High Wire Networks Inc. Stock Price, News & Analysis

High Wire Networks (OTCQB: HWNI) reported a significant revenue growth of 82% year-over-year, totaling $12.7 million for Q1 2022. The company achieved a net income of $5 million, contrasting with a net loss of over $10 million in Q1 2021. Strong performance in its Overwatch Managed Security service, with a 65% increase in paying clients and a 44% rise in revenue from Q4 2021, underscores its growth trajectory. High Wire aims for operational profitability with ongoing debt restructuring to ease financial burdens.

High Wire Networks (OTCQB: HWNI) reported a 41% growth in pro forma revenue for Q4 2021 compared to Q4 2020, following over 20% growth in Q3 2021. The company's Overwatch Managed Cybersecurity customer growth surged by 300% in the second half of 2021, with a 100% increase in channel partners. The staffing segment's annual run rate increased from $14 million to $25 million, nearly doubling its gross profitability. High Wire also secured over $10 million in booked projects during Q4 2021, demonstrating strong backlog growth across segments.

High Wire Networks Inc (OTCQB: HWNI) has partnered with Archetype SC to deliver Overwatch Managed Cybersecurity services, marking a significant multiyear, monthly recurring revenue deal. The partnership has secured its first contract with a large construction firm following prior ransomware attacks. This deal emphasizes the effectiveness of Overwatch’s 24/7 Security Operation Center and integrated detection responses, enhancing cybersecurity measures for clients across various sectors. The collaboration aims to address critical security needs and minimize risks for clients.

High Wire Networks (OTCQB: HWNI) has initiated a $2 million wireless solution project across 63 stores and 12 distribution centers in the U.S. for a supermarket chain. The project includes predictive wireless surveys and installation of thousands of cables and access points, along with network hardware upgrades. This project is managed to avoid disruption to the grocery chain's operations. Their CEO emphasized the company's commitment to delivering comprehensive solutions regardless of the project's scale.

High Wire Networks (OTCQB: HWNI) has secured a federal contract to provide technology services, marking the 15th consecutive year of partnership with a federal agency. The company emphasizes its capacity to deliver skilled personnel worldwide, fulfilling service agreements in as little as two hours. High Wire manages over 200,000 technology professionals across more than 180 countries, offering a range of services, including managed services, field technical support, and cybersecurity solutions through its Overwatch Managed Security Marketplace.

High Wire Networks Inc (OTCQB: SGSI) has divested its 50% stake in JTM Electrical and Technology, LLC for $525,000, with $200,000 upfront and the remainder payable over 13 months. This strategic move aligns with the company’s focus on its national electrical and technology installation services, reinforcing its vision for high-value services and recurring revenue streams. However, this divestiture will impact the company’s previously forecasted Q1 2022 revenue, with no updates provided on the revised estimates.

High Wire Networks Inc. (OTCQB: HWNI) has announced a managed services agreement with a growing network operator in Florida. This contract is projected to generate annual revenues between $1 million and $4 million with potential for expansion. Services provided include managed voice, recruitment outsourcing, network management, and cybersecurity. The project is set to ramp up quickly in the first quarter of 2022. CEO Mark Porter emphasizes the alignment of this agreement with the company's digital transformation strategy and aims to establish itself as a leading global Systems Integrator.

High Wire Networks has announced a name change and new ticker symbol HWNI, effective January 10, 2022, as approved by FINRA. This transition marks a significant step in the company's evolution, enhancing its brand identity and market presence. CEO Mark Porter emphasized the importance of this change for stakeholders, including employees, customers, and investors, highlighting the company's role in providing cybersecurity and managed services globally. High Wire Networks operates in over 180 countries, offering flexible vendor-agnostic services, including design, installation, and cybersecurity solutions.