Hello, everyone. Thank you for joining H.C. Wainwright's 28th Annual Global Investment Conference. I am thrilled to introduce Jin, the CEO, and Todd, the COO of WidePoint Corporation.
Great. Thank you, Madeleine. Thank you, and good afternoon, everyone. Thank you all for your time. Really appreciate it. I know you are all busy. Special thanks to the H.C. Wainwright for hosting this event. Hopefully, you are having a great conference and finding a lot of opportunities. Hopefully, you will see us as one of those opportunities. As Madeleine said, I am the CEO of WidePoint Corporation, and Todd Dzyak, who is our Chief Operating Officer, will be handling all the questions during our Q&A session. Today, I will be telling you about WidePoint Corporation, who we are, what we do, and what makes us unique. But first, this is our safe harbor statement, and I am sure you have seen all this before.
I know that you are all accredited investors, but if you do need to see a full safe harbor statement, it is located on our website at widepoint.com under investor relations. Now that we have 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. We have been growing through organic and inorganic means over the last 30 years. But it has only been maybe 10 years since we consolidated all of the operations under a single umbrella to get us to the mobility management business. I think we can all agree that cybersecurity and mobility management are critical elements of our IT environment, especially in this mobile environment. We offer solutions and services to address cybersecurity concerns of our customers in this mobile world.
We provide solutions to secure, manage, and gain visibility into their mobility assets, as well as other technology assets, Internet of Things, all delivered using a SaaS business model. The current management team has been able to stabilize a floundering company.
When we took over in 2017, we were probably a month or maybe a quarter away from insolvency. But since then, we have built a solid, stable company, with 95% recurring revenues, $219 million in contract backlog, zero bank debt with very clean cap structure, no preferreds, no warrants or anything like that, just common stock. $36 billion in addressable market that is continuing to grow. $10 million in cash at the end of Q2 of this year. 36 consecutive quarters of adjusted EBITDA positive. More notably, we have been free cash flow positive for 11 straight quarters, and two consecutive quarters of EPS positive the last two quarters. [inaudible]
Thank you. We closed 2025 with about $151 million in revenues. For the first six months of this year, we are at $78.6 million, over $79 million for the first half. Roughly $100 million in market cap. I do believe that there is a disconnect between our valuation and our true worth. An insider owns approximately 12% of outstanding shares, so the objectives of the management team and the board are aligned with our investors. There is a huge disconnect, as I said, given the near-term catalyst that we have been experiencing over the last six months or so. The first catalyst is one that we have already accomplished, and we call it the ATV contract, AT&T, T-Mobile, Verizon. We are just not at the liberty to say which one of these carriers that we have the contract with.
It is one of the big three mobile carriers in the U.S. This is a SaaS contract, roughly $45 million-$50 million over a five-year period, that has 70%+ in gross margins. We believe that this will add up to roughly $0.50 EPS once it is fully ramped. The go-live date is set for the end of this year, and we are looking at fully ramping that project by the end of Q2 of next year, of 2027. Things are moving along well. Hopefully, there is not any delays. It did experience some delays previously, but I think we are going to be able to keep to this year-end go live this year. Second catalyst is our 10-year, $3.1 billion contract with the Department of Homeland Security. It is a renewal.
We were named the winner, and one of the losing bidders protested our contract win at the end of June of this year. We believe that the protest will be settled in our favor. The deadline for the protest decision by the Government Accountability Office is 7 October. The decision could come any minute now. We also believe that this contract, once it is fully ramped, could add $1.50 EPS. We are looking at being fully ramped by the end of 2028 on a run rate basis. Again, that could add $1.50 per EPS. Between the ATV contract and this contract could potentially add $2 earnings per share.
The third catalyst is our DaaS opportunity, Device- as- a- Service opportunity, with Fortune 500 companies to provide our system of record platform through our partner CDW, and their customer technology assets to help them manage their customers' technology assets. Another catalyst is that we have successfully transitioned to an as-a-service model, so we should see increases in gross margins and improvements in gross margins over the next couple of years. I also wanted to mention that our new contract with NASA, is called SEWP VI. S-E-W-P stands for Solutions Enterprise-Wide Procurement VI. This has a contract value of $60 billion over the next 10 years. It is a fairly sizable opportunity. In terms of our market size, as I stated, our addressable market size is some $36 billion and growing in this post-pandemic environment. People are working from anywhere, from everywhere, so it is going to continue to grow.
It includes the federal government, state and local governments, and commercial enterprises. Large organizations where they have a large mobile workforce. People are working from remote locations, including military, healthcare, finance, transportation, customer products, energy sector, et cetera. This market is continuing to grow, as I said, because of the cybersecurity threats and in this post-pandemic environment, that has us working remotely from everywhere. Because we are working remotely from everywhere, the number of endpoints are continuing to grow, and we provide the solutions to help our customers secure those endpoints. Even in our environment, enterprises are not cutting back on cybersecurity or mobility management solutions. I think the market is going to continue to grow for us, and there's a lot of opportunity there for us. Let me tell you a little bit about our core competencies.
As I stated previously, we help our clients the capability to secure, manage, and gain visibility into their mobility assets. We help secure their assets and infrastructure with the most secure multi-factor authentication solution available on the market today. Identity management solutions that has been implemented in all of the federal government agencies, including the Department of Defense or the Department of War. We help manage our customers' assets with purpose-built, secure platform to manage the full life cycle of all their technology assets. A system we call Intelligent Technology Management System, or ITMS. ITMS has now been FedRAMP certified, which stands for Federal Risk and Authorization Management Program. What that means is that we meet all of the cybersecurity requirements for the federal government for data protection.
