• WhiteHawk Limited's annual report for the year ended December 31, 2024, highlights a year of strategic positioning for future growth.
• The company recorded US$2.08M in revenue, maintaining steady sales margins of 40-60% on WhiteHawk solutions and services, and 20-45% on WhiteHawk Marketplace transactions.
• Two new AI/ML-based product lines were added: the Cyber Risk Analyst Platform-as-a-Service (APaaS) and an AI/ML-Based Open-Source Intelligence (OSINT-PAI) solution.
• The company secured several contracts, including a US$50K Cyber Risk Radar contract with the U.S. National Cyber Center and a US$14K Cyber APaaS pilot contract with the University of South Florida.
• Contract renewals included a US$2.4M Third-Party Risk Management (TPRM) services contract for a Global Social Media company and a US$705K Cyber Risk Radar contract with a U.S. Federal Government CISO Department.
• The net loss after tax for the year was US$1,780,630, an improvement from the US$2,844,279 loss in 2023.
• Operating expenses were reduced to US$3.0M from US$3.6M in the previous year, with cost savings in payroll, travel, interest, and administration.
• The company aims to maintain an 80% or above contract renewal rate and increase new contracts through strategic partnerships in 2025.
• The AGM is scheduled for May 20, and Town Hall sessions will be held in Sydney, Melbourne, and Perth in May 2025.

Score: 6

Explanation: The sentiment is neutral to slightly positive. While the company reported a loss, there are positive indicators such as steady revenue, improved cost management, and strategic advancements in product lines and partnerships. The future outlook is cautiously optimistic.

• WhiteHawk Limited's revenue reached US$2.08M in 2024.
• Sales margins remained steady, with 40-60% on WhiteHawk solutions and services and 20-45% on Marketplace transactions.
• Two new AI/ML-based product lines were introduced: Cyber Risk Analyst APaaS and OSINT-PAI.
• The company secured a US$50K Cyber Risk Radar contract with the U.S. National Cyber Center.
• A Global Social Media company renewed its TPRM services contract for US$2.4M over two years.
• The net loss after tax improved to US$1,780,630 from US$2,844,279 in 2023.
• Operating expenses decreased to US$3.0M from US$3.6M.
• The company aims for an 80% or higher contract renewal rate in 2025.
• The AGM is scheduled for May 20, 2025.

• Steady revenue of US$2.08M indicates a stable demand for WhiteHawk's services.
• High sales margins (40-60% for solutions/services, 20-45% for Marketplace) suggest efficient operations and pricing strategies.
• Introduction of two new AI/ML-based product lines demonstrates innovation and adaptability to market needs.
• Contract renewals, such as the US$2.4M TPRM deal, provide recurring revenue and stability.
• Reduced operating expenses (US$3.0M vs US$3.6M) indicate improved cost management.
• The company is actively pursuing partnerships and U.S. Government funding to expand its reach.
• The value proposition remains strong with gross margins of 40% to 80% maintained through continued automation and solution delivery optimization.

• The company still reported a net loss after tax of US$1,780,630, although it is an improvement from the previous year.
• Revenue of US$2.08M is below the revenue targets required to vest Terry Roberts' SARs.
• The company is reliant on raising additional funds on a timely basis pursuant to the Corporations Act 2001.

• Macroeconomic conditions, such as interest rate increases and inflation, could impact discretionary spending and affect the company's financial performance.
• Reliance on information technology and third-party software poses a risk of service disruptions.
• Data breaches and security incidents could compromise sensitive customer information.
• Competition in the cybersecurity market could lead to pricing pressures and unfavorable product positioning.
• Loss of key personnel could disrupt operations and growth initiatives.
• Changes in laws and regulations, including tax laws, could impact the company's operations and shareholder returns.
• The company's ability to continue as a going concern is dependent on achieving its revenue targets, obtaining additional funding, or a combination of the two.

WhiteHawk aims to maintain an 80% or above contract renewal rate for annual recurring revenue, increase new contracts through partnerships, drive new Cyber Risk Analyst PaaS annual subscriptions, and continue applying for U.S. Government funding for its OSINT-PAI solutions.

