WHK US$1.2M a year contract with "Top 5 Social Media Company"
Whitehawk secures US$1.2M contract with “Top 5 Global Social Media Company”
This morning our micro cap cybersecurity Investment Whitehawk (ASX: WHK) announced it had secured a new order for its services that is valued at US$1.2M a year.
WHK is currently capped at less than A$8M.
With reported revenues last financial year through to 30 June 2023 of ~US$870K we see today’s news as a potential step change in the company’s sales activities.
WHK has been engaged with this client for 3 years now - a “Top 5 Global Social Media Company”, which we see as evidence of customer stickiness.
We’ve previously noted how WHK is unable to publicly identify its clients - however there are only so many of these large global social media companies in the world.
Notwithstanding, today’s contract is for Third-Party Risk Platform Operations (TPRP) under an existing Master Services agreement.
Meaning WHK is effectively expanding the scope of its services to this unnamed major company.
WHK says this service is “AI based [and] automated” - a trend in cybersecurity that we think will become increasingly prominent.
The world of cybersecurity is shadowy, but we see WHK as potentially solving for major tech companies’ supply chain risk with many third party tech integrated into their platforms.
As long term holders, we want to see more large, sticky customers continue to sign up for WHK’s services resulting in sustained financial performance.
We note that in the last quarter, WHK trimmed its cash outflows to US$53K after reporting an improved US$670K in receipts from customers.
We think the previous and appropriate belt tightening at WHK combined with a few big long term contract wins, such as the one announced today, could help improve WHK’s fortunes.
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- Ann: US$1.2m AI Cyber Risk contract. Top 5 Social Media Co.
Ann: US$1.2m AI Cyber Risk contract. Top 5 Social Media Co., page-13
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