WidePoint Corporation (WYY): Business Model Canvas [Dec-2025 Updated]

You're looking for the real mechanics behind WidePoint Corporation's ability to secure massive federal IT deals, and honestly, it boils down to a few key levers. This isn't just about selling phones; it's a highly specialized model where approximately 80% of revenue comes from U.S. Federal agencies, underpinned by a nearly 95% recurring revenue stream. Their core value proposition rests on their FedRAMP-authorized Intelligent Technology Management Systems (ITMS) platform, which feeds a substantial contract backlog of about $269 million as of Q3 2025, making their key activity securing and executing these long-term government IDIQ contracts. Dive below to see exactly how their partnerships with carriers and integrators like CDW translate that backlog into tangible revenue streams.

WidePoint Corporation (WYY) - Canvas Business Model: Key Partnerships

You're looking at how WidePoint Corporation (WYY) builds its delivery and acquisition engine through external relationships. These aren't just casual agreements; they are critical channels for scaling their managed services, especially given their focus on recurring revenue streams.

The strategic go-to-market alliance with Ingram Micro, executed through WidePoint Corporation's subsidiary Soft-ex Communications, is designed to push the M365 Analyzer for Microsoft license management onto Ingram Micro's Xvantage™ digital experience platform. This positions Soft-ex as a Hyperscaler solution, giving WidePoint Corporation access to a global distribution network for this high-margin, low-touch solution.

Major US telecommunications carriers represent a significant revenue channel, particularly for the FedRAMP Authorized ITMS™ Command Center Platform. One such multi-year Software as a Service (SaaS) contract, announced in late 2025, is estimated to generate revenues of $40 million to $45 million over its initial three-year term. This platform is set to manage and serve as the system of record for an expected 2 million to 2.5 million units across government telecom operations, serving over 50 government clients.

For Device-as-a-Service (DaaS) program support, WidePoint Corporation secured a one-year, $110,000 contract in June 2025 with a prominent Federal health research agency. This award was noted as the first of several material DaaS opportunities in the pipeline, often in collaboration with a strategic Fortune 500 partner. Earlier in 2025, over 90% of the opportunities seen across the DaaS program were identified as commercial clients.

When teaming with large entrenched systems integrators for federal contracts, WidePoint Corporation leverages large contract vehicles. As of the third quarter of 2025, WidePoint Corporation had been awarded 8 Spiral 4 task orders year-to-date. The Navy Spiral 4 contract itself has a ceiling value of $2.7 billion. Separately, a new Cellular Wireless Managed Services (CWMS) 2.0 Task Order with U.S. Customs & Border Protection (CBP) has a total task order ceiling exceeding $27.5 million and supports 30,000 cellular lines of service.

The MobileAnchor D2C program relies on securing key federal agency adoption. WidePoint Corporation was awarded a new MobileAnchor contract by an agency under the U.S. Department of Energy in the second quarter of 2025. This follows the signing of two contracts with federal defense and civilian agencies for the MobileAnchor Digital Credential solution in 2024.

Here's a quick look at the scale of some of these key relationships:

The operational success within these alliances is reflected in the overall contract pipeline and revenue mix:

• Contract backlog stood at approximately $269 million as of September 30, 2025.
• Total revenues for the third quarter of 2025 were $36.1 million.
• Nine-month 2025 revenues reached $108.2 million.
• Gross margin excluding carrier services revenue was 34% in Q3 2025.
• WidePoint Corporation achieved its 33rd consecutive quarter of positive Adjusted EBITDA.
• Free cash flow for Q3 2025 was $324,000, an 88% sequential increase from Q2 2025 Adjusted EBITDA.

WidePoint Corporation (WYY) - Canvas Business Model: Key Activities

You're looking at the core engine driving WidePoint Corporation's current operations as of late 2025. This isn't just about selling services; it's about securing and executing on large, complex, multi-year federal and commercial technology contracts. The key activities revolve around service delivery excellence, platform authorization, and aggressive contract capture.

Managed Mobility Services (MMS) and Telecom Expense Management (TEM)

Delivering Managed Mobility Services (MMS) and Telecom Expense Management (TEM) forms the revenue backbone. WidePoint Corporation's Q3 2025 revenues hit $36.1 million, bringing the nine-month total to $108.2 million. The gross margin excluding carrier services revenue for the nine months ended September 30, 2025, stood at 35%, showing the value captured beyond simple reselling. WidePoint Corporation's solutions are recognized in Gartner's new Market Guide for Telecom Expense Management Services, Global.

