CISO Global (NASDAQ: CISO), an industry leading cybersecurity and compliance provider, was featured in a recent equity research report published by Cantor Fitzgerald. The report, titled “Consistent 1Q23 Execution Adjusting for Non-Cash Related Charges/Noise,” adjusts Cantor’s 12-month price target to $1 from $2 due to volatile trading conditions while emphasizing CISO’s consistent business execution and its solid start to 2023.
The publication reads, “As the focus in 2023 is on profitable growth, free cash flow was at -$2.3M, an improvement of over half a million dollars q/q and by +$800K better versus 1Q22. We attribute the FCF improvement realized to efficiency optimization on the best-in-class operations team, in our view. Deferred revenue growth continued on its accelerating path expanding >1.1x y/y to clear $4 million again, an indication the company is making headway into the large enterprise accounts. The cybersecurity talent labor imbalance continues to pivot to a shortfall, and the condition has not materially improved since last year, as we expected it would. The industry secular tailwind is supporting strong fundamentals in a recurring revenue rate of >62% on a TTM basis and a new logo retention rate of over 90%. On balance, we believe team CISO Global is starting 2023 in consistent execution despite the ongoing macro challenges and volatile trading conditions impacting the general software sector; however, we envision the company will accelerate at a healthy pace of 40-50% organically through 2023-24.”
To view the full report, visit https://ibn.fm/j4ufm
About CISO Global Inc.
CISO Global is an industry leader as a managed cybersecurity and compliance provider. The company is rapidly expanding by acquiring world-class cybersecurity, secured managed services, and compliance companies with top-tier talent that utilize the latest technology to create innovative solutions to protect the most demanding businesses and government organizations against continuing and emerging security threats and compliance obligations. For more information about the company, visit www.CISO.inc.
NOTE TO INVESTORS: The latest news and updates relating to CISO are available in the company’s newsroom at https://ibn.fm/CISO
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