Welcome to our dedicated page for SideChannel news (Ticker: SDCH), a resource for investors and traders seeking the latest updates and insights on SideChannel stock.
SideChannel, Inc. (SDCH) provides cybersecurity services and technology for emerging, mid-market and enterprise companies. Its news centers on vCISO delivery, the SideChannel Complete planning model and the Enclave security platform, including SaaS access protection, certificate management, microsegmentation and network-security capabilities.
Company updates also cover operating and financial results, revenue retention, sales and marketing execution, AI-supported workflows for cybersecurity delivery and go-to-market operations, and governance changes involving board and leadership appointments. Coverage reflects an OTCQB cybersecurity issuer whose recurring developments combine advisory services with a software platform for cloud, hybrid and remote-work security needs.
WORCESTER, MA / ACCESSWIRE / March 7, 2023 / SideChannel (OTCQB:SDCH) has expanded its engagement with Virgin Voyages to enhance cybersecurity and data protection services. This partnership will include a virtual chief privacy officer to strengthen Virgin Voyages' data privacy efforts. Virgin Voyages aims to minimize risks from cyber threats, particularly in the hospitality sector. The collaboration reflects a commitment to safety and security for all stakeholders involved. SideChannel has also recently conducted an 'Investor Day' to update stakeholders on its operational progress and strategic goals.
SideChannel, Inc. (OTCQB:SDCH) recently held its annual meeting on February 15, 2023, where Deborah MacConnel was elected as chairwoman. The meeting also included the election of Anthony Ambrose and Kevin Powers to the board, ratification of RBSM, LLP as the independent auditor, and approval for the board to consolidate outstanding shares. During the Investor Day, CEO Brian Haugli and CFO Ryan Polk reported a 26% quarterly revenue growth and 48% year-over-year growth. The event highlighted the increasing demand for the company’s cybersecurity solutions.
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.