Here's a breakdown of the revenue mix for the third quarter of 2025:

The managed services fees component saw an increase of $1.6 million for the quarter compared with Q3 2024, primarily due to a new federal customer starting in September 2024.

Developing and maintaining FedRAMP-authorized SaaS platforms (ITMS)

A critical activity is the deployment and maintenance of the Intelligent Technology Management System (ITMS) platform, which achieved FedRAMP Authorized status on February 19, 2025. This authorization is a major differentiator for federal competition. WidePoint Corporation secured an estimated $40 million to $45 million Software as a Service (SaaS) contract with a major telecommunications carrier to deploy this platform. This single, multi-year deal is estimated to generate $40 - $45 million in margin-accretive SaaS revenue over the initial three-year term. The platform is set to manage an expected 2 million to 2.5 million units across government telecom operations and will serve over 50 government clients.

Securing and executing large federal IDIQ contracts (e.g., Navy Spiral 4)

Securing and executing on Indefinite Delivery/Indefinite Quantity (IDIQ) vehicles is a primary focus. WidePoint Corporation was selected for the 10-year, $2.7 billion Navy Spiral 4 contract, which has a one-year base valued at approximately $267 million. As of Q3 2025, WidePoint Corporation had been awarded 8 Spiral 4 task orders year-to-date. Recent task orders include:

• An award by the U.S. Army valued at over $1.25 million total over five years.
• A Task Order from a U.S. Department of Defense combat support agency with an annual value of approximately $2.5 million and a potential total value of $25 million over its period of performance.

The overall federal contract backlog stood at approximately $269 million as of September 30, 2025.

Identity & Access Management (IAM) and Cloud Security service delivery

Service delivery extends into specialized security and management areas. In Q3 2025, WidePoint Corporation was awarded a new Identity & Access Management contract specifically supporting the U.S. Department of Education. Furthermore, the company maintained its Authority to Operate (ATO) with both the Department of Homeland Security (DHS) and the U.S. Department of Justice, confirming the strength of its cybersecurity infrastructure.

Investing in DaaS infrastructure and sales/marketing efforts

WidePoint Corporation is actively investing time, resources, and capital to scale its Device as a Service (DaaS) offering. The pipeline for DaaS opportunities is growing, with 90% being large commercial, managed services opportunities. The company secured its first DaaS contract in July 2025, a one-year agreement with a Federal health research agency valued at $110,000. Sales and marketing expenses for the nine months ending September 30, 2025, totaled $2 million, representing 2% of the nine-month revenues.

The company reported 33rd consecutive quarter of positive Adjusted EBITDA and the 8th consecutive quarter of positive free cash flow for Q3 2025.

WidePoint Corporation (WYY) - Canvas Business Model: Key Resources

You're looking at the core assets WidePoint Corporation (WYY) relies on to execute its strategy, especially given the intense focus on federal compliance right now. The foundation here is definitely the FedRAMP-Authorized Intelligent Technology Management Systems (ITMS) platform. This authorization, achieved on February 19, 2025, is a massive key resource, opening doors across the federal marketplace. It's now available across eight business categories on the FedRAMP Marketplace, including Mobile Device Management and System Administration. Plus, this platform is already translating into significant revenue, evidenced by a recently secured multi-year SaaS contract expected to generate $40 million to $45 million in revenue over three years.

Here's a quick look at the hard numbers supporting WidePoint Corporation's current operational capacity as of the end of the third quarter of 2025:

The company also holds proprietary intellectual property (IP) that differentiates its offering. The MobileAnchor solution is a proprietary derived digital credential for mobile devices, positioned as the Derived PIV SSP Credential, which enhances security by reducing the attack surface through direct integration. On the software optimization side, the M365 Analyzer, launched by subsidiary Soft-ex Communications, is a tool for Microsoft clients. This IP is valuable because Gartner has indicated that companies could achieve an average of 30% reduction in cost by actively managing their M365 licenses using tools like this.

