VirtualArmour Reports Q2 Financial Results

VirtualArmour (CSE:VAI) has announced its second quarter financial results for the three-month period ended June 30, 2017.
As quoted in the press release:

Christopher Blisard, Co-Founder and Chairman of VirtualArmour said;

“With the market for managed services experiencing continued growth, VirtualArmour increased its period over period (Q2’16 to Q2’17) revenues from Managed and Professional Services by 25% servicing multiple expanding industry sectors including healthcare, technology, medical research and non-profit. Increased revenues were achieved as a result of a combination of signing new client contracts – many on multi-year terms – as well as increasing scope and subsequent contract values with several existing clients.

The outlook for the second half of 2017 is very positive. The global market demand for tailored cyber protection services continues to increase and this is accelerating adoption of the Company’s recurring revenue service offerings. The heightened enterprise focus on cybersecurity has not only led to increasing budgets being allocated to cyber protection, but also increased interest in investment opportunities in what is a high growth sector.”

Financial Highlights

• During the six months ended June 30, 2017, the Company recorded revenues of $5,831,292 (2016 – $4,846,776), a 20% period over period increase.
• Hardware and software sales and product support services revenues during the six months ended June 30, 2017 were $4,777,202 (2016 – $3,912,154).
• Managed and professional services revenues during the six months ended June 30, 2017 were $1,054,090 (2016 – $934,622), (Q2’17 – $649,057 vs. Q2’16 – 518,998).
• The gross profit as a percentage of revenue was 17.3% in the 2017 period compared to 25.3% in the 2016 period.  The decrease in gross profit margin was due primarily to a higher volume of lower margin annual support contracts and hardware sales.

Click here to read the full press release.