Fourth Straight Quarter of Growth
High Wire Networks Inc. (the “Company” or “High Wire”) (OTCQB: HWNI), today announced its financial results for Q2 ended June 30, 2022.
Summary:
- Revenue was $13.7 million and increased 44% YOY on a proforma basis
- Net income was approximately $5.4 million
- Four quarters in a row of strong proforma revenue growth YOY: +20%, +40%, +80%, and +40%
- We ended Q2 with nearly 600 paying Overwatch clients and growth accelerating
- Overwatch Managed Security revenue increased roughly 316% from June ’21 to June ‘22
For the quarter, High Wire posted $13.7 million in revenue against a pro forma $9.55 million in the second quarter of 2021. Net income was $5.4 million for the second quarter of 2022 versus a net loss of over $2.25 million in second quarter of 2021.
We saw growth in just about every aspect of our business in the quarter. Our Monthly Recurring Revenue (MRR) growth continues to accelerate and our Total Contract Value (TCV) bookings growth for the quarter was outstanding. Our program and project backlog and funnel both grew significantly. We made significant investments in our future this quarter around scalability, consistency, and profitability. Our corporate costs from strategic activities remain on the high side as we focus on our strategic plan.
“The goal for the second quarter is always to set up the back half of the year for success, and we have done that this quarter,” said High Wire CEO Mark Porter. “In addition to posting another quarter of revenue growth in the face of market instability and continued supply chain challenges in technology we grew our revenue and all key performance indicators for the remainder of the year are positive.”
Porter continued, “We continue to focus on the long-term targets for the business while looking at ways to tackle the foundational elements that traditionally hampered growth and innovation. We talked a lot in the past about going faster, and we believe that this quarter set us up well for that.”
About High Wire Networks
For 20 years, High Wire Networks Inc. (OTCQB: HWNI) has been a trusted partner to VARs, MSPs, distributors, integrators, manufacturers and telecom providers by enabling them to minimize overhead while extending delivery capabilities around the world. Our flexible workforce delivers vendor-agnostic technical field, professional and security services in more than 180 countries. Our services include design, installation, configuration and support for unified communications, wired and wireless networks, cabling and infrastructure, and electrical systems. Our Overwatch Managed Security Marketplace enables our partners to deliver comprehensive cybersecurity that’s easy to sell and easy to buy for an affordable subscription. We also offer a variety of on-demand, rapid-response solutions with service levels ranging from two hours to the next business day for onsite break-fix and remote technical support. With High Wire Networks, partners Get Work Done. Learn more at www.highwirenetworks.com.
Forward-Looking Statements:
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as “anticipate,” “appear,” “believe,” “could,” “estimate,” “expect,” “hope,” “indicate,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “project,” “seek,” “should,” “will,” “would,” and other variations or negative expressions of these terms, including statements related to expected market trends and the Company’s performance, are all “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based except as required by applicable law and regulations.
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Media Relations
Susanna Song
Vice President of Communications
susanna.song@highwirenetworks.com
