High Wire Networks Inc. Stock Price, News & Analysis

High Wire Networks (OTCQB: HWNI) has secured a managed services contract renewal valued at $1.2 million annually from a Fortune 500 healthcare company, doubling the previous contract of $600,000. This renewal broadens the scope to include management of additional end user compute devices. High Wire's services support clinical outcomes and adherence to compliance frameworks, reflecting increasing demand for their Overwatch cybersecurity platform. The global managed services market is projected to grow at 13.8% CAGR to reach $680 billion by 2030.

High Wire Networks (OTCQB: HWNI) has partnered with CMA, a capital markets advisory firm, to enhance its investor relations and public presence. The company reported a 53% revenue increase, totaling $52 million for the last twelve months, and a record backlog of $19.2 million, setting the stage for sustained growth in 2023. High Wire aims to leverage CMA's expertise to attract high-net-worth and institutional investors. The cybersecurity market is projected to grow significantly, with High Wire positioned to benefit from this trend.

High Wire Networks (OTCQB: HWNI) has appointed Stephan Tallent as Chief Revenue Officer for its Overwatch Managed Security Services division. Tallent, a seasoned IT executive with over 20 years of experience, previously held significant roles at Stellar Cyber and Fortinet, achieving major revenue growth in managed security services. Under his leadership, High Wire's cybersecurity revenue has surged by more than 260% year-to-date through its partner community. This strategic appointment aims to enhance partners' capabilities and respond to escalating cybersecurity demands.

High Wire Networks (OTCQB: HWNI) has completed a $6 million Private Investment in Public Equity (PIPE) as part of a total offering of up to $10 million, expected to close in early December. The capital raise aims to provide working capital for growth in managed services, eliminate over $4.5 million in debt, and reduce monthly debt obligations by over $300,000. The funds will also support the company's Managed Cyber Security Services business and position it for a future national exchange listing.

High Wire Networks Inc. (OTCQB: HWNI) reported impressive Q3 results, with $13.5M in revenue, representing a 26% year-over-year increase on a pro forma basis. This marks five consecutive quarters of growth, with quarterly increases ranging from 20% to 80%. Notably, Overwatch revenue surged 373% compared to the same period last year, and paying clients rose 27% quarter-over-quarter. Backlog in technology projects reached $19 million, nearly quadrupling since January 2022, underscoring strong demand in the managed security segment.

High Wire Networks (OTCQB: HWNI) announced a $1.8 million contract for a phone lifecycle refresh project, upgrading over 60,000 IP phone sets at 433 U.S. government sites. This marks their eleventh large-scale government project since 2021. David Hand, Vice President of Global Systems Integrators, expressed confidence in their ability to deliver high-quality results on time. High Wire has been a trusted partner for VARs and telecom providers, offering services in over 180 countries.

High Wire Networks Inc. (OTCQB: HWNI) has secured an additional $6.7 million for a technology deployment project, increasing the total contract value to over $12 million. The project will involve deploying multiple technologies across thousands of stores in the U.S. and U.S. territories. CEO Mark Porter emphasized the importance of long-term programs for sustained success, while EVP Don Schmidt expressed excitement about collaborating with their systems integrator partner. This expansion enhances High Wire's position in technology services.

High Wire Networks (OTCQB: HWNI) has secured a $5 million project to refresh technology in over a thousand U.S. stores. The initiative encompasses wireless solutions including predictive surveys and network cabling, supported by the company's global command center for project management. This marks a significant expansion, with over $18 million in total opportunities this year, covering more than 3,000 facilities. High Wire has established itself as a reliable partner, enhancing operational efficiency and customer satisfaction across various sectors.

High Wire Networks (OTCQB: HWNI) reported a significant 44% year-over-year increase in revenue for Q2 2022, totaling $13.7 million. The company achieved a net income of approximately $5.4 million, contrasting with a net loss of $2.25 million in Q2 2021. This marks the fourth consecutive quarter of revenue growth, with Overwatch Managed Security revenue increasing by 316%. The company ended the quarter with nearly 600 Overwatch clients and continues to focus on scalability and profitability despite market challenges.