Statement, you know, a bunch of times, so I won't belabor it. The point here, but a full statement is available on our website under investorrelations@widepoint.com. So with that out of the way, let me give you a quick snapshot of WidePoint Corporation. Let me just put this thing down here. We are a technology company founded in 1997, and we've been growing through organic and inorganic means over the past 25 years or so.
It's acquired surveys feature that enables you to create and send surveys to your shareholders.
Mobility management solutions.
Mobility management solutions in your company.
for both public and private sectors. Our current management team has been in place since 2017, and since then, we have 95% recurring revenues, $320 million—what am I doing wrong here? There. No, that's not gonna work either. You need to log us back in? Oh, there we go. Having some technical difficulty. We are a technology company, so we can figure this out. $320 million in contract backlog, zero long-term bank debt, $36 billion in addressable market. We ended the Q2 2024 with roughly $4 million in cash, 28 consecutive quarters of Adjusted EBITDA positive, and we see this trend continuing for the foreseeable future. More notably, we were about $1.4 million in free cash flow for the first half of this year. For the, we have now three consecutive quarters of free cash flow positive. Trailing 12 months revenue $120 million. Trailing 12 months EBITDA $2 million.
We've guided to $120 million-$133 million in top-line revenue, $2.1 million and $2.4 million in EBITDA. But again, more importantly, $2 million-$2.3 million in free cash flow. Roughly $35 million in market cap. I believe that we are undervalued. And also, Insider owns roughly 19% of outstanding shares, and so our, you know, our objectives are aligned. The Insiders are aligned with our investors' objectives. So let me set the stage a little bit. As you all know, cyber attacks are increasing in frequency and scope, and it's continuing to grow. You hear about the cyber breaches every day, and the list goes on and on and on.
And the average cost of remediation at roughly $5 million per incident, and that's not even including, you know, all of the, you know, the fees and penalties that you have to pay to the affected parties, Okta, Google, Microsoft. They've all been hacked. And all of these cyber attacks have one thing in common, and that is they all could have been prevented if they had secured the endpoints, right? And we have a solution, a multi-factor authentication solution, the most secure multi-factor authentication solution that will help secure our customers, endpoints. At WidePoint, we help our customers secure their endpoints, to ensure comprehensive protection against all cyber threats. You can eliminate all cyber threats by securing your endpoints.
As I stated earlier, our adjustable market size is approximately $36 billion and growing, and that includes federal, state, and local governments, and commercial enterprises, large organizations, for whom security and compliance is key, right? Organizations like the military, healthcare, finance, transportation, consumer products, energy sector, etc., etc. This market is continuing to grow due to cybersecurity threats and, you know, the post-pandemic environment that we work in, requiring us to work from remote locations all over the world. Because we are working remotely, the number of endpoints are continuing to grow. And the budget to secure those endpoints are also increasing, and that provides tailwinds for our business. Our core competency and our differentiators, we are the leading provider of secure mobility solutions.
We help our customers empower their mobile workers by helping to secure all of the things that they do while they're traveling, while they're working remotely. Again, to help them secure, manage, and maintain visibility of their mobility assets. We secure our customers' cyber security interactions in a mobile world. What makes it unique is that we have a multi-factor authentication solution that has never been hacked, right? Knock on wood, there's some wood somewhere around here. It's implemented in all of the federal government agencies, including the Department of Defense. One that has universal application. It could replace your user ID and password and, you know, randomly generated numbers. One that is quantum computing resistant. Now we are bringing that solution to the commercial markets, and onto your smartphones with our MobileAnchor product that we recently announced, probably about a month ago.
We are at the confluence of cybersecurity and mobile solutions. In our post-pandemic environment, our solutions are critical for securing your interactions in cyberspace. We have the solution that were built from the ground up to support our customer security needs. And we own all of the IP for each of our solutions, our solutions for the most secure multi-factor authentication solution available on the market. We also receive federal government approval and certification. We have authorization to operate, that solution for the federal government. We also are pursuing our FedRAMP certification, which essentially would apply for all of the federal agencies as opposed to specific federal government agencies. We also have the most comprehensive secure mobility solution. Again, solution that was built up from the ground up and that have received certification and accreditation from our federal government.
We have our secure digital billing and analytics solution that provides full visibility to all of your, you know, mobile devices. I misplaced my smartphone. It's here somewhere. So, give you complete visibility onto all of these mobile devices, where they go, what they're used for, how they're used, who's using them. We give you full visibility into the smartphones. Comprehensive IT as a service, full lifecycle support of our customer's IT infrastructure. Again, we own the intellectual property of all of our solutions that we delivered through a SaaS model, and we have authorization to operate what we call ATOs and soon to be FedRAMP authorized, a huge differentiator for all of our federal government customers and commercial customers as well.
So now let me delve 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, a solution that is now available for your smartphones, a solution we call MobileAnchor. This solution brings all of the high security measures that our federal government uses, and now that capability is on your phone, and you use your smartphone for your security token. Your smartphone is now. This is the same solution, actually, that was, that's relied on by, you know, over 18,000 enterprises worldwide. It provides the most secure physical and logical access control. It eliminates the need for multiple user ID and passwords. We have been providing this solution since 1995, albeit in a different form factor.
