{
  "timestamp": "2025-02-05T23:27:02.029604",
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        "content": "\n        Categories to choose from:\n        product_security_features, end_user_security, compliance_certifications, security_best_practices, data_protection, access_management, threat_prevention, incident_response, privacy_policy, technical_documentation\n        \n        Content to classify:\n        Search Free Trial Get Demo Data443 Reports 125 Increase in Revenues, 184 Increase in Gross Profit for Q1 2023 May 16, 2023 RESEARCH TRIANGLE PARK, NC  May 16, 2023  via IBN Data443 Risk Mitigation, Inc . OTCPKATDS Data443 or the Company, a data security and privacy software company for All Things Data Security, today announces operating results for the first quarter ended March 31, 2023. Financial Highlights for the First Quarter 2023 Increased revenue by 125 year over year. Increased gross profit by 184 year over year. Decreased net loss by 60 year over year. Business Highlights for the First Quarter 2023 Achieved 98 customer renewals. Data443 Antivirus Protection Manager received its VB100 certification. Data443s Ransomware Recovery Manager named Best of Inexpensive Protection and Best for Kiosks in  The Best Ransomware Protection for 2023 . Secured an additional contract win from one of its largest fintech clients, which processes over 75 billion transactions amounting to more than 9 trillion annually. Secured an additional contract win with a long-time, multinational fintech client that provides payment technology and services to merchants, issuers and consumers, annually transferring over 10 million sensitive files for thousands of partners. Secured an additional contract win of 484,000 from one of the Big Four U.S.-based banks and largest fintech companies. Released the latest update to its award-winning Ransomware Recovery Manager product, offering more advanced features designed to help businesses and individuals quickly and easily recover from ransomware attacks First Quarter 2023 Financial Results Total revenues were 1,380,000 during the three months ended March 31, 2023, compared to 613,000 of revenue for the three months ended March 31, 2022  an increase of 125. Existing customer organic growth, new customer acquisitions and the Companys high renewal rate drove the revenue increase. Gross profit was 1,171,000 during the three months ended March 31, 2023, compared to 413,000 of gross profit for the three months ended March 31, 2022  an increase of 184. Gross margin was 85 in the first quarter of 2023 versus 67 in the first quarter of 2022. General and administrative expenses for the three months ended March 31, 2023, were 1,401,000, compared to 974,000 for the three months ended March 31, 2022  an increase of 427,000. The increase in general and administrative expenses was primarily due to an increase in professional service fees. Sales and marketing expenses were 32,000 for the three months ended March 31, 2023, compared to 120,000 for the three months ended March 31, 2022. The decrease in sales and marketing expenses was primarily due to a decrease in trade show events, related travel and marketing activity. The net loss for the three months ended March 31, 2023, was 738,000, compared to a loss of 1,833,000 for the three months ended March 31, 2022  a decrease of 60. The decrease in net loss was primarily due to the increase in recognized revenue and a decrease in interest expense. Cash Flow During the three months ended March 31, 2023, the Company generated 360,000 from operating activities, compared to 156,000 generated during the three months ended March 31, 2022. During the three months ended March 31, 2023, the Company used funds in investing activities of 81,000 to acquire property and equipment and advance payment for acquisition. During the three months ended March 31, 2022, the Company used funds in investing activities of 258,000 to acquire property and equipment. During the three months ended March 31, 2023, the Company had net cash outflows for financing activities of 171,000. By comparison, during the three months ended March 31, 2022, the Company had net cash outflows for financing activities of 920,000. Liquidity As of March 31, 2023, the Company had cash in the amount of 109,000 and other current assets in the amount of 2,891,000. Management Commentary Jason Remillard, Data443s founder and chief executive officer, commented Our first quarter results are a testament to our teams relentless drive, passion and commitment to better serving our existing enterprise clients and expanding our market reach. Our 125 revenue growth from a year ago clearly indicates that our efforts are resonating with our clients and the trust they place in us. We have attracted new customers while retaining existing ones, and we are further validated by our high customer renewal rates and eagerness to renew with larger and longer-term contracts. This has always been the ultimate vote of confidence in our company. We are proud of the relationships we have built with our customers and will continue to nurture these partnerships in the years to come. While we believe these strong Q1 results reflect that our business plan is working, we recognize that there is still work to be done. As we announced yesterday, we entered into a definitive agreement to acquire select assets from Cyren Ltd. We certainly understand what it takes to integrate acquisitions and onboard new customers to Data443, and we are very excited about the opportunities ahead of this important transaction. I want to thank our dedicated team, our customers and our shareholders for your unwavering support and belief in our vision. We are committed to unlocking our potential and seizing the opportunities ahead. To learn more about Data443, please watch the video introduction on the Companys YouTube channel  About Data443 Risk Mitigation, Inc. Data443 Risk Mitigation, Inc. OTC ATDS provides software and services to enable secure data across devices and databases, at rest and in flightin transit, locally, on a network or in the cloud. We are All Things Data Security. With over 10,000 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 framework helps customers prioritize risk, identify security gaps and implement effective data protection and privacy management strategies. Forward-Looking Statements This press release contains forward-looking statements. These statements are made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by use of terms such as expect, believe, anticipate, may, could, will, should, plan, project, intend, estimate, predict, potential, pursuant, target, continue or the negative of these words or other comparable terminology. Statements in this press release that are not historical statements, including statements regarding Data443s plans, objectives, future opportunities for Data443s services, future financial performance and operating results, and any other statements regarding Data443s future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance, or regarding the anticipated consummation of any transaction, are forward-looking statements. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and assumptions, many of which are difficult to predict or are beyond Data443s control. These risks, uncertainties and assumptions could cause actual results to differ materially from the results expressed or implied by the statements. They may relate to the outcome of litigation, settlements and investigations actions by third parties, including governmental agencies volatility in customer spending global economic conditions inability 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 the Companys charter documents and the uncertainties created by global health issues, such as the ongoing outbreak of COVID, and political unrest and conflict, such as the invasion of Ukraine by Russia. These and other important risk factors are described more fully in the Companys reports and other documents filed with the Securities and Exchange Commission the SEC, including in Part I, Item 1A of the Companys Annual Report on Form 10-K filed with the SEC on Feb. 24, 2023, and subsequent filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to the Company on the date hereof. Except as otherwise required by applicable law, Data443 undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise. DATA443 is a registered trademark of Data443 Risk Mitigation, Inc. All product names, trademarks and registered trademarks are property of their respective owners. All company, product and service names used in this press release are for identification purposes only. Use of these names, trademarks and brands does not imply endorsement. For further information Follow us on Twitter  Follow us on Facebook  Follow us on LinkedIn  Follow us on YouTube  Sign up for our Investor Newsletter  To learn more about Data443, please watch the Companys video introduction on its YouTube channel  Investor Relations Contact Matthew Abenante  919.858.6542 Corporate Communications IBN InvestorBrandNetwork Los Angeles, California www.InvestorBrandNetwork.com 310-299-1717 Office  SOURCE Data443 Risk Mitigation, Inc. View source version on accesswire.com  Try it for Free Instant Data Classification Cyren URL Category Chacker Prev Data443 Expands Its Global Customer, Technology Base with Transformative Acquisition of Select Israel-based Cyren Ltd. Assets Data443 Adds Antivirus and Ransomware Protection to Data Placement Manager DPM Next Company Partners Resources Investor Relations Products Freeware Demo Solutions Contact Us Privacy Management Service by Data443\n        "
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