Quarterly revenue grew 48% year-over-year and 26% quarter-over-quarter
Trailing twelve-month revenue increased to $5.3 million
Financial results conference call on Monday, February 13 @ 5:00 p.m. EST
WORCESTER, Mass., Feb. 09, 2023 (GLOBE NEWSWIRE) -- via InvestorWire -- SideChannel, Inc. (OTCQB:SDCH) ("SideChannel"), a provider of cybersecurity services and technology to middle market companies, today announced its financial results for the quarter ended Dec. 31, 2022, and the filing of its Form 10-Q. The first quarter Form 10-Q is accessible in its entirety at https://investors.sidechannel.com/sec-filings.
The Company will host a financial results conference call on Feb. 13 at 5 p.m. EST.
| Date: | Monday, Feb. 13, 2023 - 5:00 PM EST | |||
| Dial: | Toll Free: International: | 888-506-0062 973-528-0011 | ||
| Participant Access Code: | 742915 | |||
For those unable to participate in the live call, a replay will be available shortly after the call. Interested parties can access the replay by visiting the company's website https://investors.sidechannel.com/events-presentations
“Our year-over-year revenue growth was 48% for the quarter and our gross margins improved from 55% to 56%. These results substantiate our growth strategy,” said Ryan Polk, SideChannel’s Chief Financial Officer. Polk also noted, “the Company ended its first quarter with a cash balance of $2.6 million on December 31, 2022.”
| In thousands, except per share data | ||||||
| Three Months Ended December 31, 2022 | Three Months Ended December 31, 2021 | |||||
| Revenue | $ | 1,546 | $ | 1,048 | ||
| Gross Profit | 865 | 572 | ||||
| Operating Expenses | 1,472 | 248 | ||||
| Operating Income (Loss) | (607 | ) | 324 | |||
| Net Income (Loss) | (602 | ) | 328 | |||
| Net Income (Loss) Per common share | $ | (0.00 | ) | $ | 0.01 | |
| As of December 31, 2022 | As of September 30, 2022 | |||||
| Cash | $ | 2,553 | $ | 3,030 | ||
| Current Assets (including cash) | 3,557 | 4,142 | ||||
| Current Liabilities | 1,017 | 1,161 | ||||
“An increasing number of emerging and mid-market companies are recognizing the need for more robust cybersecurity programs to reduce the risks impacting their business, whether it is from increased regulation, customer demands or Board level oversight. These companies turn to SideChannel to provide cybersecurity leadership and program development through our team of virtual Chief Information Security Officers (‘vCISOs’). In the last twelve months, revenue from our vCISO practice has increased 66%,” said Chief Executive Officer Brian Haugli. “Our strategy emphasizes continuing to grow vCISO relationships while adding complimentary products, cybersecurity services and privacy services to help our clients cost effectively reduce risk.”
The Company also reminded interested investors and shareholders to register for its upcoming Investor Day on Wednesday, February 15th by clicking here.
About SideChannel
SideChannel is committed to creating top-tier cybersecurity programs for mid-market companies to help them protect their assets. SideChannel employs what it believes to be skilled and experienced talent to harden these companies' defenses against cybercrime, in its many forms. SideChannel's team of C-suite level information security officers possess a combined experience of over 400 years in the industry. To date, SideChannel has created more than 50 multi-layered cybersecurity programs for its clients. Learn more at sidechannel.com.
Interested investors and shareholders are encouraged to sign up for press releases and industry updates by registering for Email Alerts at https://investors.sidechannel.com/alerts and by following SideChannel on Twitter and LinkedIn.
SideChannel
146 Main Street
Suite 405
Worcester, MA 01608
Investor Contact
Scott McGowan
InvestorBrandNetwork (IBN)
Phone: 310.299.1717
ir@sidechannel.com
Media Contact
Jamie Szwiec
STiR-communications
954-647-0052
jamie@stir-communications.com
Forward-Looking Statements
This press release may contain forward-looking statements, including information about management's view of SideChannel's future expectations, plans and prospects, subject to the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "believes", "hopes", "expects", "intends", "plans", "anticipates", or "may", and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act and otherwise. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of SideChannel to be materially different than those expressed or implied in such statements. These risk factors include, but are not limited to, our ability to integrate the operations of the acquired company into our company; that we have incurred net losses since inception, our need for additional funding, the substantial doubt about our ability to continue as a going concern, and the terms of any future funding we raise; that COVID-19 has materially adversely affected our operations and may continue to have a material adverse impact on our operating results in the future; our dependence on current management and our ability to attract and retain qualified employees; competition for our products; our ability to develop and successfully introduce new products, improve current products and innovate; unpredictability in our operating results; our ability to retain existing licensees and add new licensees; our ability to manage our growth; our ability to protect our intellectual property (IP), enforce our IP rights and defend against claims that we infringed on the IP of others; and other risk factors included from time to time in documents we file with the Securities and Exchange Commission, including, but not limited to, our Forms 10-K, 10-Q and 8-K. These reports are available at www.sec.gov. Other unknown or unpredictable factors also could have material adverse effects on SideChannel's future results. Further, factors that we do not presently deem material as of the date of this release may become material in the future. The forward-looking statements included in this press release are made only as of the date hereof. SideChannel cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, SideChannel undertakes no obligation to update these forward-looking statements after the date of this release, except as required by law, nor any obligation to update or correct information prepared by third parties.
Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com
