Very surprised nobody is picking up on this company! Great news and they are performing nicely. They have put together a great team and revenues are accelerating.
VirtualArmour Reports Preliminary Q4-18 Revenue up 136% to Record $4.4 Million, Full Year up 49% to Record $15.6 Million
CENTENNIAL, Colo., March 14, 2019 (GLOBE NEWSWIRE) -- VirtualArmour International Inc. (CSE:VAI) (F:3V3) (OTCQB:VTLR), a premier cybersecurity managed services provider, reported preliminary results for the fourth quarter and full year ended December 31, 2018.
Q4 2018 Q4 2017 %
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Managed & Professional Services $1.4 $0.9 55%
Product Sales and Support Services $3.0 $1.0 213%
Total Revenue $4.4 $1.9 136%
FY 2018 FY 2017
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Managed & Professional Services $5.0 $2.8 79%
Product Sales and Support Services $10.6 $7.7 38%
Total Revenue $15.6 $10.5 49%
For the fourth quarter of 2018, VirtualArmour expects record total revenue of $4.4 million, an increase of 136% compared to the fourth quarter of 2017. Managed and professional services revenue are expected to total $1.4 million or 32% of total revenue, up 55% from $0.9 million or 49% of total revenue in the same year-ago quarter.
For the full year 2018, VirtualArmour expects total revenue to increase 49% to $15.6 million. Managed and professional services revenue in 2018 is expected to increase 79% to $5.0 million or 32% of total revenue, as compared to $2.8 million or 27% of total revenue in 2017.
"Our preliminary results indicate strong top-line growth across the board in 2018," said VirtualArmour CEO Russ Armbrust. "Managed and professional services were up 55% for the quarter and up 79% for the year, demonstrating tremendous growth in this higher margin segment of our business that has continued to be our primary focus."
"We achieved these results by signing several new multi-year engagements that generate recurring revenue, as well as by increasing the premium level of services utilized by our existing customers," continued Armbrust. "We also maintained a 100% customer retention rate through the year, which reflects our ongoing commitment to prevention, proactive communication, and investment in the best technology and most talented engineers. Favorable industry dynamics have also supported our growth, with more companies seeking the benefits of our managed cybersecurity services as high-profile data and security breaches continue to be reported in the media.
"As we begin 2019, we anticipate achieving another year of record financial and operational performance, with steady growth in our higher-margin managed services segment. The enhancements we have made to our propriety managed services platform, along with the industry partnerships we have formed over the last year, have significantly increased our value proposition for new and existing customers, with this supporting our positive outlook for the quarters ahead."
These preliminary results are subject to change with the completion of our audited consolidated financial statements for the year ended December 31, 2018. VirtualArmour plans to issue its full annual results and file with SEDAR before the end of April 2019 as required by Canadian reporting companies.
About VirtualArmour
VirtualArmour International is a global cybersecurity and managed services provider that delivers customized solutions to help businesses build, monitor, maintain and secure their networks.
The company maintains 24/7 client monitoring and service management with specialist teams located in its U.S. and UK-based security operation centers. Through partnerships with best-in-class technology providers, VirtualArmour delivers leading hardware and software solutions for customers that are both sophisticated and scalable, and backed by industry-leading customer service and experience. The company's proprietary CloudCastr client portal and prevention platform provides clients with unparalleled access to real-time reporting on threat levels, breach prevention and overall network security.
VirtualArmour services a wide range of clients, which include Fortune 500 companies and several industry sectors in over 30 countries across five continents. For further information, visit www.virtualarmour.com.
Important Cautions Regarding Forward Looking Statements
