We have been growing through organic and inorganic means for nearly 30 years. We provide secure, mobile solutions using a mobility-as-a-service business model. We help empower our customers to work from everywhere. Our current management team has been in place since the second half of 2017. We have 95% recurring revenues, $290 million in contract backlog, zero bank debt, $36 billion in addressable market, $6.8 million in cash at the end of 2024, 30 consecutive quarters of adjusted EBITDA positive. At the end of 2024, we had $2.6 million in adjusted EBITDA, which was a 225% increase from 2023. More notably, we have been free cash flow positive for now five straight quarters. We finished 2024 with roughly $2.5 million in free cash flow, which was a 933% increase. We closed 2024 with $142.6 million in revenue, which was a 35% increase compared to 2023.
We exceeded guidance for all of those three metrics: adjusted EBITDA, revenue, and free cash flow. We have at roughly $27 million, slightly less than $28 million in market cap. I think that there's a little bit of disconnect there, but I think that will resolve itself once we get to earnings per share positive, which is our objective for this year. You know, currently, Insider owns roughly 19% of the outstanding shares. We see our management team's objectives are closely aligned with our investors. As I said, you know, our adjustable market size is $36 billion and growing. This includes federal, state, local governments, and large enterprise, commercial enterprises, large organizations for whom security and compliance is key. Organizations like the military, healthcare, finance, transportation, consumer products, energy sector, et cetera. This market is continuing to grow due to various cybersecurity threats.
We live in this post-pandemic environment where everybody is working remotely. Because we are working remotely, the number of endpoints that we have to secure are continuing to grow. The budget to secure those endpoints is also growing. That is going to continue to provide tailwinds for our business. Even under our current DOGE environment, enterprises are not cutting back on cybersecurity and mobility solutions. We help our customers secure their endpoints with the most secure multi-factor authentication solution available on the market today. We are the leading provider of secure mobility solutions. We help our customers empower their mobile workforce by helping them secure, manage, and gain visibility into their mobility assets. We secure our customer cybersecurity cyber interactions in the mobile world.
What makes us unique is that we have an Identity and Access Management solution that has never been hacked, implemented in all of the federal government agencies, including the Department of Defense, one that has universal application, one that is quantum computing resistant. Now we're bringing that level of sophistication and security to the commercial market by using a new form factor where we're able to put that level of security on your mobile device so that you can use your mobile device for your physical and logical access. As I said, we are at the confluence of cybersecurity and mobility management. Of course, in our pandemic environment, that's doubly important because you need to be able to secure your endpoints. We have a solution that, you know, solutions that were built from the ground up to support our customers' secure mobility needs.
We own the intellectual property for each of our solutions for the most secure multi-factor authentication solution available on the market, the most comprehensive secure mobility solution, secure digital billing and analytics, maintaining.
Next up, we have WidePoint Jin Kang and Todd DiZenzo.
I might have messed up.
It was close. It was very close.
Yeah. Good afternoon, everyone. Thank you all for your time. Hopefully, I'll have some interesting things to say for you all. I think there's a lot of good pieces of information. Can everyone hear me okay? Okay. Thank you very much for your time. Many thanks to Planet MicroCap for hosting this event and giving us the opportunity to—where's the page up? Hang on. Here it is. Giving us the opportunity to showcase our company. My name is Jin Kang, and I'm the CEO of WidePoint Corporation. With me today is Todd DiZenzo, who is our COO. He'll be addressing all of your difficult questions at the conclusion of my presentation. I'll be telling you a little bit about WidePoint Corporation, who we are, what we do, and why we are unique. First, this is an administrative item here.
I'm sure you've seen this before, so I won't read through it. A full Safe Harbor statement is available on our website at widepoint.com under Investor Relations. With that out of the way, let me give you a quick snapshot of WidePoint. We are a mobility-as-a-service company founded in 1997. We have been growing through organic and inorganic means for nearly 30 years. We provide secure, mobile solutions using a mobility-as-a-service business model. We help empower our customers to work from everywhere. Our current management team has been in place since the second half of 2017. We have 95% recurring revenues, $290 million in contract backlog, zero bank debt, $36 billion in addressable market, $6.8 million in cash at the end of 2024, 30 consecutive quarters of adjusted EBITDA positive. At the end of 2024, we had $2.6 million in adjusted EBITDA, which was a 225% increase from 2023.