We also provide full visibility of our clients' assets through our ITMS program and platform, and our digital billing and analytics capabilities, soon to be AI-enabled, provides full visibility of how these devices are used, what costs they're incurring, so forth and so on. We own all of the intellectual property for all of our platforms. A little bit more about our FedRAMP certified status. This is a huge accomplishment. It's a huge moat for us. Again, it stands for Risk and Authorization Management Program, and what it means is that we meet all of the federal government cybersecurity standards. We got the FedRAMP certification after working with the General Services Administration for over three years. We finally got it.
There's a lot of companies going through this process to get this certification, but we're only two companies right now within the FedRAMP marketplace that have this certificate in the mobility management arena. This gives us a huge competitive edge as we compete for our contracts with federal government as well as large enterprises because many, if not all of these solicitations will require FedRAMP certification going forward. This is a huge opportunity for us. We're also continuously enhancing our solution sets. Here are some of the notable technical developments. MobileAnchor is our next-generation identity and access management solution. We have successfully developed, tested, and deployed the most secure multi-factor authentication solution available on the market now on your smartphones. One that is quantum computing resistant and one that has never been hacked. Be on the lookout for some additional press releases on this front.
There's going to be a lot of opportunities there. Our M365 Analyzer solution is our enhancement of our unified communication solutions, which help manage and monitor inventory, software, licenses, and costs. We have successfully developed, tested, and deployed this solution to help our customers manage costs and find savings in their software inventory. We also recently put out a press release about our strategic relationship with Ingram Micro. We're pretty excited about that, and our solution is available through Microsoft Marketplace. Our IT- as- a- service was recognized by ChannelE2E for our comprehensive solution set, so there's opportunities there. 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, or MFA is available on the market.
As I said, again, quantum computing resistant and one that has never been hacked. Even with all of the sophisticated tools out there, they have not yet to be able to hack this solution. It's based upon public and private key infrastructure. This solution is now available on smartphones. We were able to release that on our smartphones, and we call this solution MobileAnchor. This solution brings all of the high security measures that our federal government customers use now on your smartphones. Your smartphone is now your security token for both physical and logical access and your cyber interactions in cyberspace. This same solution is relied upon by more than 18,000 enterprises worldwide. It provides the most secure physical and logical access controls. It eliminates the need for multiple user IDs and passwords. We have been providing this solution since 1999 to the U.S. government.
In all that time, this solution has never been hacked. We were the first company to be approved this solution, to the U.S. Department of Defense, and currently we are one of two authorized by the U.S. government to issue these credentials. Now, as I said, we're bringing this thing on the smartphones. We recently stood up the infrastructure to issue these identity credentials for commercial use. I think I talked about this MobileAnchor already. As I spoke earlier, one of our catalysts that we have accomplished was being named a prime contractor in the SEWP VI. It is a $60 billion contract vehicle, and as you may know, winning a federal government contract is really difficult and a long and arduous process.
I like to mention that in the last two years, we have closed on two multi-billion dollar contracts, NASA SEWP VI and the Navy Spiral 4 contract with aggregated contract total of nearly $63 billion. We're also pursuing the GSA Alliant 3 contract, which has no contract ceiling. These are huge opportunities for us. By having these contracts and having the certification and accreditation, we have these large contractors and other partners that don't have access to these contract vehicles coming to us, and this allows us to leverage our partners' sales and marketing resources as well as their large business network, customer networks.
So talk a little bit more about why our contract vehicles and certifications are so important is that, and we'll continue to expand our relationship with these large and trans systems integrators because they're seeking us out because of our contract vehicles and our certification and accreditation. This slide shows a list of some serious players in the federal government business as well as commercial business. We had some great successes in the past years and we're going to continue to experience that, especially now that we have our FedRAMP certification and we have all of these contract vehicles at our disposal. In terms of our financials, as you can see, our financials are continuing to improve. Our top line has experienced double-digit percentage growth over the past several years, and we see that trend continuing. We ended Q2 with $10 million in cash.
We have adjusted EBITDA positive now for 36 consecutive quarters, 11 consecutive quarters of free cash flow positive, and two consecutive quarters of EPS positive. In terms of our financial performance, it's a night and day difference between 2025 and 2026, and then 2024 and 2025. We're continuing to improve. As I said earlier, our ATV and our DHS contract opportunity is going to prospectively add about $2 per EPS, once we're fully ramped, and we're looking at that being somewhere in 2028. With a market cap of $100 million as of today, I believe there is a disconnect between our valuation and our performance. Excuse me. I think there's a lot of value to be had here. If you're looking for a value company, we are one of those. In terms of our growth strategy, we have a multi-pronged strategy for accomplishing our task.
We will enhance our competitive edge by investing in our solution sets, such as FedRAMP Authorized, achieved, Microsoft Independent Software Vendor Certification, also achieved, and further integration with industry standards, applications like MDM, MAM, mobile device management, mobile application management. We'll improve our leverage by pursuing higher margin SaaS and DaaS contracts and expanding into commercial markets.
We'll continue to expand our customer base, develop new offerings and new teaming relationships to pursue opportunities that we cannot pursue alone. In terms of inorganic growth, we have been quietly looking around. That's always been on our back burner, but we're always looking around for opportunities. We're looking for companies that are stable and potentially accretive. We're looking for companies that are in our adjacent areas that we're looking to tuck in. Established companies and stable with desirable IP or desirable customer base. That concludes my presentation. Thank you for your attention and I'll open the floor