Soft-ex, a subsidiary of WidePoint Corporation (NYSE American: WYY),the leading provider of Trusted Mobility Management (TM2) specializing in Telecommunications Lifecycle Management, Identity Management (IdM) and Digital Billing & Analytics solutions, announced today that it has been awarded Co-sell Ready status by Microsoft which enables engagement and collaboration on global sales opportunities with Microsoft sales teams and channel partners, delivering accelerated business growth.

The current trend among corporations to undertake or complete digital transformations of their end-to-end operations has created a unique opportunity for Microsoft and its partners to engage with customers in new and compelling ways. Co-sell Ready status exposes Soft-ex solutions to Microsoft sales teams and channel partners, identifying joint opportunities and accelerating customer success. The Soft-ex solution is now available within the Microsoft commercial marketplace providing Microsoft Teams customers with an advanced UC Voice Analytics &Billing solution to assist them optimise adoption; customer experience; costs and quality of service.

Ian Sparling, CEO at Soft-ex noted that “Soft-ex is delighted to have achieved Microsoft Co-sell Ready status and now that our SAAS solutions are included in the Microsoft Product Catalog, we can offer a truly integrated journey to optimising unified comms infrastructure, performance and costs in a Microsoft Teams environment. Our SAAS platform provides centralised visibility and advanced self-serve analytics for Microsoft clients and as we collaborate with Microsoft we’ll continue to become more effective at delivering compelling solutions and enhanced digital experiences for our mutual clients”.

Jin Kang, WidePoint’s CEO commented, “We are excited to be selected by Microsoft as a global Co-sell Ready partner at a time when their UC platforms are in such high demand as a result of the new way we all now work and communicate. This will allow us to engage directly with Microsoft on joint selling opportunities to reach global customers, take innovative complementary solutions to the market, and deliver tangible customer success”.

About Soft-ex

Soft-ex, part of the WidePoint Group, is a leading supplier of SAAS based Digital Billing and Analytics solutions that provide unique online data intelligence for Digital Service Providers and their Enterprise & Consumer customers for fixed, mobile and PABX communications. Headquartered in Ireland, we have customers and partners in over 70 countries globally. For more information, visit soft-ex.net.

About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading provider of trusted mobility management (TM2) solutions, including telecom management, mobile management, identity management, and digital billing and analytics. For more information, visit widepoint.com.

‍

WidePoint Corporation (NYSE American:WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Telecommunications Lifecycle Management, Identity Management (IdM) and Digital Billing & Analytics solutions, today reported results for the first quarter ended March 31, 2021.

First Quarter 2021 and Recent Operational Highlights

• Received the first task orders under the Department of Homeland Security Cellular Wireless Management Services 2.0 contract, which were valued at $86 million in aggregate
• Successfully on-boarded the DHS Cybersecurity and Infrastructure Security Agency (CISA)
• Recognized by the International Organization for Standardization (ISO) for quality, environmental, and occupational health and safety
• Awarded three new Identity Management contracts, including a deployment with a Fortune Global 500 corporation, increasing WidePoint's commercial footprint as well as the Company's secure digital certificates into a new U.S. federal agency
• Number of U.S. Department of Defense secure digital certificates issued increased 8% sequentially from the fourth quarter of 2020
• Recognized as honorable mention vendor in the 2021 Gartner Magic Quadrant for Managed Mobility Services, Global

First Quarter 2021 Financial Highlights:

• Revenues were $20.7 million
• Managed Services revenue increased sequentially to $9.3 million
• Gross margin improved to 22.8%
• Net income improved to $585,000, or $0.06 per diluted share
• EBITDA, a non-GAAP financial measure, was $1.0 million
• Adjusted EBITDA, a non-GAAP financial measure, was $1.2 million
• As of March 31, 2021, cash increased to $17.1 million

Management Commentary
"After completing what was, by many metrics, the most successful year in WidePoint's history, we entered 2021 with solid momentum and with an intense focus on maintaining and ultimately growing our profitability," said WidePoint's CEO, Jin Kang. "In the first quarter, we grew our high margin Managed Services revenues sequentially to $9.3 million, while our low margin Carrier Services revenues decreased due to our work on the 2020 Census winding down as well as the residual effects of a carrier credit from last quarter. Carrier credits occur frequently in the normal course of our business as we occasionally find that a carrier has overcharged one of our clients. In this instance, we found the miscalculation and were able to save one of our prominent clients $2.6 million in expenses, which is reflected in our results as a decrease in Carrier Services, but which has no impact on our profitability. With Carrier Services revenues decreasing and gross profit staying fairly stable at $4.7 million, we improved our gross margins to 22.8%. We also increased our cash position to $17.1 million as we generated positive cash flows from operations and leveraged our at-the-market offering in January to better prepare WidePoint for growth opportunities.

