Finjan Offers Shareholder Update for 3Q 2018

Finjan Holdings (NASDAQ:FNJN) announced the financial results for the third quarter and the first nine months of 2018 while also providing highlights of the company’s accomplishments in the quarter and the year so far.

The cybersecurity company reported a net loss of US$7.6 million for the third quarter while reporting a net income of US$28.6 million for the first nine months period.

As quoted in the press release:

Financial Highlights for the First Nine Months of 2018:

• Revenue totaled $82.3 million as compared to $27.1 million for the comparable period last year, an increase of more than 200% year-over-year
• Ended the quarter with approximately $51.1 million in cash as compared to $41.2 million as of December 31, 2017
• Net income was $28.6 million or $1.04 per share as compared to $8.9 million or $0.36 for the same period a year ago

Financial Results for the Third Quarter of 2018

• Net loss was ($7.6) million or ($0.28) per share compared to a net loss of ($4.2) million or ($0.16) per share for the same period a year ago
• Received $1.3 million in the quarter,  from prior contracted licensing agreements

“While our third quarter was light on the deal front we remained busy with progress in our licensing and litigation pipeline, the launch or our rebranded consumer VPN, InvinciBull^TM and continued focus on our strategic initiatives,” said Phil Hartstein, President and CEO of Finjan Holdings. “Looking ahead we continue to evaluate opportunities to drive future growth including the continued monetization of the Finjan Inc. patent portfolio, the start of capitalizing on our broadened portfolio through Finjan Blue, and explore ways to drive shareholder value.”

IP Licensing and Settlement Updates:

• October 1, 2018: Filed a complaint against Rapid7 and its affiliates
• October 26, 2018: Filed a complaint against Fortinet
• Actively involved in more than 20 negotiations with prospective licensees
• Engaged in settlement discussions with a number of defendants

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