All right, hello again, everyone. Thank you for continuing to join us throughout the day here at the Lytham Partners Fall 2024 Investor Conference. My name is Robert Blum, Managing Partner of Lytham Partners, and during this next presentation, we welcome WidePoint, ticker symbol of WYY on the New York Stock Exchange. And joining us today from the company is their President and CEO, Jin Kang. Before I do turn it over to Jin, I just want to remind everyone that management is available for one-on-one meetings throughout the conference today. I know we're getting a little late in the day, and so if you'd like to schedule something outside the conference or in the coming days, happy to coordinate that as well.
Feel free to shoot me an email, that's Blum, B-L-U-M, @lythampartners.com, or visit the landing page for the conference, that's lythampartners.com/fall2024. From there, you can click on the Investor Registration button and make your one-on-one selection. So Jin, thank you so much for joining us today. I'll go ahead and turn the floor over to you.
Great. Thank you, Robert. Hello, everyone. Thank you very much for your time. And of course, many thanks to Lytham Partners and Lytham Conference for hosting this event, and for giving us the opportunity to showcase our company. My name is Jin Kang, as Robert said. I'm the CEO of WidePoint Corporation. I will be telling you a bit about WidePoint Corporation, who we are, what we do, and why we are unique. But first, an administrative item, this is our Safe Harbor Statement. I'm sure you've all seen and understand this statement, so in the interest of time, I'll point you to our full Safe Harbor Statement located at widepoint.com/investor-relations. Now, with that out of the way, let me give you a quick snapshot of WidePoint.
We are a Technology as a Service company, founded in 1997, and have been growing through organic and inorganic means. We provide secure mobile solutions through a Technology Management as a Service or TMaaS business model. You know, current management team has been in place since 2017, and since then, we have 95% recurring revenues, $320 million in contract backlog, zero bank debt, $36 million in addressable market, roughly $4 million in cash at the end of Q2 2024, 28 consecutive quarters of EBITDA positive, and we see this trend continuing for the foreseeable future, but more notably, we were about $1.4 million in free cash flow for the first half of this year, and three consecutive quarters of free cash flow positive.
Our trailing 12-month revenue of $120 million, a trailing 12-month EBITDA of $2 million. So roughly, you know, $32 million-$33 million in market cap. You know, I believe that we are, you know, very undervalued. And also, the insiders own approximately 19% of outstanding shares. So all of the management team and the insiders, our objectives are aligned with our investors. So to set the stage a little bit, as you all know, cyberattacks are on the rise. We are hearing about new cyberattacks daily, and the attacks are increasing in frequency and scope. Here are some of the more higher-profile breaches that you've been hearing about. Europe's cybersecurity chief says, "Destructive attacks have doubled since, in 2024."
Nearly 10 billion passwords have been leaked on a popular hacking forum. A ransomware attack shuts down Los Angeles Superior Court system, and the list goes on and on, and it's a long and growing list. Average cost for remediation are roughly, you know, $4.5 million per incident, and that's not even including all the fees and penalties that are paid to the affected parties, and also all the legal fees that are paid to all of the lawyers and consultants that have to you know, help remediate the situation. Okta, Google, Microsoft, they all have been hacked. And all of these cyberattacks have one thing in common, and that is, they all could have been prevented if they had implemented our multi-factor authentication solution to secure their endpoints.
So, as I stated earlier, our addressable market size is roughly $36 billion and growing, and that includes federal, state, and local governments, and commercial enterprises. Large organizations for whom security and compliance is key. Organizations like the military, healthcare, finance, transportation, consumer products, energy sector, et cetera, et cetera. This market is continuing to grow due to cybersecurity threats and the post-pandemic environment that is requiring us to work from remote locations. Because we are working remotely, the number of endpoints are increasing, and the budget to secure and manage those endpoints are also increasing, and this will provide additional tailwind for our business.
Now a little bit about our core competencies and differentiators. As I said, we are the leading provider of secure mobility solutions. We help our customers secure, manage, and maintain visibility of their mobility assets. We secure our customers' cybersecurity interactions in mobile, in a mobile world. What makes us unique is that we have an entity and identity and access management solution that has never been hacked, and it's been implemented in all of the federal government agency, including the Department of Defense. One that has universal application, one that is quantum computing resistant, and now we are bringing that solution to the commercial market. We are at the confluence of cybersecurity and mobile solutions. In our post-pandemic environment, our solutions are critical for securing the interactions in cyberspace.
