Signs 6 New Accounts with Combined Annual Revenue Value of $1.3 Million During September Quarter
WORCESTER, MA / ACCESSWIRE / October 20, 2022 / In advance of participating in the LD Micro Main Event XV next week, SideChannel (OTCQB:SDCH), a provider of cybersecurity services and technology for emerging and middle market companies, today announced preliminary revenue of $4.6 to $4.8 million for the fiscal year ended September 30, 2022, a 64% to 71% year-over-year increase from the company's revenue of $2.8 million in Fiscal Year 2021.
The company also announced it secured 6 new clients in the quarter ended September 30, 2022 with combined annual revenue value of $1.3 million. Additional renewal contracts were signed with existing customers. The Company expects to recognize the revenue associated with each new or renewed agreement within 12 months of the signature date, along with related incremental engineering, products and services revenue.
"SideChannel is on an exciting growth trajectory since our business combination that brought the company public in July," said SideChannel Chief Executive Officer and Founder Brian Haugli. "We are winning exciting new recurring revenue customer agreements with well-known middle-market names across diverse industries. For example, our wins include engagements with names such as Handshake, Veza, Kiava, Riot Blockchain and Lightcast. Additionally, we are typically generating substantial incremental revenue on the engineering and services associated with these agreements, further increasing the value of our new customer engagements even beyond the initial contracted services."
SideChannel has also expanded its sales force from one position to five during 2022, reflecting the large and growing sales funnel of middle market customer opportunities for its differentiated vCISO and cybersecurity services.
"Our unique approach is designed specifically to meet critical business needs of high-growth middle-market companies, often well-known and innovative names in their respective industries," said Haugli. "SideChannel's approach provides highly experienced professionals and thought-leaders in our profession under a services agreement that aligns to their particular budget and organizational needs. We also able to provide the additional external software and services needed to implement appropriate security and encryption protocols within our clients, generating additional recurring revenue and growth opportunities as we deliver the solutions our customers need."
For more information about the Company, visit sidechannel.com.
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About SideChannel
SideChannel (OTCQB:SDCH) 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.
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 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.
Investor Contact:
Matt Kreps
Darrow Associates Investor Relations
214-597-8200
[email protected]
Media Contact:
Jamie Szwiec
STiR-communications
954-647-0052
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SOURCE: SideChannel, Inc.