WhiteHawk Secures $2.4M Renewal Amid Expanding Cybersecurity Footprint

Strong Revenue and Contract Renewals

WhiteHawk Limited (ASX: WHK), a pioneer in online cybersecurity exchanges, closed the fourth quarter of 2024 with a revenue of US$718,000, contributing to a year-to-date invoicing total of US$2.5 million. The company’s financial momentum was bolstered by the renewal of a significant two-year contract worth US$2.4 million with a global social media giant, ensuring steady revenue through to the end of 2026.

This renewal underscores WhiteHawk’s growing footprint in delivering third-party risk management and cyber architecture services, highlighted by the successful integration of automated API onboarding and risk data retrieval for the client.

Expanding Partnerships and Pipeline

Beyond this marquee deal, WhiteHawk is actively cultivating new business avenues. The company has submitted proposals with the Zura Group, a global security firm, with potential contracts valued at $780,000 annually and $450,000 for six months, currently under client review. Additionally, WhiteHawk is responding to government RFPs, including a $500,000 cybersecurity services bid from the State of Ohio and a cyber-supply chain risk management proposal for the City of Atlanta.

Academic collaborations also feature prominently, with successful pilots and follow-on contracts at the University of South Florida and a new initiative with the University of Southern California, San Diego, supporting cybersecurity monitoring and research.

Innovative Product Development and AI Integration

WhiteHawk is advancing its product portfolio with the launch of an AI-enabled Open-Source Intelligence (OSINT) product line, developed in partnership with Norwich University Applied Research Institute. This new offering leverages AI and machine learning to illuminate digital entities and provide actionable intelligence, aligning with the company’s vision of empowering a fearless internet.

The company’s Cyber Risk Radar platform continues to gain traction, particularly within U.S. federal government contracts, where WhiteHawk provides continuous monitoring, alerting, and vendor risk management services.

Financial Discipline Amid Operational Challenges

Despite these growth initiatives, WhiteHawk reported a net cash loss from operations of US$84,000 for the quarter. The company maintained tight control over expenses, averaging US$267,000 per month, and implemented salary reductions for select employees in anticipation of 2025. Cash and cash equivalents stood at US$1.085 million at quarter-end, supplemented by an unused credit facility of US$585,000, providing nearly 20 quarters of funding at current burn rates.

Payments to related parties, including key management personnel, were disclosed at US$159,000 for the quarter, reflecting ongoing governance transparency.

Outlook and Market Positioning

WhiteHawk’s pipeline remains robust with multiple government and commercial opportunities in progress, including responses to DARPA and Department of Defense initiatives. The company’s strategic focus on AI-driven cybersecurity analytics and expanding SaaS offerings positions it well to capitalize on increasing demand for sophisticated cyber risk management solutions.

As WhiteHawk navigates the evolving cybersecurity landscape, its ability to convert pilot programs into long-term contracts and manage operational cash flow will be critical to sustaining growth and shareholder value.