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WidePoint Corporation
Mon, March 27, 2023 at 9:05 PM GMT+1·11 min read
WidePoint Corporation
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FAIRFAX, VA / ACCESSWIRE / March 27, 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), reported results for the fourth quarter and full year ended December 31, 2022.
Fourth Quarter 2022 and Recent Operational Highlights:
Executed a new contract to provide Mobile and Telecom Managed Services to a Standard & Poor's 500 Food & Beverage company; WidePoint was selected to replace one of its competitors
Executed two new contracts with leading telecommunications companies under its strategic agreement with CSG International
Announced that its subsidiary Soft-ex Communications has been formally launched in the Ingram Micro Cloud Marketplace for its innovative Voice Analytics solution which helps drive Microsoft Teams usage and adoption
Entered into a strategic agreement with a leading cybersecurity and identity management company to transition all of their federal government customers to WidePoint's IdM delivery system
Entered into a reseller agreement with BK Technologies Corporation for the resale of BK's InteropONE PTToC (Push-To-Talk Over Cellular) service to the U.S. Department of Homeland Security and the U.S. Department of State
Achieved Intelligent Technology Management System (ITMS) has achieved "FedRAMP in Process" status
WidePoint's Public Key Infrastructure (PKI) Identity & Access Management solution is in compliance with the new phishing-resistant MFA Guidance issued by CISA, the Cybersecurity & Infrastructure Security Agency of the U.S. Department of Homeland Security
15 total contractual actions resulting in over $5.7 million in funding for the next 12 months: $360,000 in new Commercial contracts, and $5.3 million in Government contracts, including $141,000 in new contracts and $5.2 million in renewals
Fourth Quarter 2022 Financial Highlights:
Revenues were $23.3 million
Managed Services and billable fees revenue increased to $8.4 million
Gross margin was 15%
Net loss totaled $8.9 million, or a loss of $(1.02) per diluted share
Adjusted EBITDA, a non-GAAP financial measure, was $561,000
As of December 31, 2022, cash and cash equivalents equaled $7.5 million
Full Year 2022 Financial Highlights:
Revenues grew 8% to $94.1 million
Managed Services and billable fees revenue increased to $28.1 million
Gross margin was 15%
Net loss totaled $23.6 million, or a loss of $(2.70) per diluted share
Adjusted EBITDA, a non-GAAP financial measure, was $1.1 million
Management Commentary
"We finished off 2022 on a high note, as we met both guidance targets with full year revenue of $94.1 million and Adjusted EBITDA of $1.1 million thanks to the continued operational excellence of our team in conjunction with our growing sales pipeline," said WidePoint CEO, Jin Kang. "That same momentum has carried over into 2023 as we're seeing strong renewal rates with existing customers thanks to the continued upsell and cross-selling opportunities we provide, supplemented by net new federal government and commercial enterprise customers wins we're procuring. We are making significant progress across all fronts of our business with a leaner workforce and remain well-capitalized and financially sustainable. Looking ahead, our team will continue to steadfastly execute our organic growth strategy, while meticulously vetting M&A targets for our inorganic initiative."
