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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 (WYY) reported robust second-quarter results for 2020, with revenues soaring 148% year-over-year to $54.8 million. Managed Services revenue rose 22% to $9.8 million, while gross profit grew 25% to $5.1 million. The company secured $42 million in federal contracts and $1.5 million in commercial contracts, highlighting its growth. Net income was $489,000 with an EBITDA increase of 230% to $1.0 million. For the first half of the year, revenues jumped 115% to $94.4 million, indicating a strong growth trajectory.
WidePoint Corporation (NYSE American: WYY) has secured a new contract with the Virginia Alcoholic Beverage Control Authority to provide Telecom Expense Management (TEM) services. The contract spans one year with four optional renewals, totaling approximately $1.2 million. Virginia ABC, employing nearly 4,000 individuals, plays a significant role in public safety and revenue generation for the Commonwealth of Virginia. WidePoint's CEO hailed the contract as a sign of Virginia ABC's commitment to efficiency during the COVID-19 pandemic, emphasizing the importance of telecom management solutions during challenging times.
WidePoint Corporation (NYSE American: WYY) announced over $42 million in federal contract awards and extensions in Q2 2020. The company recorded 34 contractual actions including new contracts and renewals with federal clients, notably the U.S. Department of Homeland Security and the CDC. CEO Jin Kang highlighted the increasing adoption of mobile workforce practices, which drives growth and cost-saving benefits for government agencies. WidePoint aims to maximize resources across the mobile landscape amid changing federal budgets.
WidePoint Corporation (NYSE American: WYY) is set to participate in the ATARC 2020 Virtual Technology Showcase on June 11, 2020, focusing on how emerging technology aids federal emergency responses amid the COVID-19 pandemic. The event will feature discussions on mobile security, AI, cloud infrastructure, and more. WidePoint's solutions in Telecom Lifecycle Management and Identity Management will be highlighted, showcasing its contributions to critical government agencies like the Department of Homeland Security and the CDC, enhancing IT response during the crisis.
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