WHK
Whitehawk Limited
ASX
$2.4M Contract Renewed with Top Global Social Media Company
Sentiment:
Contract Renewal Announcement
12 December 2024 6:42 PM
WhiteHawk Limited (ASX:WHK) secures a two-year, US$2.4 million contract renewal with a top-five global social media company for third-party risk management services.
Better than expected
The contract renewal represents increased revenue compared to the previous contract with the same client.
Summary
- WhiteHawk Limited has renewed a contract with a leading global social media company for third-party risk management (TPRM) services.
- The two-year contract is valued at US$2.4 million, or US$1.2 million annually.
- The contract covers TPRM platform operations, including general operations, configuration, tuning, onboarding and offboarding of third-party vendors, monitoring, alerting, assessments, analytics, and report generation.
- It also includes architecture and cyber risk mitigation services, such as analysis of TPRM requirements, technology insertion evaluations, and risk mitigation engagement with high-risk vendors.
- Finally, the contract covers integration services.
- This contract represents increased revenue under the existing Master Services Agreement.
Sentiment
Score: 8
Explanation: The contract renewal is a positive development for WhiteHawk, demonstrating client satisfaction and providing a stable revenue stream. The company's focus on AI-driven TPRM solutions positions it well in a growing market.
Highlights
- WhiteHawk secured a two-year contract renewal worth US$2.4 million (US$1.2 million annually) with a top 5 global social media company.
- The contract covers Third-Party Risk Management (TPRM) platform operations, architecture and cyber risk mitigation services, and integration services.
Positives
- The contract renewal represents a significant revenue stream for WhiteHawk, totaling US$2.4 million over two years.
- The renewal demonstrates the client's satisfaction with WhiteHawk's services and their ongoing need for TPRM solutions.
- The contract expands WhiteHawk's relationship with a major player in the social media industry.
- The contract solidifies WhiteHawk's position as a provider of AI-driven cyber risk management solutions.
Risks
- Dependence on a single large client for a significant portion of revenue could pose a risk if the client relationship deteriorates or the client's business suffers.
- The rapidly evolving cybersecurity landscape requires continuous innovation and adaptation, and WhiteHawk must stay ahead of emerging threats to maintain its competitive edge.
- Competition in the cybersecurity market is intense, and WhiteHawk faces challenges from both established players and new entrants.
Future Outlook
The contract renewal provides revenue visibility for the next two years and positions WhiteHawk for continued growth in the TPRM market.
Management Comments
- Terry Roberts, Executive Chair of WhiteHawk, stated, 'Thanks to the excellent work of the WhiteHawk Team, this renewal for 2 years is both impactful and impressive.'
Industry Context
The increasing reliance on third-party vendors by businesses, particularly in the social media sector, has heightened the need for robust TPRM solutions. WhiteHawk's contract renewal reflects this growing demand and highlights the importance of managing cyber risks associated with third-party relationships.
Key Dates
- None found.
Keywords
Cybersecurity, Third-Party Risk Management, TPRM, AI, Artificial Intelligence, Risk Management, Social Media, Platform as a Service, PaaS, Cyber Risk, Software, Technology, ASX, WHK
WHK
Whitehawk Limited
ASX
Sector: Software & Services
Filings with Classifications
Capital raise
17 April 2025 12:02 AM
Notice of Annual General Meeting
- The company is seeking approval to issue future shares to Lind Partners under the 2024 Agreement.
- The company is seeking approval of a 7.1A mandate to issue up to 10% of the company's issued capital.
Capital raise
28 March 2025 12:03 AM
Annual Report
- The company has the ability to continue to raise additional funds on a timely basis pursuant to the Corporations Act 2001.
Worse than expected
28 March 2025 12:03 AM
Annual Report
- The company reported a net loss after tax of US$1,780,630, indicating that the company is not yet profitable.
Better than expected
27 February 2025 4:04 PM
Preliminary Final Report
- The company's revenue increased by 15.6% compared to the previous year.
Capital raise
10 February 2025 5:54 PM
General Meeting Results
- The company received approval to issue Tranche 2 placement shares.
- The company received approval to issue placement options.
- The company received approval to issue broker options.
- The company received approval to issue securities to Peak in lieu of fees.
- The company received approval to issue securities to Viaticus Capital.
- The company received approval to issue incentive options to Viaticus Capital.
Worse than expected
30 January 2025 4:18 PM
Quarterly Activities Report
- The company reported a net cash loss from operations of US$84,000 for the quarter, indicating worse than expected financial performance.
