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CISO Global, Inc (CISO-1.80%). has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a decrease in total revenue to $30.8 million from $33.9 million in the previous year. This decline is attributed to lower hardware and software sales and reduced customer projects.
The company recorded a gross profit increase to $4.5 million from $2.6 million in the previous year. Operating expenses decreased significantly, with professional fees and stock-based compensation contributing to the reduction.
Net loss from continuing operations was reported at $19.9 million, a decrease from $65.0 million in the previous year. The improvement is due to lower impairment charges and reduced operating expenses.
CISO Global's cash flow from operations was negative $3.8 million. The company plans to fund operations through a combination of cash flows and future capital raises.
The company reported a working capital deficit of $21.5 million as of December 31, 2024, compared to a deficit of $9.4 million in the previous year.
CISO Global completed the sale of its Latin American subsidiaries, resulting in a recognized loss from discontinued operations of $4.3 million.
The company reacquired its subsidiary vCISO, LLC, which owns its internally developed intellectual property, through a promissory note.
CISO Global continues to focus on expanding its cybersecurity software offerings and addressing the cybersecurity talent shortage.
The company acknowledges its dependence on future financing and operational improvements to continue as a going concern.
CISO Global's management highlights the importance of innovation and operational excellence in maintaining its market position and creating value for investors.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CISO Global, Inc annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.