believe the share repurchase program reflects our continued confidence in the strength and future growth potential of WidePoint to shareholders."
Share repurchases will be made in compliance with the SEC's Rule 10b-18, subject to market conditions, available liquidity, cash flow, applicable legal requirements, and other factors. This program does not obligate WidePoint to acquire any particular amount of common stock and the program may be suspended or discontinued at any time. WidePoint intends to finance the purchases with existing cash balances.
About WidePoint
WidePoint Corporation (NYSE American:WYY) is a leading provider of Trusted Mobility Management (TM2) solutions, including Identity Management (IdM), secure Managed Mobility Services (MMS), telecom management, and digital billing and analytics. For more information, visit widepoint.com.
So there you have it, a new low for the year.
Unfortunately on the current path, there will not be a decent Q over Q comparison until 1st quarter of next year. Tough sledding to finish out the year, unless some big new deal is made. Of course, that is always a possibility.
WidePoint Sets September 2021 Financial Conference Schedule
https://finance.yahoo.com/news/widepoint-sets-september-2021-financial-130000477.html
Wed, September 1, 2021, 2:00 PM
In this article:
FAIRFAX, VA / ACCESSWIRE / September 1, 2021 / WidePoint Corporation (NYSE American:WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Identity Management (IdM), Telecommunications Lifecycle Management, and Digital Billing & Analytics solutions, is scheduled to participate at the following virtual conferences in September of 2021.
10th Annual Gateway Conference
Presenting Wednesday, September 8th at 12:30 p.m. Eastern time (one-on-one meetings September 8-9, 2021)
Webcast
17th Annual Taglich Brothers Investment Conference
Presenting Monday, September 13th at 3:45 p.m. Eastern time at the TWA Hotel followed by investor meetings thereafter
Lake Street's 5th Annual Best Ideas Growth (BIG5) Conference
One-on-one meetings September 15, 2021
To receive additional information, or schedule a one-on-one meeting, please contact WYY@gatewayir.com.
About the Gateway Conference
For the past nine years, the Gateway Conference has engaged the management teams of nearly 800 public and private growth companies, and thousands of institutional investors, sell-side analysts and sponsoring investment bankers. Past attendees have valued the event for its direct access to high-quality companies and investors. Follow the Gateway Conference on Twitter and join the conversation using the #GatewayIRConference hashtag. For more information, visit gateway-grp.com/conference/.
About WidePoint
WidePoint Corporation (NYSE American:WYY) is a leading provider of trusted mobility management (TM2) solutions, including telecom management, mobile management, identity management, and digital billing and analytics. For more information, visit widepoint.com.
Nice dream... good to hear we share it.
It's a good possibility.
Widepoint may be asked to provide
ECA's for many more people working for the US government and other clients around the world.
"WidePoint is the only issuer of ECA PIV-I credentials approved by the DoD."
Could be big.
Here's another version as published on Fifelity:
WidePoint Lands Identity Management Credentials Contract With Unnamed US University
MT NEWSWIRES 11:04 AM ET 8/18/2021
11:04 AM EDT, 08/18/2021 (MT Newswires) -- WidePoint(WYY) said Wednesday it has secured a new contract from "a major US research university" for the delivery of identity management credentials that will be issued to university staff.
The company did not disclose the contract's value but said in a statement it will provide External Certificate Authority Personal Identity Verification credentials, professional services, and hardware to issue the credentials on site.
These three-year credentials will provide university employees with identity, encryption, and logical access to US Department of Defense-approved information systems, WidePoint(WYY) said.
Price: 5.85, Change: +0.27, Percent Change: +4.84
By me: This could end up being the start of something huge. I speculate that the DOD may be requiring WYY security for access to some of their data and this could be the first domino. We shall see.
WidePoint CyberSecurity Awarded New Contract to Issue DoD Compliant Identity Management Credentials
https://finance.yahoo.com/news/widepoint-cybersecurity-awarded-contract-issue
Wed, August 18, 2021, 2:00 PM
In this article:
FAIRFAX, VA / ACCESSWIRE / August 18, 2021 / WidePoint Corporation (NYSE American:WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Identity Management (IdM), Telecommunications Lifecycle Management, and Digital Billing & Analytics solutions, today announced a new contract with a major U.S. research university to deliver Identity Management credentials.
Under this contract, WidePoint Cybersecurity will deliver ECA (External Certificate Authority) Personal Identity Verification (PIV-I) credentials, professional services, and hardware to perform the credential issuances on site. WidePoint will issue 3-year ECA PIV-I credentials to university staff providing identity, encryption, and logical access to approved U.S. Department of Defense (DoD) information systems.
Jason Holloway, President of WidePoint Cybersecurity Solutions Corporation, stated, "Not all security protocols are equal. WidePoint's commitment to providing the most secure Identity Management credentials is creating breakout opportunities for our IdM solutions. In a year increasingly impacted by major hacks and data breaches, WidePoint is especially pleased to be recognized for how our pioneering security protects and honored to provide this university with DoD compliant IdM credentials. WidePoint is the only issuer of ECA PIV-I credentials approved by the DoD."
Jin Kang, WidePoint's CEO, added, "WidePoint's investment in offering the most secure identity and access management solutions continues to expand our opportunity for impact. We look forward to increasing the presence of our credentials across government, private and commercial segments seeking to securely protect their workers and systems."
About WidePoint
WidePoint Corporation (NYSE American:WYY) is a leading provider of trusted mobility management (TM2) solutions, including identity management, mobile management, telecom management, and digital billing and analytics. For more information, visit widepoint.com.
Well, that was quite a haircut! i was hoping for jyust a trim around the ears.
Pretty severe action today; it's probably overdone.
Yes, they are expecting a "big jump"
in the next half of the year and some business had to be transferred from the 2nd quarter to the third.
Let's hope that everything goes smoothly!
Thanks again methinks. They are still painting a fairly rosy picture for the year at $103M.
WidePoint Corporation (WYY) CEO Jin Kang on Q2 2021 Results - Earnings Call Transcript
https://seekingalpha.com/
Aug. 16, 2021 8:05 PM ETWidePoint Corporation (WYY)
Q2: 2021-08-16 Earnings Summary
EPS of -$0.02 misses by $0.04 | Revenue of $19.98M (-63.52% Y/Y) misses by $6.57M
WidePoint Corporation (NYSE:WYY) Q2 2021 Results Conference Call August 16, 2021 4:30 PM ET
Company Participants
Jin Kang – Chief Executive Officer
Jason Holloway – Executive Vice President and Chief Sales and Marketing Officer
Kellie Kim – Executive Vice President and CFO
Conference Call Participants
Barry Sine – Spartan Capital Securities
Operator
Good afternoon. Welcome to WidePoint 's Second Quarter 2021 Earnings Conference Call. My name is Rich, and I will be your Operator for today's call. Joining us for today's presentation are WidePoint's President and CEO, Jin Kang; Executive Vice President and Chief Sales and Marketing Officer, Jason Holloway; and Executive Vice President and CFO, Kellie Kim. Following their remarks, we will open up the call for questions from WidePoint 's publishing analysts and major investors. If your questions were not taken today, and you 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 a wide point 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 Wide point 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 Form10-K 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 the financial results for the second quarter ended June 30, 2021. The second quarter marked a period of steady operational progress for WidePoint. Over the last few months, we have continued to make focused and judicious investments in our technology, as well as further enhance our sales and marketing resources and processes. Over time, these efforts will extend WidePoint 's competitive advantages while driving greater efficiencies and new sources of high-margin revenue for our Company.
