on SideChannel, Inc. (NASDAQ:SDCH)
SideChannel Reports Financial Results for Fiscal Year 2024
SideChannel, Inc., a provider of cybersecurity services, has announced its fiscal year 2024 financial results. Revenue increased by 12.8% to $7.4 million compared to 2023. Despite this growth, the company's gross margin decreased to 47.8%, and it reported a net loss of $785,000, a significant improvement from last year's $7 million loss.
Operating expenses were reduced by 22%, with significant savings in general administrative and marketing. Cash and cash equivalents rose by $242,000, reaching $1.3 million. CEO Brian Haugli highlighted the achievement of sustainable cash flow and aims for continued growth through the expansion of their sales team and microsegmentation platform, Enclave.
The company will hold a conference call to discuss these results and future plans. The filing of the annual report with the SEC is underway.
R. H.
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