Underpinning these technologies is the necessary key personnel and technical expertise in federal cybersecurity compliance. WidePoint Corporation is recognized for pioneering solutions across several critical domains. This expertise is concentrated in areas like:

• Identity & Access Management (IAM)
• Mobility Managed Services (MMS)
• Cloud Security
• Analytics & Billing as a Service (ABaaS)

The leadership team, including CEO Jin Kang and COO Todd Dzyak, has been focused on executing this strategy, which includes securing task orders like the one with U.S. Customs & Border Protection valued up to $27.5 million.

WidePoint Corporation (WYY) - Canvas Business Model: Value Propositions

You're looking at the core reasons federal and large commercial entities choose WidePoint Corporation (WYY) for their technology management needs. It's about security, compliance, and tangible cost control, especially now that the federal landscape demands specific certifications.

Secure, compliant mobility management for the federal mobile workforce.

WidePoint Corporation (WYY) offers a value proposition deeply rooted in security credentials that open doors to sensitive government work. This isn't just about managing phones; it's about managing risk for the federal mobile workforce. You should note the standing of their security posture:

• WidePoint Corporation (WYY) is the 1st company certified by the United States. Department of Defense.
• It is one of only two companies worldwide certified by DoD for certain security standards.

FedRAMP-authorized SaaS solutions, a minimum requirement for major contracts.

Achieving FedRAMP Authorization is a non-negotiable entry ticket for many federal cloud service contracts. WidePoint Corporation (WYY) secured this critical status for its Intelligent Technology Management System (ITMS) on February 19, 2025. This authorization immediately positions the company to compete for vital federal work, such as the DHS CWMS 3.0 recompete.

The ITMS is now available across eight distinct business categories on the FedRAMP Marketplace, including Mobile Device Management (MDM) and Analytics. This broad authorization multiplies the addressable market within the federal sector, which analysts estimate to be a $92 billion federal IT marketplace.

Cost optimization and visibility via Telecom Management and M365 Analyzer.

The value here is direct savings, which is always a compelling argument for any CFO. The M365 Analyzer, launched by the subsidiary Soft-ex Communications, directly targets Microsoft software license waste. According to Gartner data cited by WidePoint Corporation (WYY), companies using active management tools like this could see an average 30% reduction in cost for their M365 licenses.

This capability supports the broader Technology Management as a Service (TMaaS) offering by providing clear Return on Investment (ROI) dashboards.

Single system of record for managing devices for a major carrier.

The scale of deployment is a key differentiator. WidePoint Corporation (WYY) recently secured a significant SaaS contract, estimated between $40 million to $45 million, to deliver its FedRAMP-authorized ITMS platform to a leading global telecom carrier. This contract underscores the platform's ability to act as a trusted system of record for large-scale technology and mobility management.

Here's a quick look at the financial context surrounding these service offerings as of late 2025:

Reduced complexity through Technology Management as a Service (TMaaS).

The entire suite of services-from Identity & Access Management (IAM) to Mobile Device Management (MDM)-is delivered through the TMaaS model. This structure is designed to reduce operational complexity for clients managing diverse assets like mobile phones, tablets, and IoT devices. The goal is economies of scale delivered via a managed service model, simplifying procurement, deployment, and ongoing operations.

The value proposition is built on these core pillars:

• ITMS establishes a trusted system of record for telecommunications, mobility, and technology information.
• ITMS enables management of usage data for analysis, reporting, and optimization.
• The platform improves budget efficiency and enhances program security.
• It supports a goal of positive Earnings Per Share (EPS) for 2025.

Finance: draft 13-week cash view by Friday.

WidePoint Corporation (WYY) - Canvas Business Model: Customer Relationships

You're looking at how WidePoint Corporation (WYY) locks in its federal and commercial clients; it's all about deep integration and long-term commitment, which is key when you're dealing with government security and mobility.

Dedicated account management for long-term federal agency contracts.

The relationship with the Department of Homeland Security (DHS) is central. WidePoint Corporation (WYY) is the two-time incumbent for the DHS Cellular Wireless Managed Services (CWMS) 2.0 contract, and they are competing for the next generation, CWMS 3.0. The CWMS 3.0 contract ceiling has been significantly increased to $3.0 billion over a 10-year period, a major step up from the predecessor contract's initial $500 million valuation. As of November 2025, the final Request for Proposal (RFP) for CWMS 3.0 was issued on November 6, 2025. This focus on retaining and expanding the DHS relationship, where their ITMS platform serves as the system of record and operational hub, requires dedicated, high-level account oversight.