We made consistent progress on our strategic plan during Q2, but our financial performance in the period was impacted by certain timing issues with customers' orders as well as the lingering effects of the pandemic. Kelly will provide the specifics of the timing issues later in our presentation. With that in mind, if you Exclude the timing issues in Q2 and the census project revenue recognized in the year-ago period. Our underlying business grew 5% on a year-over-year basis, which is encouraging, especially given that Q2 is historically a soft period for our Company.
Our initiative to drive efficiencies and build our base of higher-margin managed services revenue continued as demonstrated by the 11% increase in gross margin compared to Q2 of last year. While we knew 2021 would be a difficult comparison to last year, our gross margin expansion and solid adjusted EBITDA demonstrate that even without census, our core business fundamentals and growth drivers remain intact. At a high level, the mobile landscape continues to become more complex on a daily basis, thereby increasing the need for our trusted mobility management solutions that help enterprises to secure their mobile workforce.
As a result, we are moving full steam ahead with strengthening our product portfolio and are already seeing encouraging signs of progress. Now, let me provide you more details on the investments that are being made to our technical infrastructure, which we believe will make our services and our solutions even more appealing to a greater number of prospective clients. First, we have been making improvements to our identity management delivery systems. More specifically, we've been putting a significant amount of our resources into our Continuity of Operations (NASDAQ:COOP) infrastructure, which helps our system be more resilient from cyber attacks, power outages, weather-related disasters, and other unforeseen events.
Once the upgrades are fully made, our equipment will be able to provide failover capabilities so that if and when our primary operations center goes down for any of the unforeseen events I just described, will be able to spin up our secondary side almost immediately, ensuring continuity of the service. This type of solution is extremely pertinent and, in most cases, necessary for our customers who are blue-chip commercial enterprises for organizations within the government sector. In particular, as the prevalence of cyber attacks grows, solutions like our [Indiscernible] infrastructure become more and more of a must-have versus a nice-to-have.
I am proud to say that we have already begun to commercialize this solution, and we are able to recognize some early revenue from this higher-margin offering. Additionally, our continuity of operations capabilities will free us from expensive long-term physical office leases that will allow us the flexibility to take advantage of cloud services and co-location efficiencies and outsource much of our ancillary—information technology infrastructure to streamline our operations and reduce costs. We are also currently in discussions with a strategic partner specializing in information technology infrastructure-as-a-service, or ITAAS, to cross-sell and upsell the services that we believe will lead to high margin revenue opportunities. We will keep you apprised of developments in this partnership in the near future.
Next, another product that we have been and will continue to invest our time and resources into is our Intelligent Telecommunications Management System or ITMS. As a Reminder, ITMS is our system for delivering our trusted mobility management solutions to our customers. The first key enhancements we are making are to improve the overall user experience, as well as to improve the efficiency of our customers as they perform their day-to-day duties. Second, we made considerable progress with FedRAMP certification, which will improve the cybersecurity posture of our system to Ford's efforts by cybercriminals from ransomware attacks, denial of service, and other malicious attacks.
The FedRAMP certification will not only give us the upper hand in future government RFP against competitors, but it will also be a seal of approval that shows potential customers that we truly possess the highest cybersecurity measures that are available on the markets today. Third, we made system performance upgrade to our ITMS to ensure that we're capable of scaling swiftly for when we do win large contracts, like the Census project, we want to be proactive in making sure that we're well equipped to be able to surpass the expectations of our customers.
Furthermore, we have made strategic investments in our capabilities to maintain our inclusions in the Microsoft marketplace. Given the overlap between our operations and Microsoft's breadth of services and solutions, we want to make sure that we are in a position where we're able to leverage their resources. Our goal is to augment the synergies with them and to ultimately address opportunities within the unified communications space for voice Telecom management, which is in line with our strategy to take advantage of the move to remote working.
The next exciting investment we've made is our green initiatives. Our subsidiary, WidePoint Mobile Corporation, had recently received their R2 or responsible recycling certification through Sustainable Electronics Recycling International (SERI). This certification affirms that our green initiatives for recycling our customers' legacy assets meet the global industry standards for responsible testing, repair, reuse, and recycling. As mentioned on our previous call, this investment will help accelerate the adoption of our device recycling services and will generate incremental ESG momentum, which will also add to our top-line growth and bottom-line profitability.
This is truly a win-win for us. With the certification recently awarded to us, I am proud to share that we have begun to recognize higher revenues. Last but not least, we have made security and coop investments throughout our IT framework and continue to make considerable progress to our digital billing and analytics infrastructure to enhance our telecommunications data intelligence platform, or TDI, to meet expanding requirements of the unified communication and collaboration market. As you can see, we're threading the needle across multiple fronts with respect to our strategy of investing back into the business to increase our margins and drive profitable growth.
With that said, and as I previously alluded to, these changes won't happen overnight but will instead take time. Nonetheless, I can assure you that our team is committed to achieving these investments in the most efficient manner possible, with the end goal of expanding our competitive advantage and our potential total addressable market. I will now turn the call over to Jason to provide you with some details on the investment we are making on the sales and marketing fronts and the sales momentum we have been building since the start of the year. Then our CFO, Kellie Kim, will walk us through the financial results of the second quarter. Jason.
Jason Holloway
Thank you, Jin. And good afternoon, everyone. In aggregate, we secured more than $36 million in identity management and manageable services deals spread across 48 contractual actions, renewals, and extensions with partners we can't name at this time for security purposes. These contractual actions included DHS headquarters, FPS, or federal protective services, TSA, or transportation security administration, science and technology, office of biometrics identity.
management, [Indiscernible] office or countering the weapons of mass destruction. And flat C, or federal law enforcement training, etc. These are task orders awarded under CWM 2.0 contract vehicle for long-term contracts, and they range up to five years. Specifically focusing on the higher-margin identity management solution customers, we were able to add new credentialing sales for a major public research university, a global aerospace manufacturer, a major IT provider to the federal government, and numerous defense contractors. As we look to expand our footprint, we continue to explore sole sourcing opportunities via the protected class, such as American native corporations, service-disabled veteran-owned small businesses, as well as other [Indiscernible].
This strategy is a win-win because it allows WidePoint to not only partner but mentor these protected class businesses and ultimately expand our contractual footprint. Our sales strategy continues to be based on the same tactics we've successfully implemented in the past several quarters, to team with large entrenched systems integrators and expand our teaming relationships with both prominent players in the commercial and federal sectors. Due to the very nature of systems integration, we're able to capitalize on the promising leads we collaborate with other companies who provide solutions that are accretive to ours. We foresee this business model further deepening and expanding, and we look forward to capturing the greatest amount of market share possible.
