WidePoint Corp (WYY) 2025 Q2 法說會逐字稿

Good afternoon. Welcome to WidePoint's second quarter 2025 earnings conference call. My name is Matthew, and I will be your operator for today's call. Joining us for today's presentation are WidePoint's President and CEO, Jin Kang; Chief Revenue Officer, Jason Holloway; and Chief Financial Officer, Robert George.

午安.歡迎參加 WidePoint 2025 年第二季財報電話會議。我叫馬修，今天電話的接線生將由我來接聽。參加今天演講的有 WidePoint 總裁兼執行長 Jin Kang、首席營收長 Jason Holloway 和財務長 Robert George。

Following their remarks, we will open up the call for questions from WidePoint's publishing analysts. If your questions were not taken today, and you would like additional information, please contact WidePoint's Investor Relations team at wyy@gateway-grp.com.

在他們發表演說之後，我們將開始向 WidePoint 出版分析師提問。如果您的問題今天沒有得到解答，並且您想了解更多信息，請聯繫 WidePoint 的投資者關係團隊，郵箱地址為 wyy@gateway-grp.com。

Before we begin the call, I would like to provide WidePoint's safe harbor statement that includes cautions regarding forward-looking statements made during this call. The matters discussed in this conference call may include forward-looking statements regarding future events and the future performance of WidePoint Corporation that involve risks and uncertainties that could cause actual results to differ materially from those anticipated.

在我們開始通話之前，我想提供 WidePoint 的安全港聲明，其中包括對本次通話期間所做的前瞻性陳述的警告。本次電話會議討論的事項可能包括有關未來事件和 WidePoint Corporation 未來業績的前瞻性陳述，這些陳述涉及風險和不確定性，可能導致實際結果與預期結果有重大差異。

These risks and uncertainties are described in the company's Form 10-Q filed with the Securities and Exchange Commission. Finally, I would like to remind everyone that this call will be made available for replay via a link in the Investor Relations section of the company's website at www.widepoint.com.

這些風險和不確定性在公司向美國證券交易委員會提交的 10-Q 表中有所描述。最後，我想提醒大家，本次電話會議將透過公司網站 www.widepoint.com 投資者關係部分的連結重播。

Now I would like to turn the call over to WidePoint's President and CEO, Mr. Jin Kang. Sir, please go ahead.

現在我想把電話轉給 WidePoint 總裁兼執行長金康先生。先生，請繼續。

Thank you, operator, and good afternoon, everyone. We appreciate you joining us today to review WidePoint's financial and operational results for the second quarter ended June 30, 2025. This past quarter was a continuation of the deliberate steps we have been taking to position WidePoint for long-term sustainable growth. Among the most compelling opportunities on the horizon is the upcoming recompete of the Department of Homeland Security CWMS 3.0 contract.

謝謝接線員，大家下午好。感謝您今天加入我們，共同回顧 WidePoint 截至 2025 年 6 月 30 日的第二季財務和營運表現。上個季度，我們繼續採取審慎措施，為 WidePoint 實現長期可持續成長做好準備。即將出現的最引人注目的機會之一是國土安全部 CWMS 3.0 合約的重新競爭。

In June, the Draft Request for Proposal, or RFP, was released, and we have since responded to DHS and provided the requested information. We were pleased to find that the RFP requirements aligns closely with our ongoing work with DHS. As a two time incumbent, our strong past performance underscores the alignment between the scope of work outlined by DHS and our current service portfolio and capabilities, including our enhanced IT as a Service solutions.

6 月份，提案請求草案（RFP）已經發布，此後我們已回覆國土安全部並提供了所要求的資訊。我們很高興地發現，RFP 要求與我們與 DHS 正在進行的合作密切相關。作為兩屆任期內的委員，我們過去的出色表現凸顯了國土安全部概述的工作範圍與我們目前的服務組合和能力（包括我們增強的 IT 即服務解決方案）之間的一致性。

The new statement of work plays directly on our core strengths. It requires FedRAMP authorized status, a box we proudly check with our FedRAMP authorized Intelligent Technology Management System, or ITMS. ITMS is already the system of record and operational hub for DHS. We believe that this is a powerful validation of the trust DHS places in WidePoint and the critical role our technology plays in supporting their mission and operations. There are several other key requirements that position WidePoint well ahead of other firms competing alongside us.

新的工作說明直接發揮了我們的核心優勢。它需要 FedRAMP 授權狀態，我們很自豪地使用 FedRAMP 授權的智慧技術管理系統 (ITMS) 來檢查這一點。ITMS 已成為 DHS 的記錄系統和營運中心。我們相信，這有力地證明了國土安全部對 WidePoint 的信任以及我們的技術在支持其使命和營運方面發揮的關鍵作用。還有其他幾個關鍵要求使得 WidePoint 遠遠領先與我們競爭的其他公司。

The contract mandates small business status, a criterion we meet. In addition, we bring a robust track record of past performance, active ATO or Authorization to Operate with DHS and the necessary facility security clearance, all of which positions us well ahead of many competing firms.

合約規定了小企業地位，我們符合這項標準。此外，我們擁有過往的良好業績記錄、有效的 ATO 或國土安全部營運授權以及必要的設施安全許可，所有這些都使我們遠遠領先於許多競爭公司。

The government has also indicated that this will be a best value award, meaning technical solution, past performance and reliability will matter more than cost. Again, given that we are a two-time incumbent with a proven history of delivering high-quality mission-aligned solutions to DHS, that is an encouraging sign for us and plays directly to our strengths.

政府也表示這將是一個最佳價值獎，這意味著技術解決方案、過去的表現和可靠性比成本更重要。再次，鑑於我們曾兩度擔任該職位，並有為國土安全部提供高品質、符合任務的解決方案的成功經驗，這對我們來說是一個令人鼓舞的信號，並直接發揮了我們的優勢。

We have adopted a comprehensive all hands-on deck approach to our pursuit strategy. Internally, we are holding weekly strategy meetings to coordinate efforts across teams to maintain alignment and momentum. Externally, we are actively evaluating additional investment in support staff, including the hiring of specialized consultants to ensure we present an even more compelling and polished proposal.

我們已採取全面、全員參與的方式實施我們的追擊策略。在內部，我們每週舉行一次策略會議，協調各個團隊的努力，保持一致性和動力。在外部，我們正在積極評估對支援人員的額外投資，包括聘請專業顧問，以確保我們提出更具吸引力和更完善的提案。

To further reinforce our readiness, we have set up a full PMO model, complete with backup contingency resources to ensure seamless uninterrupted support for DHS from day from day one. The substantial increase in the contract ceiling, which stands at $3 billion, up from the original $500 million ceiling under the CWMS 2.0, is a strong signal of DHS' growing demand for our solutions and presents a significant opportunity for WidePoint.

為了進一步加強我們的準備，我們建立了完整的 PMO 模型，並配備了備用應急資源，以確保從第一天起為 DHS 提供無縫不間斷的支援。合約上限大幅增加，從 CWMS 2.0 原先的 5 億美元上限增加到 30 億美元，這強烈表明國土安全部對我們解決方案的需求不斷增長，並為 WidePoint 帶來了重大機會。

Notably, we already have been awarded task orders that extends through November 2026 under the current CWMS 2.0, giving us continuity, stability and forward momentum during this recompete and contract transition period.

值得注意的是，根據現行的 CWMS 2.0，我們已經獲得了延長至 2026 年 11 月的任務訂單，這為我們在重新競爭和合約過渡期間提供了連續性、穩定性和前進的動力。

The federal government typically prefers contracts overlap to ensure uninterrupted service delivery. As existing CWMS 2.0 task order begins to expire, we anticipate new task orders will be issued under the CWMS 3.0 contract to minimize the risk of service gaps. This leads us to believe that the final RFQ could be released very soon.

聯邦政府通常傾向於合約重疊以確保不間斷的服務交付。隨著現有的 CWMS 2.0 任務訂單開始到期，我們預計將根據 CWMS 3.0 合約發布新的任務訂單，以最大限度地降低服務差距的風險。這讓我們相信最終的 RFQ 很快就會發布。

While the final requirements may still shift, the initial target for the RFP release was the end of July. So we do anticipate it could be issued at any time now. The government anticipate awarding the contract by the end of September 2025. However, considering the typical procurement time lines and potential for external factors, we recognize that the actual award may realistically occur closer to the end of this year.