Before, it used to be on a card, but now it's gonna be on your smartphones. 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 your Zero Trust Security Architecture, right? Now we have brought that DoD-grade multi-factor authentication solution to the commercial sector, right? We recently set up the infrastructure to begin issuing these identity credentials onto your smartphones, onto your smart cards for commercial use. We are getting a lot of traction, so there should be more press releases coming out, you know, on that front.
You know, not only do we have the most secure multi-factor authentication solution available, we also have a full set of services to help our customers implement, support, and administer that solution. And that includes consulting services, secure hosting and enablement, and we provide, you know, comprehensive wraparound services to continue to support, implement, and support our customers. 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, right? The box to the right, which is top right corner, is our marquee Department of Homeland Security contract. It's the Cellular Wireless Management Solutions 2.0 contract, CWMS. It is a five-year single award contract if all options are exercised.
We recently announced that the contract ceiling was increased from $500 million- $754 million. DHS can now spend up to $754 million on that contract, and they have the option to extend and to increase the cap again if they so desired, which they did in the previous iteration of this contract, the CWMS 1.0. We rewon this 2.0 contract a little over three years ago, and so far we have captured over $500 million of work under that contract. So if you remember from the first slide, we had $320 million in contract backlog as a result of that contract vehicle. And as I said, we rewon this contract three years ago, and we're gonna win the 3.0 that is soon to be announced here in the coming months. Some highlights of the other contract.
As I said, the CWMS 3.0 is, has been announced, and they're going through the acquisition process by the Department of Homeland Security. From what we know so far is that the contract is gonna be a 10-year contract as opposed to a five-year contract. We estimate that that contract ceiling is going to be a $1.5 billion contract, right? We are in the best position to win that contract because, you know, we have excellent past performance with the Department of Homeland Security and other federal government agencies, and we have the certification and accreditation that is required by the federal government. Every federal government contract, especially IT contract, requires that your system meets specific, secure cybersecurity requirements, and we meet all of those requirements.
And not only that, our systems have already been integrated in with the Department of Homeland Security's, you know, information technology infrastructure. So in order to replicate all of that integration with the Department of Homeland Security, rip, rip all of that stuff out from, you know, from WidePoint, implement a new contractor into that is going to be a very long, drawn-out process, and they probably would not have all of the cybersecurity requirements, that, that's required. So, we feel pretty good about it. We also won a 10-year, four, $2.7 billion Spiral 4 contract. We won that contract, it's a multiple award contract. And essentially what that means is there are several contractors that put a proposal in, and they all won a piece of the contract.
The big differentiator for us is that, out of the seven winners, including us, AT&T, Verizon, T-Mobile, Hughes Network Systems, REAL Mobile, MetTel, they're all carrier service providers. We are the only one that is a service provider for managed mobility services. So, we have a differentiated product set, and I think that will bode well for us, and we should be announcing some contract wins probably in the first quarter of next year. As I said, it's a $2.7 billion contract. We're also pursuing other large opportunities such as a NASA SEWP contract, which is a $60 billion contract. We're able to do this because our past performance with the federal government has been, you know, stellar, and we're bringing that same level of service to our commercial customers.
And right now, our managed services revenue between commercial and federal government is approximately, you know, 70/30, 70% federal, 30% commercial. So this is in terms of our growth strategy, we have a two-pronged growth strategy, which includes both organic and inorganic elements. In terms of organic growth, we will enhance our competitive edge by continuing to invest in our solution sets such as the FedRAMP certification, Federal Risk and Authorization Management Program, a Microsoft Independent Software Vendor Certification, further integration with industry standard applications, mobile device management, mobile application management, ServiceNow, et cetera. We will improve leverage by pursuing higher margin SaaS contracts and expanding into the commercial markets and continuing to expand into the commercial markets.
We'll continue to expand our customer base by investing in our direct sales and marketing efforts and teaming with these large entrenched systems integrators and strategic partners to leverage their significant sales and marketing resources as well as their substantial customer relationships. These large organizations and integrators have been seeking us out because we have all of the certification and accreditation that is needed to win these large contracts, and so there was a time when we were pursuing these large integrators, and now they're pursuing us because of all of our certification and accreditation. In terms of our inorganic growth, we will seek out high-valued acquisition candidates. You know, we're looking for stable companies, established companies with either desirable IP or customer base or both.
And so, but this has been a bit of a lower priority for us as we focused on organic growth. But as we continue to be more profitable and we're putting cash on our balance sheet, we'll start to look at potential acquisition in the coming quarters. Now let me further elaborate upon our growth strategy with our strategic partners. We will continue to expand our relationship with large entrenched systems integrators as well as other strategic partners. And we have a pretty good track record. We won the U.S. Census 2020, the 2020 Census. We won the NASA NEST contract, which is a fairly large contract.
