Business Update Webcast on Monday, April 4, 2022, at 4:30pm ET
RESEARCH TRIANGLE PARK, NC, April 01, 2022 (GLOBE NEWSWIRE) -- Data443 Risk Mitigation, Inc. (“Data443” or the “Company”) (OTCPK: ATDSD, OTCPK: ATDS), the leading data security and privacy software company for ALL THINGS DATA SECURITY™, today announced operating results for the year ended December 31, 2021.
Recent Business Highlights:
- Secured largest contract in Data443 history with world’s leading multinational financial services corporation for a minimum of $1.54 million over 3½ years with additional spending commitments for Data Placement Manager™
- Announced a 5.5-year renewal licensing agreement amounting to over $700,000 with Fortune 500 Fintech Member for Data443’s Data Placement Manager™
- Announced the multi-year subscription-based agreement with Emirates NBD Group, a leading banking group in the MENAT region
- Announced a new 3-year agreement (paid up-front) with a leading US-based energy provider and its 18 subsidiaries for Data443's Data Identification Manager™
- Announced a new 3.5-year agreement (paid up-front) with Puerto Rico’s leading financial services organization for Data443’s Data Placement Manager™
- Completed the acquisition of leading Ransomware recovery and Data Extortion Mitigation platform, Centurion SmartShield
- Appointed Nanuk Warman as Chief Financial Officer
- Earned the prestigious VB100 Certification from Virus Bulletin for Data443® Antivirus Protection Manager, the Company's first ever antivirus product released in January 2022
Management Commentary:
Jason Remillard, Data443’s founder and Chief Executive Officer, commented, “Data443 experienced strong revenue growth in 2021, and we continue to see momentum across each of our product segments as we continue to expand our business development pipeline. We have moved quickly to ramp our capabilities to meet the growing demand for enterprise protection of data across cloud, hybrid cloud, and on-premises.”
“Historically, through the adoption of regulations such as GDPR and CCPA, we have always taken an approach of building out our capabilities to meet the evolving landscape of data privacy and security. Then last week, the Securities and Exchange Commission proposed a rule that would impose mandatory reporting for companies around data breaches and other significant cybersecurity incidents within four days. As a Company, we have always understood that data security and privacy legislation would continue driving significant investment by organizations to offset risks from data breaches and damaging information disclosures.”
“In 2021, we continued to manage the business closely. We worked hard to reduce our loss on derivative liabilities by nearly $7 million, or 92% from a year ago, when we reduced our derivative liabilities by over $10 million. At the same time, we managed to close two additional and critically important acquisitions and expanded our marketing footprint to grow awareness of the Data443 product suite. To this day, we are capitalizing on the market opportunities that we’re experiencing, from the pursuit of new business opportunities to the steady flow of acquisition candidates that we evaluate on a regular basis.”
“While I am encouraged by the strong demand across our business, we will continue to invest in sales and marketing campaigns, with specific product focus on innovation and internal talent development. We look forward to continued success in 2022 as we continue to focus on revenue growth, expanding customer success, technical innovation, and delivering shareholder value. I am optimistic about our future as we pursue our up-list to a national exchange, and we execute on our plans to deliver superior technology to our customers,” concluded Mr. Remillard.
Fiscal Year 2021 Financial Results:
- Total revenues were $3,609,000 during the year ended December 31, 2021, compared to $2,475,000 of revenue for the year ended December 31, 2020. Total deferred revenues were $1,609,000 as of December 31, 2020, compared with $1,518,000 as of December 31, 2020.
- General and administrative expenses for the year ended December 31, 2021, were $5,433,000, compared to $5,831,000 for the year ended December 31, 2020, a decrease of $398,000. Sales and marketing expenses were $267,000 for the year ended December 31, 2021, compared to $241,000 for the year ended December 31, 2020.
- The net loss for the year ended December 31, 2021 was $6,475,000 compared to a loss of $13,907,000 for the year ended December 31, 2020. Our operating loss for 2021 was $2,637,000, a 32% decrease compared to our operating loss for 2020 of $3,900,000. The loss on change in fair value of derivative liability of $615,000 decreased 92% compared to the loss on change in fair value of derivative liability of $7,406,000 in 2020.
Liquidity
As of December 31, 2021, we had cash in the amount of $1,204,933, accounts receivable of $21,569, and prepaid expenses and other current assets of $70,802 compared to cash of $58,783 and accounts receivable of $136,503 as of December 31, 2020.
Business Update Webcast
Data443 will host a webcast on Monday, April 4th at 4:30pm ET to discuss the company’s financial results and provide an update on its pursuit of an up-list to a national exchange.
Interested parties can access the webcast by registering at www.data443.com or by clicking: https://data443.zoom.us/webinar/register/WN_n66YIixsSlOzLKgJeuVDbg. The webcast will be led by Jason Remillard, Founder and CEO of Data443.
About Data443 Risk Mitigation, Inc.
Data443 Risk Mitigation, Inc. (OTCPK: ATDSD, OTCPK: ATDS) is an industry leader in All Things Data Security®, providing software and services to enable secure data across local devices, networks, cloud, and databases, at rest and in flight. With over 3,000 customers in over 100 countries, Data443 provides a modern approach to data governance and security by identifying and protecting all sensitive data regardless of location, platform, or format. Our industry-leading framework helps customers prioritize risk, identify security gaps, and implement overall data protection and privacy management strategies.
For more information, please visit https://www.data443.com
To learn more about Data443, please watch our video introduction on our YouTube channel: https://youtu.be/1Fp93jOxFSg
Forward-Looking Statements
The statements contained in this release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursuant,” “target,” “continue,” and similar expressions are intended to identify such forward-looking statements. The statements in this press release that are not historical statements, including statements regarding Data443’s plans, objectives, future opportunities for Data443’s services, future financial performance and operating results and any other statements regarding Data443’s future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts, are forward-looking statements within the meaning of the federal securities laws. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties, and assumptions, many of which are beyond Data443’s control, and which could cause actual results to differ materially from the results expressed or implied by the statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict, and include, without limitation, results of litigation, settlements and investigations; actions by third parties, including governmental agencies; volatility in customer spending; global economic conditions; ability to hire and retain personnel; loss of, or reduction in business with, key customers; difficulty with growth and integration of acquisitions; product liability; cybersecurity risk; anti-takeover measures in our charter documents; and, the uncertainties created by the ongoing outbreak of a respiratory illness caused by the 2019 novel coronavirus that was recently named by the World Health Organization as COVID-19. These and other important risk factors are described more fully in our reports and other documents filed with the Securities and Exchange Commission (“the SEC”), including under (i) “Part I, Item 1A. Risk Factors”, in our Registration Statement on Form 10 filed with the SEC on January 11, 2019 and amended on April 24, 2019; (ii) “Part I, Item 1A. Risk Factors”, in our Annual Report on Form 10-K filed with the SEC on March 31, 2022; and, (iii) subsequent filings. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. Except as otherwise required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.
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