This also ties into why we're so focused on investing back into our business. Because with a more robust portfolio of solutions, we make ourselves that much more appealing and valuable to prospective customers. Due to the number of moving orchestrated parts and enhancing our technology on the backend, in parallel to the progress we're seeing on the sales and marketing front, we began to see a higher demand for demos and RFPs from prospective customers. We can't guarantee that each of these opportunities will materialize.
But the more shots we have on goal, the higher our odds are in closing more deals. As I mentioned on the last call, we were listed in the 2021 Gartner Magic Quadrant or Managed Mobility Services, which highlighted our strong emphasis on security and our ability to scale to support the largest enterprises on a global basis. It also reinforced and amplified our go-to-market messaging for both commercial markets and the public sector.
Going forward, we hope to increase our branding and name recognition through accredited organizations like Gartner. From a marketing standpoint, as Jin pointed out earlier, although it was more convenient this year compared to last, we're still not able to fully conduct our sales and marketing initiatives that full capacity. Nevertheless, we're doing what we can to be proactive in maximizing our efforts despite external circumstances that have kick-started or revamped several marketing initiatives. First, we plan to have several media expansions across different platforms, including podcasts and talk radio to allow us to speak during a specific segment tailored towards our target markets.
In addition to our media ad campaigns, we are supplementing our marketing efforts by revamping our social media strategy and have recently engaged a new public relations firm to assist in this process. Given the inherent nature of our business than the space we play in, we are confident that our extensive marketing initiative will help capture the minds ship of companies, both in private and public sectors, who need our TM2 solution.
Echoing Jin's previous point, due to the recent surge and ransomware attacks from cyber threats. We believe we are in a great position to capitalize on current tailwinds. We believe that much, if not all, of the recent fiber attack highlighted in the media could have been prevented by securing the IT infrastructure endpoint using our PKI-based identity managed solution. As we continue through the ever-changing COVID environment, we are cautiously optimistic that there will be an increase in sales activities associated with the transition back to normalcy.
In the meantime, we are proactively doing all that we can to invest in our sales and marketing activities to put us in the best position possible to capture new customers and increase our ROI. I am confident that what we're doing now will set us up for additional revenue opportunities in the near future. With that, I will hand the call over to Kellie. Kellie.
Kellie Kim
Thank you, Jason. Good afternoon, everyone. I'm pleased to share more details on the Second Quarter of 2021 results. But before I get started, I'd like to talk about the second quarter as a whole. In this past period, our managed services revenue declined sequentially to 8.1 million. If it were not for the delay of a large order from one of our government customers, our managed services revenue would have been 9.4 million, a slight increase of 1% compared to the first quarter of 2021. The order experienced a supply chain delay caused by the COVID -19 pandemic. This larger award was received and processed by our staff, and the revenue will appear in the next quarter.
Our gross margin at 20% remained fairly steady relative to the first quarter. And in line with our projections and expectations. As a reminder, in order to objectively evaluate our performance in 2021, we must exclude the one-time bonus that we have experienced since this project. With that said, I will move on to our financial results. For the second quarter, our revenue was 20 million compared to 54.8 million reported for the same quarter last year. The year-over-year decline was primarily driven by a reduction in carrier services revenue, mainly due to the wind-down overwork on the census project.
The final tranche of carrier credits was discussed in our Q1 call and the timing of revenue recognition on accessory sales. For the six months ended June 30th, 2021, revenue decreased to 40.6 million from 94.4 million in the same period last year. Again, the decline was primarily due to the wind-down of our work on the census projects pass-through of carrier credits and timing of accessories sale discussed above. Looking at the revenues in more detail, carrier services decreased to 11.9 million from 44.9 million in the second quarter of last year. Managed Services for the second quarter of 2021 or 8,100,000 compared to 9,800,000 in the Second Quarter of last year, representing an 18% decrease. When we exclude the census project.
Timing of the third-party we selling revenue and timing of accessories sale, the managed services revenue increased 5% compared to the second quarter of 2020 For the six months ended June 30, 2021, carrier services decreased to 23.2 million from 73.1 million in the same period last year. Managed Services for the six months period decreased to 17,400,000 from 21,400,000 in the same period last year. The decrease in managed services compared to last year was primarily due to the wind-down of the census project, timing of third-party reselling services, and timing of accessory sales.
When we exclude the census project, the timing of third-party reselling, and accessories sale, the managed Services' revenues for the six months ended June 30th, 2021, through grew 9% from the same period last year. Our gross profit for the second quarter of 2021 was 4 million, a 21% percent decrease from those 5.1 million we reported in the second quarter of 2020. The decline in gross profit was consistent with lower revenue and in line with our expectations.
The gross margin improved significantly to 20% in the second quarter of 2021 from 9% in 2020. The increase in gross margin was due to the revenue mix, decrease in lower-margin carrier services, and third-party reselling revenues. Our gross profit for the six months ended June 30, 2021, was 8.7 million, a 13% million decrease from the 10 million we reported in the same period last year. However, the gross margin improved significantly to 21% in the second quarter of 2021 from 11% in the same period last year.
The increase in gross margin was due to the decrease in lower-margin, carrier services, and third-party reselling revenues. In the second quarter of 2021, operating expenses decreased 9% to 4.1 million from 4.4 million in the second quarter of last year. For the six months ended June 30, 2021, operating expenses decreased 7% to 8.1 million from 8.7 million in the same period last year. For the second quarter of 2021, GAAP net loss was 205,000 or $0.02 loss per diluted share, a decrease from net income of 489,000 or $0.06 per diluted share in the second quarter of 2020.
For the six months ended June 30, 2021 GAAP Net income was 381,000 or $0.04 per diluted share, a decrease from net income of 973004, $0.12 per diluted share in the same period last year. Our effective tax rate remains around 27%. On a non-GAAP basis, EBITDA for the second quarter of 2021 was 311,000 compared to 1 million last year. For the six months ended June 30, 2021, EBITDA was 1.4 million compared to 2.2 million in the same period last year.
Our non-GAAP adjusted EBITDA was 531,000 compared to 1.2 million in the same period 2020. For the six months ended June 30, 2021, our non-GAAP adjusted EBITDA was 1.8 million compared to 2.7 million in the same period last year. Shifting to cash flow and balance sheet, we exited the quarter with 14.9 million in cash or a $1.65 per diluted share, net working capital of 14.2 million, and approximately 4.6 million available to drill down on our credit facility. Our operating cash flow was a cash use of 411,000; capital expenditures were 1.3 million compared to 0.7 million last year.
And a 655,000 increase in net cash from financing activities, resulting in a decrease in net cash of 1 million. Our balance sheet continues to remain strong, and our current ratio at the end of June improved to 1.6 compared to 1.2 at the end of 2020. 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 would like to turn it back over to Jin.
Jin Kang
Thank you, Kelly. And thank you, Jason. To reiterate, our end goal for 2021 and beyond is to profitably grow the business by adding higher-margin sources of revenue. Not only are we approaching this plan of attack through organic growth means, as you've heard throughout this call, but we are also planning to do so through strategic acquisitions. Our criteria for acquisition targets consist of companies with profitability, cross-sell, and upsell opportunities with our solutions and potential vertical and horizontal integration synergies.
