WidePoint Q1 revenue up 18%

WidePoint Corporation (NYSE: WYY) net revenue increased approximately USD2.8 million or 16 percent to USD20.5 million in the first quarter of 2016 from USD17.7 million in the first quarter of 2015, materially driven by increases in DHS BPA task orders and other identity management awards that were partially offset by decreases in software reselling activities, the company said.

Gross profit increased approximately USD600,000 or 18 percent to USD4.2 million from USD3.6 million in the first quarter of 2015, materially driven by a greater mix of higher margin identity management and telecom services, which partially offset a reduction in lower margin software reselling revenues.

Adjusted EBITDA Loss improved approximately USD496,000 to (USD169,000) from (USD665,000) in the first quarter of 2015, notwithstanding an increase of approximately USD189,000 in product development investments made in support of our next-generation identity management services.

Net Loss improved approximately USD500,000 to (USD660,000) compared to net loss of approximately (USD1.2 million) in the first quarter of 2015, or basic and diluted loss per share of USD0.008 per share compared to USD0.014 in the first quarter of 2015

WidePoint is a leading provider of secure, cloud-delivered, enterprise-wide information technology-based solutions that can enable enterprises and agencies to deploy fully compliant IT services in accordance with government mandated regulations and advanced system requirements. WidePoint has several major government and commercial contracts.