High Wire Networks Inc.

What they do

The company sells managed cybersecurity and managed network services through a channel sales model that includes MSPs, VARs, distributors and network service providers. Its Overwatch platform-as-a-service provides end-to-end protection for networks, data, endpoints and users under multiyear recurring contracts that average more than two years. Its Secure Voice Corp. (SVC) subsidiary is an FCC-registered IXC that provides wholesale VoIP and other network transport, primarily in the Northeast United States. The company was formed via a 2021 reverse merger with Spectrum Global Solutions and currently operates as a Nevada corporation.

Revenue drivers

• Managed Cybersecurity (Overwatch) — Nearly 100% recurring, multiyear contracts sold exclusively through MSPs, VARs, distributors, and network service providers; this is the core business and the focus of the 10-K and latest 10-Q.
• Secure Voice Corp. (SVC) — Wholesale VoIP and network transport as an FCC-registered IXC with a network footprint in the Northeast United States; acquired in November 2021.
• Overwatch Cyberlab, Inc. (OCL) — An 80%-owned entity formed August 4, 2023; no revenue contribution is broken out in the excerpts.

Recent performance

Annual revenue fell from $27.2 million in 2021 to $8.4 million in 2024, with a loss from operations of $8,554,067 in 2024 and a net loss attributable to common stockholders from continuing operations of $10,121,829. Recent quarterly revenue has been roughly flat at $2.1 million to $2.3 million for the four quarters ended June 30, 2025. Operating cash flow was negative $6.1 million in 2024 and has been negative each year shown from 2020 through 2024. At September 30, 2025, total assets were $1.2 million, total liabilities were $7.4 million, and shareholder equity was negative $6.2 million; cash and equivalents were $111,916 at June 30, 2025. Diluted EPS was negative $0.40 in 2024 versus negative $15.97 in 2023.

Strategy

The company has concentrated on its Overwatch managed security platform after divesting the ADEX Entities in March 2023, pausing AWS PR and Tropical operations in 2023, and selling the technology services business unit to INNO4 LLC in June 2024. It sells only through channel partners and emphasizes multiyear recurring revenue contracts. Management also formed Overwatch Cyberlab, Inc. in August 2023 as an 80%-owned entity. A 1-for-250 reverse split was approved by stockholders in February 2025 and by the Board on March 24, 2025. The 10-Q discloses a July 1, 2025 notice from senior lender Helena requiring asset liquidation by August 15, 2025.

Risks

• Lender foreclosure and liquidation demand — The company received a July 1, 2025 notice from Helena stating it remained in default and was required to liquidate and sell assets by August 15, 2025, with foreclosure threatened if the sale was not completed.
• History of losses — The company reported losses from operations of $8,554,067 in 2024 and $11,950,409 in 2023 and may continue to incur operating and net losses.
• Negative equity and thin liquidity — At September 30, 2025, shareholder equity was negative $6.2 million and cash and equivalents were $111,916 at June 30, 2025, against total liabilities of $7.4 million.
• Revenue decline and discontinued operations — Revenue fell from $27.2 million in 2021 to $8.4 million in 2024 after the ADEX divestiture and the pauses and sale of other business units, leaving a much smaller base.

Outlook

The excerpts do not include management guidance or forward projections for fiscal 2026. The most recent 10-Q discloses a demand from the senior secured lender that the company liquidate and sell assets by August 15, 2025, which dominates the near-term outlook. Subsequent 8-K events since the last 10-K include a March 6, 2026 change in control and a July 15, 2026 statement that previously issued financials are not reliable.