We continue to be extremely diligent with the vetting process as we want to be absolutely sure that the target we choose will be immediately accretive to our operations. We are receiving assistance from a handful of investment banks at this time and look forward to providing further updates through the appropriate Reg FD channels.
Reflecting back at this past quarter, I am encouraged by the progress we've made and the trajectory we're headed in. As Jason already mentioned, we have many irons in the fire, indicated by the significant number of RFPs that have been submitted and the increase in customer demos that have been and are slated to be conducted. This is not only attributable to the constant stellar work from our team, but it's also partially due to the massive success garnered from the Census project.
We've been fortunate in having more and more partners and customers express interest in collaborating with us due to our proven ability to tackle massive projects successfully. Although much of the progress we've made isn't directly reflected on our financial statements, we truly do have promising partnerships and opportunities in our pipeline. To more effectively evaluate our performance in 2021, we believe it may help to bear in mind that our expectations for this year compared to our performance
from last year excludes the short-term bumps from Census. With that contact said, today, we are reiterating guidance provided during our Q1 2021 earnings call. Please keep in mind that our carrier services revenue can fluctuate greatly from month to month, quarter to quarter, and year to year due to customer usage patterns, carrier invoice timing, and other events affecting device usage; hence, difficult to forecast. Please note that the carrier services revenue is a very low margin, and we will not have a material impact on our profitability.
Again, we are focused on revenue diversification in addition to increased gross margin and bottom-line profitability. As we're already a month and a half into the third quarter, we're moving full steam ahead with our organic and inorganic growth strategies to improve profitability and diversify our revenue streams. Although we don't have a crystal ball in front of us to predict the outcomes of the lingering pandemic, we're still cautiously optimistic due to the growing tailwinds within our industry.
In addition to the encouraging traction we're garnering from the customers and progress being developed internally. We will continue to judiciously invest in our sales and marketing initiatives and solution delivery infrastructure. We also plan to continue sifting through the acquisition targets to find a diamond in the rough and look forward to providing you updates on our future calls and press releases. I will end our prepared remarks by thanking our shareholders for their continued support and, of course, all of our staff members for all their continued hard work for the performance of their duties during this trying COVID environment.
With that covered, we are ready to take questions from our analysts and our major shareholders. Operator, will you please open the call for questions.
Question-and-Answer Session
Operator
Thank you. If you have a question. [Operators Instructions] One moment while we poll for questions. And our first question is from Barry Sine of Spartan Capital Securities. Please proceed.
Barry Sine
Good afternoon, lady and gentlemen. A couple of questions if you don't mind.
Jin Kang
Good afternoon, Barry.
Barry Sine
The first several are all on revenue. So in -- so you gave a lot of information on technology upgrade. I wanted to ask about human resources, investments changes, additions that you made a couple of quarters ago. I guess you mentioned a gentleman from IBM joining you. I don't recall seeing the press release on that; maybe I missed it.
What exactly have you done, what -- how much have you increased the headcount in and sales by, and then what is the sales cycle? Obviously, if you hire a salesperson today, they're not going to generate revenue tomorrow. There is a fairly long lead time in your business.
Jin Kang
Right. And so, thank you for that question, Barry. The answer is, we're still not prepared to release his name because we're going through a sensitive procurement. Yes, it is -- it takes a long time for us to close the deal. We do have some additional information that we will share shortly following this earnings call with the press release. I don't want to go into too much detail on that as soon as. We're able to do so, we will. But we are making an investment not only just in our sales staff resources, but we're also looking at the opportunities to put in a campaign together for media, social media, drive time, radios, talk shows.
We have been looking seriously, and we have been making investments into those. In terms of the length of our sales cycle, that depends on a particular opportunity. Sometimes opportunities hit our desk out of the blue. Others we worked on for years, and finally, we will see some fruits of that. So very difficult for us to gauge. But I will tell you that we have some fairly strong opportunities with our pipeline, and I don't want to go into too many details on specific opportunities, but I will tell you that we have a very strong pipeline, and to add to that, Jason Holloway will jump in here to help me out a little.
Jason Holloway
Hey, Barry. Internal headcount on the sales cycle side does remain the same. Because again, as you noted, the sales cycle internally does tend to be anywhere from optimistically on the 6-month side but maybe closer to 9 to 12. So again, what we continue to do externally is a partner with different systems integrators. We are continuously looking for new partners to sign up, and that's why we have a heavy push with our existing partners to even do more lunch and learns, educational stuff because, within their ecosystem, they also have additional partners.
So for us, we have found that we can shorten the sales cycle by, again, supplementing boots on the ground by going through a systems integrator to help us bring this in on a deal that's already a lot farther down the road versus bringing somebody in, trying to get them trained, get the black book going, and then having to catch up to that long sales process.
Barry Sine
Okay. Jason, I'm glad you popped in because my next question is one of your comments. You mentioned higher demand for demos and RFPs, and just using the word higher, that's pretty big. Did you do it one more year ago? Was it three times as many? Can you give us any quantification to help us understand how much stronger than demand is?
Jason Holloway
Well, I can't go into actual specific numbers, Barry. But what I can say is, again, through our systems integrators like Synnex and others that we have discussed in the past, as well as others that I just -- I don't want to bring up, and you're going to have to trust me because we don't want to get ourselves into a situation where we potentially disqualify ourself on some opportunities that we have in the pipeline.
But I can tell you that again with our focus, also, including more of the IT, as service type partners, we see a lot of increased demos on that side of the house because, again, the commercial enterprise space, we continuously look for avenues to expand our TM2 offerings within the commercial enterprise space. And though some of these new partners, they're introducing us to their partner base, and it's given us an opportunity, at least virtually, to conduct a lot of these demonstrations.
And again, there has been an increase in RFPs, but again, we just got to be really careful how we address that because again, I just don't want to say anything that could get us disqualified, so hopefully, that helps.
Barry Sine
Okay. I have another question on sales, but before I do that, I want to ask Kellie, if you don't mind, a question. So I understand kind of the baseline normalized revenue for the quarter. And I may have missed some points, but let me tell you what I think I heard. So the GAAP reported revenue numbers 19 million, 983-K. In the press release, you talked about a 1.1 million carrier credit, and then you also talked about a delayed order, which sounds like about 1.3 million. So if I add those all together, that's about 22.4 million to think about versus expectations, what you would have reported without those items. Did I miss anything, and I'm doing the math right?
Kellie Kim
No. You're right. We have the last tranche of the carrier credit, and we had the revenue rec -- timing of the revenue rec. And so when you add up those two, you're right, it's above the 22 million for the quarter.
Barry Sine
Okay. And so -- that's helpful. I kind of have a set of what the normalized revenue would be. My last question, if we go back to prior guidance, and correct me if I'm wrong, I think what you had given out in 1Q was about 103 million for the full year. If I look at what you've reported for the first 6 months, that implies about a 15% jump from the first half of the year to the second half of the year, which is a big jump.
