WidePoint Corporation reported Q1 net income of $77,000 after revenue climbed to $40.6 million, reversing a year-ago loss.
WidePoint Corporation (WYY) swung to a first-quarter profit of $77,000, or $0.01 per share, as revenue rose $7.1 million year-over-year to $40.6 million. The IT services provider cited cost controls and improved DHS funding momentum for the turnaround, which followed a net loss of $724,000 in the same period last year.
Gross margin held at 14%, while EBITDA surged 714% to $752,000, marking the 35th straight quarter of positive results. Free cash flow jumped 941% to $674,000, extending a streak of 10 consecutive quarters of positive returns. The company also secured a contract extension to June 24 amid progress on carrier services.
Shares of WYY edged higher in early trade after the results, reflecting investor optimism over the debt-free firm’s rebound and government-sector tailwinds.