Embedded relationships with agencies like DHS (largest customer).

Being the incumbent at DHS means WidePoint Corporation (WYY) is deeply embedded in the agency's operations. The company believes its proven track record and FedRAMP Authorized status position it to rewin the CWMS 3.0 award. WidePoint Corporation (WYY) is recognized across the Federal Government, especially within the DHS ecosystem, for delivering efficiency. The company also secured a $27.5 million task order with U.S. Customs & Border Protection in Q3 2025. This federal concentration is a defining feature of the customer base.

High-touch, consultative sales for complex managed services.

The shift toward complex, margin-accretive managed services drives the consultative sales approach. A prime example is the recent multiyear Software-as-a-Service (SaaS) contract with a major U.S. telecom carrier. This deal requires WidePoint Corporation (WYY)'s FedRAMP-authorized ITMS platform to act as the system of record for 2 million to 2.5 million devices across government telecom operations. WidePoint Corporation (WYY) estimates this single contract will generate $40 million to $45 million in margin-accretive SaaS revenue over its initial 3-year term. This type of deal necessitates a high-touch, technical sales process to meet stringent security and compliance demands.

Strategic investment to deepen existing relationships for growth.

WidePoint Corporation (WYY) is actively investing to secure and grow these deep relationships. The company took steps to stabilize its cost structure while continuing to invest in the business during the first half of 2025. This investment is targeted at initiatives like achieving FedRAMP Authorization for its ITMS platform, which is crucial for federal accessibility and positions them favorably for major contracts like CWMS 3.0. The contract backlog as of September 30, 2025, stood at approximately $269 million, reflecting the value secured from these relationships.

Here's a look at the contract value underpinning these relationships:

The focus on securing large, multiyear contracts like the $40 million to $45 million SaaS deal and positioning for the $3.0 billion CWMS 3.0 opportunity shows where WidePoint Corporation (WYY) directs its relationship efforts.

High recurring revenue model, approximately 95% of total revenue.

While the exact recurring revenue percentage isn't explicitly stated in the latest reports, the business model is clearly built on long-term service agreements. The emphasis on margin-accretive SaaS revenue, which is inherently recurring, and the substantial $269 million contract backlog as of September 30, 2025, demonstrate the stability derived from these customer commitments. The company has achieved its 33rd consecutive quarter of positive Adjusted EBITDA as of Q3 2025, which speaks to the reliability of the revenue base derived from these established customer relationships.

• Deepening ties with federal components targeted for growth within DHS.
• Expanding Managed Services (MMS) solution capabilities.
• Securing task orders under the Navy Spiral 4 vehicle, including one for the U.S. Army valued at more than $1.25 million.
• Achieving FedRAMP Authorization to unlock more federal opportunities.

Finance: draft 13-week cash view by Friday.

WidePoint Corporation (WYY) - Canvas Business Model: Channels

You're looking at how WidePoint Corporation gets its Trusted Mobility Management (TM2) solutions and services into the hands of its customers, which is heavily weighted toward the federal space right now. The channel strategy is a mix of direct enterprise sales, leveraging massive government vehicles, and strategic reseller relationships.

The direct sales team is clearly focused on securing large, complex federal and Fortune 100 commercial accounts. For instance, in the first quarter of 2025, contract awards showed $26.1 million coming from Federal agencies, while commercial organizations contributed $1.5 million in that same period. More recently, WidePoint Corporation secured an estimated $40 million to $45 million SaaS contract in the third quarter of 2025 to deliver its FedRAMP-authorized ITMS platform to a major telecommunications carrier, which falls under the commercial segment.

Government contract vehicles are a cornerstone of WidePoint Corporation's channel strategy, especially the Navy Spiral 4 contract. This is a 10-year, $2.7 billion Indefinite-Delivery, Indefinite-Quantity (IDIQ) contract vehicle itself, with a one-year base period valued at approximately $267 million. WidePoint Corporation has been actively winning task orders under this umbrella. As of the third quarter of 2025, the company had been awarded 8 Spiral 4 task orders year-to-date. One specific award in November 2025 from the U.S. Army under Spiral 4 was valued at over $1.25 million over five years. Earlier in 2025, another Spiral 4 award from a DoD combat support agency had an annual value of approximately $2.5 million, carrying a potential total value of $25 million if all nine option periods were exercised. Furthermore, the company is positioning for the DHS CWMS 3.0 recompete, which is a $3.0 billion opportunity.