Part of that, Kellie, just to give me, you get that 1.3 million order has already been booked now, so that's already in the box. But help me understand how you're going to make that big of a jump sequentially.
Jin Kang
Hey, Barry, this is Jin. I'll take a shot at answering that question. And the guidance that we provided is correct. 103 on the top line and adjusted EBITDA at 4.3 million. I believe that's -- that's right, Kellie, right. And the answer is yes. We are looking at the topline revenue seriously, and we see it's within the margin of error and that we will be making that up in the second half. But I think the more important thing is that we want to improve our bottom line and so that's what we've been managing to. And so that's what we're going to be concentrating on to increase the higher-margin revenue for the second half.
We do have some catch-up things that will be happening in the third quarter, things that slipped from the second to the third. So we'll be catching up on that. And we'll be concentrating on higher-margin revenues. And so -- and that's what we've been stressing. And as I said in my prepared remarks about the carrier services being low margin, and so it is a little lumpy, and I think you already mentioned the carriers services credit that was -- that one-time -- one piece that was leftover from the first quarter that pushed into the second. So we -- as I said, we are managing to the bottom line, and whatever the lumpiness that is on the top line, we'll manage that too as best we can.
Barry Sine
Okay. Thank you very much, folks.
Operator
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. Please. Thank you again. And have a great evening.
Operator
Thank you for joining us today for WidePoint 's second-quarter 2021 conference call. You may now disconnect.
WidePoint Mobile Corporation Achieves R2v3 Certification
https://finance.yahoo.com/news/widepoint-mobile-corporation-achieves-r2v3
FAIRFAX, VA / ACCESSWIRE / August 16, 2021 / WidePoint Corporation (NYSE American:WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Identity Management (IdM), Telecommunications Lifecycle Management, and Digital Billing & Analytics solutions, today announced that its wholly-owned subsidiary WidePoint Mobile Corporation has achieved R2v3 certification for its Columbus, Ohio facility to include the "Core Requirements" as well as the following "Specialty Process Requirements": Downstream Vendor Management, Logical Sanitization, Testing and Repair of Used Mobile Devices.
The R2v3 certification standard is defined by the Sustainable Electronics Organization (SERI), https://sustainableelectronics.org. R2v3 incorporates SERI's experience gained from more than a decade of auditing and implementing the R2 Standard and reflects changes in the electronics landscape, customer demands, and the regulatory environment. R2v3 provides increased emphasis on reuse and protecting data, strengthened requirements in key areas, and clarified requirements and expectations.
Jin Kang, WidePoint's CEO stated: "WidePoint is pleased to have achieved the R2v3 certification, as it helps fulfill the vision of our Green Initiative Policy and reflects our perpetual commitment to broaden our corporate ESG initiative. It expands the scope of our Managed Mobility Services (MMS) offering by ensuring responsible recycling of our clients' devices and validating that all residual data is sanitized. Not only will this credential ensure that we meet the industry standards for responsible testing, repair, reuse and recycling programs, but it also expands our revenue streams."
Todd Dzyak, president of WidePoint Mobile Corporation, added: "With data and privacy at the forefront of concerns related to device recycling, this R2v3 certification helps WidePoint to provide peace of mind to our clients. Once devices are sent to our Columbus facility, our clients now have full visibility to the processing of each device. This R2v3 certification is not easily achieved. We are thankful to our expert team for their commitment to always elevate our security protocols."
Meet Our Global Clients
https://www.soft-ex.net/clients
CSG
"Soft-ex are an innovative and a global leader in Digital Billing Communications platforms and we are delighted to integrate their solutions into our CCM portfolio to the benefit of our joint DSP clients."
CSG Director of Product Management
BT
"BT work alongside Soft-ex to provide billing and analytics solutions that complement our cloud collaboration platforms. These solutions help to differentiate us in the unified communications marketplace by helping our customers manage their estate more effectively."
Will Haley, Head of One Cloud Cisco
Telefonica
"Telefonica are delighted to be partnering with Soft-ex and delivering their innovative Optimiser Online Bill Presentation and Analytics solutions to our major corporate and public sector customers."
Billy D’Arcy, Managing Director Enterprise
Three
"This innovative solution from Soft-ex is viewed by Three as a core Value-Added Service and competitive differentiator for customer retention and new business acquisition."
Eóin MacManus, Business Director
Eir
"Our key objectives are to enhance the customer experience and to ensure our customers receive accurate and easy-to-follow bills. With eir Business Bill Analyser we will deliver online access with the ability to analyse bills and run reports across usage, costs and performance."
Lorraine Bracken, Head of Voice & UC
Virgin Media
"Virgin Media have launched Bill Analyst powered by Soft-ex to provide our customers with an online portal for unified visibility and online billing. The Soft-ex solution is a proven value-add- service for retaining customers and winning new business."
Gavan Smyth, Vice President
Learn More About Our Global Customers
Soft-ex deliver benefits for both Enterprise and Consumer customer segments, tailored to optimize the customer billing experience
Case Studies
Unified Communications Visibility
BT wanted a partner that could combine agile and innovative software solutions for VAS and revenue generation along with flexible support and a responsive customer-oriented team. BT selected Soft-ex as a preferred partner and key component for their BT One Cloud global strategy.
READ MORE
Personalized Billing
Telefónica is one of the largest telecommunications companies in the world. With its best in class mobile, fixed and broadband networks, and innovative portfolio of digital solutions, Telefónica is transforming itself into a ‘Digital Telco’, a company that will be even better placed to meet the needs of its customers and capture new revenue growth.
READ MORE
Enhanced Customer Experience
Three required a scalable and agile Online Bill Presentment & Analytics tool which could be rolled out to all of their Enterprise customers. Their key objective was to give customers visibility on their unified communications costs and to provide them with an online analytics tool to drill down on usage and trends.
READ MORE
ABOUT US
Soft-ex, part of the WidePoint Group, is a leading supplier of Digital Billing Communications and UC Analytics solutions for Digital Service Providers (DSPs), UC Hosted Voice Providers and their Customers for IoT (wireless, wireline, PABX, TV, Internet). We have offices in North America and EMEA and we have customers and partners in over 90 countries globally. Customers include BT, Three, KPN, eir, Capita, Flexity & Cancom, Virgin Media, to name but a few. Our global enterprise clients include Nationwide, Unilever, Lloyds, Royal Mail & Tiffany. For more information, visit www.soft-ex.net
Enterprises turning to cybersecurity providers to fight off cyberattacks
https://www.helpnetsecurity.com/2021/08/10/enterprises-turning-to-cybersecurity-providers/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+HelpNetSecurity+%28Help+Net+Security%29
Excerpt -
The report for the U.S. finds many cybersecurity services providers forming partnerships to bring customers the best defenses available. Many providers are building centers of excellence, intelligence labs and global security operations centers to bring new cyber-defense solutions to market and improve their services.
The U.S. is a lucrative market for attackers, notes Doug Saylors, co-leader of ISG Cybersecurity. “While some sophisticated attacks have been state sponsored, most of them have used ransomware and malware as a way to make money,” he says. “Smart U.S. enterprises are turning to cybersecurity solutions and services providers to fight these frequent attacks.”
