Technology

Whitehawk Q3 invoice value up 400% YoY

Fri 29 Apr 22, 1:31pm (AEST)
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Key Points

  • Cybersecurity player Whitehawk invoiced $2.5m during Q3FY22, a 400% increase from Q3FY21 at $621k
  • Whitehawk wrapped up the quarter ending 31 March 2022 with $2.9m
  • Executed Master Agreement with Dun & Bradstreet (D&B) as a partner in offering for-business cybersecurity assessments

Whitehawk Limited (ASX:WHK) has wrapped up the Australian FY22 Q3 with a cash position of $2.9m (US$2.1m) and no debt, as well as a 400% increase in the value of its payable invoices of $2.5m compared to $400,000 year-on-year. 

The company operates in the cybersecurity space and has executed a master agreement with Dun & Bradstreet for one year (with an additional four years option) to market and provide ‘Cyber Compliance’ reports which will assess the integrity of business customers’ internal workplace systems. 

On its website, Whitehawk advertises to its customers the ability to “get a hacker’s view of your company.”

The cybersecurity industry has come to mainstream attention in recent months following the increase of geopolitical risks around the world borne by the situation in Ukraine, and a number of high-profile ransomware incidents over the last year. 

The data created every minute on the internet in 2022 (source: World Economic Forum)
The data created every minute on the internet in 2022 (source: World Economic Forum)

Contract minted with undisclosed Social Media player 

Whitehawk has also executed a partnership with a ‘Global Social Media Company,’ though, it has kept under wraps who the client is. 

Nevertheless, Whitehawk will pull in $2.1m by way of that contract, dubbed an ‘Executed Cyber Risk Radar Contract’ which commenced in February this year. Whitehawk completed a proof of concept in 2021 for the client, which investors will have to wait to find out more about. 

Strategic management of inflation on company’s radar 

Whitehawk notes that inflation will remain a near-term factor in managing general and administrative expenses across the remainder of the 2022 financial (and calendar) year.

Its high level business objectives in the coming months see it preparing to advance existing partnerships within the US Defense industry space and boost its sale of Software-as-a-Service (SaaS) contracts. 

Interestingly, Whitehawk are also working on a long-term goal to establish Cyber Ratings as a systemic requirement for businesses in the same way business credit ratings are normalised. 

This will be no immediate feat, though, the company may find enthusiasm for this objective in a heightened global risk environment.  

Whitehawk's last three months compared to the Information Tech index
Whitehawk's last three months compared to the Information Tech index

 

Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication. Email Jon at [email protected].

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