WidePoint Corporation (NYSE Mkt: WYY), a leading provider of Managed Mobility Services (MMS) specializing in Cybersecurity and Telecommunications Lifecycle Management (TLM) solutions, today announced financial results for the Second quarter ended June 30, 2016.

Recent Business Highlights

• Continued demonstration of capabilities in concert with Department of Defense (DoD) and Department of Homeland Security (DHS) component/agencies for Certificate-on-DeviceTM derived credentialing and related next-generation identity management services
• Continued marketing and pipeline building activities with Samsung and other key industry partners for Certificate-on-Device™ person, derived, and device credentials, and other "Internet of Things" (IoT) components
• Selected by AT&T for commercial roll-out of Certificate-on-DeviceTM for AT&T's IoT product offering in 2017
• Selected by Voya Financial as a strategic partner in the "One Voya" initiative to pursue expanded identity management opportunities
• Renewed expanded services contracts with Compass Group PLC and the DOJ's Bureau of Alcohol, Tobacco, Firearms and Explosives, securing over $10 million in new contract wins and option year extensions. Successes included awards for identity assurance, mobile telecomm, analytics and consulting services, spanning both Government and Commercial markets.
• Appointed Jason Holloway as Chief Sales and Marketing Officer

Second Quarter 2016 Financial Highlights

• Net revenue was approximately $17.5 million compared to $17.4 million in the second quarter of 2015
• Gross profit was approximately $3.4 million compared to $3.3 million in the second quarter of 2015
• Net Loss improved approximately $500,000 to ($897,000) compared to net loss of approximately ($1.4 million) in the second quarter of 2015, or basic and diluted loss per share of $0.011 per share compared to $0.017 in the second quarter of 2015
• Adjusted EBITDA Loss improved approximately $510,000 to ($448,000) from ($958,000) in the second quarter of 2015

First Half 2016 Financial Highlights

• Net revenue was approximately $38.0 million compared to $35.1 million in the first six months of 2015
• Gross profit was approximately $7.5 million compared to $6.9 million in the first six months of 2015
• Net Loss improved approximately $1.0 million to ($1.6 million) compared to net loss of approximately ($2.6 million) in the first six months of 2015, or basic and diluted loss per share of $0.019 per share compared to $0.031 in the first six months of 2015
• Adjusted EBITDA Loss improved approximately $0.9 million to ($0.7 million) from ($1.6 million) in the first six months of 2015

"Our second quarter was marked by substantial improvements in our progress toward profitability," stated Steve L. Komar, WidePoint's chief executive officer. "We continue to selectively invest in our next-generation solutions and to expand our partnerships with leading technology Channel Partners, including Samsung and AT&T. We are driving fundamental changes to our business model to push our new business building efforts to a focus on higher margin services including mobility telecommunications and cybersecurity, and de-emphasizing lower margin reselling and administrative services activities, and continue to take steps to optimize our costs of operations and delivery. We fully expect to see the financial impact of this prioritization throughout the remainder of 2016, and increasingly in the years to come."

James McCubbin, WidePoint's chief financial officer, added, "Our improvements in both our net operating losses and adjusted EBITDA loss in the second quarter and in the first half were largely driven by our ongoing business rationalization efforts to improve our operating model. We believe we are on track to reach operational profitability in the second half of 2016."

About WidePoint

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. For more information, visit www.widepoint.com.