VirtualArmour Reports First Quarter Financial Results

VirtualArmour (CSE:VAI), cyber security company based in Centennial, Colorado announced its first quarter financial results. Year-over-year revenue figures were US$3.5 million, up from US$3.3 million in 2018. Adjusted EBITDA stood at a loss of US$233,000 for the quarter.

As quoted in the press release:

“Our first quarter top line and Gross Profit results are in line with expectations while the bottom line and adjusted EBITDA, net of a notable extraordinary expense, compare favorably with recent results,” remarked Michael Panec, VirtualArmour’s CFO. “As always, we are managing a careful balance between cash flow and taking advantage of the tremendous growth opportunities available in the current market.”

Panec added: “Looking ahead in 2019, with the ongoing growth in customer acquisition and the addition of customers on a monthly recurring revenue model, coupled with its high customer retention, VirtualArmour expects to maintain appreciable growth into 2019.”

Click here to read the full press release.