The following is a summary of the WidePoint Corporation (WYY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• WidePoint Corporation reported Q1 revenue of $34.2 million, marking considerable improvements quarter-over-quarter and year-over-year.

• The company saw adjusted EBITDA and free cash flow for Q1 at $573,000 and $566,000, respectively.

• The company has successfully achieved 27 consecutive profitable quarters with positive adjusted EBITDA.

• Gross profit margin percentage stood at 14% (or 31% excluding carrier services), with a slight decrease due to increased costs.

• The company managed to reduce the net loss for the quarter to $653,000.

• Revenue, adjusted EBITDA, and free cash flow projections for 2024 range between $120 million and $133 million, $2.1 million and $2.4 million, and $2 million and $2.3 million, respectively.

Business Progress:

• The company secured over 18 contractual actions amounting to $22.7 million in value, majorly from federal government agencies.

• WidePoint was awarded the Spiral 4 contract by the U.S. Navy to provide wireless and telecommunications.

• Active negotiations are taking place to provide managed services to a city in California.

• With an effective sales and marketing team, a solid backlog of contracts and new contract awards, WidePoint is well positioned for 2024.

• The post-COVID customer retention rate has improved, and a substantial contract backlog can drive further financial growth.

• The company is focused on expanding their higher-margin businesses and is on track to complete their FedRAMP certification by mid-2024.

• The company has been awarded a part of the new U.S. Navy contract 'Spiral 4', worth $2.7 billion, suggesting a significant potential impact on their business.

• Progress is marked in their cybersecurity solutions with the issue of digital certificates for smartphones for a federal agency.

More details: WidePoint IR

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