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High Wire Networks Inc. Reports Second Quarter 2022 Results, The Canadian Business Journal

Four consecutive quarters of growth

BATAVIA, Illinois, Aug. 15, 2022 (GLOBE NEWSWIRE) — High Wire Networks Inc. (“we” or “High Wire”) (OTCQB: HWNI) today announced its second quarter ended June 30, 2022. announced its financial results.

Overview:

  • Revenue was $13.7 million, up 44% year over year on a pro forma basis.
  • Net profit was about $5.4 million
  • Four consecutive quarters of strong year-over-year pro forma sales growth: +20%, +40%, +80%, +40%
  • Q2 Ends with Nearly 600 Paid Overwatch Clients, Growth Accelerating
  • Overwatch Managed Security revenue grew approximately 316% from June 2021 to June 22.

In the quarter, High Wire posted revenue of $13.7 million against a pro forma Q2 2021 of $9.55 million. The second quarter 2021 net loss was more than $2.25 million, while the second quarter 2022 net profit was $5.4 million.

We saw growth in almost every aspect of our business in the fourth quarter. Monthly recurring revenue (MRR) growth continued to accelerate, and total contract value (TCV) growth was outstanding in the quarter. Both our program and project backlogs and funnels have increased significantly. We made significant investments for the future this quarter in terms of scalability, consistency and profitability. Corporate costs from strategic activities remain high as they concentrate on strategic planning.

High Wire CEO Mark Porter said: “In addition to recording another quarter of revenue growth in the face of market volatility and continued supply chain challenges in technology, the company has grown revenue and all of its key performance indicators for the rest of the year have been positive. is.”

Porter continued, “We remain focused on the long-term goals of our business while considering ways to address the fundamental factors that have traditionally held back growth and innovation. We’ve talked a lot about going fast, and I believe this quarter set us up for that.”

About High Wire Networks

For 20 years, High Wire Networks Inc. (OTCQB: HWNI) has been a trusted partner of VARs, MSPs, Distributors, Integrators, Manufacturers and Telecommunications Providers, enabling them to extend their distribution capabilities worldwide with minimal overhead I’m doing it. Our flexible workforce provides vendor-agnostic technical, professional and security services in over 180 countries. Our services include the design, installation, configuration and support of unified communications, wired and wireless networks, cable and infrastructure, and electrical systems. The Overwatch Managed Security Marketplace enables partners to offer comprehensive cybersecurity in affordable subscriptions that are easy to sell and buy. We also offer a variety of on-demand, rapid response solutions for onsite break repair and remote technical support, with service levels ranging from 2 hours to next business day. High Wire Networks enables partners to get the job done. For more information, please visit www.highwirenetworks.com.

Forward-Looking Statements:

The above news release contains forward-looking statements. Statements contained in this document that are not statements of historical fact include words such as “predict,” “appear,” “believe,” “may,” “estimate,” “expect, hope, indicate , intended, likely, likely, could, could, plan, could, plan, seek, should, ”and any other of these terms All variations of or negative expressions in (including statements regarding expected market trends and our operating results) are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties. number of genders. These statements are based on assumptions that management believes to be reasonable based on currently available information and include statements regarding the intentions, beliefs or current expectations of the Company and its management. Future investors acknowledge that such forward-looking statements are not guarantees of future performance and are subject to a wide range of external factors, uncertainties, business risks and risks identified in the company’s filings with the U.S. Securities and Exchange Commission. Please note that you are subject to other risks identified. Actual results may differ materially from those set forth in such forward-looking statements. We expressly undertake no obligation or commitment to update or revise any forward-looking statements contained herein to reflect changes in our expectations with respect thereto or changes in events, conditions or circumstances on which the statements are based. deny. Laws and Regulations.

PR for investors
www.highwirenetworks.com/investors
[email protected]

Media contact point
susanna song
Vice President of Communications
[email protected]


CBJ Newsmaker

High Wire Networks Inc. Reports Second Quarter 2022 Results, The Canadian Business Journal

Source link High Wire Networks Inc. Reports Second Quarter 2022 Results, The Canadian Business Journal

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