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WidePoint Corporation (WYY) reports developments in secure mobile management and technology managed services for government and enterprise customers. The company’s updates center on Trusted Mobility Management (TM2), Identity & Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service, Cloud Security, and Analytics & Billing as a Service (ABaaS).
Recurring news includes financial results and conference calls, managed-services contract awards, government mobility task orders under Cellular Wireless Managed Services (CWMS), FedRAMP-authorized ITMS platform activity, Device-as-a-Service opportunities, and investor conference participation. Updates also reference subsidiary and alliance activity, including Soft-Ex work tied to license management.
WidePoint Corporation (NYSE American:WYY) announced that its Public Key Infrastructure (PKI) Identity & Access Management solution complies with new guidance from the Cybersecurity & Infrastructure Security Agency (CISA). CISA emphasizes the need for organizations to adopt phishing-resistant Multi-Factor Authentication (MFA) to counter cyber threats. WidePoint's PKI technology is recognized as a leading solution in this sector, and the company has established its credentials as an External Certificate Authority (ECA) for the DoD, enabling secure access to federal IT services.
WidePoint Corporation (NYSE American: WYY) announced it will hold a conference call on November 14, 2022, at 4:30 p.m. ET to discuss its financial results for the third quarter ended September 30, 2022. A press release with the financial results will precede the call. The call will include a question and answer session. Interested parties can join via U.S. dial-in at 877-545-0523 or international at 973-528-0016, with access code 469816. Replay options will be available after the call until November 28, 2022.
WidePoint Corporation (NYSE American:WYY) announced securing over $6.9 million in Managed Mobility Services (MMS) contracts in Q3 2022. The CEO, Jin Kang, highlighted 44 contractual actions including new awards, renewals, and extensions. Key metrics revealed $2.46 million in commercial contracts and $4.45 million in government contracts. Notably, a new Task Order from the Cybersecurity and Infrastructure Security Agency (CISA) extends services under a federal contract until March 2026. The company anticipates continued growth and increased cross-selling opportunities across its services.
WidePoint Corporation (NYSE American:WYY) announced a pilot program for its Identity and Access Management (IAM) solutions in K-12 schools. Phase 1 aims to eliminate usernames and passwords for Tier 1 IT staff and secure email communication. The initiative addresses rising ransomware threats that compromise school resources and budgets. WidePoint's IAM uses advanced Public Key Infrastructure (PKI) to enhance cybersecurity. The company anticipates significant growth opportunities in providing these solutions, as the demand for secure technology in educational institutions continues to rise.
WidePoint Corporation (NYSE American: WYY) announced that its subsidiary, IT Authorities, secured two new contracts worth over $140,000 for IT Infrastructure and Modernization services. These contracts are tied to a leading Sports Marketing, Media & Technology company's nationwide expansion. IT Authorities will provide procurement, project management, and design expertise to support growth in the sports sector. CEO Jin Kang emphasized the potential for cross-selling WidePoint's ITaaS solutions through this collaboration.
WidePoint Corporation (NYSE American:WYY) is set to present at the H.C. Wainwright 24th Annual Global Investment Conference on September 14, 2022, at 10:30 a.m. Eastern time in New York City. The company specializes in Identity and Access Management, Telecommunications, and Managed Mobility Services. Attendees can schedule one-on-one meetings during the conference. For inquiries, contact WYY@gatewayir.com. WidePoint is recognized for its innovative technology solutions in managing mobile workforces and enterprise security.
WidePoint Corporation (NYSE American:WYY) has launched ITMS™, an Intelligent Technology Management Solution aimed at securing technology assets. Developed under COO Todd Dzyak's leadership, ITMS™ enhances asset management and accountability by offering real-time tracking and secure device return capabilities. The solution has already shown success across various federal agencies, managing over 18,000 mobility IT assets monthly and facilitating secure custody for over 700,000 devices. CEO Jin Kang emphasizes the solution's appeal to commercial organizations, backed by U.S. Government vetting.
WidePoint Corporation (NYSE American:WYY) announced on August 22, 2022, that its subsidiary IT Authorities secured a Managed Service Provider contract worth over $616,700 annually from a leading Sports Marketing & Media company. This contract encompasses a full range of ITaaS solutions, including IT infrastructure support, monitoring, and business productivity support. The agreement is expected to enhance cross-selling opportunities for WidePoint's ITaaS offerings. Both CEOs expressed optimism about the contract's potential to foster growth and synergy within the company.
WidePoint Corporation (NYSE American:WYY) announced that its subsidiary IT Authorities has secured five new commercial contracts exceeding $360,000. These contracts span various sectors, including healthcare, finance, and education, indicating broad recognition of IT Authorities' services. CEO Jin Kang emphasized that these wins contribute to a growing pipeline for cross-selling WidePoint's IT solutions, particularly in Identity and Access Management and mobility management.
WidePoint Corporation (WYY) reported a 16% revenue increase to $23.1 million for Q2 2022, although it faced a net loss of $(13.8 million) due to a $16.3 million goodwill impairment. Managed Services revenue dropped to $6.7 million, while gross margin decreased to 14%. The company secured a $73.4 million task order from the U.S. Coast Guard and executed over $53.2 million in contracts during the quarter. For 2022, guidance estimates revenues between $92 million - $98 million but leans towards the lower end for EBITDA.