More notably, we have been free cash flow positive for now five straight quarters. We finished 2024 with roughly $2.5 million in free cash flow, which was a 933% increase. We closed 2024 with $142.6 million in revenue, which was a 35% increase compared to 2023. We exceeded guidance for all of those three metrics: adjusted EBITDA, revenue, and free cash flow. We have at roughly $27 million, slightly less than $28 million in market cap. I think that there's a little bit of disconnect there, but I think that will resolve itself once we get to earnings per share positive, which is our objective for this year. You know, currently, Insider owns roughly 19% of the outstanding shares. We see our management team's objectives are closely aligned with our investors. As I said, you know, our adjustable market size is $36 billion and growing.
This includes federal, state, local governments, and large enterprise, commercial enterprises, large organizations for whom security and compliance is key. Organizations like the military, healthcare, finance, transportation, consumer products, energy sector, et cetera. This market is continuing to grow due to various cybersecurity threats. We live in this post-pandemic environment where everybody is working remotely. Because we are working remotely, the number of endpoints that we have to secure are continuing to grow. The budget to secure those endpoints is also growing. That is going to continue to provide tailwinds for our business. Even under our current DOGE environment, enterprises are not cutting back on cybersecurity and mobility solutions. We help our customers secure their endpoints with the most secure multi-factor authentication solution available on the market today. We are the leading provider of secure mobility solutions.
We help our customers empower their mobile workforce by helping them secure, manage, and gain visibility into their mobility assets. We secure our customer cybersecurity cyber interactions in the mobile world. What makes us unique is that we have an identity and access management solution that has never been hacked, implemented in all of the federal government agencies, including the Department of Defense, one that has universal application, one that is quantum computing resistant. Now we are bringing that level of sophistication and security to the commercial market by using a new form factor where we are able to put that level of security on your mobile device so that you can use your mobile device for your physical and logical access. As I said, we are at the confluence of cybersecurity and mobility management.
Of course, in our pandemic environment, that's doubly important because you need to be able to secure your endpoints. We have a solution that, you know, solutions that were built from the ground up to support our customers' secure mobility needs. We own the intellectual property for each of our solutions for the most secure multi-factor authentication solution available on the market, the most comprehensive secure mobility solution, secure digital billing and analytics, maintaining full visibility of your mobile devices and mobile assets, as well as their usage and associated data analytics, comprehensive IT as a service support, providing full lifecycle support for our customers' IT infrastructure. Again, we own all of the intellectual property, and we deliver our solution through a SaaS model.
In terms of some of our technological advancements over the last couple of years, as I said, we own all of the intellectual property to all of our solutions. This slide shows some of the accomplishments in 2024. We achieved FedRAMP authorized status. I will get into more detail on that in the later part of my presentation, recognized by Gartner for managed mobility services and telecom expense management services. Our subsidiary received the R2V3 certification for responsible recycling of electronic waste. That is a fairly difficult certification to get, certified to meet the requirements of various ISO standards, attesting to WidePoint's dedication to quality, environmental, and occupational health and safety. Now, let me highlight our FedRAMP authorized status. FedRAMP stands for Federal Risk and Authorization Management Program, FedRAMP. We have been working with the General Services Administration for nearly three years to get this authorized status.
What this status means is that we have passed rigorous security assessment and are officially approved to store, process, and transmit federal government data in the cloud. What this means is that we meet all of the federal government cybersecurity standards and requirements to be able to process our customers' information. Very rigorous, nearly three years to complete. This is a very large hurdle to overcome. None of our competitors can claim this particular certification at this time. We do not know exactly where our competitors are in terms of where they are in the process, but I will attest that it will take a very long time to get there. This gives us a huge competitive advantage when we compete for contracts within the federal government, as well as large commercial entities. Some of the other notable accomplished advancements for 2024: Mobile Anchor.
