High Wire Networks Inc. Stock Price, News & Analysis

High Wire Networks (OTCQB: HWNI), a global provider of managed cybersecurity services, has expanded its Overwatch Managed Cybersecurity Partner Program to enhance support for managed service providers (MSPs). The program now includes over 225 MSPs and offers benefits to drive recurring revenue through comprehensive support and resources. New features include tailored success plans, dedicated Partner Success Managers, and marketing development funds. The program aims to help MSPs improve their cybersecurity practices and increase their operational efficiency.

High Wire is recognized as a Top 12 Managed Security Service Provider in the Americas and boasts a strong portfolio servicing Fortune 500 companies. The company's global reach and strategic partnerships continue to position it as a leader in the cybersecurity market.

High Wire Networks (OTCQB: HWNI) will showcase its managed cybersecurity and IT enablement services at the Kaseya Connect Global Conference from April 24 to April 27, 2023, at the MGM Grand Resort in Las Vegas. The company will exhibit at Booth #644 and host a VIP bourbon tasting and Open XDR demo on April 26 from 5-7 p.m. The conference expects over 5,000 attendees, including leading IT professionals and industry leaders.

High Wire's Overwatch service has seen over 430% customer growth in the past year, driven by a robust MSP partner program with over 625 channel partners. Recently recognized as one of the Top 12 Managed Security Service Providers in the Americas by Frost & Sullivan, High Wire continues to enhance its support for MSPs.

High Wire Networks (OTCQB: HWNI) announced a $1.6 million annual contract renewal with a Fortune 500 environmental solutions provider, facilitated through a premier global channel partner. The renewal expands services to 60 additional customer sites, increasing from the previous $1.3 million program. Key offerings include managed services for data network resources, equipment installation, and on-demand logistics management. High Wire will continue project management support and emergency service for network outages via its 15,000 field technicians. This engagement builds on a long-term partnership, enhancing service delivery models and potentially generating additional business opportunities. High Wire's growth reflects its strategy to improve efficiency and cost-effectiveness in managing technology services.

High Wire Networks, Inc. (OTCQB: HWNI) announced a strong outlook for 2023, projecting revenue growth of 59% to 74%, reaching $43 million to $47 million. This positive forecast is supported by a record $8.3 million revenue in Q4 2022, a 34% increase year-over-year. The company's backlog for its Overwatch managed cybersecurity business stands at a record $5.7 million. Despite a net loss of $11.3 million for 2022, this reflects a 51% improvement from 2021. Financial measures include a cash increase to $1.3 million by March 2023. The company plans to leverage its enhanced capital structure to support an up-listing to a major exchange, potentially boosting shareholder value and market presence.

High Wire Networks (OTCQB: HWNI) has secured a $5.3 million project to upgrade mobile Wi-Fi access in over 2,000 retail locations across the U.S. This initiative, part of a digital transformation strategy, aims to enhance the in-store customer experience and is backed by one of High Wire's significant global partners, which has contributed over $35 million in projects in recent years. The upgrades are expected to be completed by November 2023. With a growing demand for next-gen Wi-Fi technology, High Wire anticipates a revenue growth outlook of 59% to 74% in 2023, projecting revenues between $43 million and $47 million.

High Wire Networks, Inc. (OTCQB: HWNI) has successfully exchanged approximately $236,000 of a convertible note into a conventional loan, which is set to be repaid by August 2023. This action will reduce potential share dilution by about 4 million shares, or 1.4% of fully diluted shares outstanding. Earlier in the week, the company completed the sale of its staffing business for $11.5 million, which eliminated convertible debt and reduced its fully diluted share count by 17%. Additionally, the company renewed its revolving credit facility, decreasing fees and interest by 40%, providing a total capacity of $5 million.

High Wire Networks, a global leader in managed cybersecurity, announced the strategic sale of its staffing business for $11.5 million. This divestiture will eliminate $3.9 million in annual debt payments and reduce fully diluted common shares by 16%. The company projects revenue growth in 2023 of $43 million to $47 million, a 59% to 74% increase from the previous year. Over half of its revenue in 2022 was recurring, and with a historical high in contracted deployments and a strong sales pipeline, High Wire aims to focus on its higher-margin cybersecurity business.