- WidePoint (NYSE:WYY -7.2%) Q4 revenue just increased 1% Y/Y to $28.4M as Managed Services revenue increased 7% Y/Y to $8.9M.
- Gross profit rose 1%, to $4.8M, and net income was $8.3M vs. a year-ago loss of $0.0M, while adjusted EBITDA increased 30% to $1.3M.
- Of $28.4M in revenues - driven by number of U.S. Department of Defense secure digital certificates increased by 17% Y/Y, leading to an increase in high margin Identity Management revenue.
- The Co. secured more than $10.4M in contract wins, exercised option periods, and contract extensions during the quarter, excluding the new contract from DHS.
- "With a robust client base and over 90% customer retention, demand for our solutions increasing, and a balance sheet with $16M in cash and no debt, we are confident that we will be able to execute on our strategy in 2021 and continue driving value for our shareholders." said WidePoint's CEO, Jin Kang.
- Previously: WidePoint EPS misses by $0.01, misses on revenue (March 23)