We have solutions that were built from the ground up to support our customers' secure mobility needs, and we own the intellectual property for each of our solutions. For the most secure multi-factor authentication solution available on the market, one that has received authorization to operate from various federal government agencies, including the Department of Defense, Department of Homeland Security, the Department of Commerce, and the Department of Justice. The most comprehensive secure mobility solutions, we own the IP for that. Again, a solution that has received multiple authorizations to operate from the federal government. Secure digital billing and analytics, maintaining full visibility of our customers' mobile assets and usage data. Comprehensive IT as a Service, IP, providing full lifecycle support for our customers' IT infrastructure.
Again, we own the IP for each of our solutions, and we deliver our solutions through a Software as a Service model, and we have the authorizations to operate and soon to be FedRAMP authorized. It's a huge differentiator, especially as we compete for work with the federal government and with large commercial organizations. FedRAMP stands for Federal Risk and Authorization Management Program. It takes a long time to get that certification, and we are a couple of months away from getting that full FedRAMP authorized status. Now, let me dive a little bit deeper into our cybersecurity solution and what we do to help secure our customers' endpoints.
As I stated earlier, we provide the most secure multi-factor authentication solution available on the market today, one that is quantum computing resistant and one that has never been hacked. Our solution is relied on by over 18,000 enterprises worldwide. It provides the most secure physical and logical access controls. It eliminates the need for multiple user ID and password combinations. We have been providing this solution since 1995 to the U.S. government. We were the first company to be certified by the U.S. Department of Defense, and currently, only one of two certified by the U.S. government to issue these credentials that serve as the foundation for the Zero Trust Security Architecture. Now, we are bringing this level of DoD-grade multi-factor authentication solution to the commercial sector.
We recently stood up the infrastructure to begin issuing these identity credentials for commercial use, and we are gaining a lot of traction in this area, so please stay tuned for more news on this front. Now, not only do we have the most secure multi-factor authentication solution on the market, we also provide a full set of services to help our customers implement, support, and administer that solution. That includes Consulting Services, Secure Hosting, and enablement. Again, the most secure, quantum-resistant, multi-factor authentication solution available on the market today, and we own the IP for that. And we provide a comprehensive wraparound services and the subject matter expertise to implement those support and support our solutions.
Now, this slide shows a sampling of our customers, and as you can see, these logos represent large, stable enterprises that require a large mobile workforce. The box to the right shows our marquee contract with the Department of Homeland Security, the CWMS 2.0 contract. It is a five-year single award contract if all options are exercised. We recently announced that our contract ceiling was increased from $500 million - $754 million. DHS can now spend up to $754 million under this contract, and they have the option to extend the contract and to increase the cap again if they so desire, which they did in the previous iteration of this contract, the CWMS 1.0 .
We re-won this contract a little over three years ago, and so far, we have captured over $500 million of work under this contract. And by the way, we saved the DHS over $300 million in telecom costs, and this is, you know, our tax money that we're talking about, that we're saving. Now, DHS also announced that they were preparing for the CWMS 3.0 contract award in the coming months. We are in the best position to re-win this contract because, you know, from what we know so far, the contract will be a 10-year contract, and we're estimating that it will have a contract ceiling of around $1.5 billion.
You know, we're gonna win this contract, and we feel that we're in the best place to re-win this contract because of all of our certification and security and accreditation, which I talked about earlier. Our integration with all of the DHS systems and processes, such as inventory management system, HR system, logistics system, et cetera, et cetera. We have, you know, the subject matter expertise, and we have great past performance with the Department of Homeland Security. We also have been awarded, along with six other winners, the Spiral 4 contract. This contract has a contract ceiling of $2.7 billion. We believe that we have a unique set of solutions that the other winners cannot replicate. We should see some deal flow coming in Q4 of this year or Q1 of next year. Stay tuned.
We're also pursuing other large opportunities, such as the NASA SEWP contract, which stands for Solution for Enterprise-Wide Procurement, NASA SEWP VI contract, which is valued at $60 billion in contract ceiling. So a lot of good things happening. In terms of our growth strategy, we have a two-pronged strategy for our growth, which includes both organic and inorganic elements. In terms of our organic growth, we will enhance our competitive edge by investing in our solution sets, such as FedRAMP certification, Microsoft Independent Software Vendor certification, further integration with industry-standard applications, such as mobile device management, mobile application management, ServiceNow, and et cetera. We will improve leverage by pursuing higher-margin managed services contracts and expanding into the commercial markets.
