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Technology security company Widepoint was awarded the U.S. Department of Homeland Security Cellular Wireless Managed Services (CWMS) 2.0 Contract valued at up to $500 million. The first CWMS contract was awarded to WidePoint in 2013. $WYY stock soared over 50% on the news, The new contract size is around 10 times the companies market cap.

Homeland Security

DHS Contract

U.S. Department of Homeland Security (DHS) awarded the Cellular Wireless Managed Services (CWMS) 2.0 Contract to WidePoint. This new Indefinite Delivery, Indefinite Quantity (IDIQ) contract was executed on November 25, 2020, has a one-year base period with four 12-month option periods extending through November 24, 2025.

Jin Kang, WidePoint’s chief executive officer.

“WidePoint is honored to win the new DHS CWMS 2.0 contract and looks forward to continuing to deliver our comprehensive, commercial CWMS solution to DHS and its Components,” said  He continued, “The mobile landscape has evolved significantly since the first CWMS contract was awarded to WidePoint in 2013. The new DHS CWMS 2.0 contract continues DHS’s visionary leadership for maximizing mobile equipment and services and understanding the scope of services that will be required by DHS and its Components in the coming years.”“WidePoint thanks our team for their dedication and expertise. We also thank the DHS team members across all of the Components for their collaborative efforts and commitment to excellence. This program is a backbone of the mobile infrastructure essential for protecting our nation.” 

Todd Dzyak, president of WidePoint Integrated Solutions Corp., and the executive leading the DHS CWMS program, stated, 

“WidePoint is excited to team with the wireless carriers and our other innovative strategic partners to ensure that the vital missions of DHS and its Components are supported. WidePoint looks forward to building on the foundation of our success to ensure that DHS is always able to access the best services for reducing costs, achieving operational efficiencies and enhancing security.” 

Market Reaction : 

WidePoint Corp. WYY Nov 25, 2020 at 2:12 p.m. EST Real time quote $11.81 +3.59 +43.69%

WYY HS Deal

Widepoint Earnings

On November 16, 2020 WidePoint Corp announced a profit for its third quarter thof $1.07 million, or $0.13 per share. This compares with $0.18 million, or $0.02 per share, in last year's third quarter. Analysts had expected the company to earn $0.05 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Highlights

  • -Earnings (Q3): $1.07 Mln. vs. $0.18 Mln. last year. -EPS (Q3): $0.13 vs. $0.02 last year.
  • -Analysts Estimate: $0.05 -Revenue (Q3): $57.51 Mln vs. $29.62 Mln last year.
  • -Guidance: Full year revenue guidance: $185 - $195 Mln

Widepoint Customers

Widepoint customers

About WidePoint

WidePoint Corporation (NYSE American: WYY) is the leading provider of Trusted Mobility Management (TM2) solutions. TM2 converges at the intersection of WidePoint’s pioneering Telecom Lifecycle Management (TLM), Telecom Bill Presentment & Analytics, Mobile and Identity (IdM) Management solutions. Market demand for secure mobile management such as WidePoint TM2 solutions is increasing due to security risks and vulnerabilities that could result from allowing mobile devices and cloud-based applications access to an organization’s technology infrastructure.

In today’s connected world with high-profile data breaches, it is important for an enterprise to have a TM2 solution in place to protect valuable mobile assets and infrastructure while complying with changes in privacy and data protection laws and regulations. WidePoint TM2 solutions provide security, manageability and visibility of an enterprise’s mobile assets and services through a single platform supported by our secure TM2 framework. WidePoint is the leading provider of customized telecom and mobile management solutions to the U.S. public sector. WidePoint has a diverse portfolio of government and commercial clients, serving global and international enterprises and the Fortune 100 across a multitude of industries.For more information, visit widepoint.com.

Source: Wisepoint

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