The company also utilizes existing contract vehicles for specific agencies, such as the CWMS 2.0 task order awarded by U.S. Customs & Border Protection in the third quarter of 2025, valued up to $27.5 million.

Strategic partners and system integrators help extend reach, particularly in the commercial sector. For example, the subsidiary Soft-Ex announced a strategic go-to-market alliance in the third quarter of 2025 with Ingram Micro specifically to optimize Microsoft license management.

The Direct-to-Consumer (D2C) channel is represented by the MobileAnchor program, though specific D2C financial metrics aren't broken out separately in the latest reports. We do know that WidePoint Corporation was awarded a new MobileAnchor contract by an agency under the U.S. Department of Energy during the second quarter of 2025.

Here's a look at the quantifiable channel activity and associated contract values as of late 2025:

The company's overall Nine Months 2025 revenue reached $108.2 million, with the full fiscal year 2025 revenue guidance set between $154 million and $163 million.

The channels are supported by specific contract types and partner engagements:

• Direct sales focus on federal and Fortune 100 commercial clients.
• Government contract vehicles include Navy Spiral 4 and CWMS 2.0/3.0.
• Strategic partners include Ingram Micro for go-to-market optimization.
• MobileAnchor D2C program secured a new contract with a U.S. Department of Energy agency in Q2 2025.

The potential for the CWMS 3.0 recompete represents a $3.0 billion channel opportunity that WidePoint Corporation is actively preparing for.

WidePoint Corporation (WYY) - Canvas Business Model: Customer Segments

You're looking at the customer base for WidePoint Corporation as of late 2025, and honestly, it's still heavily weighted toward the public sector, which is where their core expertise in secure mobility management really shines.

The primary segment, as you know from their historical focus, is the U.S. Federal Government agencies, which the company targets for approximately 80% of its total revenue. This is the bedrock of their business, even as they push for commercial growth. For context on their recent performance, total revenues for the third quarter ending September 30, 2025, were $36.1 million, with nine-month revenues reaching $108.2 million.

Within that federal focus, the Department of Homeland Security (DHS) ecosystem is a critical, high-visibility component. You'll recall that approximately 45% of their managed service revenue in 2023 came specifically from DHS contracts, primarily under the Cellular Wireless Managed Services (CWMS) 2.0 ID/IQ contract. The looming re-bidding of this contract in November 2025 represents a material risk, though WidePoint Corporation was competing for the successor CWMS 3.0 contract scheduled to start November 25, 2025. Variations in the total number of lines managed for one of their key DHS customers impacted Carrier Services revenue in Q3 2025, which totaled $20.4 million for the quarter.

Here's a quick look at how the revenue streams break down from the Q3 2025 results, showing the mix between carrier services (often low margin) and managed services (the higher-value work):

The Major US Telecommunications Carriers (Big 3) are also a key segment, though often as partners or as direct customers for specialized services. WidePoint Corporation recently secured an estimated $40 million to $45 million SaaS contract to deliver their FedRAMP-authorized ITMS platform for one such major carrier. This shows a strategic move to monetize their federal compliance credentials in the commercial space.

The push into Commercial Enterprises is gaining traction, targeting the Fortune 100, healthcare, and financial services sectors. While federal contracts accounted for $26.1 million of their Q1 2025 contract awards, commercial organizations secured $1.5 million in awards that quarter. Furthermore, the pipeline for their Device-as-a-Service (DaaS) offering is reportedly composed of 90% large commercial opportunities, with specific interest noted in sectors like healthcare and finance.

Finally, State and local government customers form the third leg of the public sector stool. WidePoint Corporation serves State & Local Government Entities, including K-12 schools and infrastructure projects, alongside the Federal agencies. This segment is part of the broader market they address, which demands efficiency, security, and compliance.

To be defintely clear on the commercial push, Finance needs to track the margin contribution from the DaaS pipeline versus the traditional carrier services revenue.

• Federal Sector Penetration: Less than 5% of the estimated 2.1 million civilian federal workers market.
• DaaS Commercial Pipeline Composition: 90% large commercial opportunities.
• Recent Commercial Wins: Secured a 3-year contract for External Certificate Authority (ECA) Identity Certificates with a top-tier, U.S.-based aerospace and defense contractor in Q2 2025.

