CISO GLOBAL ANNOUNCES RECORD ANNUAL REVENUE BASED ON PRELIMINARY ESTIMATED EARNINGS FOR FISCAL YEAR 2023
Following highest annual revenue in Company history, and $3.5 million in bank financing, Company anticipates achieving Adjusted EBITDA positive by 2H 2024
Scottsdale, Ariz., March 13, 2024 (GLOBE NEWSWIRE) -- CISO Global (NASDAQCM: CISO), an industry leader as a managed cybersecurity, compliance and proprietary software provider, is announcing preliminary estimated financial information as of and for the fiscal year ending December 31, 2023. These estimated results are being announced ahead of the filing of the Company's Form 10-K, which will be filed by April 16, 2024.
Highlights include:
- $57.1 million in estimated total revenue for the fiscal year ending December 31, 2023, an increase of $10.5 million, or 23%, compared to total revenue of $46.5 million for the fiscal year ending December 31, 2022
- ($13.8) million in estimated Adjusted EBITDA for the fiscal year ending December 31, 2023, a decrease of $1.2 million, or 9%, compared to ($12.6) million for the fiscal year ending December 31, 2022
- Estimated Adjusted EBITDA margin (calculated as a percentage of net revenue) was (24.2%), an improvement of 11%, for the fiscal quarter ending December 31, 2023, compared to (27.1%) in the fiscal quarter ending December 31, 2022
David Jemmett, Chief Executive Officer and Chairman, stated, "These estimated results reflect our highest annual revenue ever, which we believe are a result of careful strategic planning and execution designed to maximize awareness and demonstrate our leadership in the market. In addition, we believe we will be Adjusted EBITDA positive in the first half of the year and cash flow positive by year's end. We look forward to providing additional details when we file our Form 10-K for fiscal year 2023, which we anticipate will be by April 16, 2024."
Bank Financing
On February 2, 2024, the Company entered into a Credit Facility with Aion Financial Technologies, Inc. for a revolving line of credit of $3.5 million. This credit facility will finance the Company's receivables and will expand or reduce based upon monthly billings.
About CISO Global
CISO Global (NASDAQCM: CISO), based in Scottsdale, Arizona, is a Top #25 managed cybersecurity and compliance services provider that is delivering innovative solutions through its newly developed AI and ML-powered product portfolio. The company protects the most demanding businesses and government organizations against continuing and emerging security threats and ensures their compliance obligations are being met. For more information about the company, visit CISO Global on LinkedIn, X or at www.ciso.inc.
Safe Harbor Statement
This press release contains certain statements that may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and we intend that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, among others, our preliminary unaudited estimates for the fiscal year ended December 31, 2023 for total revenue, Adjusted EBITDA and Adjusted EBITDA margin; our belief that this estimated financial information continues to validate our service offering and our strategy, enabling us to drive significant revenue and market penetration; our belief that we continue to see growing demand for our services and expect this to carry on through 2024; and our intention to use the financing from Aion Financial Technologies to assist with cash flow. These statements are often, but not always, made through the use of words or phrases such as "believes," "expects," "anticipates," "intends," "estimates," "predict," "plan," "project," "continuing," "ongoing," "potential," "opportunity," "will," "may," "look forward," "intend," "guidance," "future" or similar words or phrases. These statements reflect our current views, expectations, and beliefs concerning future events and are subject to substantial risks, uncertainties, and other factors that could cause actual results to differ materially from those reflected by such forward-looking statements. Such factors include, among others, risks related to our ability to raise capital; our ability to increase revenue and cash flow and become profitable; our ability to recruit and retain key talent; our ability to identify and consummate acquisitions; our ability to acquire, attract, and retain clients; and other risks detailed from time to time in the reports filed with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and the Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023. You should not place undue reliance on any forward-looking statements, which speak only as of the date they are made. Except as required by law, we assume no obligation and do not intend to update any forward-looking statements, whether as a result of new information, future developments, or otherwise.
Media Inquiries:
Janet Brumfield
Ideal PR+ for CISO Global
614.582.9636
[email protected]