雖然最終要求可能仍會發生變化，但 RFP 發布的初始目標是 7 月底。因此我們確實預計它隨時都可能發布。政府預計將於2025年9月底授予該合約。然而，考慮到典型的採購時間表和潛在的外部因素，我們認識到實際授予可能會在今年年底前發生。

We have committed significant time, resources and strategic focus towards CWMS 3.0 to ensure WidePoint is well positioned to secure this contract for the third consecutive time. We believe our investments will deliver a strong return and serve as a catalyst for future growth. Our confidence in this opportunity remains high, and we continue to view CWMS 3.0 as a critical pillar in WidePoint's long-term growth strategy.

我們為 CWMS 3.0 投入了大量的時間、資源和策略重點，以確保 WidePoint 能夠連續第三次獲得該合約。我們相信我們的投資將帶來豐厚的回報並成為未來成長的催化劑。我們對這一機會仍然充滿信心，並且我們繼續將 CWMS 3.0 視為 WidePoint 長期成長策略的重要支柱。

Turning to Spiral 4. We are seeing encouraging momentum as new task orders begin to flow in following the expiration of Spiral 3. I am pleased to share that WidePoint has secured four task orders to date with several more in development and multiple responses submitted to active requests for quotes or RFQs. We are confident additional Spiral 4 task orders will continue to be awarded to WidePoint on an ongoing opportunistic basis.

轉向螺旋 4。隨著螺旋 3 到期後新的任務訂單開始湧入，我們看到了令人鼓舞的勢頭。我很高興地告訴大家，WidePoint 迄今已獲得四份任務訂單，還有幾份正在開發中，並且已對積極的報價或 RFQ 請求提交了多份回复。我們相信，WidePoint 將繼續在持續的機會基礎上獲得額外的 Spiral 4 任務訂單。

While we are competing against some of the largest players in the industry, WidePoint stands out with our ability to deliver multi-carrier solutions, offering flexibility and value that no other member within the contract vehicle can match. We also plan on pushing for expansion of optional services under Spiral 4, particularly around lifecycle management services to deliver greater value to clients and create new pathways for growth and future deal flow.

雖然我們正在與業內一些最大的公司競爭，但 WidePoint 憑藉提供多運營商解決方案的能力脫穎而出，提供合約載體中其他成員無法比擬的靈活性和價值。我們還計劃推動 Spiral 4 下可選服務的擴展，特別是圍繞生命週期管理服務，以便為客戶提供更大的價值並為成長和未來交易流程創造新的途徑。

Overall, activity under Spiral 4 continues to trend positively, and we remain focused on capturing additional opportunities as they arise. Jason will be sharing more about the opportunities within our Device-as-a-Service program, or DaaS, but I'd like to provide a brief update on where things stand.

總體而言，螺旋 4 下的活動持續呈現正面趨勢，我們將繼續專注於抓住出現的更多機會。Jason 將分享更多關於我們的設備即服務計劃（DaaS）中的機會，但我想簡要介紹一下目前的情況。

Our DaaS pipeline remains strong. And while the timing of some key opportunities have shifted to later than we initially anticipated, we remain encouraged by the growing interest and engagement in the program. The investment that we have made throughout the year in the infrastructure for DaaS to support and scale are a clear reflection of our strong belief in its potential to drive meaningful return and long-term results. While these investments haven't yet translated into results in the first half of the year, they have laid a strong foundation for long-term growth. We had expected several deals to begin closing by the end of Q1 and into Q2, but these time lines have extended.

我們的 DaaS 管道依然強勁。儘管一些關鍵機會的時機比我們最初預期的要晚，但我們仍然對該計劃日益增長的興趣和參與感到鼓舞。我們全年對 DaaS 支持和擴展基礎設施的投資清楚地反映了我們對其帶來有意義的回報和長期成果的潛力的堅定信念。雖然這些投資在上半年尚未產生實際效果，但為長期成長奠定了堅實的基礎。我們原本預計幾筆交易將在第一季末和第二季開始完成，但這些時間表已經延長。

That said, we did secure our first DaaS contract with a federal health research agency, delivered in close collaboration with our strategic Fortune 500 partner. We're confident that this initial win is just the beginning. The momentum is real, the conversations are active, and we're confident that the second half of 2025 and into 2026 will begin to reflect the progress and groundwork we have laid.

也就是說，我們確實與一家聯邦衛生研究機構簽訂了第一份 DaaS 合同，並與我們的戰略財富 500 強合作夥伴密切合作。我們相信，這次初步勝利只是一個開始。勢頭是真實的，對話是積極的，我們相信 2025 年下半年和 2026 年將開始反映我們所取得的進展和奠定的基礎。

We are also making meaningful progress in building and expanding our strategic partnerships, an important pillar of WidePoint's long-term growth strategy. We are continuing to invest the necessary time, energy, resources and mind share into cultivating these relationships. We firmly believe this strategy will yield tangible results and long-term return on investments. While some near-term opportunities similar to what we have experienced with DaaS have experienced delays.

我們在建立和擴大策略合作夥伴關係方面也取得了有意義的進展，這是 WidePoint 長期成長策略的重要支柱。我們將繼續投入必要的時間、精力、資源和心智來培養這些關係。我們堅信這項策略將產生實際的成果和長期的投資回報。雖然一些與我們在 DaaS 方面經歷的類似的近期機會卻遭遇了延遲。

We view our partnership strategy as a foundational investment. These relationships are not just about immediate wins, but about unlocking access to new markets, expanding our solution offerings and creating joint go-to-market pathways that can scale over time. In many ways, we're laying the groundwork today for the next phase of WidePoint's evolution.

我們將合作夥伴策略視為一項基礎投資。這些關係不僅是為了立即獲得勝利，還為了打開新市場，擴大我們的解決方案範圍，並創造可以隨著時間推移而擴大的聯合上市途徑。從許多方面來看，我們今天正在為 WidePoint 下一階段的發展奠定基礎。

WidePoint brings to the table a robust portfolio of secure, high-performance solutions that have been battle-tested by some of the most demanding government customers. Our track record speaks for itself. When combined with the strength of our existing partners and the credibility we have earned, the decision to expand and deepen our partner ecosystem is a strategic imperative, not just a growth tactic but a growth multiplier.

WidePoint 提供了一系列安全、高效能的解決方案，這些解決方案已經過一些最苛刻的政府客戶的實戰檢驗。我們的業績記錄不言而喻。結合我們現有合作夥伴的實力和我們贏得的信譽，擴大和深化合作夥伴生態系統的決定是一項戰略要務，不僅是一種成長策略，而且是一種成長倍增器。

We're confident that this continued investment will expand our reach, open up new revenue streams and ultimately position WidePoint for sustained success well into the future. Regarding our recent FedRAMP authorized status, this significant achievement underscores WidePoint's commitment to delivering highly secure and compliant cloud services for government agencies, demonstrating our adherence to the most rigorous security standards and solidifying our position as a trusted provider in the federal space.

我們相信，持續的投資將擴大我們的業務範圍，開闢新的收入來源，並最終使 WidePoint 在未來取得持續的成功。關於我們最近獲得的 FedRAMP 授權狀態，這一重大成就凸顯了 WidePoint 致力於為政府機構提供高度安全和合規的雲端服務，表明我們遵守最嚴格的安全標準，並鞏固了我們作為聯邦領域值得信賴的提供者的地位。

FedRAMP authorized status translates into a very powerful competitive advantage, opening doors to nationwide government contracts and fostering confidence in our ability to securely manage sensitive data and mobile solutions. It positions WidePoint as the leader in secure compliant technology solutions, boosting our reputation and market reach in the public sector.

FedRAMP 授權地位轉化為非常強大的競爭優勢，為全國政府合約打開大門，並增強了我們安全管理敏感資料和行動解決方案的能力的信心。它使 WidePoint 成為安全合規技術解決方案的領導者，提升了我們在公共部門的聲譽和市場影響力。

Now to provide a quick update on the Census 2030 opportunity. We are starting to see early activity with the request for information or RFI expected soon. The time line looks similar to the 2020 cycle, and we anticipate a comparable scope of work, this time with a smoother path forward, free from the unique challenges of the pandemic period.

現在簡單介紹一下 2030 年人口普查的機會。我們開始看到早期活動，預計很快就會有資訊請求或 RFI。時間軸看起來與 2020 年周期相似，我們預計工作範圍也會相當，但這次的前進道路更加順利，不會受到疫情時期的獨特挑戰。

Despite those challenges in 2020, we delivered flawlessly with zero devices compromised, which speaks to our reliability and ability to support mission-critical efforts at scale under any conditions. We expect to support and manage roughly 700,000 devices in secure mobility and lifecycle management. Of course, the investment we are making in DaaS now will play a critical role in supporting this effort.