The growing sophistication of attackers has driven enterprises and service providers to develop new strategies to reduce the number and severity of intrusions, the report adds. Cloud security services, zero-trust architecture and treat intelligence services are gaining traction in the U.S. market.
=====================================================
WidePoint is very keen on Zero trust, also. Marketing opportunity?
Oh, I'm a hopeless dreamer... always have been. LOL
Are you still dreaming?
Lively, today.
Interesting bit of volume at 12:19-20 when 200k shares traded it way up. Did something leak about upcoming earnings? One can dream...
WidePoint Sets Second Quarter 2021 Conference Call for Monday, August 16, 2021 at 4:30 p.m. ET
https://finance.yahoo.com/news/widepoint-sets-second-quarter-2021-.html
FAIRFAX, VA / ACCESSWIRE / August 2, 2021 / WidePoint Corporation (NYSE American:WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Telecommunications Lifecycle Management, Identity Management and Digital Billing & Analytics solutions, will hold a conference call on Monday,
August 16, 2021 at 4:30 p.m. Eastern time to discuss its financial results for the second quarter ended June 30, 2021. Financial results will be issued in a press release prior to the call.
WidePoint's management will host the conference call, followed by a question and answer period.
Date: Monday, August 16, 2021
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
U.S. dial-in number: (844) 369-8770
International number: (862) 298-0840
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at (949) 574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the company's website.
A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through August 30 2021.
The share price has been just about schizophrenic of late.
WidePoint Secures More than $36 Million in Identity Management and Managed Mobility Services Contracts During the Second Quarter of 2021
https://finance.yahoo.com/news/widepoint-secures-more-36-million-
Mon, July 26, 2021, 2:00 PM
FAIRFAX, VA / ACCESSWIRE / July 26, 2021 / WidePoint Corporation (NYSE American:WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Telecommunications Lifecycle Management, Identity Management and Digital Billing & Analytics solutions, today reported that it was awarded more than $36.6 million in contract awards during the second quarter of 2021.
Jin Kang, WidePoint's CEO, stated: "The second quarter of 2021 saw 48 contractual actions, including new awards, renewals, contract extensions and exercised option periods for our TM2 Identity Management (IdM) and Managed Mobility Services (MMS) solutions."
Highlights include:
IdM credentials for a major public research university
IdM credentials for numerous defense contractors
IdM credentials for a global aerospace manufacturer
IdM credentials for an IT provider to the federal government
MMS for a leading U.S. quick-service restaurant chain
MMS for a global automotive manufacturer
MMS for a nonprofit security research think tank
MMS for a multinational dispensing equipment manufacturer
MMS for numerous DHS agencies
"Our investment in providing enhanced security to WidePoint's TM2 clients is contributing to our solutions being selected by enterprise clients that recognize the importance of data security and protection," said Kang. "As the world wakes up to daily headlines of hacking, data breaches and ransomware attacks, organizations are learning the hard way that the foundation of zero trust is identity. WidePoint's access and identity management solutions provide this foundation. We will continue to build on this differentiator as we expand our marketing efforts in both the IdM and MMS sectors."
Shared by WidePoint on Twitter -
https://federalnewsnetwork.com/commentary/2021/06/implementing-zero-trust-architecture-in-byod-environments/
Implementing zero trust architecture in BYOD environments
Scott Jack
June 25, 2021 9:27 am
4 min read
“The coronavirus pandemic demonstrated how crucial telework is to maintaining continuity of operations. Through innovative IT tools, employees were able to maintain productivity and meet their mission. With continued telework in our future, our cybersecurity strategies must continue to evolve and it’s crucial to implement modern security that protects against device-based threats and reaches to the cloud.” – Rep. Gerry Connolly (D-Va.)
Telework greatly expanded the government threat landscape and without carefully considering security requirements, agencies are placed at enhanced risk. Bring your own device (BYOD) policies and the use of mobile devices for work have become commonplace, making traditional security measures insufficient. Attackers devised new, sophisticated methods during the pandemic that target government workers connecting to agency resources using unmanaged devices. These new security challenges fast-forwarded security strategies like zero trust from a cybersecurity buzzword to an important policy.
Zero trust restricts access to resources using behavioral context, identifying anomalous activity that could be suspicious. It relies on continuous assessment of devices and their authorization –managing mobile device access and credentials allows security leaders to shore up vulnerabilities malicious actors could exploit when looking to gain access to sensitive resources.
For zero trust to be effective, there are a number of steps agencies need to consider. To start, they have to evaluate the current state of their organization’s security efforts and move forward accordingly.
The first step for an organization moving to a zero trust security strategy is to understand the most sensitive, high-consequence systems, services, applications and the data/information within the organization. Once a team has a solid awareness of its sensitive assets, it should isolate them from the rest of the network so that these resources remain protected in the event of unauthorized access.
With the most important data isolated, an agency should implement rigorous role-based identification and access management processes for those mission-critical systems, services, and applications. At the same time, it’s critical to establish a measurable, repeatable risk-management process by segmenting the ecosystem based on the level of risk.
After isolating key assets and establishing a risk-flow process, leaders should ensure they are surrounded with talented individuals and leverage partnerships with robust and well-established security and intel entities. Government is a high-risk environment for security professionals. It can be challenging to enact innovative cybersecurity strategies and in the event of a breach the security team is often held responsible. With high staff turnover, agencies should leverage networks and trusted partners to assist with various aspects of security for the long-term, including often overlooked channels like mobile and other devices that require access to agency resources.
Federal government mobile phishing encounter rates rose from 17 percent in the final quarter of 2019 to 40 percent in the first quarter of 2020 as a result of increased telework amid the pandemic. Many of the traditional safeguards against phishing attacks on desktop computers are difficult to implement on mobile devices, making mobile an easy target for attackers. The size of mobile screens is often much smaller than computers, making it difficult to clearly see the full URL displayed in a browser. It’s also nearly impossible to hover over a link to see the destination before clicking.
To fully defend agencies from mobile phishing attacks, device vulnerabilities, malware and the advanced mobile threats facing employees, a dedicated mobile security solution is always essential. To combat app-, network- and device-based mobile threats, a comprehensive mobile security solution needs to be part of zero trust efforts, ensuring every endpoint is validated before gaining permission to use a government system.
Malicious campaigns are now able to target specific individuals’ mobile devices with the goal of phishing their credentials and/or delivering malware. Many of these malicious applications expose the data within the device or even take control of its camera and microphone. As such, advanced mobile security becomes more critical to keeping government data safe as cybercriminals constantly advance their strategies.
The U.S. government rapidly transitioned to telework in 2020, thrusting mobile devices and BYOD policies into the spotlight and impacting the short- and long-term future of cybersecurity. Smart phones and other remote devices play a significant role in easing the transition to continued telework. However, the very same devices that made productivity easier away from the office introduced new cybersecurity risks.
By embracing a zero trust architecture, agencies can have full visibility and control over their resources, ensuring the devices connecting from various physical locations are safe. Over the next year, the future of remote work in government will become increasingly apparent, but zero trust will remain relevant as many agencies continue to assess their cybersecurity needs.
