Okay. I thank you all for joining us here today. Our next presentation is WidePoint, which is traded on the NYSE American under the ticker WYY. WidePoint is a leading managed solutions provider focused on securing and protecting the mobile workforce and enterprise landscape. Over the past several quarters, the company has been positioning itself to capture new exciting opportunities, such as the upcoming 10-year, $3 billion CWMS 3.0 contract with the Department of Homeland Security, the growing Device as a Service pipeline, Navy's $2.7 billion Spiral 4 contract, among other government and commercial works. Here to tell you more about the company and recent initiative is WidePoint's CEO, Jin Kang.
Thank you, Steven. Thank you. Good morning, everyone. Thank you very much for your time today. Many thanks to Gateway Group for hosting this event and giving us the opportunity to showcase our company. My name is Jin Kang. A s Steven says, I'm the CEO of WidePoint Corporation. Joining me today is Jason Holloway, our Chief Revenue Officer. He will be participating in the Q&A session at the conclusion of my presentation. Today, I will be telling you a little 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, and I know you have all seen this before and that you are all accredited investors, and so I won't belabor it by reading it, but the full statement is available on our website at widepoint.com under Investor Relations.
Now, with that out of the way, let me give you a quick snapshot of WidePoint Corporation. We are a Mobility-as-a-Service company founded in 1997 and we have been growing through organic and inorganic means over nearly 30 years, and I think we can all agree that cybersecurity is a critical element of our IT world, and it is one of the biggest pain points for our customers, especially now in this mobile world and with the advancement of AI. We offer the solutions and services to address the cybersecurity concern of our customers in a mobile world and we provide solutions to secure, manage, and monitor our customers' mobile technology assets, all delivered using a SaaS business model. We empower our customers to work securely from everywhere and anywhere. Current management team has been in place since the second half of 2017.
We have stabilized a floundering company and positioned it for growth and profitability, a company with 95% recurring revenues, $265 million in contract backlog, zero bank debt, $36 billion in addressable market, $6.8 million in cash at the end of Q2 2025, and we are adding to this balance, 32 consecutive quarters of adjusted EBITDA positive, and more notably, we have been free cash flow positive for now seven consecutive quarters. We closed 2024 with $142.6 million in top-line revenue, which was a 35% increase compared to 2023, roughly $47.8-$48 million in market cap. I do believe that there is a disconnect here. An insider owns roughly 18% of outstanding shares, so the objectives of the management team and the board are aligned with our investors. As I stated, our addressable market size is approximately $36 billion and growing.
That includes federal, state, local governments, and commercial enterprises, large organizations for whom security and compliance is key. Organizations like the military, healthcare, finance, transportation, consumer products, you name it, they all need our services. This market is continuing to grow due to cybersecurity threats and the post-pandemic environment that's requiring us to work remotely. I know we all talk about returning to the office and so forth, but I think the remote work and hybrid work is here to stay. Because we are working remotely, the number of endpoints that are continuing to increase and the budget to secure and manage those endpoints are also increasing a nd this provides tailwinds for our business. Even in our current dour environment, enterprises are not cutting back on cybersecurity, and they're not cutting back on mobile solutions.
At WidePoint, we help our customers secure their endpoints with the most secure multi-factor authentication solution available on the market today. Now, let me dive a little bit deeper into our capabilities and our differentiators. As I stated earlier, we provide the solution to secure, manage, and monitor our clients' mobile technology assets, all delivered using a SaaS model. Our integrated solution set is made up of four main components: identity management, managed mobility, data analytics, and IT as a Service. The first component of our solutions, identity management, we have the most secure multi-factor authentication solution available on the market, one that has never been breached, one that has been implemented at all of the federal government agencies, including the Department of Defense, one that has universal application, one that is quantum computing and AI resistant.
It is estimated that it would take roughly 140 years to breach our solutions using the current computing power and AI that's available today a nd now we are bringing that level of security to the commercial sector, especially on a smartphone form factor. The second component of our solution is our managed mobility technology, a solution that was built specifically for mobility management from the ground up, securely, and to be able to manage our customers' mobile technology assets, a comprehensive management platform that supports the full lifecycle management of those assets, a solution that is now FedRAMP Authorized. I will go into a little more detail later in my presentation on that. The third component of our solution is our data analytics that provides full visibility of our customers' technology, mobile technology assets.
The fourth component of our solution is our IT as a Service solution that provides full lifecycle support for our customers' IT infrastructure. Our solutions are all at the confluence of cybersecurity and mobility management. We secure our customers' cyber interactions in the mobile world. We own all of the IP for each of our solutions. We have accreditations and certifications that are sought after by our clients and our strategic partners. We have all of the ATOs from various government agencies. Now we have achieved FedRAMP authorized status, which is a huge differentiator for our market. As I stated, we own the IP for all of our solutions. This slide shows some of the select accomplishments in 2024. We achieved FedRAMP authorized status a nd I'll go into the detail a little more.
recognized by Gartner for our managed mobility services, recognized by Gartner for Telecom Expense Management services. We received the R2v3 certification for responsible recycling of e-waste, certified to meet requirements for various international standards, attesting to WidePoint's dedication to quality, environmental, and occupational health and safety factors. Now, what does FedRAMP authorized status mean? FedRAMP stands for Federal Risk and Authorization Management Program. We achieved FedRAMP authorized status in February of this year after working with the General Services Administration for roughly three years. So it takes a long time to get the certification. And it creates a very wide moat to our competitors. What this status means is that we meet all of the federal standards and requirements for cybersecurity, for data protection.
