- With added turnover from its iQ3 business, Tesserent (TNT) posted a record performance in the second quarter of financial 2021
- Sales for the period reached $21.4 million, representing a 41.7 per cent increase compared to the quarter before
- The company’s annual turnover run-rate is now more than $110 million and expected to grow to $150 million by the end of the financial year
- As of December 31, the company had $7.9 million in cash and boasts a strong financial position
- Tesserent is down 2.86 per cent to $0.34 per share
With added turnover from its iQ3 business, Tesserent (TNT) posted a record performance in the second quarter of financial 2021.
The cybersecurity provider recorded $21.4 million in sales for the three months ending December 31, representing a 41.7 per cent increase compared to the prior quarter.
Its operational earnings before taxes, interest, depreciation and amortisation (EBITDA) also grew 248 per cent to $1.41 million from just $405,000 in the first quarter.
Tesserent’s annual turnover run-rate is now estimated at more than $110 million, which is expected to grow to $150 million by the end of the financial year, thanks in part to the expected completion of future acquisitions.
“Strategic acquisitions remain a cornerstone of Tesserent’s growth strategy,” the company said today.
“As previously stated, the underlying core philosophy is to acquire quality cybersecurity assets that are complementary to the Cyber 360 strategy and incrementally earnings per share (EPS) accretive.”
Pursuant to that strategy, Tesserent unveiled its plan to acquire Lateral Security in December, as well as the Optic Security joint venture in November, which represent the company’s first step into the New Zealand market.
Through its Cyber 360 strategy, the aim is to establish a one-stop-shop that provides a complete end-to-end cybersecurity solution for the company’s clients.
This includes delivering its services to an increasing number of Australian organisations, integrating acquisitions to maximise efficiencies, focusing on capturing a greater share across the government, critical infrastructure and banking and finance sectors, and building out high-value recurring annuity revenue streams.
Tesserent says it also plans to pursue expansion opportunities both within its intellectual property portfolio and geographically, throughout the U.S., the U.K., New Zealand and Canada.
Tesserent is down 2.86 per cent to $0.34 per share at 3:30pm AEDT.