Ann: US Federal Government Contract Option Year Renewal, page-12

https://finfeed.com/small-caps/technology/contract-extension-to-further-boost-whitehawks-rapid-revenue-growth/

Contract extension to further boost WhiteHawk’s rapid revenue growth


Oct 6, 2020

Reflecting WhiteHawk's capabilities, the US$1.5 million extension is an increase on the US$400,000 in revenue awarded to the company under the contract for the 2020 financial year.

The focus of this contract for WhiteHawk has evolved from cyber risk technical and management services, scoped at US$400,000 to US$750,000 per year, to now lead developer of a comprehensive online Cyber Security Marketplace, with an automated cyber risk review and solution option mapping, for a breadth of US Federal Government entities.

This is an important development for WhiteHawk as revenues across the group are rapidly ramping up, having more than doubled to approximately US$585,000 in the first half of 2020.

On an annualized basis, this was broadly in line with the company’s revenues for 2019 which were just above US$1 million. Consequently, on a year-on-year basis this contract alone represents about 150% of the previous year’s revenues.