"The financial results of the first quarter demonstrate that WidePoint has a solid base from which we can continue to build and expand our profitability. With tailwinds from the increasing complex mobile landscape, the growing need to secure mobile devices, and the return to more in person work expanding our pipeline, we are optimistic that we are in a healthy and strong position to continue driving the business's profitable growth over the long-run."

First Quarter 2021 Financial Summary details available at Widepoint

‍

Financial Outlook
Due to the large, short-term changes in WidePoint's financial performance from the 2020 Census project, the Company believes comparing 2021 expectations to 2020 results, excluding the 2020 Census project, may provide a more objective analysis of the Company's anticipated performance. For the fiscal year 2021, the Company currently expects revenues of approximately $103 million, adjusted EBITDA of $4.3 million, and EPS of $0.12 per diluted share, based on 9,128,000 shares outstanding. Excluding WidePoint's work on the 2020 Census project, the Company's expectations reflect revenue growth of approximately 16% year-over-year and adjusted EBITDA consistent with fiscal year 2020. The Company's financial outlook is based on current expectations and actual results could differ materially depending on market conditions and the factors set forth under the "Safe Harbor Statement" below.

Conference Call
WidePoint management will hold a conference call today (May 14, 2021) at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results.

WidePoint's President and CEO Jin Kang, Executive Vice President and Chief Sales and Marketing Officer Jason Holloway, and Executive Vice President and CFO Kellie Kim will host the conference call, followed by a question and answer period.

U.S. dial-in number: 888-506-0062
International number: 973-528-0011
Passcode: 862059

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 949-574-3860.

The conference call will be broadcast live and available for replay here and via the investor relations section of the Company's website.

A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through May 28, 2021.

Toll-free replay number: 877-481-4010
International replay number: 919-882-2331
Replay ID: 40863

About WidePoint
WidePoint Corporation (NYSE American:WYY) is a leading provider of trusted mobility management (TM2) solutions, including telecom management, mobile management, identity management, and digital billing and analytics. For more information, visit widepoint.com.

Non-GAAP Financial Measures
WidePoint uses a variety of operational and financial metrics, including non-GAAP financial measures such as EBITDA and Adjusted EBITDA, to enable it to analyze its performance and financial condition. The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.  

SOURCE: WidePoint Corporation

WidePoint Corporation (NYSE American:WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Telecommunications Lifecycle Management, Identity Management and Digital Billing & Analytics solutions, today announced that WidePoint was recognized as a Honorable Mention Vendor in the 2021 Gartner Magic Quadrant for Managed Mobility Services, Global.

"WidePoint is honored to be named in the 2021 Gartner Magic Quadrant for Managed Mobility Services, Global," stated Jin Kang, WidePoint's chief executive officer. "As the world's leading research and advisory company, Gartner continues to set the standard for enterprise technology best practices. In our opinion, WidePoint's inclusion in this important research reflects positively on the strength of our managed services offering and the security and scalability of our mobility management platform."

According to the report , "Managed mobility services have evolved into two themes, one on sourcing and logistics, the other centered on full outsourcing and geographic coverage."

Todd Dzyak, president of WidePoint Integrated Solutions Corp., added,"WidePoint offers a complete set of scalable MMS capabilities. WidePoint's secure MMS solutions support noteworthy MMS projects including the U.S. 2020 Decennial Census, and deliver full outsourcing services to the U.S. Department of Homeland Security, Centers for Disease Control and Prevention, and numerous organizations including military, transportation and financial enterprises, among others. We are focused on security as a key differentiator and proud that WidePoint is named in the 2021 Gartner Magic Quadrant for Managed Mobility Services, Global."

Gartner,"Magic Quadrant for Managed Mobility Services, Global," Katja Ruud, Leif-Olof Wallin, Bill Menezes, 6 April 2021.

Note: Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About WidePoint

WidePoint Corporation (NYSE American: WYY) is a leading provider of trusted mobility management (TM2) solutions, including telecom management, managed mobility services, identity management, and digital billing and analytics. For more information, visit widepoint.com.

‍

Investor Relations:

Gateway Investor Relations

Matt Glover or Charlie Schumacher

949-574-3860, WYY@gatewayir.com

‍