Capital raise
30 January 2025 4:18 PM
Quarterly Activities Report
- WhiteHawk will seek shareholder approval to raise up to $535,000 under Tranche 2 of the Placement at the General Meeting scheduled on 11 February 2025.
Capital raise
9 January 2025 7:37 PM
Notice of General Meeting
- The company is seeking approval to issue up to 53,500,000 shares at $0.01 each, potentially raising $535,000.
- The company is also issuing options to placement participants, brokers, and consultants, which could lead to further capital raises if exercised.
Better than expected
12 December 2024 6:42 PM
Contract Renewal Announcement
- The contract renewal represents increased revenue compared to the previous contract with the same client.
Capital raise
1 December 2024 9:21 PM
Capital Raise Announcement
- WhiteHawk Limited is raising capital through the issue of 120,000,000 ordinary shares at AUD 0.01000 each and 40,000,000 placement options.
- The capital raise is subject to shareholder approval by January 28, 2025.
Delay expected
1 December 2024 9:21 PM
Capital Raise Announcement
- The issue date for the shares and placement options has been delayed pending shareholder approval, which is expected by January 28, 2025.
Capital raise
1 December 2024 9:10 PM
Securities Quotation Application
- Further share issues are planned to complete the placement, subject to shareholder approval.
Capital raise
25 November 2024 5:28 PM
Capital Raise Proposal
- WhiteHawk Limited is proposing to issue 56,000,000 ordinary shares and 28,666,667 options.
- The funds raised will be used for business growth, further development of AI-based cybersecurity solutions, debt repayment, and working capital.
Capital raise
25 November 2024 5:28 PM
Capital Raise Announcement
- Further capital raising is planned, subject to shareholder approval, involving the issuance of additional shares and options.
Better than expected
25 November 2024 5:28 PM
Capital Raise Announcement
- The successful A$1.7 million capital raise exceeded expectations, providing WhiteHawk with the resources to pursue its growth strategy and repay debt.
Capital raise
21 November 2024 5:13 PM
Trading Halt Announcement
- WhiteHawk Limited is planning a capital raising.
Capital raise
12 September 2024 6:19 PM
Notice of General Meeting
- Resolution 1 seeks ratification of a prior share issue of 15,000,000 shares to Lind Partners.
- Resolution 2 proposes issuing 12,500,000 options to Lind Partners.
- Resolutions 3 and 4 seek approval for future share issuances to Lind Partners.
- Resolution 5 proposes issuing 200,000 shares to related party Phil George.
Capital raise
6 August 2024 7:37 PM
Capital Raise Announcement
- WhiteHawk has secured an initial A$500,000 investment from Lind Global Fund II, LP.
- The Investment may be increased up to A$1M at a later stage on the same terms subject to mutual agreement.
- The company will issue 12,500,000 unlisted 3-year options to Lind at a 2c exercise price, subject to shareholder approval.
Delay expected
31 July 2024 1:45 AM
Quarterly Activities Report
- The final award of Peraton's bid for the Veterans Affairs Supply Chain Risk Management (SCRM) contract is delayed.
- The contract competition with D&B on the U.S. General Services Administration (GSA) SCRIPTS BPA Contract Vehicle has been delayed.
Capital raise
31 July 2024 1:45 AM
Quarterly Activities Report
- The Company is currently exploring funding options in the market in the event of delay of pending new contracts.
Capital raise
3 April 2024 10:34 PM
Notice of Annual General Meeting
- The company is seeking approval to issue up to 44,444,445 Placement Options to placement participants.
- The company is seeking approval to issue up to 17,777,778 Lead Manager Options to Alpine Capital.
- The company is seeking approval to issue up to 12,500,000 Consultant Options to Viaticus Capital.
- The company is seeking approval for a 7.1A mandate, allowing the company to issue equity securities up to 10% of its issued capital.
Delay expected
27 March 2024 8:34 PM
Annual Report
- The final award of Peraton's bid for Veterans Affairs Supply Chain Risk Management (SCRM) was delayed by 5 months.
- A Critical Infrastructure Cyber Risk Assessment (CIRA) Program contract for USD $1.9M, for State and Local client via Peraton delayed in procurement and State Legislature.
Worse than expected
27 March 2024 8:34 PM
Annual Report
- The company reported a net loss after tax of US$2,844,279, which is worse than the previous year's loss of US$1,537,740.
Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.