SideChannel Inc. Stock Price, News & Analysis

SideChannel, Inc. (OTCQB:SDCH) reported a 48% year-over-year growth in quarterly revenue, reaching $1.5 million, and a 26% quarter-over-quarter increase. The trailing twelve-month revenue now stands at $5.3 million.

Gross margins improved from 55% to 56%, reflecting effective growth strategies. The company ended the quarter with a cash balance of $2.6 million. SideChannel's revenue from its virtual Chief Information Security Officer (vCISO) practice surged 66% over the past year, highlighting increasing demand for cybersecurity services among mid-market companies. A financial results conference call is scheduled for February 13, 2023.

SideChannel (OTCQB: SDCH) has announced an Investor Day scheduled for February 15, 2023, from 9:00 am to 10:30 am ET, to be conducted via a virtual webcast. Hosted by President & CEO Brian Haugli and CFO Ryan Polk, this event aims to provide updates on the company's operations, recent developments, and strategic priorities. Investors can preregister for the event and submit questions in advance through the provided email. SideChannel specializes in cybersecurity services for mid-market companies, employing experienced talent to bolster defenses against cyber threats.

SideChannel (OTCQB: SDCH) reported a remarkable 71% revenue increase for the fiscal year ending September 30, 2022, totaling $4.8 million. The company attributed its growth to effective sales and marketing strategies, enhancing its cybersecurity and risk management offerings. Key highlights include a 93% rise in vCISO revenue, reaching $3.1 million, and a staggering 562% increase in recurring vCISO revenue. Despite these gains, the company reported a net loss of $11.8 million primarily due to acquisition costs and goodwill impairment.

SideChannel (SDCH) reported preliminary revenue of $4.6 to $4.8 million for the fiscal year ending September 30, 2022, reflecting a 64% to 71% year-over-year increase from $2.8 million in FY 2021. The company secured 6 new clients during the September quarter, contributing a combined annual revenue value of $1.3 million. Additionally, the sales force expanded from 1 to 5 positions, indicating strong growth prospects. SideChannel's unique approach meets the critical needs of high-growth middle-market companies in cybersecurity.

WORCESTER, MA / ACCESSWIRE / October 4, 2022: SideChannel (OTCQB:SDCH) has announced its participation in key investor conferences this October. The events include the Windy City Roundup 2022 on October 13, at 2:00 p.m. CT in Chicago, and the LD Micro Main Event XV on October 26, at 9:30 a.m. PT in Los Angeles. SideChannel management will also host individual investor meetings. For more details, contact investor relations or visit sidechannel.com.

SideChannel (OTCQB:SDCH) has launched Enclave, a microsegmentation platform aimed at small and midsize businesses (SMBs). This affordable solution simplifies network segmentation and supports a Zero Trust security framework, crucial for SMBs facing rising cyber threats. Developed by a team with over 400 years of combined experience, Enclave helps organizations reduce breaches, outages, and latency, while enhancing overall security. This marks SideChannel's first product release, complementing its existing cybersecurity services.

On July 1, 2022, SideChannel, Inc. was acquired by Cipherloc Corporation, subsequently changing its name and ticker to SDCH. The company filed a Form 8-K/A with the SEC, providing essential financial data from the acquisition. For the nine months ending June 30, 2022, SCS reported revenue of $3.56 million and operating income of $0.79 million. This reflects significant growth, with prior year revenues at $2.80 million. The acquisition allows SideChannel to enhance its cybersecurity services for middle-market companies, facilitated by an expanding sales and marketing team.

SideChannel, Inc. (OTCQB:SDCH) reported its financial results for the quarter ending June 30, 2022, highlighting a net loss of $2.8 million for the nine months compared to $2.3 million the previous year. The firm signed 8 new contracts with an estimated annual revenue of $850,000. Cash balance stood at $3.6 million. The firm expects the recent acquisition will help mitigate operating losses moving forward. They project to disclose pro forma consolidated results by September 15, 2022, which will include operations post-acquisition.

SideChannel, Inc. (OTCQB:SDCH) has expanded its Board of Directors from four to six members with the appointments of new CEO Brian Haugli and independent director Hugh Regan Jr.. This expansion aligns with a strategic growth initiative, as stated by Haugli, who emphasizes the board's diverse expertise in technology and cybersecurity. Regan brings over 25 years of financial experience as the former CFO of inTEST Corporation. Following this change, four of the six board members are now considered independent directors.