High Wire Networks Inc. Stock Price, News & Analysis

High Wire Networks (OTCQB: HWNI) has appointed Edward Vasko as CEO and Mark Dallmeier as CRO of its Overwatch managed cybersecurity services division. Vasko brings over 30 years of cybersecurity experience, while Dallmeier has 27 years of expertise in driving technology company growth. The company also named Michael Lieder as senior director of Overwatch Service Delivery and Products.

These appointments aim to accelerate Overwatch's growth, expand its market share, and enhance its partner community. Overwatch currently has over $10.4 million in total contract value for its services and is positioned to address the growing demand for AI-powered cybersecurity solutions. High Wire offers its Overwatch services through a global network of over 200 MSPs and MSSPs, targeting a cybersecurity market expected to reach $563 billion by 2032.

High Wire Networks (OTCQB: HWNI) reported Q2 2024 results with revenue up 14% to $1.9 million and net income of $4.8 million. Key highlights include:

- Sale of technology enablement services business for $11.2 million, used to reduce debt by $5 million
- Overwatch managed cybersecurity revenue increased 24% to $1.05 million
- Gross margin expanded to 40.8% from 25.4% year-over-year
- Total contract value for Overwatch reached $10.4 million, up from $6.0 million last year
- Integrated new SIEM system into Overwatch MXDR services
- Appointed Edward Vasko as strategic advisor for Overwatch growth

The company is focusing on scaling its higher-margin Overwatch cybersecurity business, aiming to double total contract value in the near term. Management expects continued margin improvement and operational profitability for Overwatch by Q4 2024.

High Wire Networks (HWNI) has sold its technology enablement services to ServicePoint in an $11.2 million all-cash deal. The company is also planning to sell its Secure Voice (SVC) subsidiary by Q3 2024. These moves aim to streamline High Wire into a pure-play, AI-powered managed cybersecurity provider, focusing on its Overwatch division. The sale proceeds will reduce overall debt by $5 million and improve net shareholders' equity to over $6 million. Overwatch's total contract value (TCV) for Q1 2024 reached $10.4 million, a 104% increase year-over-year, while recurring revenue has increased by 25% annually. High Wire expects to achieve breakeven in the second half of 2024 and aims to double its TCV in the near term. The company has also signed new large-scale partners, enhancing its market position.

High Wire Networks (OTCQB: HWNI) has appointed Edward Vasko, CISSP, as a strategic advisor to boost its Overwatch managed cybersecurity services. Vasko, who has over 30 years of experience in the cybersecurity field, will leverage his extensive knowledge in business formation, growth strategies, and M&A. His current role as director at Boise State University's Institute of Pervasive Cybersecurity and his experience with Terra Verde (now Avertium) highlight his leadership capabilities. Vasko aims to strengthen High Wire’s channel partner network and enhance delivery of its services. High Wire's Overwatch technology is recognized for its AI capabilities, and the company was recently awarded a significant contract with a U.S. health system. Frost & Sullivan ranks High Wire among the Top 12 Managed Security Service Providers in the Americas.

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.