儘管 2020 年面臨這些挑戰，我們仍然完美地交付了產品，沒有出現任何設備受損的情況，這證明了我們的可靠性以及在任何條件下支援大規模關鍵任務工作的能力。我們預計將在安全移動和生命週期管理方面支援和管理約 700,000 台設備。當然，我們現在對 DaaS 的投資將在支持這項努力方面發揮關鍵作用。

Additionally, last Thursday, President Trump called for a new census that will be used for congressional appointments. He also stated that he has already directed the Department of Commerce to begin work on this effort. While it remains early, should this effort gain traction and move forward, the Census Bureau may look to rely on established vendors such as WidePoint and CDW to support the process. The situation still remains fluid, and we will continue to monitor developments closely and provide updates as the situation evolves or as meaningful milestones are reached.

此外，上週四，川普總統呼籲進行新的人口普查，以用於國會任命。他還表示，他已經指示商務部開始進行這項工作。雖然現在還為時過早，但如果這項工作獲得支持並取得進展，人口普查局可能會依靠 WidePoint 和 CDW 等老牌供應商來支持這一進程。局勢仍然不穩定，我們將繼續密切關注事態發展，並在局勢發展或達到有意義的里程碑時提供最新消息。

Turning to macro factors. Tariffs and rising labor costs have impacted many businesses. We have been able to mitigate any major effects through a combination of automation, streamlining processes, rate adjustment proposals with customers, alternative sourcing for equipment and other optimization strategies. Federal government downsizing, layoffs and DOGE initiatives have not had a material impact on WidePoint, though potential downstream effects remains a consideration. However, we also believe DHS may receive expanded responsibility related to border security, which could potentially create tailwinds for us.

轉向宏觀因素。關稅和勞動力成本上漲對許多企業產生了影響。透過結合自動化、簡化流程、與客戶提出費率調整建議、尋找設備替代來源以及其他最佳化策略，我們已經能夠減輕任何重大影響。聯邦政府的縮減規模、裁員和 DOGE 措施並未對 WidePoint 產生實質影響，但潛在的下游影響仍需考慮。然而，我們也相信國土安全部可能會承擔更多與邊境安全相關的責任，這可能會為我們帶來順風。

Before I hand the call over to Jason, I'd like to take a moment to address our outlook regarding our previously disclosed guidance. While achieving positive EPS in 2025 was one of our initial goals, some of the promising opportunities we have previously outlined, particularly within our DaaS program have shifted in timing has impacted our first half results. That said, the opportunities in our pipeline remains intact and substantive. They have merely been deferred slightly in timing, and we continue to view them as highly achievable.

在我將電話交給傑森之前，我想花點時間談談我們對之前披露的指導的看法。雖然在 2025 年實現正每股收益是我們最初的目標之一，但我們之前概述的一些有希望的機會，特別是在我們的 DaaS 計劃中，在時間上發生了變化，影響了我們上半年的業績。儘管如此，我們手中的機會仍然完整且實質。它們只是在時間上稍微推遲了，但我們仍然認為它們是可以實現的。

In light of this timing shift, while we still expect to meet our revenue guidance, we anticipate that both our EBITDA and free cash flow guidance will ultimately need to be adjusted. We are deferring any formal adjustment until next quarter as several of these opportunities in the pipeline still hold potential to materialize in the second half of 2025. We believe it is prudent to allow them sufficient time to develop so we can provide our shareholders with the most accurate and informed outlook for 2025.

鑑於這一時間轉變，雖然我們仍有望達到我們的收入預期，但我們預計我們的 EBITDA 和自由現金流預期最終都需要進行調整。我們將把任何正式調整推遲到下個季度，因為這些正在醞釀的機會中仍有可能在 2025 年下半年實現。我們認為，給予他們足夠的時間發展是明智之舉，這樣我們才能為股東提供最準確、最明智的 2025 年展望。

Importantly, we fully expect EBITDA and free cash flow to remain positive for the remainder of the year, and we remain confident in the underlying strength of our business. We have made deliberate decision to continue investing in high-impact initiatives, including CWMS 3.0 preparation, DaaS infrastructure, strategic facility lease in Columbus and into our strategic partnership strategy, all of which are fundamental to unlocking these future opportunities.

重要的是，我們完全預期 EBITDA 和自由現金流在今年剩餘時間內將保持正值，並且我們對我們業務的潛在實力仍然充滿信心。我們已慎重決定繼續投資於高影響力的舉措，包括 CWMS 3.0 準備、DaaS 基礎設施、哥倫布的戰略設施租賃以及我們的戰略合作夥伴戰略，所有這些都是開啟這些未來機遇的基礎。

These investments reflect our focus on building long-term value and positioning WidePoint for sustainable, profitable growth. Rather than focusing narrowly on achieving a modest EPS gain this year, we believe that reinvesting in the business is the more strategic forward-looking approach. While we are naturally eager to see these opportunities come to fruition, we remain confident that the momentum will pick up in the second half of this year and into 2026 and that we're laying the groundwork for long-term success. We remain optimistic in the future outlook for WidePoint and firmly believe the deliberate strategic steps we are taking now will result in valuable growth and return for our shareholders.

這些投資反映了我們對建立長期價值和定位 WidePoint 以實現永續獲利成長的關注。我們認為，與其僅關註今年實現適度的每股收益成長，不如對業務進行再投資，這是一種更具策略性的前瞻性方法。雖然我們自然渴望看到這些機會成為現實，但我們仍然相信，這種勢頭將在今年下半年和 2026 年回升，我們正在為長期成功奠定基礎。我們對 WidePoint 的未來前景保持樂觀，並堅信我們現在採取的深思熟慮的策略步驟將為我們的股東帶來寶貴的成長和回報。

I will now turn the call over to Jason to walk you through our sales pipeline and upcoming opportunities. Jason?

現在我將把電話轉給 Jason，讓他向您介紹我們的銷售管道和即將到來的機會。傑森？

Thanks, Jin, and good afternoon, everyone. As Jin explained, while the DaaS opportunities in the pipeline have shifted slightly to the right, we are still encouraged with the increase in activity and progress. The pipeline of DaaS is composed of 90% large commercial opportunities, which align directly with our broader goal of expanding beyond our traditional government work. It represents a meaningful step forward in diversifying our revenue stream and deepening our presence in the commercial sector.

謝謝，金，大家下午好。正如金所解釋的那樣，雖然管道中的 DaaS 機會略微向右移動，但我們仍然對活動和進展的增加感到鼓舞。DaaS 的管道由 90% 的大型商業機會組成，這與我們超越傳統政府工作的更廣泛目標直接一致。這是我們實現收入來源多元化和深化商業領域影響力的重大進步。

We're currently engaged in discussions with notable firms across health care, financial services, public IT sectors, among others, all of which manage large fleets of devices, which is the exact type of environment where our DaaS offerings deliver the most value. DaaS contracts offer higher margin, managed services revenue stream, precisely the kind of scalable business we've been aiming to grow. We wholeheartedly believe that once scaled, the DaaS program has the potential to rival and even surpass some of our largest current managed services work.

我們目前正在與醫療保健、金融服務、公共 IT 等領域的知名公司進行討論，這些公司都管理著大量設備，而這正是我們的 DaaS 產品能夠發揮最大價值的環境類型。DaaS 合約提供更高的利潤和託管服務收入流，這正是我們一直致力於發展的可擴展業務。我們全心全意地相信，一旦擴大規模，DaaS 計畫就有可能與我們目前一些最大的託管服務工作相媲美，甚至超越它們。

The investments we've made and continue to make are not just about supporting today's pipeline. They are about positioning WidePoint for long-term success. We see this as the foundation for successful growth, improved margins and meaningful progress towards our goal of delivering double-digit percentage growth of our annual revenue. This early phase of DaaS is laying the groundwork for what we believe will be a major contributor to WidePoint's future success, particularly in the commercial space and to our overall bottom line in the long run.

我們已經做出並將繼續做出的投資不僅僅是為了支持今天的管道。它們致力於讓 WidePoint 獲得長期成功。我們認為這是成功成長、提高利潤率和實現年收入兩位數百分比成長的目標取得重大進展的基礎。DaaS 的早期階段正在為 WidePoint 未來的成功奠定基礎，我們相信這將成為 WidePoint 未來成功的主要因素，特別是在商業領域以及我們長期的整體獲利。

On to our partnership strategy. We are continuing to put time and effort towards not only cultivating new relationships but deepening and expanding existing ones. We are actively building on the strong foundations we've established with our current partners, growing both the scope of work and the strategic alignment of these collaborations. Some of these partners include our long-standing partnership with CDW, Leidos, Intercede, Hyperion just to name a select few.

