FirstWave (ASX: FWC), a global cybersecurity technology company that provides cloud-based cybersecurity solutions, presented its Q4 FY25 Shareholder Update, outlining key renewals, partnerships, and product developments. The update began with the introduction of Roger Buckeridge as the new Chairman, succeeding John Grant. Buckeridge brings extensive experience from the private equity sector, with a strong history of investing in tech startups.
The CFO Update, delivered by Iain Bartram, highlighted a slight dip in revenue and gross profit compared to the previous quarter. Revenue decreased from $2.14 million to $2.08 million, and gross profit saw a minor decrease from $1.94 million to $1.92 million. However, gross profit margins remained strong, particularly in Network Management, which held steady at 100%. The company’s closing cash position for Q4 was $0.27 million, with normalised monthly cash usage at $195,000.
CEO Danny Maher discussed recent highlights, including major client contract renewals with uplift from Claro DR, Solarus, Services Australia, and Macquarie Cloud. FirstWave also secured a strategic partnership with Amazon to launch on its global marketplace, including $250,000 in funding and personnel support from AWS. Additionally, the Telstra ISM-compliant email security agreement was extended, and the SIG Agreement was extended for one year. Maher noted that over $2 million was invoiced in June and July.
Looking ahead, FirstWave will focus on Q1 cash inflows from recent renewals and orders. The Board plans to examine both organic and inorganic growth opportunities. The company is sharpening its focus on monetising the free user base, targeting AI-powered compliance management, and building on momentum in Latin America and the US. Sharon Hunneybell, VP of Products, provided an update on Open-AudIT NMIS CyberCision STM.
