WhiteHawk Secures $920M US Government Cybersecurity Subcontract, Boosts Revenue

Strong Contract Wins Drive Momentum

WhiteHawk Limited (ASX: WHK), a pioneer in online cybersecurity exchange services, has reported a robust first quarter for 2025, marked by significant contract renewals and new awards that underscore its growing footprint in both commercial and government sectors. The company invoiced US$382,000 during the quarter and held US$207,000 in receivables as of 31 March.

A highlight was the renewal of a two-year contract valued at US$2.4 million with a major global social media company, which commenced on 1 January 2025. This contract involves third-party risk management services, including risk monitoring and platform integration, reinforcing WhiteHawk’s role in safeguarding critical digital ecosystems.

Landmark US Federal Government Subcontract

WhiteHawk secured a key subcontract position on a massive US$920 million, 10-year U.S. federal government contract vehicle known as the GSA SCRIPTS Blanket Purchase Agreement (BPA). This contract enables federal agencies to rapidly acquire advanced supply chain risk management tools and services. WhiteHawk’s AI-powered SaaS and PaaS solutions provide continuous cyber risk data, analytics, and automated assessments, positioning the company as a strategic partner in federal cybersecurity efforts.

Task orders under this contract are expected to commence in May or June 2025, with WhiteHawk competing among only eight selected teams, highlighting its competitive edge in this critical market.

Expanding Cyber Risk Programs and Partnerships

The company also advanced multiple cyber risk program contracts, including renewals with Georgetown University and Cailabs, and new engagements such as the City of Atlanta’s first city-wide Cyber Risk Radar contract valued at US$92,000. Additionally, WhiteHawk initiated a 120-day cyber risk program to support global track league sporting events and expanded its partnership pipeline with Hathaway Global Strategies and the Zura Group.

WhiteHawk’s OSINT-PAI product line, featuring the Global Entity Illumination tool, continues to evolve with ongoing submissions to U.S. federal open contract vehicles, reflecting the company’s commitment to innovation in open-source intelligence and cyber risk analytics.

Financials and Capital Position

Despite operational progress, WhiteHawk reported net cash outflows from operations of US$414,000 for the quarter, with average monthly operating expenses of US$256,000. To bolster its financial position, the company completed a second tranche placement on 4 April 2025, raising A$535,000 (approximately US$335,605), aimed at supporting ongoing operations and growth initiatives.

Cash and cash equivalents stood at US$599,000 at quarter-end, with management expressing confidence in increased net operating cash flows in the coming quarter, driven by recently secured contracts and the capital raise.

Outlook and Strategic Positioning

WhiteHawk’s outlook remains positive, with a strong pipeline of U.S. federal, state, and local government opportunities. The company is actively responding to requests for proposals (RFPs) including from DARPA and the Office of the Secretary of Defense, aiming to deepen its footprint in national security and defense cybersecurity domains.

Strategic collaborations with partners like Knexus Research LLC, Babel Street, and Dun & Bradstreet have enhanced WhiteHawk’s AI-driven supply chain illumination tools, further differentiating its offerings in a competitive market.