WidePoint expects to exceed FY24 revenue guidance

Based on preliminary, unaudited financial results, WidePoint (WYY) expects to exceed its full-year 2024 revenue guidance and meet or surpass its full year 2024 guidance for adjusted EBITDA and Free cash flow. WidePoint expects its fourth quarter 2024 results to mark the 30th consecutive quarter of positive adjusted EBITDA and the 5th consecutive quarter of positive free cash flow, reflecting a full year of positive free cash flow for 2024. Federal contract backlog remained strong at approximately $300 million as of December 31, 2024. WidePoint CEO Jin Kang, stated: “As we closed out 2023, we focused on driving momentum into 2024 through three key initiatives: sales and marketing investments, operational execution, and technical innovations. I am proud to report that we’ve exceeded our goals in these areas. Our sales and marketing investments delivered exceptional results, positioning us to exceed the high end of our revenue guidance. We also secured significant new contract in both federal and commercial sectors, most notably the Spiral 4 contract, showcasing the strength of our team and strategy. We expect this momentum to carry into 2025. In our forward-looking efforts, we are exploring strategic partnerships to tap into shared client networks, expand our customer portfolios, and grow contract backlog. These initiative includes a Direct to Consumer program with a Mobile Virtual Network Operator partner for MobileAnchor. Additionally, we’ve been working closely with members of the new presidential administration to help identify federal-related fraud, waste, and abuse. We are also excited to soon announce a new Chief Strategist who will lead our Strategic Partnership efforts, focusing on government efficiency and cybersecurity. On the technical front, the successful deployment of MobileAnchor and launch of M365 Analyzer have positioned WidePoint as an industry leader, enhancing both our credibility and competitiveness. The completion of integration of ITA into the WidePoint further strengthens our capabilities allowing us to leverage synergies as a unified organization. These advancements are pivotal to our 2025 strategy, driving new opportunities across both federal and commercial markets. The progress made over the past year sets the stage for WidePoint to achieve our goal of positive earnings per share for the full year 2025. Our primary focus this year will be preparing for the U.S. Department of Homeland Security’s CWMS 3.0 recompete, where we are highly competitive due to our excellent past performance, technical innovations, our solid relationships with DHS, and our dedicated team. We also have assembled a dedicated team led by Michelle Richards, our DHS CWMS Program Manager, to ensure our success in this recompete process. Additionally, our Device as a Service (DaaS) partnership program presents significant potential, especially in the commercial sector. With a solid contract backlog, we are well-positioned to maximize financial benefits to support our 2025 goals. With the right team, resources, and strategic plan in place, we are primed to deliver another year of top- and bottom-line growth and look forward to a robust 2025.”