SideChannel Inc. (SDCH) Reports 48% Year-over-Year Revenue Growth in Q1 2023 Amid Continued Progress in Building vCISO Relationships with Clients and an Increase in Products and Services

February 23, 2023 at 10:20 AM EST

SideChannel recently released its financial results for Q1 2023, recognizing $1,546,000 in revenue, a 48% year-over-year increase
The company also ended the fiscal quarter with $2,553,000 in cash, having spent about $480,000 to offset R&D and marketing expenses
SideChannel is in the business of providing cybersecurity leadership and program development through its team of virtual Chief Information Security Officers (“vCISOs”)
The company has also developed Enclave, a micro-segmentation software that recently received FIPS 140 certification, opening the door for SideChannel to pursue federal and state contracts and further increase cybersecurity revenue

SideChannel (OTCQB: SDCH), a company focused on delivering cybersecurity programs as a service and complimentary solutions to small and middle-market companies that have long been priced out of cybersecurity solutions, recently announced its financial results for the quarter ended December 31, 2022 (“Q1 2023”). The company recognized a 48% year-over-year revenue growth from $1,048,000 in Q1 2022 to $1,546,000 in the just-ended quarter (https://ibn.fm/ZQIlD). Furthermore, the Q1 2023 revenue represented a 26% quarter-over-quarter growth from Q4 2022 figures.

In addition, the company closed off the year with $2,553,000 in cash, having used about $480,000 in the just-ended quarter to offset operational expenses. More specifically, these expenses included investments in a few growth initiatives, including research and development (“R&D”) expenditure to advance its…