Secureworks has announced financial results for its first fiscal quarter, which ended on May 1, 2020.
Highlights included:
• 40 percent sequential growth in annual recurring revenue from its Red Cloak Threat Detection and Response (TDR) software and Managed Detection and Response (MDR) offerings.
• Record quarterly incident response revenue, as Secureworks leveraged its resilient workforce to help global customers safely operate in their evolving remote landscapes.
• Net loss of $0.09 per share and non-GAAP net income per share of $0.03 improved over the first quarter of fiscal 2020.
• GAAP net loss of $7.5 million in the first quarter of fiscal 2021, down from $8.3 million in the first quarter of fiscal 2020.
“I’m proud of how we helped customers secure their business landscape while continuing our transformation to a software company with security at its core,” said Michael R. Cote, Chief Executive Officer of Secureworks. “Ultimately, we’re keeping our customers around the world safer, as we successfully transitioned to a remote workforce.”
“We’re pleased with our first quarter fiscal 2021 results and our continued momentum, with a year-over-year reduction in GAAP net loss, and year-over-year improvement in adjusted EBITDA and GAAP and non-GAAP gross margin,” said Paul Parrish, Chief Financial Officer of Secureworks.
Highlights include:
• During the first quarter of fiscal 2021, differentiated customer value drove continued momentum in the Company’s SaaS-based solutions, with 40 percent sequential growth in annual recurring revenue from its Red Cloak Threat Detection and Response (TDR) software and Managed Detection and Response (MDR) offerings.
• The Company and its Red Cloak TDR software cloud-native SaaS application earned high marks in the MITRE ATT&CK Evaluation of 21 vendor solutions conducted by independent cybersecurity authority The MITRE Corporation. Secureworks’ TDR offering performed well across the visibility and detection threat landscape, particularly in its ability to make early threat detections.
• Secureworks continued to advance its delivery of software-based solutions to customers with new support for VMware Carbon Black Cloud endpoints; a new MDR Manager Dashboard, providing customers with full transparency into how the software is performing on their behalf; advanced search capabilities that now aid customers in threat hunting; nearly 40 additional security telemetry integrations; and expanded security analytics and detectors.
• The Secureworks team responded to COVID-19 market demands by quickly pivoting to remote delivery methods and a nearly 100 percent remote workforce, continuing to deliver the Company’s products and solutions seamlessly to its worldwide customer base.
• In response to the global pandemic, Secureworks brought new capabilities – including remote access vulnerability assessment, flexible incident management retainers, and security assessments – to customers.