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Company Increases Fiscal 2020 EBITDA Guidance to Between $4.7 Million to $4.9 Million, Representing a 50% Increase from Previously Issued Guidance and a 69% Improvement over Fiscal 2019
FAIRFAX, Va., Oct. 26, 2020 (GLOBE NEWSWIRE) -- WidePoint Corporation (NYSE American: WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Telecommunications Lifecycle Management, Identity Management and Digital Billing & Analytics solutions, has updated its financial outlook for the fiscal year ending December 31, 2020.
On June 18, 2020, WidePoint issued revenue guidance of $185 million to $195 million and EBITDA guidance of $3.0 million to $3.4 million for fiscal 2020. Today, the Company has increased its EBITDA guidance and reiterated its revenue expectations for fiscal 2020. The Company now expects EBITDA to range between $4.7 million and $4.9 million, which, at the midpoint of the guidance range, is 50% above the Company’s previously issued guidance and represents a 69% year-over-year increase compared to fiscal 2019. The company is also providing fiscal 2020 adjusted EBITDA guidance, which excludes stock-based compensation expense, of $5.5 million to $5.7 million, which, at the midpoint of the guidance range, represents a 57% year-over-year increase compared to fiscal 2019.
“Throughout the year, we’ve added higher margin business and improved our operational efficiency, both of which are driving a more profitable year than we originally anticipated,” said WidePoint’s CEO, Jin Kang. “By nearly every metric, fiscal 2020 will be a record year for WidePoint. We look forward to leveraging the momentum of this year to build a stronger organization that will continue to prosper for many years to come.”
About WidePoint WidePoint Corporation (NYSE American: WYY) is a leading provider of trusted mobility management (TM2) solutions, including telecom management, mobile management, identity management, and digital billing and analytics. For more information, visit widepoint.com.
Investor Relations: Gateway Investor Relations Matt Glover or Charlie Schumacher 949-574-3860 WYY@gatewayir.com
widepoint corporation is a leading provider of wireless mobility management and cybersecurity solutions. identity access management, multi-factor authentication and critical response management offer advanced information technology through its innovative solutions to the government and commercial markets. widepoint is comprised of four business groups with each offering unique capabilities specializing in emergency response management solutions, asymmetric authentication deployed as pki, wireless telecommunication expense management services, forensic informatics system engineering and consulting services. we provide leadership on trusted virtual and physical credentialing authentication, authorization and attribute tracking; and competitive sourcing of wireless telecommunication services to meet the demands of our government and commercial customers. we intend to grow significantly over the next few years through a combination of aggressive organic growth, the acquiring of selective
