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WidePoint(WYY) - 2024 Q3 - Quarterly Results
WYYWidePoint(WYY)2024-11-20 16:07

Financial Performance - Revenues for Q3 2024 were 34.6million,representinga3534.6 million, representing a 35% increase compared to 25.7 million in Q3 2023[5] - Adjusted EBITDA for Q3 2024 was 574,000,a149574,000, a 149% improvement from 230,000 in Q3 2023[5] - Free cash flow for Q3 2024 was 511,000,reflectinga120511,000, reflecting a 120% increase from a negative 590,000 in Q3 2023[5] - For the nine months ended September 30, 2024, revenues were 104.9million,a35104.9 million, a 35% increase from 77.8 million in the same period last year[6] - Total revenues for the three months ended September 30, 2024, were 34,620,433,anincreasefrom34,620,433, an increase from 25,733,657 in the same period of 2023, representing a growth of approximately 34.8%[22] - Gross profit for the nine months ended September 30, 2024, was 14,251,479,comparedto14,251,479, compared to 11,614,398 for the same period in 2023, indicating a year-over-year increase of about 22.4%[22] - The net loss for the nine months ended September 30, 2024, was 1,577,873,adecreasefromanetlossof1,577,873, a decrease from a net loss of 2,714,686 in the same period of 2023, reflecting an improvement of approximately 41.8%[22] Contract Awards and Renewals - The company won 15.2millionincontractawardsandrenewalsduringQ32024,including15.2 million in contract awards and renewals during Q3 2024, including 1.4 million in IT as a Service contracts[4] Cash and Assets - As of September 30, 2024, the company had cash of 5.6millionwithnobankdebt[5]−Cashandcashequivalentsattheendoftheperiodwere5.6 million with no bank debt[5] - Cash and cash equivalents at the end of the period were 5,636,057, down from 6,921,160atthebeginningoftheperiod,showingadecreaseofabout18.56,921,160 at the beginning of the period, showing a decrease of about 18.5%[24] - Unbilled accounts receivable increased significantly to 24,784,036 as of September 30, 2024, compared to 16,618,639attheendof2023,markingagrowthofapproximately49.016,618,639 at the end of 2023, marking a growth of approximately 49.0%[21] - Total current assets rose to 40,938,795 as of September 30, 2024, up from 32,843,263attheendof2023,representinganincreaseofabout24.632,843,263 at the end of 2023, representing an increase of about 24.6%[21] Operating Expenses and Cash Flow - Operating expenses for the nine months ended September 30, 2024, totaled 15,815,068, compared to 14,062,260forthesameperiodin2023,indicatinganincreaseofapproximately12.514,062,260 for the same period in 2023, indicating an increase of approximately 12.5%[22] - The company experienced a net cash used in operating activities of 752,978 for the nine months ended September 30, 2024, compared to net cash provided of 1,835,176inthesameperiodof2023,showingasignificantchangeincashflowdynamics[25]TechnologicalAdvancements−ThecompanysuccessfullydeployeditsproprietaryMobileAnchorDigitalCredentialsolutionintotwoFederalAgencies,enhancingitstechnologicalcapabilities[4]FutureOutlook−Thecompanyistrendingtowardsthehigherendofitsannualguidanceandisoptimisticaboutmaintaininggrowthmomentuminto2025[7]ShareholderInformation−Theweighted−averagesharesoutstandingfortheninemonthsendedSeptember30,2024,were9,263,492,comparedto8,809,644forthesameperiodin2023,indicatinganincreaseofapproximately5.11,835,176 in the same period of 2023, showing a significant change in cash flow dynamics[25] Technological Advancements - The company successfully deployed its proprietary MobileAnchor Digital Credential solution into two Federal Agencies, enhancing its technological capabilities[4] Future Outlook - The company is trending towards the higher end of its annual guidance and is optimistic about maintaining growth momentum into 2025[7] Shareholder Information - The weighted-average shares outstanding for the nine months ended September 30, 2024, were 9,263,492, compared to 8,809,644 for the same period in 2023, indicating an increase of approximately 5.1%[22] Interest Income - The company reported interest income of 161,033 for the nine months ended September 30, 2024, compared to 39,122inthesameperiodof2023,reflectingasignificantincreaseofabout311.539,122 in the same period of 2023, reflecting a significant increase of about 311.5%[22] Gross Margin - Gross margin for Q3 2024 was 14%, with gross margin excluding carrier services revenue increasing to 38% from 35% in the same period last year[5] Net Loss - Net loss for Q3 2024 improved to 425,200, compared to a net loss of $921,100 in Q3 2023[5]