談談我們的合作策略。我們將繼續投入時間和精力，不僅培養新的關係，而且深化和擴大現有的關係。我們正在積極鞏固與現有合作夥伴建立的堅實基礎，擴大工作範圍和這些合作的策略一致性。這些合作夥伴包括我們與 CDW、Leidos、Intercede、Hyperion 等公司的長期合作，僅舉幾例。

For example, our strategic alignment with CDW's DaaS program presents significant and apparent synergies. Given the strong strategic fit between our respective approaches, we see clear potential for joint initiatives in the long term, especially as we look ahead to large-scale opportunities like the Census 2030 and potential DaaS opportunities.

例如，我們與 CDW 的 DaaS 計畫的策略聯盟呈現出顯著而明顯的協同效應。鑑於我們各自的方法之間具有很強的戰略契合度，我們看到了長期聯合舉措的明顯潛力，特別是當我們展望 2030 年人口普查和潛在 DaaS 機會等大規模機會時。

Not just with CDW, but the example above represents our overall strategy with each of our long-standing partners to ensure that we are collaborating most effectively. WidePoint has positioned itself as a required partner in both the cybersecurity space as well as the managed mobility space. That said, I would like to extend my heartfelt congratulations to CDW on their current recent achievement of being named the official technology solutions provider for the upcoming Los Angeles 2028 Olympic and Paralympic Games. This is an incredible recognition of CDW's leadership in the industry and particularly of the strength and reliability of their DaaS program and other comprehensive software solutions they offer.

不僅僅是與 CDW，上面的例子代表了我們與每個長期合作夥伴的整體策略，以確保我們進行最有效的合作。WidePoint 將自己定位為網路安全領域和託管行動領域的必備合作夥伴。儘管如此，我還是要向 CDW 表示衷心的祝賀，祝賀他們最近被任命為即將舉行的洛杉磯 2028 年奧運會和殘奧會的官方技術解決方案提供商。這是對 CDW 行業領導地位的極大認可，尤其是對其 DaaS 程序和其提供的其他綜合軟體解決方案的實力和可靠性的認可。

Where operational efficiency and technological reliability are critical in such a large-scale environment, CDW's DaaS platform will serve as a vital enabler to streamline device deployment, support and lifecycle management. Congratulations again to CDW on this well-deserved honor, and we all look forward to seeing their solutions in action on the world stage.

在如此大規模的環境中，營運效率和技術可靠性至關重要，CDW 的 DaaS 平台將成為簡化設備部署、支援和生命週期管理的重要推動因素。再次恭喜 CDW 獲得這項當之無愧的榮譽，我們都期待看到他們的解決方案在世界舞台上發揮作用。

Our continued progress in the Smart City initiatives has also expanded in scope with the recent announcement of our partnership with BroadSat. WidePoint is not only working on new opportunities in Texas, but with BroadSat, we've now added Tennessee to the list. As you may have seen this past Monday, we proudly announced a new identity and access management contract in support of the US Department of Education. This is especially meaningful as the K-12 sector has long been an area we aim to support, making this engagement a promising milestone for potential future activity.

隨著我們最近宣布與 BroadSat 建立合作夥伴關係，我們在智慧城市計畫方面的持續進展也擴大了。WidePoint 不僅致力於在德克薩斯州尋找新的機會，而且透過 BroadSat，我們現在已經將田納西州添加到了名單中。正如您可能在上週一看到的，我們自豪地宣布了一項支持美國教育部的新身分和存取管理合約。這尤其有意義，因為 K-12 領域長期以來一直是我們致力於支持的領域，因此這次合作對於未來的潛在活動來說是一個有希望的里程碑。

We are also actively collaborating with a major US telecommunication carrier on a new strategic opportunity that could involve upwards of 2 million to 2.5 million in devices that will require our command center proprietary platform, ITMS, or Intelligent Technology Management System.

我們也正與美國一家大型電信業者積極合作，把握新的戰略機遇，該機會可能涉及 200 萬至 250 萬台設備，這些設備需要我們的指揮中心專有平台、ITMS 或智慧技術管理系統。

On the MobileAnchor front, I am pleased to share that a few weeks ago, we secured a new contract award from an agency under the US Department of Energy. This award is a meaningful milestone that not only validates the growing demand for our solution within the federal space, but also underscores the increasing traction MobileAnchor is gaining across our broader customer pipeline.

在 MobileAnchor 方面，我很高興地告訴大家，幾週前，我們獲得了美國能源部下屬機構頒發的新合約。該獎項是一個意義重大的里程碑，它不僅證實了聯邦領域對我們解決方案日益增長的需求，也凸顯了 MobileAnchor 在我們更廣泛的客戶管道中獲得的日益增長的吸引力。

We continue to see strong indicators of customer and market acceptance, an essential step forward scaling the commercialization of MobileAnchor. Encouragingly, interest is not limited to government customers. We see compelling commercial potential as well, particularly in emerging markets that require secure, reliable and flexible mobile connectivity solutions.

我們繼續看到客戶和市場接受度的強勁指標，這是擴大 MobileAnchor 商業化的重要一步。令人鼓舞的是，對此感興趣的並不僅限於政府客戶。我們也看到了巨大的商業潛力，特別是在需要安全、可靠和靈活的行動連接解決方案的新興市場。

One exciting opportunity lies in the Smart City initiative, where MobileAnchor is in a position to play a transformative role. We have taken strategic steps to advance the Smart City initiative. Together with BroadSat, we aim to support smart cities and federal agencies by delivering a powerful dome of defense providing end-to-end security connectivity, computing and content distribution at the edge for all connected applications and devices.

智慧城市計畫中存在著一個令人興奮的機會，MobileAnchor 可以在其中發揮變革作用。我們已採取策略措施推進智慧城市建設。我們與 BroadSat 攜手，旨在透過提供強大的防禦穹頂來支援智慧城市和聯邦機構，為所有連接的應用程式和設備提供端到端的安全連接、計算和內容分發。

To build on this, MobileAnchor represents a significant opportunity to advance the Smart City project. Its ability to provide endpoint management in the highest multifactor secured environment positions MobileAnchor as an ideal solution for commercial partners aiming to modernize infrastructure without compromising cybersecurity or operational agility.

在此基礎上，MobileAnchor 為推動智慧城市計畫提供了重要機會。MobileAnchor 能夠在最高層級的多因素安全環境中提供端點管理，使其成為商業合作夥伴在不損害網路安全或營運敏捷性的情況下實現基礎設施現代化的理想解決方案。

Lastly, given our strong relationships with strategic insiders who have relationships with members of the current administration, countries that have positive standings with the United States have recently shown a strong interest in WidePoint's MobileAnchor and our proprietary command center platform, ITMS, or Intelligent Technology Management System. We remain committed to executing on our robust pipeline and are excited to continue driving these initiatives forward.

最後，鑑於我們與現任政府成員有關係的戰略內部人士的牢固關係，與美國保持良好關係的國家最近對 WidePoint 的 MobileAnchor 和我們的專有指揮中心平台 ITMS 或智慧技術管理系統表現出濃厚的興趣。我們將繼續致力於執行我們強大的管道，並很高興繼續推動這些計劃向前發展。

We are steadily building the foundation to further expand our robust pipeline. The opportunities ahead are both tangible and substantial, and we remain optimistic that momentum will begin to pick up throughout the second half of 2025 and into 2026, allowing our efforts to yield meaningful results.

我們正在穩步建立基礎，以進一步擴大我們強大的產品線。未來的機會是切實而巨大的，我們仍然樂觀地認為，2025 年下半年至 2026 年勢頭將開始回升，使我們的努力取得有意義的成果。

With that, I will now turn the call over to Bob to discuss our financial results. Bob?

說完這些，我現在將電話轉給鮑伯來討論我們的財務結果。鮑伯？

Thanks, Jason, and thanks to everyone for joining us today. I'm pleased to share the details of our financial results for the second quarter and the six months ended June 30, 2025. Total revenue for the second quarter was $38 million, an improvement from $36 million in the same period last year. Total revenue for the six months ended June 30, 2025, was $72.1 million, which was an improvement from $70.2 million in the same period last year. Further, we start the second half of the year with a strong federal backlog of $265 million at June 30, 2025.

謝謝傑森，也謝謝大家今天加入我們。我很高興分享我們截至 2025 年 6 月 30 日的第二季和六個月的財務表現詳情。第二季總收入為 3,800 萬美元，較去年同期的 3,600 萬美元有所改善。截至 2025 年 6 月 30 日的六個月總收入為 7,210 萬美元，較去年同期的 7,020 萬美元有所改善。此外，截至 2025 年 6 月 30 日，我們下半年的聯邦積壓金額高達 2.65 億美元。

Now I'll provide a further breakdown of our revenues. Our carrier services revenue for the quarter was $22.2 million, an increase of $1.8 million compared to the same period in 2024. Carrier services revenue for the six months ended June 30, 2025, was $44.6 million, an increase of $4.8 million from the same period last year. The increase was a result of the growth in the number of phone lines under management for our DHS customer.

