High Wire Networks Inc Com (HWNI) reports earnings

High Wire Networks, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.

The filing includes financial statements for the quarter, showing an increase in revenue to $2,051,672 from $1,974,464 in the same quarter the previous year. The increase is attributed to more cost-efficient software provider contracts and a larger install base.

Operating expenses for the quarter decreased to $3,621,782 from $4,588,039 in the same quarter of the previous year, primarily due to a decrease in salaries and wages.

The company reported a net loss attributable to common shareholders of $1,670,439 for the quarter, compared to $3,550,649 in the previous year.

Total other expense for the quarter was $100,329, compared to $1,202,490 in the previous year, with the decrease primarily due to a reduction in interest expense.

For the nine months ended September 30, 2024, revenue increased to $6,050,793 from $5,623,104 in the previous year, with an improvement in gross profit attributed to cost efficiencies.

Operating expenses for the nine months were $12,151,942, down from $13,016,179 in the previous year, due to cost-cutting measures and efficiencies.

Net income from discontinued operations for the nine months was $9,737,003, compared to a net loss of $1,143,432 in the previous year, including a gain on the sale of a business unit.

Cash used in operating activities for the nine months was $5,801,122, while cash provided by investing activities was $9,767,115.

The company had a working capital deficit of $5,200,477 as of September 30, 2024, compared to a deficit of $9,915,819 at the end of 2023.

High Wire Networks continues to focus on its managed cybersecurity and managed networks services, delivered through a channel sales model.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the High Wire Networks Inc Com quarterly 10-Q report dated November 22, 2024. To report an error, please email earnings@qz.com.