Widepoint ( (WYY) ) has released its Q4 earnings. Here is a breakdown of the information Widepoint presented to its investors.
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WidePoint Corporation is a leading Managed Solution Provider specializing in cybersecurity and mobile technology services, offering innovative solutions such as Identity and Access Management, Mobility Managed Services, and Cloud Security. In its latest earnings report, WidePoint announced a strong financial performance for the fourth quarter and full year 2024, with significant revenue growth and improved profitability metrics. The company reported a 33% increase in fourth-quarter revenues to $37.7 million and a 35% rise in annual revenues to $142.6 million. Gross margins remained stable, while adjusted EBITDA showed substantial improvement, indicating enhanced operational efficiency.
WidePoint’s strategic achievements included securing a $2.5 million task order under the Spiral 4 Contract Vehicle and achieving FedRAMP Authorized Status for its Intelligent Technology Management System. Additionally, the company launched the M365 Analyzer and partnered with 22Vets Technologies for a Smart City Internet of Things Program, contributing to a $290 million contract backlog by the end of 2024.
Financially, WidePoint reported a net loss reduction to $356,000 for the fourth quarter and $1.9 million for the full year, reflecting a significant improvement from the previous year’s losses. The company also achieved positive free cash flow for five consecutive quarters, reaching $593,000 in the fourth quarter and $2.5 million for the year. These results underscore WidePoint’s successful execution of its strategic goals, focusing on sales, marketing, and technical advancements.
Looking ahead, WidePoint’s management is optimistic about achieving positive earnings per share in 2025. The company plans to expand its strategic partnerships, leverage its FedRAMP status for new opportunities, and commercialize its MobileAnchor and M365 Analyzer solutions. With a strong position for upcoming contract recompetes and continued focus on growth, WidePoint aims to enhance shareholder returns and sustain its positive financial trajectory.