現在我將進一步提供我們的收入明細。本季我們的營運商服務收入為 2,220 萬美元，與 2024 年同期相比增加了 180 萬美元。截至 2025 年 6 月 30 日的六個月，營運商服務收入為 4,460 萬美元，比去年同期增加 480 萬美元。這一增長是由於我們為 DHS 客戶管理的電話線路數量增加所致。

Our managed services fees for the quarter were $9.2 million and billable services fees were $1.3 million, both of which are relatively consistent with the same period in 2024. Managed services fees for the six months ended June 30, 2025, were $18.4 million, an increase of $600,000 compared to the same period last year. The increase was primarily due to a new federal end customer, which began in September of 2024, which is not reflected in the comparable first six months of 2024 results. Billable services fees for the six months ended June 30, 2025, were $3.1 million, an increase of $600,000 compared to the same period last year, reflecting increased activity in this area.

本季我們的託管服務費為 920 萬美元，可計費服務費為 130 萬美元，兩者均與 2024 年同期基本一致。截至 2025 年 6 月 30 日的六個月的管理服務費為 1,840 萬美元，與去年同期相比增加了 60 萬美元。成長的主要原因是 2024 年 9 月開始出現新的聯邦終端​​客戶，但這並未反映在 2024 年前六個月的可比業績中。截至 2025 年 6 月 30 日的六個月的可計費服務費為 310 萬美元，比去年同期增加了 60 萬美元，反映了該領域活動的增加。

Reselling and other services in the second quarter were $5.1 million, a slight increase compared to the same period last year. Included in reselling and other services is approximately $300,000 of connectivity and device resells under our new Spiral 4 contract, where we expect to see future growth. Reselling and other services for the six months ended June 30, 2025, were $6 million compared to $10.2 million in the same period last year. The decrease was primarily due to the out-of-period adjustment of $2.7 million recorded in the first quarter of 2025 and recognition of revenue for SaaS agreements over the Period of Performance compared to point-of-sale recognition. It is important to note that reselling and other services are transactional in nature and the amount and timing of revenue varies from quarter-to-quarter.

第二季轉售及其他服務收入為510萬美元，較去年同期略有成長。根據我們的新 Spiral 4 合同，轉售和其他服務包括價值約 30 萬美元的連接和設備轉售，我們預計未來將實現成長。截至 2025 年 6 月 30 日的六個月內，轉售和其他服務的收入為 600 萬美元，而去年同期為 1,020 萬美元。下降的主要原因是 2025 年第一季記錄的 270 萬美元的期外調整，以及與銷售點確認相比，在履約期內確認了 SaaS 協議的收入。值得注意的是，轉售和其他服務本質上是交易性的，收入的金額和時間每季都會有所不同。

Gross profit for the second quarter increased to $5.1 million or 14% of revenues compared to $4.9 million or 14% of revenues in the same period last year. The more meaningful metric of gross profit percentage, excluding carrier services, increased to 33% in the second quarter compared to 31% in the same period last year.

第二季毛利增至 510 萬美元，佔營收的 14%，去年同期為 490 萬美元，佔營收的 14%。更有意義的指標是毛利率（不包括營運商服務）在第二季上升至 33%，而去年同期為 31%。

Gross profit for the six months ended June 30, 2025, increased by $300,000 to $9.9 million or 14% of revenues compared to $9.6 million or 14% of revenues in the same period last year. Gross profit percentage, excluding carrier services, increased to 36% in the six months ended June 30, 2025, compared to 31% in the same period last year. This is due to comparatively lower reselling revenues, which have a lower gross margin compared to the same period last year. Our gross profit percentage will vary from period to period based on our revenue mix.

截至 2025 年 6 月 30 日的六個月的毛利增加了 30 萬美元，達到 990 萬美元，佔收入的 14%，而去年同期為 960 萬美元，佔收入的 14%。截至 2025 年 6 月 30 日的六個月內，不包括業者服務的毛利率增至 36%，而去年同期為 31%。這是由於轉售收入相對較低，與去年同期相比毛利率較低。我們的毛利率將根據我們的收入結構而不同。

Sales and marketing expense in the second quarter were $700,000 or 2% of revenues compared to $600,000 or 2% of revenues in the same period last year. Sales and marketing expense in the six months ended June 30, 2025, was $1.3 million and 2% of revenues compared to $1.2 million or 2% of revenues in the same period last year.

第二季的銷售和行銷費用為 70 萬美元，佔營收的 2%，而去年同期為 60 萬美元，佔營收的 2%。截至 2025 年 6 月 30 日的六個月內，銷售和行銷費用為 130 萬美元，佔收入的 2%，而去年同期為 120 萬美元，佔收入的 2%。

General and administrative expenses in the second quarter were $4.9 million or 13% of revenues compared to $4.5 million or 13% of revenues in the same period last year. The dollar increases during the second quarter primarily relate to general inflationary pressures, additional headcount and associated costs related to building our DaaS offering as well as bolstering our delivery capability for our DHS customer. These increases were partially offset by $200,000 less share-based compensation expense in the second quarter of 2025 compared to the same period in 2024.

第二季的一般及行政開支為 490 萬美元，佔營收的 13%，而去年同期為 450 萬美元，佔營收的 13%。第二季美元的成長主要與整體通膨壓力、額外的員工人數以及與建立我們的 DaaS 產品相關的成本以及增強我們為 DHS 客戶提供交付能力有關。與 2024 年同期相比，2025 年第二季的股權激勵費用減少了 20 萬美元，部分抵消了這些增幅。

General and administrative expenses in the six months ended June 30, 2025, were $9.6 million or 13% of revenues compared to $9 million or 13% of revenues in the same period last year. The dollar increase also relates primarily to general inflationary pressures, additional headcount and associated costs related to building our DaaS offering as well as bolstering our delivery capability for our DHS customer. These increases were partially offset by $419,000 less share-based compensation expense in the first half of 2025 compared to the same period in 2024.

截至 2025 年 6 月 30 日的六個月內，一般及行政開支為 960 萬美元，佔收入的 13%，而去年同期為 900 萬美元，佔收入的 13%。美元的成長也主要與整體通膨壓力、額外的員工人數以及與建立我們的 DaaS 產品相關的成本以及增強我們為 DHS 客戶提供服務的能力有關。與 2024 年同期相比，2025 年上半年的股權激勵費用減少了 419,000 美元，部分抵消了這些成長。

Net loss for the second quarter was $618,000 or a loss of $0.06 per share compared to a net loss of $500,000 or a loss of $0.05 per share for the same period last year. Net loss for the six months ended June 30, 2025, was $1.3 million, a loss of $0.14 per share compared to a net loss of $1.2 million or a loss of $0.13 per share for the same period last year.

第二季淨虧損為 618,000 美元，即每股虧損 0.06 美元，去年同期淨虧損為 50 萬美元，即每股虧損 0.05 美元。截至 2025 年 6 月 30 日的六個月淨虧損為 130 萬美元，每股虧損 0.14 美元，而去年同期淨虧損為 120 萬美元，即每股虧損 0.13 美元。

Adjusted EBITDA, a non-GAAP measure for the second quarter was $183,000 and free cash flow for the quarter, which we define as adjusted EBITDA minus capital investments was $90,000, representing our 32nd consecutive quarter of adjusted EBITDA and our seventh consecutive quarter of positive free cash flow. Adjusted EBITDA for the six months ended June 30, 2025, was $276,000 and free cash flow for this period was $155,000.

第二季度的非公認會計準則調整後 EBITDA 為 183,000 美元，本季的自由現金流（我們將其定義為調整後的 EBITDA 減去資本投資）為 90,000 美元，這是我們連續第 32 個季度實現調整後 EBITDA，也是連續第 7 個季度實現正自由現金流。截至 2025 年 6 月 30 日的六個月的調整後 EBITDA 為 276,000 美元，此期間的自由現金流為 155,000 美元。

Moving to our CapEx. As Jin and Jason have noted, for the rest of the year, we do plan to increase capital investments to support our strategic priorities. This includes funding for our Device-as-a-Service program, which includes build-out of our new dedicated facility and associated infrastructure, investment towards the preparation for the upcoming CWMS 3.0 recompete in addition to a phased technical refresh of portions of WidePoint's IT environment to strengthen our cybersecurity posture. For the year, we estimate CapEx will increase by approximately $300,000 from last year, which equates to approximately $450,000 for the entire year.

