SideChannel (OTCQB: SDCH), a provider of cybersecurity services and technology to emerging and middle market companies, is reporting its financial results for the three months and six months ended March 31, 2023. Highlights of the report show $1.6 million revenue an increase of 30.9% from Q2 2022; 4.6% sequential quarter growth; gross margin of 45.6%; net loss of $0.9 million or $0.01 per share; and $5.7 million trailing 12-month revenue; Other notable figures include 83% revenue retention for the 12-month period ended March 31, 2023, and new-client contracts representing $2 million potential annual revenue. As of March 31, the company reported $1.9 million cash, with cash used in operations during the quarter totaling $0.7 million. “We are delighted to see our strategy substantiated by our year-over-year revenue growth of 30.9% for the quarter and 38.5% for the year-to-date,” said SideChannel president and CEO Brian Haugli in the press release. “We believe our new client pipeline remains strong as reflected by the new contracts with $2 million of potential annual revenue we secured during the first six months of this fiscal year. These new contracts will fuel our growth during the second half of the year. We anticipate gaining additional new clients during the next six months to set us up for further growth going into the next fiscal year. . . . We made investments in growth since closing the business combination in July 2022, and we are seeing the benefits. We expect to experience continued revenue growth from these investments. Recently our team put a more focused emphasis on achieving net income and positive cash flow by improving gross margins and reducing non-customer facing operating expenses.”
To view the full press release, visit https://ibn.fm/xH6Dm
About SideChannel Inc.
SideChannel creates top-tier cybersecurity programs for mid-market companies to help protect their assets. SideChannel employs a combination of skilled and experienced talent, technology tools and battle-tested processes to offer a complete program. SideChannel also offers Enclave; a network microsegmentation solution that simplifies securing a network in a zero-trust model. For more information about the company, please visit www.SideChannel.com.
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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