Scott Jack is president emeritus and consultant for Strategic Innovation at the Edge, Inc. and Principal and Owner of BeNimble Consulting, LLC. Jack also served in roles as Deputy Director and CISO for the United States Air Force; Director of the Department of Defense Public Key Infrastructure Program in the Office of the Assistant Secretary of Defense Networks and Information Integration and Director of Communication and CIO for the USAF Global Strike Command.
Someone dumped 45,000 shares during the lunch hour.
It's acting rather schizophrenic today!
Looking at the WYY from 5,000 feet, it looks like a bottom has been put in and the 50 day simple moving average is about to take a positive slope. It would be a great time to put forth some encouraging earnings and some new contracts.
A bit of insider buying never hurts (today's news item).
Windows 11 won't work without a TPM - What you need to know
https://www.bleepingcomputer.com/news/microsoft/windows-11-wont-work-without-a-tpm-what-you-need-to-know/
Windows 11 requires a TPM 2.0 security processor to install or upgrade to Windows 11. Unfortunately, mistakes in support documents have causes conflicting information on what type of TPM you need and why you need it in the first place.
Yesterday, Microsoft announced the system requirements to upgrade or install Windows 11 and included a new PC Health Check tool that you can use to check if your hardware is compatible with Windows 11.
However, after many people ran the tool, they discovered it was reporting that "This PC can't run Windows 11," even on devices that run Windows 10 flawlessly as they do not have a TPM 2.0 installed.
Binance exchange helped track down Clop ransomware money launderers
For those with hardware purchased over the past couple of years, the likely reason you see this message is that you do not have specific settings enabled in your BIOS, or you do not have a Trusted Platform Module (TPM) installed.
Why you need a TPM
A TPM is a dedicated processor used to perform hardware-based cryptographic operations to secure encryption keys and defend against malicious tampering of your hardware and the boot process.
An example of a TPM that you can purchase and add to an Asrock motherboard is shown below.
TPM processors come in two versions - an older and less secure 1.2 version and a more secure 2.0 version, which is a requirement for Windows 11.
Since 2013, Intel and AMD added firmware TPM technology to many of their CPUs that perform the same functionality as a TPM 2.0 processor without the need of a dedicated module.
For Intel Process, this technology is called Intel Platform Trust Technology (Intel PTT), and for AMD, it is called AMD Platform Security Processor.
"Almost every CPU in the last 5-7 years has a TPM. For Intel its called the "Intel PTT" which you set to enabled. For AMD it would be "AMD PSP fTPM". TPMs have been required for OEM certification since at least 2015 and was announced in 2013," said David Weston, Director of Enterprise and OS Security at Microsoft.
With Windows 11, Microsoft has brought security to the forefront by requiring a TPM 2.0 or compatible technology (Intel PTT or AMD PSP fTPM) to be available.
When a TPM 2.0 is installed in Windows, the operating system can use more robust encryption to secure your Windows Hello PINs, encrypts passwords, and enables more advanced security features, such as Windows Defender System Guard.
"The following Windows features require TPM 2.0: Measured Boot, Device Encryption, WD System Guard, Device Health Attestation, Windows Hello/Hello for Business, TPM Platform Crypto Provider Key Storage, SecureBIO, DRTM, vTPM in Hyper-V," Microsoft told BleepingComputer.
"It is also a foundational security component to Windows in addition to Virtualization Based Security and the enablement of Android Apps on Windows delivered in a secure way."
Unfortunately, this week, there was a bit of confusion as one Microsoft support document stated TPM 1.2 was the minimum requirement for Windows 11. In contrast, another hardware requirements page said it was TPM 2.0.
This conflicting information has since been fixed by Microsoft, who clarified to BleepingComputer that Windows 11 requires TPM 2.0.
What you should do
Most modern motherboards released over the past few years support dedicated TPM 1.2 or 2.0 processors.
While they support TPM, it is usually required that you purchase and install the appropriate dedicated TPM that is compatible with your motherboard and then enable it in the BIOS.
However, since Windows 11 considers TPM 2.0 and the Intel PTT and AMD PSP fTPM CPU features to be equivalent, most people who have purchased a CPU over the last 5-7 years do not need to buy a dedicated TPM for their motherboard.
Instead, to achieve Windows 11 hardware compatibility, you just need to enable Intel PTT or AMD PSP fTPM support in your BIOS.
Once you enable Intel PTT or AMD PSP fTPM support in the BIOS, even if you do not have a dedicated TPM 2.0 module, the PC Health Check tool will still consider your hardware compatible with Windows 11.
To enable Intel PTT or AMD PSP fTPM support is different on every motherboard but is usually found in the BIOS's advanced settings under security.
Microsoft has released a list of Windows 11 compatible Intel, AMD, and Qualcomm CPUs.
WidePoint's Subsidiary Soft-ex Awarded Microsoft Co-sell Ready Status for Innovative UC Voice Analytics & Billing Solution
https://finance.yahoo.com/news/widepoints-subsidiary-soft-ex-awarded-130000382.html
Mon, June 14, 2021, 2:00 PM
FAIRFAX, VA / ACCESSWIRE / June 14, 2021 /WidePoint Corporation (NYSE American:WYY), a leading provider of Trusted Mobility Management (TM2) specializing in Telecommunications Lifecycle Management, Identity Management and Digital Billing & Analytics solutions, announced today that its subsidiary Soft-ex Communications was awarded Co-sell Ready status by Microsoft. The certification enables Soft-ex to engage and collaborate on global sales opportunities with Microsoft's sales teams and channel partners, delivering accelerated business growth.
The current trend among corporations to undertake or complete digital transformations of their end-to- end operations has created a unique opportunity for Microsoft and its partners to engage with customers in new and compelling ways. Co-sell Ready status exposes Soft-ex solutions to Microsoft sales teams and channel partners, identifying joint opportunities and accelerating customer success. The Soft-ex solution is now available within the Microsoft commercial marketplace and provides Microsoft Teams customers with an advanced UC Voice Analytics & Billing solution to assist in optimizing adoption, customer experience, costs, and quality of service.
Ian Sparling, CEO at Soft-ex, stated: "Soft-ex is proud to have achieved Microsoft Co-sell Ready status. Now that our SaaS solutions are included in the Microsoft Product Catalog, Soft-ex can offer a truly integrated journey to optimizing unified communications infrastructure, performance and costs in a Microsoft Teams environment. Our SaaS platform provides centralized visibility and advanced self-serve analytics for Microsoft clients. As Soft-ex collaborates with Microsoft, we'll continue to become even more effective at delivering compelling solutions and enhanced digital experiences for our mutual customers."
Jin Kang, WidePoint's CEO commented: "We are excited to be selected by Microsoft as a global Co-sell Ready partner at a time when their UC platforms are in such high demand as a result of the new way we all now work and communicate. This certification will allow WidePoint to engage directly with Microsoft on joint selling opportunities to reach global customers, take innovative complementary solutions to the market, and deliver tangible customer success."
