High Wire Networks secures major contract renewal

BATAVIA, Ill. - High Wire Networks Inc. (OTCQB: HWNI), currently trading at $0.02 per share, a key player in the global managed cybersecurity services market, has announced the renewal and expansion of a significant contract through its Overwatch managed cybersecurity division. The agreement with a technology services provider, which caters to public sector clients and critical infrastructure organizations in North America, brings in an additional Annual Recurring Revenue (ARR) of approximately $720,000 over the next two years. According to InvestingPro data, the company has demonstrated strong top-line momentum with a remarkable 97.17% revenue growth in the last twelve months.

The renewed commitment by the customer to High Wire’s Overwatch suite of services marks a considerable increase in ARR for the company, contributing to its total revenue of $27.42 million in the last twelve months. While the technology services provider’s decision to continue and enhance its partnership with High Wire demonstrates confidence in the company’s ability to deliver comprehensive cybersecurity solutions, InvestingPro analysis indicates the company’s overall financial health score remains weak, suggesting room for improvement in operational efficiency.

Mark Porter, President and CEO of High Wire Networks, emphasized the importance of the contract renewal, stating that it reflects the strength and scalability of their platform. The company’s strategy to enable channel partners to offer a fully integrated solution aligns with customer buying behaviors and focuses on bundling capabilities more effectively.

High Wire is dedicated to providing an advantage for its partners and their customers by offering tools, scalability, and support necessary to excel in the dynamic cybersecurity landscape. The company’s approach to cybersecurity aims to make the service more accessible, scalable, and profitable, thereby transforming the economics of managed cybersecurity and driving stronger outcomes for all stakeholders involved.

As an award-winning global provider of managed cybersecurity services, High Wire Networks works with over 200 channel partners to serve more than 1,100 managed security customers worldwide, including Fortune 500 companies and large government agencies. The company’s Security Operations Center operates 24/7 from Chicago, Illinois. With a beta of 2.13, the stock shows higher volatility than the market average. Investors should note that High Wire’s next earnings report is scheduled for April 16, 2025. For deeper insights into High Wire’s financial metrics and growth potential, InvestingPro subscribers have access to over 30 additional financial indicators and expert analysis.

High Wire Networks has received recognition for its services, including being ranked as a Top 15 Managed Security Service Provider in the Americas for 2024 by Frost & Sullivan. It has also been featured on CRN’s MSP 500 and Elite 150 lists for 2023 and 2024 as one of the nation’s top IT managed service providers.

This announcement is based on a press release statement from High Wire Networks Inc.

In other recent news, High Wire Networks announced the cancellation of its $10 million Equity Line of Credit. The decision to discontinue this credit line, which was part of a bridge financing agreement, aligns with the company’s strategy to maintain a strong balance sheet and avoid shareholder dilution. Mark Porter, President and CEO, highlighted that the move is intended to support long-term growth without compromising shareholder value. The company is shifting its focus towards increasing demand for its managed services and advanced technology solutions. High Wire Networks aims to enhance operational efficiencies and expand its service offerings. The company is recognized for its managed cybersecurity services and operates through a network of over 200 channel partners. It serves more than 1,100 managed security customers globally, including Fortune 500 companies and major government agencies. High Wire Networks has been ranked by Frost & Sullivan as a Top 15 Managed Security Service Provider in the Americas for 2024.

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