This cybersecurity smallcap’s 2022 revenue is up 40% YoY

ASX-listed cybersecurity smallcap Whitehawk Limited (ASX: WHK), which offers the world’s first global online cyber security exchange, published its preliminary full CY2022 report on Tuesday. 

The company’s revenue is up 40% YoY to US$3.2m (A$4.75m), a 40% increase over 2021. 

While the company still posted a loss for CY2022 (-US$1.5m), Whitehawk is getting closer to profitability. 

Back in January the company highlighted it was progressing a contract with the US Department of Defense, which stands to secure Whitehawk status as a preferred supplier within the world’s largest economy’s well-funded defence sector. 

Growing reputation 

Not that the company hasn’t already begun making inroads towards this status. Whitehawk is partnering with US natsec heavyweight Peraton to develop a supply chain risk offering, and continues to apply for Federal US contracts. 

Currently, the company is awaiting decision on a US$350k works application, as well as a larger one for US$30m over three years. 

Whitehawk’s reported -US$1.5m loss was also offset by pending in-pipeline payments due to Whitehawk.

Furthermore, in the first quarter of 2023, Whitehawk will see its services rolled out across 150 undisclosed entities as part of its “Cyber Florida Critical Infrastructure Cyber Risk Assessments Pilot.” 

Key projects to watch through CY2023

Other highlights from Whitehawk’s preliminary report include: 

• Unearned revenue of US$433,000 invoiced in 2022 (not reported in preliminary revenue) 

• US$825,000 contract renewal confirmed by undisclosed global social media platform in December 2022 (not reported in preliminary revenue) 

• Cash balance of US$2.17m as of 31 December 2022 (A$3.2m)

• Dun & Bradstreet sold 500 Whitehawk cybersecurity licences to “a major US Federal System Integrator” during the period

• Relationship with US national security heavyweight Peraton continues to evolve with first-phase cyber-supply chain risk management work ongoing

Contract applications ongoing 

Whitehawk is awaiting a decision from the US Government on a number of applications it has made to provide cybersecurity services in response to tender. 

Among those projects are included: 

• US Department of Homeland Security (DHS) small business cybersecurity contract worth US$30m over three years 

• US government ‘cyber risk radar’ proof of value proposition for a contract worth US$350k 

• Ongoing relationship with US Federal Government cloud services provider Amazon to scope a major project for US Defense

• US Department of Energy cyber resilience of rural utilities project application submitted 

Currently, Whitehawk is developing relationships with the State of Wisconsin government, Georgetown University, Hathaway Global Strategies, the US Defence Contract Management Agency (DCMA), US engineering heavyweight Hillenbrand, and global security player Chubb. 

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Disclaimer: Market Index helps small-cap ASX listed companies connect with Australian investors through clear and concise articles on key developments. Whitehawk was a client at the time of publishing. All coverage contains factual information only and should not be interpreted as an opinion or financial advice.