Fri, Aug 23, 12:32 PM (144 days ago)
High Wire Networks, Inc. reported a mixed financial performance for Q2 2024. Revenue rose to $1,938K from $1,700K YoY, driven by improved gross profit margins (41% vs. 25%). Operating expenses increased to $4,941K, mainly due to higher salaries and wages, resulting in a loss from operations of $3,004K. However, the company reported significant net income from discontinued operations of $7,861K, largely attributed to a gain on the sale of its technology services business unit. For the six months ending June 30, 2024, total revenue was $3,999K, up from $3,649K, with operating losses of $4,531K. The company’s working capital deficit improved to $3,186K from $9,916K at year-end 2023. Cash increased significantly to $4,185K, attributed to the sale of assets. Despite these gains, uncertainties remain regarding ongoing profitability, as the company has historically faced operational losses and relies on external capital. Future operations may be impacted by continued investments in cybersecurity and potential market risks.