Finjan Generated $25 Million in Revenues and Achieved Profitability for the First Quarter of 2017
EAST PALO ALTO, CA, Apr 18, 2017 (Marketwired via COMTEX) -- Announces Retirement of Series A Preferred Shares
EAST PALO ALTO, CA--(Marketwired - Apr 18, 2017) - Finjan Holdings, Inc. FNJN, +15.00% a cybersecurity company, today announced that it has achieved its strongest quarter in its public company history with $25 million in revenues for the first quarter of 2017. Additionally, as of April 10, 2017, the Company has retired its entire $10.2 million Series A Preferred Stock financing led by Halcyon Long Duration Recoveries Investments I LLC ("Halcyon LDII").
"Our $25 million in revenues during the first quarter of 2017, surpassed the $18.3 million in revenues for the full year in 2016. Our strong financial performance in 2016 and the first quarter of 2017 has enabled us to pay off our Series A Preferred financing in less than one year. This financial success is a testament to several years of implementing a focused IP licensing and enforcement strategy by our experienced team," said Michael Noonan, Finjan Holdings' CFO. "Looking ahead, we are on track to achieve full year profitability in 2017. With near-term litigation catalysts, a strong licensing pipeline, and recurring revenue through our Finjan Mobile subsidiary, we are well positioned for continued growth and positive cash flow. We look forward to providing shareholders with a more in-depth update after we file our 10Q for the period ending March 31, 2017."
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