This is our next-generation identity and access management solution. We have successfully developed, tested, and deployed this particular solution, which is the most advanced, most secure multi-factor authentication solution on your smartphone. We were able to put that security certificate and identity management solution on your mobile phone. You'll be able to use your mobile phone for physical and logical access, signing documents, encrypting documents, signing emails, conducting cybersecurity transactions. As I said, this is a quantum computing resistant identity management solution. Please be on the lookout for awards involving our Mobile Anchor solution. We have some direct-to-consumer solutions that are happening. We're teaming with a mobile virtual network operator to be able to issue these digital certificates for the commercial and retail business. M365 Analyzer solution is our enhancement to our current unified communication solution to help manage inventory of software licenses and cost.
We have successfully developed this and tested this capability to help our customer manage cost. Remember, think DOGE here. Our IT as a service was recognized by Channel EDE for our comprehensive solution sets. Now, in the interest of time, I'm going to skip this slide. What this talks about is our solutions are delivered through our proprietary systems. We own all of the IP, and it allows our customers to be able to secure, manage, and gain insight into their mobility assets. Now a little bit more deeper into our cybersecurity solution and what we do to secure our customers' endpoints. As I stated earlier, we provide the most secure multi-factor authentication solution available on the market, one that is quantum computing resistant and one that has never been hacked and has been implemented in all of the federal government agencies, including the Department of Defense.
Now that same level of solution is available on your mobile device. The same solution is relied upon by 18,000 enterprises worldwide. It provides the most secure physical and logical access. It eliminates a need for multiple user IDs and passwords. I'm sure you have a lot of user ID and password combinations that you use every day. 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 to be able to issue these interoperable certificates. We are 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 have brought this DOD-grade multi-factor authentication to the commercial market with a new form factor.
We recently set up the infrastructure to be able to begin issuing these digital certificates to the commercial world. We deployed our Mobile Anchor solution. We're getting a lot of traction. We're getting a lot of interest from our customers and potential customers. Please be on the lookout for additional press releases. A little bit more about our Mobile Anchor. This slide goes into a little more detail on that. Suffice it to say, this provides the same level of identity and access management as the federal government DOD-grade identity management. It is a technological leap forward. As of now, it is a capability that is unmatched by our competitors. Our capability and solutions have enabled us to capture and pursue some significant contracts with the federal government. We captured a $500,000,000 DHS CWMS 2.0 contract.
We also were the incumbents on the CWMS 1.0, as well as its predecessor contracts. All told, we have been performing on this contract for the DHS for over 15 years. We recently have been awarded an additional $254 million, $250 million contract ceiling increase due to the success of the CWMS 2.0. We captured the Navy Spiral 4 contract, and that has a value of $2.7 billion. We recently have been awarded a $25 million 10-year task order to provide mobility management solutions. We are also pursuing the NASA SUP 6 and the Alliant 4 contract with multi-billion dollar contract ceiling. The Alliant 4 actually doesn't have a contract ceiling. Essentially, it's open. The federal government can spend as much money as they, I guess, they require. I think they do also have the capability to print money so they could do all of that.
We are punching way above our weight in terms of competing with these large contractors and being able to win some of these large contracts. We've been pretty successful at it. We've been teaming with a lot of them as well. I'll talk a little bit about that. In terms of our growth strategy, we have a multi-pronged strategy for accomplishing our objectives. Excuse me. It's Marco Rubio Minute. Excuse me. We will enhance our competitive edge by investing in our solution set, such as FedRAMP authorized status that we achieved recently, Microsoft independent software vendor certification, full integration with industry-standard applications such as MDM, MAM, I mean, mobile device management, mobile application management, ServiceNow, et cetera. We will improve leverage by pursuing higher margin SaaS contracts and expanding into the commercial market.
We will continue to expand our customer base by investing in our direct sales and marketing staff and efforts and teaming with large entrenched systems.
This presentation has now finished. Please check back shortly for the archive.