CISO Global, Inc. reported its financial results for the nine months ended September 30, 2024, revealing a total revenue of $23.3 million, which represents a decrease of $2.4 million compared to $25.8 million for the same period in 2023. For the third quarter alone, revenue was $7.5 million, down from $8.7 million in the prior year.

Despite the decline in revenue, the company experienced an increase in total gross profit for the nine months, which rose to $2.7 million from $1.6 million in the previous year. However, the net loss for the nine months improved significantly to $18.7 million, compared to a net loss of $69.7 million for the same period in 2023. In the third quarter, gross profit was reported at $1.0 million, a decrease from $1.9 million in the same quarter of the previous year.

Operating expenses for the third quarter decreased to $4.6 million from $5.8 million in the prior year, indicating a strategic effort to reduce costs. As of September 30, 2024, the company had cash and cash equivalents of $443,086, an increase from $241,643 at the end of 2023.

Total assets as of September 30, 2024, were reported at $26.6 million, a significant decline from $51.7 million as of December 31, 2023. This reduction in total assets coincided with a decrease in total liabilities, which fell to $23.6 million from $35.5 million during the same period. Consequently, total stockholders’ equity decreased to $3.0 million from $16.1 million at the end of 2023.

As of November 15, 2024, CISO Global, Inc. had 11,821,866 shares of common stock outstanding. The financial results reflect ongoing challenges in revenue generation while highlighting improvements in gross profit and net loss, alongside strategic cost management efforts.