$WYY

WIDEPOINT CORP

CIK:0001034760|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
REVENUES	$ 37,999,582	$ 37,283,809	$ 78,575,612	$ 70,793,848
COST OF REVENUES (including amortization and depreciation of $268,315, $492,231, $552,051, and $978,425, respectively)	32,152,726	32,166,567	67,131,130	60,898,085
GROSS PROFIT	5,846,856	5,117,242	11,444,482	9,895,763
OPERATING EXPENSES
Sales and marketing	665,436	669,797	1,261,433	1,309,279
General and administrative expenses (including share-based compensation of $174,834, $166,018, $423,651 and $364,877, respectively)	4,989,623	4,922,649	9,821,646	9,654,431
Depreciation and amortization	181,414	233,122	409,386	456,810
Total operating expenses	5,836,473	5,825,568	11,492,465	11,420,520
INCOME (LOSS) FROM OPERATIONS	10,383	(708,326)	(47,983)	(1,524,757)
OTHER INCOME (EXPENSE)
Interest income	101,756	89,340	189,159	142,770
Interest expense	(43,839)	(52,382)	(88,832)	(107,455)
Other income (expense), net	188	497	49,428	497
Total other income (expense), net	58,105	37,455	149,755	35,812
INCOME (LOSS) BEFORE INCOME TAX PROVISION (BENEFIT)	68,488	(670,871)	101,772	(1,488,945)
INCOME TAX PROVISION (BENEFIT)	2,068	(52,412)	(41,608)	(146,423)
NET INCOME (LOSS)	$ 66,420	$ (618,459)	$ 143,380	$ (1,342,522)
BASIC EARNINGS PER SHARE	$ 0.01	$ (0.06)	$ 0.01	$ (0.14)
BASIC WEIGHTED-AVERAGE SHARES OUTSTANDING	9,893,403	9,586,166	9,883,090	9,569,660
DILUTED EARNINGS PER SHARE	$ 0.01	$ (0.06)	$ 0.01	$ (0.14)
DILUTED WEIGHTED-AVERAGE SHARES OUTSTANDING	10,166,714	9,586,166	10,130,809	9,569,660

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 143,380	$ (1,342,522)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Deferred income tax benefit	(2,900)	(84,900)
Depreciation expense	420,717	468,136
Provision for credit losses	13,270	31,281
Amortization of intangibles	541,450	967,099
Share-based compensation expense	423,651	364,877
Non-cash lease expense	124,620	105,170
(Gain) loss on disposal of fixed assets	(49,043)	8,161
Changes in assets and liabilities:
Accounts receivable and unbilled receivables	(8,425,710)	(2,117,441)
Inventories	(98,422)	(247,203)
Other current assets	(2,700,895)	(4,055,735)
Other assets	(593,320)	107,433
Accounts payable and accrued expenses	7,227,383	2,287,677
Income tax payable	(59,039)	(55,487)
Deferred revenue and other liabilities	2,122,066	3,605,371
Other liabilities	(120,132)	(97,365)
Net cash used in operating activities	(1,032,924)	(55,448)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(85,537)	(120,887)
Proceeds from the sale of property and equipment	49,043	0
Net cash used in investing activities	(36,494)	(120,887)
CASH FLOWS FROM FINANCING ACTIVITIES
Advances on bank line of credit	0	2,800,000
Repayments of bank line of credit advances	0	(2,800,000)
Principal repayments under finance lease obligations	(223,400)	(246,602)
Withholding taxes paid on behalf of employees on net settled equity awards	(415,247)	(130,745)
Net cash used in financing activities	(638,647)	(377,347)
Net effect of exchange rate on cash	8,252	(43,958)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(1,699,813)	(597,640)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	12,466,493	7,817,395
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	10,766,680	7,219,755
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH CONSISTED OF THE FOLLOWING:
Cash and cash equivalents	10,018,392	6,820,958
Restricted cash	748,288	398,797
Total cash and cash equivalent	10,766,680	7,219,755
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest	68,804	82,271
Cash paid for income taxes	0	47,500
NONCASH INVESTING AND FINANCING ACTIVITIES
ROU asset obtained in exchange for lease liability	$ 0	$ 542,232

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS
Cash and cash equivalents	$ 10,018,392	$ 9,818,503
Restricted cash	748,288	2,647,990
Accounts receivable, net of allowance for credit losses of $54,136 and $57,454, respectively	15,191,497	15,002,571
Unbilled accounts receivable	41,789,749	33,548,228
Other current assets	7,992,877	5,196,613
Total current assets	75,740,803	66,213,905
NONCURRENT ASSETS
Property and equipment, net	397,808	480,082
Lease right of use asset	3,524,472	3,904,479
Intangible assets, net	2,810,848	3,352,296
Goodwill	5,811,578	5,811,578
Deferred tax assets, net	0	1,123
Other long-term assets	642,142	48,822
Total assets	88,927,651	79,812,285
CURRENT LIABILITIES
Accounts payable	25,318,244	25,891,150
Accrued expenses	38,953,286	31,159,173
Current portion of deferred revenue	7,905,839	6,114,402
Current portion of lease liabilities	760,252	751,233
Total current liabilities	72,937,621	63,915,958
NONCURRENT LIABILITIES
Lease liabilities, net of current portion	3,557,927	3,930,495
Deferred revenue, net of current portion	752,763	435,151
Deferred tax liabilities, net	1,351	0
Total liabilities	77,249,662	68,281,604
Commitments and contingencies (Note 16)	0	0
STOCKHOLDERS' EQUITY
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 2,045,714 shares issued and none outstanding	0	0
Common stock, $0.001 par value; 30,000,000 shares authorized; 9,994,617 and 9,892,565 shares issued and outstanding, respectively	9,995	9,894
Additional paid-in capital	103,742,093	103,733,790
Accumulated other comprehensive loss	(384,141)	(379,665)
Accumulated deficit	(91,689,958)	(91,833,338)
Total stockholders' equity	11,677,989	11,530,681
Total liabilities and stockholders' equity	$ 88,927,651	$ 79,812,285