Next step: Strategy team to model the impact of a one-year delay on the DHS CWMS 3.0 recompete by end of day Tuesday.

WidePoint Corporation (WYY) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive WidePoint Corporation's operations as of late 2025. Honestly, for a company deeply involved in government and large enterprise contracts, managing the cost of service delivery versus the revenue from pass-through services is key.

The cost structure is heavily influenced by the nature of the carrier services business, which is described as low-margin pass-through. For the third quarter of 2025, Carrier Services Revenue was $20.4 million, compared to Managed Services Fees of $10.1 million for the same period. This revenue mix directly impacts the overall gross margin, which stood at 15% for Q3 2025, but rose to 34% when excluding carrier services revenue.

Personnel costs are a significant driver, especially as WidePoint Corporation maintains staffing levels while investing in growth. The increase in General and Administrative expenses in the nine-month period related primarily to general inflationary pressures and additional headcount and associated costs, which were partially offset by less share-based compensation expense. This speaks directly to the cost of technical staff and sales/marketing personnel.

General and administrative expenses in the third quarter of 2025 were reported at $4.8 million, representing 13% of revenues for that quarter. For the nine-month period ending September 30, 2025, these expenses totaled $14.5 million.

Investment in sales and marketing is a deliberate choice to fuel future contract wins. Investment in sales and marketing expenses for the third quarter of 2025 was $700,000, or 2% of revenues. For the nine-month period, these expenses reached $2 million.

Capital expenditures for the Device as a Service (DaaS) facility and IT environment refresh are part of the strategic investment to support long-term growth, especially following the investment in the FedRAMP authorization process. While management noted they are continuing to invest in their business capabilities, a specific dollar amount for capital expenditures related to the DaaS facility and IT environment refresh for Q3 2025 isn't explicitly detailed as a standalone CapEx line item in the reported figures.

Here are the key expense and related revenue figures for context:

The cost structure also reflects the ongoing commitment to high-value, margin-accretive work, as evidenced by the contract backlog and new SaaS wins:

• Contract backlog as of September 30, 2025: approximately $269 million.
• Estimated margin-accretive SaaS revenue from new carrier contract over initial 3-year term: $40 million to $45 million.
• CWMS 2.0 task order value: up to $27.5 million.

Finance: review the cost allocation methodology between G&A and direct service delivery for the Q3 2025 carrier services revenue by Wednesday.

WidePoint Corporation (WYY) - Canvas Business Model: Revenue Streams

You're looking at how WidePoint Corporation brings in money, which is a mix of high-margin recurring services and high-volume carrier pass-through revenue. The overall performance for the first nine months of 2025 gives us a solid baseline.

Nine-month 2025 revenue was $108.2 million, with full-year guidance of $154 million to $163 million. This revenue mix is key to understanding their margins; for the nine-month period ending September 30, 2025, the gross margin was 14% overall, but excluding carrier services revenue, the gross margin was 35%, showing where the real profit engine is.

Here is a look at the revenue components for the nine months ended September 30, 2025, compared to the same period last year:

Managed Services Fees are definitely the higher-margin revenue you want to see growing. For the nine months of 2025, these fees totaled $28.6 million, up from the prior year period. For the third quarter alone, Managed Services Fees were $10.1 million.

Carrier Services and reselling revenue is the high volume, low margin part of the business. Carrier Services revenue for the nine-month period was $65 million. For the third quarter of 2025, Carrier Services revenue was $20.4 million. Reselling and other services for the third quarter were $4.3 million. The lower margin on this segment is why the overall Q3 gross margin was 15%, but excluding carrier services, it jumped to 34%.

SaaS subscription revenue from the FedRAMP-authorized ITMS platform is a major focus for future margin expansion. WidePoint Corporation secured an estimated $40 million to $45 million SaaS contract to deliver this platform for a major telecommunications carrier over an initial 3-year term. Revenue recognition from this specific contract is estimated to begin ramping in the second half of 2026.

Regarding DaaS (Device-as-a-Service) contract revenue, while a specific revenue number isn't detailed in the latest reports, the company has been investing in building this offering, with general and administrative expenses in the first half of 2025 reflecting additional headcount and costs related to building out the DaaS offering.

Finance: draft 13-week cash view by Friday.