Welcome to our dedicated page for High Wire Networks news (Ticker: HWNI), a resource for investors and traders seeking the latest updates and insights on High Wire Networks stock.
High Wire Networks, Inc. reports developments around managed cybersecurity and IT enablement services, with recurring updates centered on the Overwatch by High Wire Networks platform. News commonly covers Overwatch subscription services for threat prevention, detection and response; AI-driven SIEM and XDR integrations; 24/7 security operations center capabilities; risk, compliance and advisory services; and channel-partner adoption among managed service providers.
Company updates also address cybersecurity bundles, partner renewals, strategic alliances, operating results from continuing operations, SVC telecom services, automation initiatives, and capital actions involving its common stock structure. The coverage reflects High Wire’s channel-first model and its focus on recurring managed security 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.
High Wire Networks (OTCQB: HWNI) has announced the renewal and expansion of its credit facility from $5 million to $9 million, achieving a 40% reduction in fees and interest rates. This improved financing structure enhances liquidity and operational scaling to meet client demands. The initiative aligns with the company’s strategy to strengthen its financial health by eliminating high-interest debt and positioning for an uplisting on a major U.S. exchange. High Wire, a global provider of cybersecurity and IT services, aims to leverage this funding to capitalize on positive market trends.
High Wire Networks (OTCQB: HWNI) will present at the 35th Annual ROTH Conference from March 12-14, 2023, at The Ritz Carlton, Laguna Niguel, California. CEO Mark Porter, COO Stephen LaMarche, and CTO David Barton will engage in one-on-one meetings with analysts and investors to discuss the company’s leadership in IT and cybersecurity managed services. High Wire's services thrive through a network of over 600 channel partners, serving SMBs and enterprise customers worldwide, including many Fortune 500 companies. The company is ranked as a Top 12 Managed Security Service Provider by Frost & Sullivan and featured in CRN’s MSP 500 and Elite 150 lists.
High Wire Networks, Inc. (OTCQB: HWNI) has been recognized by CRN Magazine in its 2023 MSP 500 and Elite 150 lists, highlighting its global managed cybersecurity and IT services. This recognition underscores High Wire's innovative approach, catering to midmarket and enterprise clients. The company's Overwatch managed cybersecurity platform has seen a user expansion of over 430% in the last year, now serving nearly 1,000 customers, including Fortune 500 companies. CEO Mark Porter emphasizes the importance of flexibility and vendor-agnostic integration in addressing current market needs.
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High Wire Networks (OTCQB: HWNI) announced the onshoring of 100% of its 24/7 network and security operation centers to Batavia, Illinois, enhancing its cybersecurity infrastructure. The company reported a 430% growth in its Overwatch managed cybersecurity platform, which now serves nearly 1,000 customers, including Fortune 500 companies. High Wire's MSP Partner Program has expanded to over 200 partners, driving strong demand for cybersecurity solutions. The company also boasts a record backlog of $6.5 million for Overwatch, boosted by the adoption of enhanced cybersecurity policies. The global cybersecurity market is projected to grow at a 13.4% CAGR to reach $376 billion by 2029.
High Wire Networks has appointed Stephen LaMarche as Chief Operating Officer, effective February 6, 2023. LaMarche, who has over 25 years of leadership experience, will manage High Wire’s rapidly growing managed IT services, notably the Overwatch cybersecurity service, which has expanded by 400% to nearly 1,000 customers. This growth is fueled by a robust MSP partner program with over 200 partners globally and rising cybersecurity demand. The global cybersecurity market is projected to reach $376 billion by 2029. High Wire anticipates continued success as it leverages LaMarche’s expertise to enhance its offerings and expand its market presence.