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High Wire Networks (HWNI) has secured a key contract to deliver its Overwatch OT/IoT Security™ solution to a major U.S. health system with over 25 hospitals and clinics. This project will extend the management of IoT devices to 2,750, enhancing security through an agentless, zero-trust approach. The Overwatch SOAR™ technology integrates AI to consolidate alerts and improve threat response, providing 24/7 monitoring. This contract highlights the growing need for advanced cybersecurity in healthcare, a sector where data breaches average $10.93 million per incident. High Wire ranks as a top Managed Security Service Provider and anticipates more such opportunities as demand for cybersecurity grows, projected to reach $425 billion by 2030.
High Wire Networks (OTCQB: HWNI) reported Q1 2024 financial results, showing a 57% sequential revenue growth to $7.7 million, despite a year-over-year decline of 25%. Adjusted EBITDA reached $674,000. The company recorded a net loss of $414,000. Gross profit increased by 144% to $3.5 million, with gross margins expanding to 45.7%. Monthly recurring revenue hit approximately $1.0 million, totaling $12 million annually. The total contract value for Overwatch cybersecurity services doubled to $10.4 million. High Wire implemented cost reductions, saving over $3.5 million annually. Operational highlights include a major pilot project and significant contract renewals.
High Wire Networks, Inc. announced that its CMO, Susanna Song, was named to CRN 2024 Women of the Channel Power 100 Solution Provider list, recognizing influential women in leadership in the IT channel. Song leads marketing for managed cybersecurity services, contributing to the growth of High Wire's global channel partner network. She was also invited to moderate a panel on Cyber & Hybrid Warfare at the PISM Strategic Ark 2024 conference.
