WidePoint Corporation Sees Revenue Growth Amid Continued Losses

Widepoint ( (WYY) ) has released its Q3 earnings. Here is a breakdown of the information Widepoint presented to its investors.

WidePoint Corporation is a leading provider of Technology Management as a Service (TMaaS), offering solutions to manage and analyze the lifecycle of mobile communications assets primarily for government entities in the United States and abroad. In its latest earnings report for the third quarter of 2024, WidePoint reported a significant increase in revenues, reaching $34.6 million, up from $25.7 million in the same period last year. However, the company still recorded a net loss of $425,210 for the quarter, an improvement from the $921,114 loss in the previous year. Key financial metrics showed that gross profit improved to $4.7 million, while operating expenses also increased, leading to an operating loss of $450,985. WidePoint’s cash position decreased to $5.6 million, reflecting cash used in operating and financing activities. Despite the losses, the company has managed to reduce its net loss year-over-year and continues to maintain a solid revenue stream from its government contracts. Moving forward, WidePoint aims to leverage its TMaaS platform to expand service offerings and improve financial performance, as indicated by the management’s outlook.