High Wire Networks Inc (OTCMKTS:HWNI) Stock On Watchlist After Earnings Update

Global managed cybersecurity and technology enablement provider High Wire Networks Inc (OTCMKTS:HWNI) came on to focus on Tuesday after it announced its financial results for the quarter and the fiscal year, both of which ended on December 31, 2022.

Trading Data

On Tuesday, HWNI stock surged 2.63% to $0.0975 with more than 421.70K shares, compared to volume of 254.79K shares. The stock moved within a range of $0.0952 – 0.1000 after opening trade at $0.0999.

High Wire Reports 2022 Pro Forma Revenue up 26% to Record $26.8 Million

In this context, it is perhaps also necessary to point out that on March 8 this year the company had been successful in selling off its legacy staffing business. Hence, the financial results did not include the results from the business from which High Wire Networks had divested. In the fourth quarter, the company brought in revenues to the tune of $8.3 million and that reflected a year on year boost of 34%.

On the other hand, the revenues for the full year came in at $26.8 million and that worked out to a rise of 26% from the previous year. High Wire Networks suffered a net loss to the tune of $11.3 million for the full year but it should be noted that it actually reflected an improvement of as much as 51% from the previous year.

At the end of the year, the company reported a cash balance of $649,000 and that was a higher figure than the $508,000 on December 31, 2021.