BrandShield Systems, a leading cybersecurity company, announced on Tuesday that its pretax loss for the first half of 2023 had narrowed compared to the previous year, while also highlighting a strong start to the second half.
In the report released late Tuesday, BrandShield Systems revealed that its pretax loss amounted to $2.8 million for the first half of the year, compared to $4.1 million in the same period last year. This reduction in loss signifies positive progress for the company.
Moreover, the company also experienced an increase in revenue, with figures showing a rise from $2.8 million to $4.4 million. However, the highlight was the growth in annualized recurring revenue (ARR), their preferred metric for measuring success, which rose from $6.7 million to $9.7 million.
Additionally, BrandShield Systems emphasized that the momentum of ARR continued to be positive in August, reaching $9.85 million—an impressive 36% increase compared to the previous year.
Chief Executive Yoav Keren commented on the results, stating, “The opportunity to capture market share in this rapidly growing sector remains our primary focus. We eagerly anticipate reporting on our full-year trading results, and we expect a strong performance in the second half of 2023.”
This update showcases BrandShield Systems’ dedication to growth and their commitment to delivering exceptional cybersecurity solutions to their clients.