轉向我們的資本支出。正如金和傑森所指出的，在今年剩餘時間裡，我們確實計劃增加資本投資以支持我們的策略重點。這包括為我們的設備即服務計劃提供資金，該計劃包括建造我們的新專用設施和相關基礎設施，為即將到來的 CWMS 3.0 重新競爭做準備，以及分階段對 WidePoint 的部分 IT 環境進行技術更新，以加強我們的網路安全態勢。我們預計今年的資本支出將比去年增加約 30 萬美元，相當於全年約 45 萬美元。

Moving to the balance sheet. We ended the quarter with $6.8 million in unrestricted cash, reflecting a $3.1 million increase from $3.7 million last quarter. We also have additional liquidity options available with our revolving line of credit facility, which provides us with $4 million of potential borrowing capacity, which is subject to availability, although we do not anticipate having to rely on this facility. This completes my financial summary. For a more detailed analysis of our financial results, please refer to our Form 10-Q, which was filed prior to this call.

轉到資產負債表。本季末，我們的非限制現金為 680 萬美元，比上一季的 370 萬美元增加了 310 萬美元。我們的循環信貸額度也為我們提供了額外的流動性選擇，它為我們提供了 400 萬美元的潛在藉貸能力，但這取決於可用性，儘管我們預計不必依賴此信貸額度。我的財務摘要到此結束。如需了解我們財務表現的更詳細分析，請參閱本次電話會議之前提交的 10-Q 表。

Now I will turn the call over to Jin for his closing remarks.

現在我將把電話交給金，請他作結束語。

Thank you, Bob and Jason. So in summary, in Q2 2025, we made strategic progress and maintained steady financial performance even as some key contract time lines shifted. Our primary focus has been securing the $3 billion DHS CWMS 3.0 recompete, where we are leveraging our position as a two-time incumbent, our FedRAMP authorized status and our strong history of delivering results.

謝謝你，鮑勃和傑森。總而言之，在 2025 年第二季度，即使一些關鍵合約時間表發生了變化，我們仍取得了策略進展並保持了穩定的財務業績。我們的主要重點是確保 30 億美元的 DHS CWMS 3.0 重新競爭，我們將利用我們兩屆現任者的地位、我們的 FedRAMP 授權身份以及我們取得成果的強大歷史。

We are also driving growth through the Spiral 4 contract, a strong Device-as-a-Service pipeline, particularly in the commercial sector and by expanding our strategic partnerships with organizations like CDW and BroadSat. In addition, we're advancing MobileAnchor in both government and commercial markets and pursuing major opportunities such as the 2030 Decennial Census and Smart City initiatives. Jason has emphasized our diversification into large commercial DaaS deals and deepening of partnerships. We remain committed on investing in high-impact initiatives that will drive long-term growth.

我們也透過 Spiral 4 合約、強大的設備即服務管道（特別是在商業領域）以及擴大與 CDW 和 BroadSat 等組織的策略合作夥伴關係來推動成長。此外，我們正在政府和商業市場推進 MobileAnchor，並尋求 2030 年人口普查和智慧城市計劃等重大機會。傑森強調了我們向大型商業 DaaS 交易的多元化發展以及合作夥伴關係的深化。我們將持續致力於投資能夠推動長期成長的高影響力措施。

That concludes our prepared remarks, and we will now take questions from our analysts and major shareholders. Operator, will you please open the call for questions?

我們的準備好的演講到此結束，現在我們將回答分析師和主要股東的問題。接線生，請您打開電話詢問功能好嗎？

(Operator Instructions)

（操作員指示）

Barry Sine, Litchfield Hills.

巴里·辛恩，利奇菲爾德山。

First of all, congratulations on the visibility on the DHS contract. Obviously, that's the big kahuna for you guys. The -- you mentioned that it's now a $3 billion. First question is, over what time frame? I think there was some discussion it might go from a 5-year to a 10-year. Has that happened?

首先，恭喜國土安全部合約獲得認可。顯然，這對你們來說是一件大事。您提到現在是 30 億美元。第一個問題是，在什麼時間範圍內？我認為有人討論過它可能會從 5 年延長到 10 年。有這樣的事嗎？

That's right, Barry. Sorry about that. It's good to hear from you. The answer is yes. The CWMS 3.0 will go from a 5-year contract to a 10-year contract, and it's going from a $0.5 billion to a $3 billion. So it's almost doubling the size your annual run rate. And I think that, that's because there's going to be additional mission that DHS is going to have, especially securing the Northern and the Southern border. So we see a lot more potential growth there for mobility and wireless cellular satellite technology.

沒錯，巴里。很抱歉。很高興收到你的來信。答案是肯定的。CWMS 3.0 的合約期限將從 5 年延長至 10 年，金額將從 5 億美元增加至 30 億美元。因此，它幾乎使您的年度運行率翻了一番。我認為，這是因為國土安全部將承擔額外的任務，特別是保衛北部和南部邊境。因此，我們看到移動性和無線蜂窩衛星技術具有更大的潛在成長空間。

And you called out the requirements for this contract, including FedRAMP. How do those requirements differ from five years ago? I assume FedRAMP was not a requirement then because you didn't have FedRAMP and you won the contract.

您也提到了該合約的要求，包括 FedRAMP。這些要求與五年前有何不同？我認為 FedRAMP 不是必需的，因為您沒有 FedRAMP 並且您贏得了合約。

Yes, you are correct. The FedRAMP authorized was not a requirement, but this time, it is. It is also -- they're requiring only the primes to be able to submit their past performance experience. And they are specifically saying that this is a small business classification under that North American Industrial Code. And so we meet all of those requirements. And the statement of work matches our capabilities, and it's very close to our current service delivery and solution. So it bodes really well.

是的，你說得對。FedRAMP 授權並不是一項要求，但這次是要求。他們也只要求主要人員能夠提交他們過去的績效經驗。他們明確表示，這是北美工業法規下的小型企業分類。因此我們滿足了所有這些要求。工作說明與我們的能力相匹配，並且非常接近我們目前的服務交付和解決方案。所以這確實是一個好兆頭。

And it also -- the other one that we didn't mention is that it is best value. I think I mentioned that in my prepared remarks. And what that usually means is that, the government is favoring whatever they say is best value versus lowest price technically acceptable, those are the two options that they will go with. But this time, they are going with the best value, which tend to favor the incumbent.

而且——我們沒有提到的另一個特點是它具有最佳價值。我想我在準備好的發言中提到過這一點。這通常意味著，政府傾向於他們認為最有價值的方案，而不是技術上可接受的最低價格，他們會選擇這兩個方案。但這一次，他們選擇的是最佳價值，這往往有利於現任者。

Okay. That's really good news. On Spiral 4, obviously, that's another major contract that you already have in the bag. For those of us keeping score at home, could you just bring us up to date how many orders have you gotten to date? How many dollars? And then what -- you put that in perspective, what is the total size of that contract? And how many other winners were there on that platform?

好的。這真是個好消息。關於 Spiral 4，顯然這是您已經獲得的另一份重要合約。對於我們這些在家記分的人來說，您能否告訴我們到目前為止您收到了多少訂單？多少美元？那麼——從這個角度來看，該合約的總規模是多少？該平台上還有多少其他得獎者？

Right. The Navy Spiral 4 contract was awarded to six others, including WidePoint so seven total. And the awardees were mostly cellphone cellular carriers, Verizon, AT&T, T-Mobile, Hughes Network, MetTel and Republic Wireless and WidePoint. And of course, the only non-carrier winner was us, WidePoint. That contract has a $2.6 billion top line. To date, we won four contracts. And the contract period of performance is 10 years. And I think that there is also a five-year option period on it. And the total contract value that we have won is approximately $26 million.

正確的。海軍螺旋 4 號合約授予了其他六家公司，其中包括 WidePoint，因此總共授予了七家公司。獲獎者大多是手機營運商，包括 Verizon、AT&T、T-Mobile、Hughes Network、MetTel、Republic Wireless 和 WidePoint。當然，唯一的非運營商贏家就是我們，WidePoint。該合約的最高金額為 26 億美元。迄今為止，我們已贏得四份合約。合約履行期限為10年。我認為它還有一個五年的選擇期。我們贏得的合約總價值約為2600萬美元。

Do you know the other six parties, what the size of their contracts they've been awarded cumulatively on Spiral 4?

您是否知道其他六方在 Spiral 4 上累積獲得的合約規模是多少？

Yes, we don't have that visibility. I believe we can go out to one of the contract award databases, and we can probably look that up for next time around. I will make that a task for us.

