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Over the years, the data security and privacy software space have grown considerably and many new companies have emerged as significant players in this space. One such company is Data443 Risk Mitigation Inc (OTCMKTS:ATDS) and yesterday the company’s stock came into sharp focus after the company announced its financial results for the fiscal second quarter and also for the first half of 2020.
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After the announcement of the company’s financial results, the Data443 stock gained momentum as well and it will be interesting to see if the stock can continue to gain momentum over the course of the week. In such a situation, it could be worthwhile for investors to take a closer look at the company and its business before making any kind of move.
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During the second fiscal quarter that included the period of three months ending June 30, 2020, saw Data443 generate net billings of as much as $869000. It is a significantly improved performance from the $483,000 in net billings that the company had generated in the prior-year period. On the other hand, the revenues in the quarter came in at $466,000 and that was higher than the revenues in the prior-year period when Data443 generated $359,000.
As of the end of the second quarter, the company’s deferred revenues were $1,212,000 and that reflected a rise of $303,000 from the end of the previous quarter. It goes without saying that the company performed impressively and perhaps it is no surprise that its stock soon gained momentum.
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In this regard, it should be noted that the company’s administrative and general expenses rose to $1,666,000, which reflects a rise of as much as $1,197,000 from the prior-year period. However, at the end of the day, it is also important to recognize that Data443 ultimately made a net loss in the quarter. The net loss for the quarter was $2,573,000, which was a major reversal from the $1,194,000 in profits that Data443 made in the prior-year period.
On the other hand, the net losses for the six months that ended on June 30 were $1,275,400 and that was again a significant swing to loss considering the fact that the company had made profits of $7,224,000 in the prior-year period.
However, it cannot be denied that the year has been an important one for Data443 and its signing of the National Football League team Pittsburgh Steelers as one of its clients remains the highlight. The company has created a data security and security product that is meant specifically for sports teams. As part of the agreement signed with the Steelers, Data443 is going to provide its ARALOC™ Secure Sports Management platform.
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