• 2024 was the year that has positioned 2025 to be a growth year for WhiteHawk.
• Our value proposition remains strong with gross margins of 40% to 80% maintained through continued automation and solution delivery optimization.

WhiteHawk operates in the cybersecurity industry, providing cyber risk to resilience focused Cybersecurity Exchange platform of end-to-end Cyber Risk Software as a Service (SaaS) and Platform as a Service (PaaS) products and services. The company's focus on automation, AI/ML, and scalable solutions aligns with the industry's trend towards more efficient and proactive cybersecurity measures.

• WhiteHawk's gross margins of 40-80% are competitive with other cybersecurity firms offering SaaS and PaaS solutions.
• Companies like Palo Alto Networks and CrowdStrike often report gross margins in the 70-80% range, indicating WhiteHawk has room for improvement in operational efficiency.
• The focus on AI/ML-based solutions aligns with industry trends, as companies like Darktrace and Cylance leverage AI for threat detection and response.
• WhiteHawk's contract values, such as the US$2.4M TPRM deal, are smaller compared to larger cybersecurity contracts, suggesting a focus on smaller to medium-sized enterprises or specific government projects.

• Shareholders: The improved financial performance and strategic initiatives could lead to increased shareholder value in the long term, but the current loss and need for potential capital raises may cause concern.
• Employees: The company's focus on growth and innovation could create opportunities for career advancement and development.
• Customers: The new AI/ML-based product lines and continued service delivery optimization could lead to improved cybersecurity solutions and services.
• Suppliers: The company's financial stability and growth prospects could strengthen its relationships with suppliers.
• Creditors: The company's ability to meet its financial obligations depends on achieving its revenue targets and securing additional funding.

• Maintain 80% or above contract renewal rates for annual recurring revenue.
• Increase new contracts through partnerships with organizations.
• Drive new Cyber Risk Analyst PaaS annual subscriptions in support of University/College revenue.
• Continue to apply for U.S. Government funding for WhiteHawk's new OSINT-PAI Entity Illumination AI/ML Based big data solutions.
• Broaden WhiteHawk's reach with coordinated LinkedIn marketing and lead generation by on sector-focused marketing and communications campaigns.

• January 19, 2018: Terry Roberts appointed as Chief Executive Officer and Executive Chair
• July 14, 2017: Philip George appointed as Non-Executive Director
• November 13, 2020: Melissa King appointed as Non-Executive Director
• August 31, 2021: Brian Hibbeln appointed as Non-Executive Director
• October 2022: Company executed a share subscription agreement with Lind Global Fund II, LP
• May 10, 2023: Shareholders approved the issue of Stock Appreciation Rights (SAR) units to Terry Roberts
• August 7, 2024: Company executed a second share subscription agreement with Lind Global Fund II, LP
• August 30, 2024: Mindy Ku appointed as Company Secretary; Kevin Kye resigned as Company Secretary
• December 13, 2024: Cyber Risk Contract renewed with a Top 5 Global Social Media Company
• January 8, 2025: 50,000 fully paid ordinary shares were issued on conversion of Stock Appreciation Rights (SARs) by employee
• January 22, 2025: Company received a subscription notice from Lind and repaid $74,000 to Lind
• February 3, 2025: 1,200,000 fully paid ordinary shares were issued on conversion of performance rights by the Directors
• February 11, 2025: Company held its General Meeting for the issue of shares, options and SARs; all resolutions passed
• February 25, 2025: Company received a subscription notice from Lind and issued 6,666,667 fully paid ordinary shares to Lind
• March 7, 2025: 45,000,000 SARs were issued to Terry Roberts, approved by shareholders on February 11, 2025
• March 11, 2025: Giuseppe Porcelli appointed as a new non-executive director
• March 17, 2025: Company received a subscription notice from Lind and repaid $68,571 to Lind
• March 28, 2025: Corporate Governance Statement for the financial year ending 31 December 2024 was approved by the Board
• May 20, 2025: Scheduled date for the Annual General Meeting (AGM)