是的，我們沒有那麼高的知名度。我相信我們可以去其中一個合約授予資料庫，下次我們或許可以找一下。我會把這當作我們的一項任務。

So let me ask the question a little bit differently. You mentioned it's a $2.6 billion total program. My sense is you've only gotten $26 million that they're still in the very, very early stages of doling out that $2.6 billion, even if we had the numbers for all seven.

因此，讓我以稍微不同的方式提出這個問題。您提到這是一個總價值 26 億美元的項目。我的感覺是，即使我們掌握了所有七個國家的數字，他們也只得到了 2600 萬美元，而且他們仍處於發放 26 億美元的非常早期的階段。

Yes, that is correct. They are early in the cycle. And so we feel pretty good about our chances to win additional task orders. And so as I said before, is that we are the only vendor that can provide multi-carrier solutions. That includes all of the six vendors that are on there. And so I think that it gives us sort of carrier-agnostic approach to providing the right coverage for the customer. So I think we have a differentiator there.

是的，正確。他們正處於週期的早期階段。因此，我們對贏得額外任務訂單的機會感到非常樂觀。正如我之前所說，我們是唯一能夠提供多運營商解決方案的供應商。其中包括所有六家供應商。因此，我認為它為我們提供了一種與運營商無關的方法來為客戶提供正確的覆蓋範圍。所以我認為我們在這方面有差異化。

And then also on -- or going back to DHS, I believe that's ITMS and you've talked about DaaS. I don't understand the difference. What I can discern is that DaaS seems to be that you retain the ownership of the devices and provide them as a service and ITMS, the customer owns the devices. What's the difference between DaaS and ITMS?

然後——或者回到 DHS，我相信那是 ITMS，而您已經談到了 DaaS。我不明白其中的差別。我可以辨別的是，DaaS 似乎是您保留設備的所有權並將其作為服務和 ITMS 提供，客戶擁有設備。DaaS 和 ITMS 有什麼不同？

Yes. The difference between DaaS and ITMS is that DaaS is a business model where we own the devices and the customers are charged a fixed monthly fee for device, including data, voice, text, accessories, all of those things. ITMS is the platform that we use to support the DaaS program. So all of those devices that we manage for our customers are included is managed using the ITMS and the ITMS is the platform that we use to manage all of those.

是的。DaaS 和 ITMS 之間的區別在於，DaaS 是一種商業模式，我們擁有設備，並向客戶收取固定的設備月費，包括數據、語音、文字、配件等所有這些東西。ITMS 是我們用來支援 DaaS 計劃的平台。因此，我們為客戶管理的所有裝置都使用 ITMS 進行管理，而 ITMS 是我們用來管理所有這些裝置的平台。

And in many cases, some of the DaaS programs that we manage, we don't actually own the device ourselves. Our strategic partner, we had mentioned before, CDW is one of them, and they would handle all of the device ownership and inventory, but they would use our ITMS system to manage all of those devices, including technical refresh, when the devices are going to be put out the pasture, what voice plans, what data plans they're on. So ITMS is a full service platform that we sell as Software as a Service.

在很多情況下，我們管理的一些 DaaS 程式實際上並不擁有該設備。我們的策略合作夥伴，我們之前提到過，CDW 是其中之一，他們將處理所有設備所有權和庫存，但他們會使用我們的 ITMS 系統來管理所有這些設備，包括技術更新、設備何時退役、他們使用什麼語音計劃、什麼數據計劃。因此，ITMS 是一個全方位服務平台，我們將其作為軟體即服務進行銷售。

But traditionally, the customer has owned the device, whereas the distinction with DaaS is you will own the device and provide it to them as a service. Is that correct?

但傳統上，客戶擁有設備，而 DaaS 的區別在於您將擁有設備並將其作為服務提供給他們。對嗎？

Yes. In some cases, rare cases that we will own the device, but it is our partner that will own the device, CDW.

是的。在某些情況下，極少數情況下我們會擁有該設備，但我們的合作夥伴 CDW 會擁有該設備。

Okay. And then talking about CDW, they're also your partner on the census. And you talked about early stages on the 2030 census. But as you referenced, on August 7, President Trump ordered the Census Bureau to immediately begin work immediately on an interim census. I assume -- I don't know if you've gotten any communication. Have you spoken with your counterparts at CDW? Have they gotten any indication on this new mid-decade census?

好的。然後談到 CDW，他們也是您在人口普查中的合作夥伴。您談到了 2030 年人口普查的早期階段。但正如您所說，8 月 7 日，川普總統命令人口普查局立即開始進行中期人口普查工作。我猜想——我不知道您是否收到任何訊息。您與 CDW 的同行談過嗎？他們對這次新的十年中期人口普查有什麼了解嗎？

We have not -- that information hasn't trickled down to us yet. There are some talks about doing different approaches to this. One is actually going out and doing a mid-decennial census. There's also talks about using the existing data, which I think is problematic because I think they couldn't collect any of the citizenship information during the 2020 decennial census. So the jury is still out, and the information has not trickled down to us yet.

我們還沒有——這些訊息還沒有傳達給我們。有一些關於採取不同方法解決這個問題的討論。其中一個就是出去進行每十年中期的人口普查。還有關於使用現有數據的討論，我認為這是有問題的，因為我認為他們無法在 2020 年十年一次的人口普查期間收集任何公民身份資訊。因此，目前還不能做出定論，而且相關資訊也尚未傳達給我們。

So hypothetically, after this call, you check your voice mail and CDW says, okay, Jin, we got the green light to do a 2025 census. How fast could WidePoint get devices out in the field into the hands of census takers?

因此，假設在打完這通電話後，您查看語音郵件，CDW 說，好的，Jin，我們已獲準進行 2025 年人口普查。WidePoint 能多快將設備送到人口普查員手中？

We could do that probably within a week or two weeks, depending on how fast the carriers can provide all of these devices. And that will be a function of how fast the carriers can provide those devices as well as our partner, CDW, in this case, would need to also put all of those devices, stage them, do the logistics. And what we would do is we would track all of that. They would use our software to track all of those devices.

我們可能需要一周或兩週的時間才能完成這項工作，具體取決於營運商提供所有這些設備的速度。而這將取決於承運商提供這些設備的速度，以及我們的合作夥伴 CDW，在這種情況下，也需要放置所有這些設備，進行分階段運輸，並進行物流。我們要做的就是追蹤所有這些。他們會使用我們的軟體來追蹤所有這些設備。

So from your perspective, it is possible to do something relatively soon, let's say, within the next 12 months --

所以從你的角度來看，可以相對快速地做一些事情，比如說，在未來 12 個月內--

Yes, we definitely can scale up and get everything ready, and we would probably do a lot of the logistics piece of it as well. And I think the long pole in the tent is going to be the carriers being able to provision those devices and actually conducting the census because they would have to go door-to-door again. And I think the first thing that has to happen, I believe, usually what happens is that the census is sent out to every address. And those addresses that do not respond to a census that people have to go door-to-door. And so even so, I would imagine that we can spin up, I would say, within two weeks, maybe a month's time to get all of these devices out there to the enumerators.

是的，我們絕對可以擴大規模並做好一切準備，我們可能還會做很多後勤工作。我認為帳篷裡的長桿將是營運商能夠提供這些設備並實際進行人口普查，因為他們必須再次挨家挨戶地走訪。我認為首先要做的事情，通常是將人口普查結果發送到每個地址。對於那些沒有回應人口普查的地址，人們必須挨家挨戶地去調查。即便如此，我想我們可以在兩週甚至一個月的時間內，將所有這些設備送到普查員手中。

All right. We'll keep our fingers crossed you get a 2025 and a 2030 census.

好的。我們祈禱你們能獲得 2025 年和 2030 年的人口普查結果。

Yes, that would be great if that happens.

是的，如果那樣的話那就太好了。

Yes. My last question is on backlog. Bob, I think you mentioned it was $265 million. if you could take that number apart for us, what was it in 1Q? What was it a year ago? How much of that is scheduled to be received in the next 12 months?

是的。我的最後一個問題是關於積壓的。鮑勃，我想你提到過是 2.65 億美元。如果你能為我們解釋一下這個數字，那麼第一季的數字是多少？一年前是什麼情況？未來 12 個月預計收到多少？

Barry, I can get back to you on the historicals. But in terms of what the $265 million rolls out at, we've got about $47 million for the rest of the year in hand. And then we would have next year about $92 million from that. And then we'd have backlog at end of next year -- end of '26 of like $125 million. A lot of -- when you look at the difference between what we booked in backlog and what's going forward, we, of course, have our commercial businesses.

