CISO Global Reports $30.8 Million Revenue for Fiscal Year 2024, Sees Growth in Cybersecurity Software

CISO Global, Inc. reported a total revenue of $30.8 million for the fiscal year ending December 31, 2024, a decrease of $3.2 million compared to $33.9 million in 2023. The decline was primarily attributed to a drop in security managed services and professional services revenue, which fell by 8% and 30%, respectively. However, the company saw a significant increase in cybersecurity software revenue, which doubled to $440,809, reflecting the successful launch of its proprietary software products. Despite the revenue decline, gross profit increased by $1.9 million to $4.5 million, indicating improved cost management.

The company made notable strides in reducing operating expenses, which fell from $65.5 million in 2023 to $19.1 million in 2024, a reduction of approximately 71%. This decrease was largely due to the absence of a goodwill impairment charge that had significantly impacted the previous year’s results. Additionally, costs associated with professional fees, advertising, and general administrative expenses were substantially lower, contributing to a loss from operations of $14.6 million, a marked improvement from the $63 million loss reported in the prior year.

CISO Global has been actively pursuing a growth strategy that includes acquisitions and the development of proprietary intellectual property. The company has integrated several businesses to enhance its service offerings and expand its market reach. As of December 31, 2024, CISO Global served over 475 clients across various sectors, with a focus on cross-selling and upselling services to its existing customer base. The company’s employee count stood at 143, with a strategy in place to attract and retain top cybersecurity talent amid a competitive labor market.

Looking ahead, CISO Global anticipates continued challenges in achieving profitability, as indicated by its accumulated deficit of $182.3 million and a working capital deficit of $21.5 million. The company is exploring various funding strategies, including equity financing and restructuring operations, to support its growth initiatives. Management remains optimistic about the long-term potential of the cybersecurity market, which is projected to grow significantly due to increasing regulatory pressures and the rising threat of cyberattacks. However, the company acknowledges the risks associated with its ability to secure necessary funding and achieve sustainable revenue growth.