WidePoint Corporation reported significant financial performance improvements for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Revenues for the third quarter reached $34.6 million, marking a 35% increase from $25.7 million in Q3 2023. For the nine-month period, revenues totaled $104.9 million, also a 35% increase from $77.8 million in the prior year. The growth was primarily driven by a substantial rise in Carrier Services revenue, which increased to $22.4 million in Q3 2024 from $14.6 million in Q3 2023, attributed to new federal government contracts.
Gross profit for Q3 2024 was $4.7 million, representing 14% of revenues, up from $3.9 million (15% of revenues) in Q3 2023. For the nine-month period, gross profit was approximately $14.3 million (14% of revenues), compared to $11.6 million (15% of revenues) in 2023. The cost of revenues for Q3 2024 was $29.9 million, consistent with $21.8 million in Q3 2023, indicating stable cost management despite increased revenues.
The company reported a net loss of $425,210 for Q3 2024, a significant reduction from a net loss of $921,114 in Q3 2023. For the nine-month period, the net loss improved to $1.6 million from $2.7 million in the same period last year. The basic and diluted loss per share for Q3 2024 was $(0.04), compared to $(0.10) in Q3 2023.
Total current assets increased to $40.9 million as of September 30, 2024, from $32.8 million at the end of 2023, while total liabilities rose to $43.1 million from $36.6 million. The company’s total stockholders’ equity decreased to $13.8 million from $14.7 million during the same period.
WidePoint's strategic focus for fiscal 2024 includes capturing new sales opportunities, enhancing service to existing customers, and pursuing FedRAMP certification. The company aims to grow its recurring high-margin managed services revenues and expand its customer base, particularly in the commercial sector. Additionally, WidePoint is exploring AI integration to improve service delivery and information security.
As of September 30, 2024, the company had cash reserves of $5.6 million, down from $6.9 million at the end of 2023. The company also reported unbilled accounts receivable of $24.8 million, up from $16.6 million at the end of 2023, indicating a robust pipeline of future revenue.
About WIDEPOINT CORP
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