巴里，我可以就歷史問題回覆你。但就 2.65 億美元的支出而言，我們今年剩餘時間的支出約為 4,700 萬美元。那麼明年我們將獲得約 9,200 萬美元。那麼到明年年底，也就是 26 年底，我們的積壓訂單量將達到 1.25 億美元。很多——當你查看我們積壓訂單和未來訂單之間的差異時，你會發現，我們當然有商業業務。

So the IT as a Service, the UCaaS business in Ireland. And then we also have a lot of just task orders that we'll get for some of the identity management stuff, which doesn't translate to backlog. It's just an order. And so we actually have a deferred revenue for that.

因此，愛爾蘭的 IT 即服務、UCaaS 業務。然後，我們也會收到很多關於身分管理的任務訂單，但這並不意味著積壓工作。這只是一道命令。因此我們實際上有這方面的遞延收入。

And Barry, I'd like to add a little bit to that in that it's down from, I believe, like $300 million the last two quarters ago. And the reason for that is that as we begin to work on these contracts, we've worked down the backlog. And as we get closer to the end of these various task orders, we will get a renewal contract or option year period exercise that will fill that backlog back up again. And so as we get towards the end of the year, we should see more contract activity, and that should fill up the backlog again.

巴里，我想補充一點，我認為與前兩個季度相比，這一數字有所下降，約為 3 億美元。原因在於，當我們開始處理這些合約時，我們已經完成了積壓的工作。隨著這些任務訂單的接近尾聲，我們將獲得續約或選擇年期行使，以再次填補積壓的工作。因此，隨著年底的臨近，我們應該會看到更多的合約活動，這應該會再次填補積壓的訂單。

(Operator Instructions)

（操作員指示）

Scott Buck, H.C. Wainwright.

斯科特·巴克、H.C. 溫賴特。

Jin do you know what you guys have accumulated in revenue from CWMS 2.0? Trying to just kind of gauge what the potential opportunity is within that $3 billion number for 3.0.

金，你知道你們從 CWMS 2.0 中累積了多少收入嗎？嘗試衡量 3.0 的 30 億美元內的潛在機會是什麼。

I'll give you a quick data point in that. When we executed the modification for an additional $254 million, this would have been a couple of quarters ago. We had -- essentially, the government had obligated all the $0.5 billion worth and so that they had to modify the contract ceiling by another $254 million. So we're looking at expanding all of that by the end of 2026, November. We may have a few million dollars left in the ceiling. So I figure probably by the end of this year, we will probably spend the entire $0.5 billion maybe and then spend the rest of that $254 million by the end of next year.

我會給你一個快速的數據點。當我們執行額外 2.54 億美元的修改時，這已經是幾個季度前的事了。基本上，政府已經承擔了全部 5 億美元的義務，因此他們必須將合約上限再修改 2.54 億美元。因此，我們計劃在 2026 年 11 月底之前擴大所有這些範圍。我們的上限可能還剩下幾百萬美元。因此我估計，到今年年底，我們可能會花掉全部 5 億美元，然後在明年年底花掉剩餘的 2.54 億美元。

Okay. That's very helpful. And then earlier in the call, you went through a number of potential opportunities for awards here in the second half and '25 and the beginning of '26. How should we think about gross margin expectations for potential new business that's out there versus what consolidated margins look like today?

好的。這非常有幫助。在早些時候的電話會議中，您討論了 25 年下半年和 26 年初的許多潛在獲獎機會。我們該如何看待現有潛在新業務的毛利率預期與目前的合併利潤率？

Yes. So again, if you subtract out all of the carrier services revenue, which is significant, excluding any of the carrier services revenue, we are at somewhere around 33%, I believe, for the first six months of this year. And we see that gradually improving as we continue to sign on DaaS deals and managed services deals, our goal is to get that to 50% by the end of next year, and we're continuing to make that progress.

是的。所以，再說一次，如果你減去所有的運營商服務收入（這是一筆相當大的收入），不包括任何運營商服務收入，我相信今年前六個月我們的收入大約在 33% 左右。隨著我們繼續簽署 DaaS 協議和託管服務協議，我們看到這種情況正在逐步改善，我們的目標是到明年年底將這一比例提高到 50%，而且我們正在繼續取得這一進展。

And so it's just a matter now of us closing on more DaaS deals and more managed services deals and some of the MobileAnchor, which is all software, and that has a margin north of 80%. And so we're looking at selling more of those MobileAnchor Device-as-a-Service. Those have very high margins, M365 Analyzer, these are all software deals, and we should see our gross margin improve. As I said, our goal is to get that to 50%. Jason mentioned that we are working with a major carrier, wireless carrier. And that is all SaaS revenue, and we should see a fairly healthy margin on that. And I don't want to quote numbers here for that particular deal because they might be listening in.

所以現在我們只需要完成更多的 DaaS 交易和更多的託管服務交易以及一些 MobileAnchor（全是軟體）的交易，其利潤率超過 80%。因此，我們正在考慮銷售更多 MobileAnchor 設備即服務。這些產品的利潤率非常高，M365 Analyzer，這些都是軟體交易，我們應該看到我們的毛利率提高。正如我所說，我們的目標是將這一比例提高到 50%。傑森提到我們正在與一家大型營運商、無線營運商合作。這就是全部的 SaaS 收入，我們應該會看到相當健康的利潤率。我不想在這裡引用該特定交易的數字，因為他們可能會監聽。

No, that's all very helpful and great to hear. Jason, last question I have. Just the sales cycle on MobileAnchor and the commercial side. How quickly can you kind of turn those deals around? And what does the near-term opportunity look like there?

不，這一切都非常有幫助，很高興聽到這些。傑森，我最後一個問題。只是 MobileAnchor 的銷售週期和商業方面。您能多快完成這些交易？那裡的近期機會是什麼樣的？

Well, it looks great. First, it's good to hear from you, Scott. But no, I mean, it looks really well. I mean any and everything that I'm talking about right now is definitely in the qualified stage. So I don't ever want to put anything out there that is we're just scraping the surface on.

嗯，看起來很棒。首先，很高興收到您的來信，史考特。但不，我的意思是，它看起來確實很好。我的意思是，我現在談論的任何事物肯定都處於合格階段。所以我從來不想把我們只是觸及表面的任何東西放在那裡。

So as Bob alluded to in terms of the money that we're investing in growing MobileAnchor and making it even more technologically competitive, we're very close on being on the cusp of having something again that none of our competitors are going to have.

因此，正如鮑勃所提到的，我們投入了大量資金來發展 MobileAnchor 並使其更具技術競爭力，我們即將再次擁有我們的競爭對手所無法擁有的東西。

And I'm very, very excited, but cautiously optimistic about us getting these deals over the finish line. But again, we've made a lot of progress. There's federal agencies that have already signed up for MobileAnchor that we've gotten over the finish line between HUD and OIG and other folks that we have previously reported on.

我非常非常興奮，但對於我們能否完成這些交易我持謹慎樂觀的態度。但同樣，我們已經取得了很大進展。一些聯邦機構已經簽約 MobileAnchor，我們已經在 HUD、OIG 和其他我們之前報道過的機構之間完成了簽約。

But as I stated on the call, there's a lot of commercial opportunities to where when we talk about these DaaS opportunities, a lot of this cyber is going to be able to fold into it. And then towards the end of my prepared remarks, I talked about international opportunities as well. So there's -- future is pretty bright. That's -- I'll just leave it at that.

但正如我在電話中所說的那樣，當我們談論這些 DaaS 機會時，有很多商業機會，許多網路機會都可以融入其中。在我準備好的演講即將結束時，我也談到了國際機會。所以——未來是相當光明的。就這樣吧——我就不多說了。

I'm looking forward to seeing what you can do here in the second half.

我期待看到你在下半場能做些什麼。

That concludes our Q&A session. I will now hand the conference back to Mr. Jin Kang for closing remarks. Please go ahead.

我們的問答環節到此結束。現在我將會議交還給金康先生，請他致閉幕詞。請繼續。

Thank you, operator. We appreciate everyone taking the time to join us today. As the operator mentioned, if there were any questions we did not address today, please contact our IR team. You can find their full contact information at the bottom of today's earnings release. Thank you again, and have a great evening.

謝謝您，接線生。我們感謝大家今天抽出時間來參加我們的活動。正如操作員所提到的，如果我們今天沒有解決任何問題，請聯絡我們的 IR 團隊。您可以在今天的收益報告底部找到他們的完整聯絡資訊。再次感謝您，祝您有個愉快的夜晚。

Thank you for joining us today for WidePoint's second quarter 2025 conference call. You may now disconnect.

感謝您今天參加 WidePoint 2025 年第二季電話會議。您現在可以斷開連線。