SideChannel Inc (SDCH)

[22rover]

I’d love to get your feedback on some of this information.

Let’s start with the Illumio, a zero trust segmentation player in the cybersecurity field.

Yearly revenues (2022): $65M
Employees: 350
Rev/employee: $185,000
Financing (starting in 2013): ~ $600M (in total) from the likes of Andressen Horowitz and March Benioff and Blackrock

SDCH
Revenues: ~ $6M (FY 2023) this number will be closer to $8 for FY 2024, based on guidance
Employees: 30-ish
Rev/employee: $200,000
Financing: Public company. Insiders own 60% of company - they are beholden to no one, except current shareholders.

Illumio has 15 or so Fortune 500 companies and services some rather large SAAS, whereas Side Channel’s niche is more mid to small companies, so it’s not exactly apples to apples. However the multiples deserve consideration.

Place a 10X multiple on SDCH revs and it’s easy to see a $60M market cap. Growth rates are an important consideration. Illumio is private and I am not privy to guidance.

Last thing. Currently, Side Channel’s market cap is approximately $16M. With 10x revs, that’s a .32 cent share price (400% upside) for those of you keeping score at home.

Good luck. Do your own DD. Spend QT time with your family.