Company update Webcast on Mondaytime, April 42022, at 4:30 p.m. HEY
RESEARCH TRIANGLE PARK, North Carolina, April 01, 2022 (GLOBE NEWSWIRE) — Data443 Risk Mitigation, Inc. (“Data443” or the “Company”) (OTCPK: ATDSD, OTCPK: ATDS), the leading publisher of data security and privacy software for ALL THINGS DATA SECURITY™today announced its results of operations for the fiscal year ended December 31, 2021.
Recent highlights:
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Secured the largest contract in Data443 history with the world’s largest multinational financial services company for a minimum of $1.54 million over 3.5 years with additional spending commitments for Data Placement Manager™
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Announcing a 5.5-year license renewal agreement worth over $700,000 with a Fintech Fortune 500 member for Data443’s data investment manager™
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Announcing Multi-Year Subscription Agreement with Emirates NBD Group, a Leading Banking Group in the MENAT Region
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Announcement of a new 3-year agreement (paid in advance) with a major US-based energy supplier and its 18 subsidiaries for Data443’s Data Identification Manager™
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Announcing a New 3.5-Year Agreement (Paid Up Front) with Puerto Rico’s Leading Financial Services Organization for Data443’s Data Investment Manager™
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Completed acquisition of Centurion SmartShield, the leading ransomware recovery and data extortion mitigation platform
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Appointment of Nanuk Warman as Chief Financial Officer
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Earned the prestigious VB100 certification from Virus Bulletin for Data443® Antivirus Protection Manager, the company’s first-ever antivirus product launched in January 2022
Management Comment:
Jason Remillard, Founder and Managing Director of Data443, said, “Data443 experienced strong revenue growth in 2021, and we continue to see momentum in each of our product segments as we continue to expand our business development pipeline. . We rapidly scaled our capabilities to meet the growing demand for enterprise data protection in the cloud, hybrid cloud, and on-premises.
“Historically, through the adoption of regulations such as GDPR and CCPA, we have always taken an approach of building our capabilities to respond to the changing data privacy and security landscape. Then last week, the Securities and Exchange Commission proposed a rule that would require companies to report data breaches and other significant cybersecurity incidents within four days. As a business, we have always understood that data security and privacy legislation would continue to drive significant investments from organizations to offset the risks of data breaches and harmful information disclosure.
“In 2021, we continued to closely manage the business. We have worked hard to reduce our loss on derivative liabilities by almost $7 million, or 92%, compared to a year ago, when we reduced our derivative liabilities by more than $10 million. At the same time, we managed to complete two additional critically important acquisitions and expand our marketing footprint to increase awareness of the Data443 product suite. To date, we capitalize on the market opportunities we know of, from finding new business opportunities to the steady stream of acquisition candidates that we regularly assess. »
“While I am encouraged by the strong demand in our business, we will continue to invest in sales and marketing campaigns, with a focus on innovation and the development of internal talent. We look forward to continued success in 2022 as we continue to focus on revenue growth, expanding customer success, technical innovation and creating shareholder value. I am optimistic about our future as we continue our national stock market listing and that we are executing our plans to offer superior technology to our customers,” concluded Mr. Remillard.
Exercise 2021 Financial results:
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Total revenue was $3,609,000 during the year ended December 31, 2021, compared to $2,475,000 revenue for the year ended December 31, 2020. Total deferred revenue was $1,609,000 $ as of December 31, 2020, compared to $1,518,000 as of December 31, 2020.
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General and administrative expenses for the year ended December 31, 2021 amounted to $5,433,000 compared to $5,831,000 for the year ended December 31, 2020, a decrease of $398,000. Sales and marketing expenses amounted to $267,000 for the year ended December 31, 2021, compared to $241,000 for the year ended December 31, 2020.
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Net loss for the year ended December 31, 2021 was $6,475,000 compared to a loss of $13,907,000 for the year ended December 31, 2020. Our operating loss for 2021 was $2,637,000 , a 32% decrease from our 2020 operating loss of $3,900,000. The loss on change in fair value of derivative liability of $615,000 decreased by 92% compared to the loss on change in fair value of derivative liability of $7,406,000 in 2020.
Liquidity
As of December 31, 2021, we had cash of $1,204,933, accounts receivable of $21,569 and prepaid expenses and other current assets of $70,802 compared to cash of $58,783 and accounts receivable of 136,503 $ as of December 31, 2020.
Activity Update Webcast
Data443 will host a webcast on Monday, April 4 at 4:30 p.m. ET to discuss the company’s financial results and provide an update on its pursuit of a national exchange listing.
Interested parties can access the webcast by registering at www.data443.com or by clicking: https://data443.zoom.us/webinar/register/WN_n66YIixsSlOzLKgJeuVDbg. The webcast will be hosted by Jason Remillard, Founder and CEO of Data443.
About Data443 Risk Mitigation, Inc.
Data443 Risk Mitigation, Inc. (OTCPK: ATDSD, OTCPK: ATDS) is an industry leader in data security.®, providing software and services to secure data on local devices, networks, cloud and databases, at rest and in flight. With over 3,000 customers in over 100 countries, Data443 offers a modern approach to data governance and security by identifying and protecting all sensitive data, regardless of location, platform or format. Our state-of-the-art infrastructure helps clients prioritize risks, identify security vulnerabilities, and implement comprehensive data protection and privacy management strategies.
For more information, please visit https://www.data443.com
To learn more about Data443, please watch our introduction video on our YouTube channel: https://youtu.be/1Fp93jOxFSg
Forward-looking statements
Statements contained in this release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as “may”, “will”, “could”, “should” , “expects”, “plan”, “project”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “pursue”, “target “, “continue” and similar expressions are intended to identify such forward-looking statements. Statements contained in this press release that are not historical statements, including statements regarding plans, goals, future opportunities for the services of Data443, the future financial performance and results of operations of Data443 and any other statements regarding expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that do not are not historical facts, are forward-looking statements within the meaning of the federal securities laws. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and assumptions, many of which are beyond Data443’s control, which could cause actual results to differ materially from those expressed or implied by the statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict, and include, but are not limited to, the results of litigation, settlements and investigations; the actions of third parties, including government agencies; volatility in customer spending; global economic conditions; ability to hire and retain staff; loss or reduction of business with key customers; difficulty in growing and integrating acquisitions; product liability; cybersecurity risk; anti-takeover measures in our charter documents; and, the uncertainties created by the ongoing outbreak of a respiratory disease caused by the 2019 novel coronavirus recently named COVID-19 by the World Health Organization. These and other important risk factors are described in more detail in our reports and other filings with the Securities and Exchange Commission (“the SEC”), including under (i) “Part I, Item 1A. Risk Factors”, in our registration statement on Form 10 filed with the SEC on January 11, 2019 and amended on April 24, 2019; (ii) “Part I, Section 1A. Risk Factors,” in our Annual Report on Form 10-K filed with the SEC on March 31, 2022; and, (iii) subsequent filings. Undue reliance should not be forward-looking statements contained in this press release, which are based on information available to us as of the date hereof. Except as otherwise required by applicable law, we undertake no obligation to publicly update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
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