Finjan reports $65 Million in revenue for the First Quarter of 2018

Finjan Holdings (NASDAQ:FNJN) reported an 160 per cent increase in revenue to $65 million and has ended the quarter with $80.4 million in cash. The cybersecurity company had a net income of approximately $42.9 million from operations.

As quoted in the press release:

“During the first quarter of 2018 we generated $65 million in revenue, an increase of 160% year-over-year and surpassing revenue for all of 2017,”  stated Phil Hartstein, President and CEO of Finjan Holdings. “The strength of our balance sheet has offered us the ability to evaluate several strategic options for the company going forward, including continuing to focus on our core competency and expertise in monetizing our intellectual property assets, synergistic M&A opportunities, and returning cash to shareholders. This is a thoughtful process and in the capable hands of management, several outside expert resources, and our financial and operational savvy Board who are all passionate about the future of the Company.”

“We estimate we are only approximately 35% complete with our licensing opportunity, which includes our first quarter settlement,” continued Mr. Hartstein. “We are currently engaged with approximately 40% of the total market opportunity which includes pending litigations and 20 plus companies currently in our licensing pipeline. Beyond that, we estimate approximately 25% of the total market opportunity is untapped. In the short term, we still have a very active litigation pipeline which includes a number of procedural and substantive case activities for 2018.”

The company is set to hold a conference call later today, April 5 at 1:30 p.m.

Click here for the full text release