End of Year 2021 Letter to Shareholders
SANTA BARBARA, CA, Dec. 07, 2021 (GLOBE NEWSWIRE) -- As we wind down 2021 and prepare for 2022, High Wire Networks (OTCQB: SGSI ) would like to provide you with highlights of what we have accomplished this year, and some insight into what we anticipate next year. Since closing our High Wire acquisition approximately five months ago, our focus for the latter half of this year has been to set up the Company for long-term sequential success in ’22 and beyond.
- Total Contract Value (TCV) booked for Overwatch and managed services in the third and fourth quarters of 2021 is expected to be approximately $4 million. As businesses continue to allow employees to work remotely and we see an expansion of our digital economy, cybersecurity threats will continue to create new opportunities for the Company’s Overwatch platform, setting the stage for a strong baseline of monthly recurring revenue (MRR) in 2022 and beyond
- Our Human Capital Management Segment MRR grew from $1.37 million in March to approximately $2 million in December (46% growth) and expected MMR of $2.2 million in Q1 2022
- Our Technology sector booked nearly $10 million in orders in the fourth quarter, an all-time company record
- Secure Voice Corp, our most recent acquisition, is expected to add over $650,000 MRR going forward
When I joined SGSI as CEO earlier this year, we had several different entities with different management teams, accounting teams, sales teams, and support teams. In the last five months we have consolidated those teams, streamlined our operations for maximum efficiency, and enabled scalability for the next level of success. We now have greater visibility into what our customers are buying, with an ability to cross pollenate skills and offerings across customer segments.
Nothing we do could be possible without our incredible customers. We continue to grow our customer base in every channel. On top of that, we are expanding our business offerings within existing customers. Our newly streamlined sales team is having conversations with our customers that they could not have before. Our customers are embracing our product portfolio in new ways and validating the company’s long-term strategy.
Our Stock Performance
In 2021, our long-term shareholders were rewarded with a tremendous increase in the SGSI stock price and the market cap of our company. A year ago, the SGSI common stock traded at less than .05 a share. In November of this year, we traded at more than .50 a share. While the stock price has retreated in recent weeks, as the reported short position in our stock has seemingly increased, we believe that the stock is currently undervalued. As we continue to report solid results those results should eventually be reflected in our stock price. Our quest for an up listing to a national exchange should be realized in the near future and provide us with more institutional following and investment.
As we have previously stated, we are expecting very significant growth in 2022. I have shared expectations of 30% growth, which would take us over $70 million in sales. We wanted to share with you just a few of the data points that we are seeing that guide our expectations. Our team is focused on the mission at hand, and we will not stop innovating and building value for our shareholders. We look forward to being able to provide more concrete guidance as we mature our systems. We thank you for your support, and we wish you all Happy Holidays, and cheers to a healthy and prosperous 2022!
Mark W. Porter Chief Executive Officer High Wire Networks, Inc.
Media Relations Susanna Song Vice President of Communications email@example.com