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WidePoint Reports Fourth Quarter and Full Year 2019 Financial Results

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 reported results for the fourth quarter and full year ended December 31, 2019.

Fourth Quarter 2019 and Recent Operational Highlights:

- Received a notice of intent from the Department of Homeland Security (DHS) to solicit and award a sole source IDIQ contract to WidePoint for Cellular Wireless Managed Services (CWMS)

- Supported the address canvassing program, the first major field operation of the 2020 Census, by activating, deploying, tracking, and decommissioning over 60,000 devices and providing training and help desk support to over 60,000 enumerators

- Appointed Kellie Kim, a finance and accounting professional with over 30 years of experience in telecom, technology, and professional services as the new chief financial officer

- Partnered with KoolSpan to provide end-to-end encryption for phone calls and text messages

- Repurchased 864,000 shares of common stock, equivalent to $366,000, as of December 31, 2019

Fourth Quarter 2019 Financial Highlights (results compared to the same year-ago period):

- Revenues increased 13% to $28.1 million

- Gross profit increased 6% to $4.8 million

- Net loss totaled $34,000

- Adjusted EBITDA, a non-GAAP financial measure, was $972,000, marking the company’s tenth consecutive quarter of positive adjusted EBITDA, and in line with forecast

Full Year 2019 Financial Highlights (results compared to the same year-ago period):

- Revenues increased 22% to a record $101.7 million

- Gross profit increased 14% to a record $17.4 million

- Net income totaled $226,000

- Adjusted EBITDA totaled $3.6 million

For more details please visit www.widepoint.com

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