We will continue to expand our commercial, our customer base by investing in our direct sales and marketing staff, and efforts, and teaming with large and trusted system integrators and strategic partners to leverage our significant sales and marketing resource, as well as their substantial customer relationships. In terms of inorganic growth, we will seek out high-value acquisition candidates, with vertical and horizontal integration opportunities, established and stable companies with desirable IP and/or customer base. This has been a lower priority for us as we focus on organic growth for the near term. A little more about, our growth strategy with our strategic partners. We will continue to expand our relationship with these large entrenched systems integrators, as well as other strategic partners. We are becoming their vendor of choice for technology management as a service solutions.
Our core competency and our certification and accreditations represent key components in large IT contracts, and as such, we are sought after by our strategic partners, and we have a lot of success in this area in the past years, and more success to come, so this slide shows a sampling of our strategic partners, and that list is continuing to grow. Now for our financials. As you can see, we are a stable company with improving financials. Our top line have been experiencing double-digit percentage growth over the past several years. We ended last year with $6.9 million in cash.
We have an Adjusted EBITDA positive now for 28 consecutive quarters and counting, and we ended 2023 with $106 million in top-line revenue, which was on the high end of our guidance, and now we have guided to, for 2024, $120 million-$133 million in top-line revenue. $2.1 million and $2.4 million in Adjusted EBITDA, and more importantly, we're guiding to $2.2 million- $2.3 million in free cash flow. At the middle of our guidance range, we're looking at growth in the high teens in terms of percentage-wise. So far, for the first half of 2024, our revenue topped $70 million, free cash flow topped $1.3 million, and so we're well on our way to the higher range of our guidance.
Some solid numbers for a nano-c ap. Again, with a market cap of a little under, you know, $33 million-$34 million, I believe that we're, you know, very undervalued. I'll end my presentation with some key investment considerations, why you should consider investing in WidePoint. We are a solid, stable company, and we are poised for growth. We have exited 2023 cash flow positive on a run rate basis. We now have three sequential quarters of free cash flow positive, and we see that trend continuing for all of 2024. We recently announced several material contracts and actions with the Navy, Spiral 4, and the DHS CWMS 2.0 contracts. Please check. You know, continue to check our website for additional wins.
We'll put out press releases as we win some more of these material contracts. We have material pending contracts that should put additional wind in our sails. We have a proven management team who are operators, that know how to run and grow a company profitably, and I think we've shown that over the, you know, the past several years. We operate in a cyber and mobility market that is continuing to grow in leaps and bounds, some $36 billion and growing. We have the intellectual property, the subject matter expertise, and the business model to address the needs of this growing market. We have a robust set of customers who are large and stable in both public and private sectors.
We are successfully executing a growth strategy for both organic and inorganic growth, and we have a proven track record, with 28 consecutive quarters of Adjusted EBITDA positive and cash flow positive for the three sequential quarters, the most recent sequential quarters, and projected to be free cash flow positive for all of 2024. I believe that we are undervalued, and I hope you will take a closer look at our company. That concludes my presentation. Thank you very much for your time, and let me open the floor for questions.
Oh, look, we're gonna, Jin, thank you so much for the presentation here. If you do have any questions, go ahead and reach out to me, and I think what would be best is to coordinate that through some upcoming one-on-one meetings here. So we'll go ahead and we'll leave it there. Jin, thank you so much for the time today. Greatly appreciate it. I do wanna just again, sort of two quick reminders. If you've not scheduled your one-on-one meeting with management and would like to do so, shoot me an email. Again, Blum, B-L-U-M, @lythampartners.com, or you can visit the landing page for the conference, which is lythampartners.com/fall2024. From there, you can click on the Investor Registration button, and I'll look to coordinate.
So, Jin, thank you very much for the presentation today. Fantastic presentation, by the way, and hope you've enjoyed the conference. I know you've had a busy schedule here, and look forward to further communication here in the future.
Great. Thank you very much, Robert, for the opportunity. Really appreciate it.
Fantastic. Thank you.
Bye-bye now.