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High Wire Networks Inc Com (HWNI+0.90%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, showing an increase in revenue to $8,378,708 from $6,906,160 in the previous year. The increase is attributed to growth in the cybersecurity and managed services segments.
Operating expenses decreased to $16,932,775 from $18,856,569, primarily due to cost-cutting measures and a reduction in goodwill impairment charges.
The company reported a net loss from continuing operations of $10,121,829, compared to a net loss of $12,095,765 in the previous year. The improvement is partly due to lower interest expenses and amortization of debt discounts.
Net income from discontinued operations was $9,737,003, which includes a gain on the sale of the technology services business unit.
High Wire Networks completed the sale of certain assets related to its technology services business unit to INNO4 LLC for a base purchase price of $11,200,000.
The company continues to focus on its managed cybersecurity services, with its Overwatch platform providing end-to-end protection via multiyear recurring revenue contracts.
High Wire Networks has identified key growth strategies, including expanding its Overwatch platform and forming new service partnerships.
The company faces risks related to its financial results, including a history of losses and substantial indebtedness, which could impact its ability to meet future obligations.
The filing outlines various risk factors, such as competition in the managed services market and the need to comply with evolving cybersecurity regulations.
High Wire Networks recognizes its dependence on positive operating results and potential financing to meet future obligations, as highlighted in its going concern assessment.
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 annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.