High Wire Networks, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 14, 2023 at 04:30 pm EDT
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High Wire Networks, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 5.94 million compared to USD 6.84 million a year ago. Net loss was USD 3.96 million compared to net income of USD 5.37 million a year ago. Basic loss per share from continuing operations was USD 0.02 compared to basic earnings per share from continuing operations of USD 0.09 a year ago. Diluted loss per share from continuing operations was USD 0.02 compared to diluted earnings per share from continuing operations of USD 0.07 a year ago. Basic loss per share was USD 0.02 compared to basic earnings per share of USD 0.1 a year ago. Diluted loss per share was USD 0.02 compared to diluted earnings per share of USD 0.07 a year ago.
For the six months, sales was USD 16.11 million compared to USD 12.16 million a year ago. Net loss was USD 5.48 million compared to net income of USD 10.32 million a year ago. Basic loss per share from continuing operations was USD 0.02 compared to basic earnings per share from continuing operations of USD 0.13 a year ago. Diluted loss per share from continuing operations was USD 0.02 compared to diluted earnings per share from continuing operations of USD 0.1 a year ago. Basic loss per share was USD 0.03 compared to basic earnings per share of USD 0.2 a year ago. Diluted loss per share was USD 0.03 compared to diluted earnings per share of USD 0.15 a year ago.
High Wire Networks, Inc. is a provider of managed cybersecurity. It operates through a single segment. The Company's Managed Services segment consists of services provided to the clients where it monitors, maintains, handles break/fix issues, and protects customer networks. The Managed Services Segment includes Overwatch Managed Security. Its Overwatch Managed Security platform-as-a-service offers organizations end-to-end protection for networks, data, endpoints and users via multiyear recurring revenue contracts. The Company offers its Overwatch managed security services through a network of managed service providers (MSPs) and managed security service providers (MSSPs). Its security operation center is Overwatch SOAR, which is a security orchestration, automation and response (SOAR) technology. The AI embedded in Overwatch SOAR automatically consolidates alerts from various threat prevention and detection-and-response platforms and processes them with intelligence-based rules.