- SideChannel recently released its financial results for Q1 2023, recognizing $1,546,000 in revenue, a 48% year-over-year increase
- The company also ended the fiscal quarter with $2,553,000 in cash, having spent about $480,000 to offset R&D and marketing expenses
- SideChannel is in the business of providing cybersecurity leadership and program development through its team of virtual Chief Information Security Officers (“vCISOs”)
- The company has also developed Enclave, a micro-segmentation software that recently received FIPS 140 certification, opening the door for SideChannel to pursue federal and state contracts and further increase cybersecurity revenue
SideChannel (OTCQB: SDCH), a company focused on delivering cybersecurity programs as a service and complimentary solutions to small and middle-market companies that have long been priced out of cybersecurity solutions, recently announced its financial results for the quarter ended December 31, 2022 (“Q1 2023”). The company recognized a 48% year-over-year revenue growth from $1,048,000 in Q1 2022 to $1,546,000 in the just-ended quarter (https://ibn.fm/ZQIlD). Furthermore, the Q1 2023 revenue represented a 26% quarter-over-quarter growth from Q4 2022 figures.
In addition, the company closed off the year with $2,553,000 in cash, having used about $480,000 in the just-ended quarter to offset operational expenses. More specifically, these expenses included investments in a few growth initiatives, including research and development (“R&D”) expenditure to advance its…
NOTE TO INVESTORS: The latest news and updates relating to SDCH are available in the company’s newsroom at https://ibn.fm/SDCH
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