About Soft-ex
Soft-ex Communications, Ltd., part of the WidePoint Group, is a leading supplier of SaaS based Digital Billing and Analytics solutions that provide unique online data intelligence for Digital Service Providers and their Enterprise & Consumer customers for fixed, mobile and PABX communications. Headquartered in Ireland, Soft-ex has customers and partners in over 70 countries globally. For more information, visit soft-ex.net.
About WidePoint
WidePoint Corporation (NYSE American:WYY) is a leading provider of trusted mobility management (TM2) solutions, including telecom management, mobile management, identity management, and digital billing and analytics. For more information, visit widepoint.com.
Investor Relations:
Gateway Investor Relations
Matt Glover
949-574-3860
WYY@gatewayir.com
SOURCE: WidePoint Corporation
Thanks for catching that Methinks... it can't hurt.
Cleanspark and Kopin among tech stocks to added to Russel Microcap Index; Digital Turbine and Cohu among deleted
https://seekingalpha.com/news
Jun. 14, 2021 6:28 PM ETAPPS, CLSK...Boxlight Corporation (BOXL)By: Manshi Mamtora, CFA
At 2021 Russell indexes annual reconstitution, following technology stocks will be added to and deleted from the Russell Microcap Index.
Additions include: Boxlight (NASDAQ:BOXL), Emagin (NYSE:EMAN), Cleanspark (NASDAQ:CLSK), Inpixon (NASDAQ:INPX), Kopin (NASDAQ:KOPN), Phunware (NASDAQ:PHUN), Sigma Labs (NASDAQ:SGLB), Super League Gaming (NASDAQ:SLGG), Widepoint (NYSE:WYY), Zedge (NYSE:ZDGE)
Deletions include: Calix (NYSE:CALX), Cohu (NASDAQ:COHU), Digital Turbine (NASDAQ:APPS), Domo (NASDAQ:DOMO), Par Technology (NYSE:PAR), Sitime (NASDAQ:SITM), Techtarget (NASDAQ:TTGT), Ultra Clean (NASDAQ:UCTT)
The changes are effective on June 28 after market opens.
Zero Trust Architecture for Devs: What You Need To Know
https://www.devprojournal.com/technology-trends/security/zero-trust-architecture-for-developers/
Shared by WYY.
Take advantage of a model that enhances security and user experiences.
By Mike Monocello -April 28, 2021
Zero trust architecture addresses some of the security challenges that complex IT environments in today’s businesses create. Most teams access applications and data in multiple clouds – from multiple worksites or their homes at any time of day, using various devices. In addition to providing businesses with greater flexibility, however, it also makes securing the network, systems, applications and data more difficult.
Businesses are waking up to the fact that perimeter-based security strategies, such as a firewall, aren’t enough to protect data used in home networks or accessed by personal mobile devices. Moreover, cybercriminals are finding their ways past perimeter-based security, either by finding vulnerabilities or using social engineering to get login credentials to come in through the front door.
In addition to the need for Zero Trust at your user’s businesses, however, you also need to take a hard look at whether adopting Zero Trust architecture is the right move to strengthen security at your software company. Steve Winterfeld, Advisory CISO at Akamai, answers questions that you may have as you evaluate your current security posture and plan next steps.
How do you define Zero Trust architecture in a development environment?
Winterfeld: First, to define Zero Trust, I like to use NIST SP 800-207 “Zero Trust Architecture” from August 11, 2020: “Zero Trust refers to an evolving set of security paradigms that narrows defenses from wide network perimeters to individual or small groups of resources. Its focus on protecting resources rather than network segments is a response to enterprise tends that include remote users and cloud-based assets that are not located within an enterprise-owned network boundary.”
That said, there are two approaches: micro-segmentation (MSNA) and application access (ZTNA). Think of it as moving from layer 3/4 (VPN) to layer 7. ZTNA is the more modern approach.
If you are using ZTNA, the developer team could provision applications and users on their own. If the company uses MSNA, you would have to deal with VPN provisioning, so you have a blocker to clear. ZTNA also provides role-based access by default.
Why is Zero Trust necessary in 2021?
Winterfeld: Companies are leveraging their developer teams to rapidly deploy competitive capabilities, which has made them a critical part of the business. In that case, protecting access to what they are doing and ensuring they have smooth access is vital.
Additionally, privacy laws and other regulations include the need for secure access, and Zero Trust is one of the more effective ways to be a complaint.
Are there benefits of Zero Trust beyond security?
Winterfeld: Depending on deployment, Zero Trust can provide a better user experience. It also streamlines provisioning and adds more flexibility due to power being put in developers’ hands. Finally, the architecture can provide better situational awareness across a multi-cloud environment
What advice do you have for developers implementing Zero Trust?
Winterfeld: The first step is to define the set of tools (software development, collaboration, project tracking, and administration) you need access to, then develop a phased approach to moving them to Zero Trust architecture.
Finally, developers should ensure they are compliant with processes like deprovisioning employees when they leave the company.
Resources to Learn More About Zero Trust Architecture
There are several resources available that can help you learn more about Zero Trust architecture and implement this model, including:
NIST, Zero Trust Architecture
NSA, Guidance on the Zero Trust Security Model
The Akamai blog also has several articles on the topic and videos on how to implement Zero Trust.
So a cross of the 50 day Simple Moving Average over the 200 day SMA is called a Golden Cross. We're about to experience the opposite. I wonder what the term for it is? A 'Sharon Stone' perhaps? ... a golden uncross?
CEO buys a couple few ... can't hurt.
WidePoint tweeting 5G again.
WidePoint Corporation
@WidePoint
·
14h
@Verizon
is expanding 5G services to 170 countries - almost 90% of the world. Learn more here: https://hubs.ly/H0Ns3PG0
https://uk.pcmag.com/old-wireless-carriers/133263/these-cities-have-the-fastest-5g-in-the-world
Right, exactly what I was thinking. Not a very steep ramp up.
The press releases were in December 2020
so almost half a year later should have produced more business gains, especially when you look at their client list.
From these two press releases one would think it's a pretty big deal:
http://irdirect.net/prviewer/release_only/id/4564639?content_width=100&hide_zoom_bar=1&font_family=arial
http://irdirect.net/prviewer/release_only/id/4556915?content_width=100&hide_zoom_bar=1&font_family=arial
Since their numbers are included in WidePoint's results, they must not be all that big. Either that, or they are still ramping up.
Not being negative, just recognizing the reality.
Thanks Methinks... I've got some reading to do.
They are not increasing their sales staff, much
so I doubt that sales will increase dramatically but we still don't hear much about Soft-ex which is the British end of the operation so I am putting a few links up for your information.
https://www.soft-ex.net/
https://www.soft-ex.net/clients
https://www.soft-ex.net/casestudy-news-and-blog
https://www.soft-ex.net/aboutus
https://www.soft-ex.net/solution
Nice call there, Bull. Oh wait, that was me.
Yesterday's chart looked like a reversal signal. We'll see what happens today... confirm maybe? It's overdue.
Yes, that's what I heard.
A good sales staff should be able to create some buzz over such a statement.
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