The Census Project was the largest mobility management solution project in the world with some 700,000 devices that needed to be sent out to the enumerators, you know, staged and provided all of the logistics, software, imaging, all of those things, and brought them all back, recycled them into inventory, collected all of the information, sanitized the data, all of that during a pandemic without losing a single device or having a single device compromised. This is our financial slide. As you can see, you know, we are a stable and improving company in terms of financials. Our top line have been experiencing double-digit % growth over the past several years, and we see that trend continuing, and potentially because we have some material sales opportunities in our sales pipeline, we could potentially experience even faster growth over 2025.
We, as I said, we ended last year with $6.9 million in cash. At the end of Q2, we had $4 million. The reason for that is because we were in the process of implementing new customers. So, there's some unbilled of roughly $4.5 million, which we will collect over the next, you know, quarter. We should end 2024 with roughly $9 million-$10 million in cash. As I said, we haven't Adjusted EBITDA positive now for 28 consecutive quarters and counting. We ended 2023 with $106 million in top line revenue, which was on the high end of our guidance range. We guided for 2024 $120-$133 million in top line revenue, $2.1 million-$2.4 million in EBITDA, $2 million-$2.3 million in Free Cash Flow. At the middle of that guidance, we're looking at growth in the high teens %.
So far for the first half of 2024, our revenue topped $70.3 million, free cash flow topped $1.4 million, so we're trending toward the higher end of that guidance range and potentially we'll be able to better that, that top line. Some solid numbers for microcap, you know, with a market cap of $35 million, I think we are undervalued, so I'll end my presentation with some key investment consideration, why you should consider investing in WidePoint. We are a solid and stable company, and we are poised for continued growth and profitability. I think we're hitting that inflection point. We have exited 2023 with cash flow positive on a run rate basis, and now we have three sequential quarters of Free Cash Flow positive, and we see that continuing for the foreseeable future. We are looking at being earnings per share positive for all of 2025.
We recently announced several material contract wins with the Navy Spiral 4, the DHS CWMS 2.0 contract. You know, just keep checking our website for additional wins. We'll put out press releases when they happen. We have material pending contracts that should put additional wind in our sails. We have a proven management team who knows how to operate and grow the business profitably, and we've done that. We've shown that. We operate in a cyber and mobility market that is continuing to grow in leaps and bounds, some $36 billion and growing. And we have the intellectual property, the subject matter expertise, and the business model to address the needs of that growing market. We have a robust set of solutions and customers who are large and stable in the public and private sectors.
We are successfully executing our growth strategy, and we have a proven track record, as I said. You know, cash flow positive for three sequential quarters. We're putting cash on our balance sheet. We will be going and doing some acquisitions. I believe we're undervalued. So that concludes my presentation. Thank you all very much for your time. Open the floor for questions. Yes, Diane.
Okay. You have a really great backlog.
Yes.
A lot of potential. New business coming in. What does the from the day you sell, what's that implementation timeline like? What does it take to get?
Thank you. Thank you for that question. Our implementation process is really fast compared to some of our competitors who, you know, take six months, eight months to do that. And our implementation process takes roughly 30 days to implement our solution.
And the reason why we can do that is because we've built our solution specifically from the ground up to be able to implement the solution quickly. We have an application that we call the Intelligent Technology Management System, which has, I forget how many function points and how many configurable fields that we have, but we are able to configure all of our processes, all of our customers' processes through configuration versus reprogramming. And so our implementation process takes, as I said, roughly 30 days. And usually the long pole in the tent is a customer being able to provide all of the information that we need and the authorization that we need in order to do that. We don't have to go through cybersecurity assessments and things because we have all of these authorizations and certifications.
And then is there like a supplemental internal at the company training program to understand anything different that they're now doing?
Yes.
You got your technology.
Right. And so we do have. We do go through a lot of the process realignment for our staff and what we call, you know, we have playbooks that are specific for our customer support groups. We have, you know, playbooks for our, you know, program managers, task managers, and all of those folks so that we understand what the customer's requirements are. We're very specific in our secure mobility management. And as I said, we can configure our software. Our customer uses our software and we use our software to support the customer. So it's almost a seamless process.
Can I ask one more question? I think you have 95% recurring revenue.
Yes.
So I guess you'd say you're very sticky.
We are. Once you get in. Yeah. Once we get in, yeah. Once we get in, we're very sticky. And the reason for that is because we integrate our software with all of their, our customer's software, whether it's an HR system, a payroll system, whether it's an asset management or inventory management. We integrate, so it automatically draws the data from our customer's information systems. And so in order to replicate all of that, it's very difficult. And so it's very costly and time-consuming. And it's, you know, our customers usually choose not to do that. So we are on long-term contracts. Federal contracts are roughly five years, and that ends up being six or seven years because they don't want to go out and do another acquisition. Customers on the commercial side is roughly three years.
Again, same integration level, same security requirements, and so we are very sticky. We provide outstanding white-glove service too. That's the other reason why we have a very high customer retention is because of the type of service that we provide. We go above and beyond to offer that amazing customer experience. Okay. Thank you very much for all your questions.