We have passed a rigorous security assessment and are officially approved now to store, process, and transmit federal government data in the cloud. None of our competitors can claim this certification yet, and you can see this in the FedRAMP Marketplace. You can go look over there on that website, and you'll see that none of our competitors appear on that marketplace. This will give us a big competitive advantage as we compete for contracts with the federal government as well as commercial enterprises, because many of these solicitations will now require a FedRAMP authorized status, like the ones that we will be recompeting. I'll talk a little bit about that in a few minutes, but suffice it to say that this is a very difficult certification to receive. It takes a very long time to do so. We are continuously enhancing our solution set.
Here are some of our notable technical developments. Mobile Anchor is our next-generation identity and access management. We have successfully developed, tested, and deployed the most secure multi-factor authentication solution on smartphones. Our M365 Analyzer solution is our enhanced enhancements of our unified communication solution to help manage and monitor inventory and software license and cost. We have successfully designed, developed, and tested and deployed this capability to help our customers manage costs associated with their software licenses and inventory. We also recently put out a press release about our strategic relationship with Ingram Micro, and our solution is now available through the Microsoft Marketplace. Our IT as a service was recognized by ChannelE2E for our comprehensive solution sets. All of our solutions are delivered through our proprietary systems. We have the intellectual property for each of our solutions. We own it.
For identity and access management, again, quantum computing resistance solution to secure your endpoints, purpose-built mobility management solution that has passed several federal government cybersecurity assessments with tens of thousands of function points, digital billing and analytics, which has found great acceptance in the B2B and B2C markets. We help our customers secure, manage, again, maintain visibility of their technology assets. N ow 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. This solution is now available on smartphones, a solution we call Mobile Anchor. I'll talk a little more in more detail later. This solution brings all of the high-security measures that our federal government use now on your smartphone.
Your smartphone will now act as your security token for all of your transactions in cyberspace. This same solution is relied upon by over 18,000 enterprises worldwide. It provides the most secure physical and logical access controls. It eliminates the need for multiple user IDs and passwords combinations, and we have been providing this solution since 1995 to the U.S. government, and in all that time, this solution has never been breached. 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 serves as the foundation for their Zero Trust Architecture. Now we have brought this DOD-grade Multi-Factor Authentication solution to the government sector on the smartphone form factor. We recently set up the infrastructure to begin issuing these identity credentials for commercial use.
We are gaining some very good traction there s o stay tuned for more news on that front. We are also excited to announce a business model we are focused on that we call Device as a Service, or DAS. This solution delivers a full range of mobility management solutions. Our customers pay a predictable monthly or annual fee that bundles hardware, software, services, cybersecurity services, solutions, all in a single package. Some of the advantages for our customers utilizing this model are reduced capital expenses, automatic technical refresh services and cycles, improved IT and security management, and easily scalable for our customers. Sorry about that. As you may remember, we used this model on the largest mobility project in 2020 called 2020 Decennial Census for the Census Bureau. This project involved around 700,000 devices and enumerators.
We scaled up and performed flawlessly without losing a single device or having a single device compromised, all during this pandemic called COVID. I'm sure you're familiar with that. And incidentally, our partner CDWG recently announced that they are an official sponsor for the LA 2028 Olympics and Paralympics, where they will be providing Device as a Service solution. And we look forward to supporting CDW and the LA 2028 event a nd our system, our ITMS, Intelligent Technology Management System, will serve as the system of record for that. I mentioned Mobile Anchor. This slide goes into some detail of our new Mobile Anchor solution for smartphones. Suffice it to say, this provides the same level of identity and access management security that we have been providing to the federal government, all of the secure identity and access management solution going from something like this onto your mobile device.
It is a technological leap forward. As of now, it's a capability that is unmatched by our competitors. Our capabilities and solutions have enabled us to capture and pursue some significant contracts within the federal government. We captured a $500 million DHS Cellular Wireless Managed Services 2.0 contract. We also were the incumbents on the CWMS 1.0 contract and its predecessor contracts. All told, we have been performing on this contract for DHS for nearly 20 years. We recently have been awarded an additional $254 million in contract ceiling increase due to the success of the 2.0 contract. We captured the Navy Spiral 4 contract, which has a $2.7 billion contract ceiling. We were awarded four new task orders with an approximate value of $26 million over a 10-year period. We are looking forward to capturing additional task orders underneath this contract vehicle.
