WidePoint Reports First Quarter 2026 Financial Results

About this update from Widepoint Corporation

FAIRFAX, Va., May 14, 2026 (GLOBE NEWSWIRE) -- WidePoint Corporation (NYSE American: WYY), a leading provider of Secure Mobile Management Solutions, reported results for the first quarter ended March 31, 2026.First Quarter 2026 and Recent Operational Highlights:35th consecutive quarter of positive Adjusted EBITDA10th consecutive quarter of positive Free Cash FlowAchieved positive EPS for Q1 2026Granted authorized exclusive access to one of the Leading National Bottler’s procurement and inventory systemsAwarded $1.5 million in total contract value in Q1 2026 under its IT Managed Services divisionFirst Quarter 2026 Financial Highlights:Revenues were $40.6 million, an increase of $7.1 million from the same quarter last yearGross margin was 14%, and gross margin excluding carrier services revenue was 34%Net income improved to $77,000 or $0.01 per share, compared to a net loss of $(724,000) or a loss of $(0.08) per share in the same quarter last yearAdjusted EBITDA1 was $752,000, a 714% increase from the same quarter last year and a 64% increase from Q4 2025Free cash flow1 was $674,000, a 941% increase from the same quarter last year and a 102% increase from Q4 2025As of March 31, 2026, unrestricted cash was $10.9 million with no bank debtAs of March 31, 2026, Federal contract backlog was approximately $218 million1 Free cash flow and Adjusted EBITDA are non-GAAP financial measures. See below for the definition of such measures and a reconciliation to GAAP.Management CommentaryWidePoint CEO Jin Kang commented: “Despite the record-long DHS shutdown, we were able to navigate the prolonged period of uncertainty with minimal impact. We continued to experience year-over-year revenue growth and along with our cost management efforts, we have yielded an EPS positive quarter. While billable services fees were slightly impacted in the quarter due to the shutdown, we expect these results to normalize in the second half of 2026 and foresee minimal impact to our overall top-line results for Q2. “We are pleased to see the shutdown and extended period of uncertainty at DHS nearing full resolution. The majority of DHS agencies have now received funding, and budget momentum for ICE and CBP is also progressing, which we view as a meaningful tailwind ahead of the anticipated CWMS 3.0 award announcement. Recently, we received a contract modification that extended the ordering pe...

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