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SideChannel Inc (SDCH+23.08%). has submitted its Form 10-K filing for the fiscal year ended September 30, 2024.
The filing reports total revenue of $7.4 million for the year, an increase from $6.6 million in the previous year. This growth is attributed to an increase in both vCISO services and cybersecurity software and services revenue.
The company recorded a net loss of $904,000 for the fiscal year, compared to a net loss of $7 million in the prior year. The reduction in net loss is due to increased revenue and decreased operating expenses.
Operating expenses for the year were $4.5 million, down from $10.7 million in the previous year, which included a $4.9 million intangible asset impairment.
SideChannel's cash and cash equivalents at the end of the fiscal year amounted to $1.3 million, with a working capital of $1.4 million.
The company continues to focus on its growth strategy, which includes securing new vCISO clients, adding new cybersecurity software and services, and increasing adoption of its proprietary software, Enclave.
SideChannel identified material weaknesses in its internal controls over financial reporting, which it is actively working to remediate.
The company is not currently involved in any litigation that it believes could have a material adverse effect on its financial condition or results of operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SideChannel Inc annual 10-K report dated December 13, 2024. To report an error, please email earnings@qz.com.