We are pursuing the NASA SEWP VI and the Alliant 4 contract, both contracts with contract ceilings of over billions of dollars. We are also competing on the CWMS 3.0 contract, which is a 10-year contract with a contract value of $3 billion. It's a single award contract, and as I said, we are the incumbents on the CWMS 2.0 contract. This 3.0 is essentially doubling of the size of that contract, not only in terms of the length of the contract, but also in terms of the ceiling of the contract. We believe that we are the leading contender because we meet all of the requirements that were released in the draft RFP that came out at the end of June and beginning of July. We think we are punching above our weight, and we're doing pretty well at that.
I covered most of these points in my previous slide, so I'll skip over that, but suffice it to say, we are doing well, and we are closing on a lot of these large contract vehicles. In terms of our growth and our growth strategy, we have a multi-pronged strategy for accomplishing our task. We will enhance our competitive edge by investing in our solution set, such as FedRAMP authorized status, achieved, Microsoft Independent Software Vendor certification, also achieved, further integration with industry-standard applications, such as mobile device management, mobile application management, mobile security management, ServiceNow, et cetera. We will improve leverage by pursuing higher margin SaaS and DAS contracts, software as a service, device as a service contract, and expanding into the commercial markets.
We will continue to expand our customer base by investing in our direct sales and marketing and sales efforts and teaming with large entrenched systems integrators and strategic partners to leverage their significant sales and marketing resource, as well as their substantial customer relationships, and we will also develop new offerings and new teaming relationships to pursue opportunities that we cannot capture alone, and so we so far introduced two new solutions and our Device as a Service model that is a new business model that's going to improve our gross margins, and although organic growth has been on the back burner, inorganic growth has been on our back burner, but we will continue to seek out high-value acquisition targets, and we've been looking around on and off, but we haven't found anything material at this point, but we'll continue to look for potential vertical and horizontal integration opportunities.
We were looking for companies that are established and stable with desirable IP and/or customer base. This is our partnership slide. And so I'll elaborate upon it and our growth strategy by partnering with our strategic partners. We will continue to expand our relationship with these large entrenched systems integrators, as well as other strategic partners. We've had some pretty good successes here. We are becoming their vendor of choice for mobility as a service solutions and Device as a Service solution. There was a time when we would pursue these partners. But now that role has been reversed because of our core competencies and certification and accreditation represent key components of these large IT contracts. And they are now seeking us out for these opportunities because we have right now the only system of record that has been FedRAMP authorized. And so they're seeking us out on that front.
So far, we had great successes in the past years. We had, again, Census 2020, the decennial census, largest mobility projects in the world. And we performed on that. And this slide shows a sampling of our strategic partners. Now this slide is a sampling of our customers. We have a lot more. But we have certain NDAs in place. So we can't put them all here. 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. But as I said, they've already announced the acquisition of the CWMS 3.0. And we had this contract now for five years under the 2.0. But we had the predecessor contract, the 1.0, and the pre-1.0 contract as well.
We recently announced that our contract ceiling was increased from $500 million to $754 million because of the success of the contract. As I said, DHS recently announced the CWMS 3.0 contract. The draft RFP has been released. It is a $3 billion 10-year contract, single award. All of those requirements that are identified in the draft RFP, we meet every one of those requirements. One of the main things that I would point out, two things, is that it does require a FedRAMP authorized status for your systems. It is announced as a best value to the government. What that usually means is that it favors that particular mode. It favors the well-performing incumbent. So far, we've been doing a fairly excellent job at delivering the services. Or we wouldn't have had this customer for over nearly 20 years.
Now for our financial slides. And as you can see, we are a stable company with improving financials. On the top line, we have experienced double-digit % growth for the past several years, nearly 35% in 2024. And we look to continue this trend. We ended 2025 Q2 with roughly $6.8 million in cash. We have been EBITDA positive for now 32 consecutive quarters and counting. And ended 2024 with $142.6 million in top-line revenue, exceeding our guidance, $2.6 million EBITDA-positive, exceeding our guidance as well, $2.5 million in free cash flow, also exceeding our guidance. Some solid numbers for our nano-cap. With a market cap of $47.8 million, I think we are undervalued. But I'm not the only CEO who thinks that their company is undervalued. So there you have it.
I will end my presentation with some key investment considerations, why you should consider investing in WidePoint. We are a solid and stable company and poised for growth and improved profitability. We have exited 2024 with some solid financials, and our Q1 and Q2 numbers are also very solid, and we have a proven track record, as I said, 32 consecutive quarters of EBITDA positive, seven consecutive quarters of free cash flow positive. We recently announced several material contract wins and actions with Navy Spiral 4 contract. Please keep watching and monitor press releases for additional wins. We have material pending contracts that should put additional wind in our sails, and we should have some material announcement coming in the next couple of weeks. We have a proven management team who are operators and know how to operate this business and grow the business and profitability.
We have plenty of runway. We have plenty of cash. We have zero long-term debt and some $36 billion in growing addressable market. I mean, we have the intellectual property, the subject matter expertise, and the business model to address all of those requirements for our customers. We have a robust set of customers who are large and stable in both public and private sectors. We are successfully executing our growth strategy. We look to continue our growth trajectory and improve our profitability. I hope you will take a closer look at us and follow us. That concludes my prepared remarks. Thank you very much for your time. Let me open the floor for.