SideChannel, Inc.

Management reported fiscal 2025 revenue of approximately $7.4 million, with gross margin near 48%. Revenue was described as relatively flat year over year, and operating expenses were held in check. No EPS figure was stated. Looking ahead, management expects 2026 to be a year of execution and expansion, with stronger commercial and government Enclave pipeline, improved channel execution, and higher-margin Enclave deployments driving growth. They did not provide next-quarter or full-year numerical guidance on this call.

Brian Haugli framed fiscal 2025 as a year of strategic positioning and said the company deliberately invested to set up 2026 growth, especially around Enclave. He emphasized that Enclave is central to long-term strategy and called it the company’s primary growth engine, while services remain important as demand drivers and entry points. His tone was confident and forward-looking, but he repeatedly stressed disciplined spending and execution as the key focus for 2026.

Ryan Polk mostly addressed disclosure limits and balance-sheet questions rather than giving a detailed financial rundown. He said the company does not disclose revenue by quarter or by category, so he would not provide a vCISO versus Enclave split for Q4, and noted that more category commentary would appear in the upcoming Form 10-K. On capital structure, management said there is no current plan for debt or an equity raise, and the company remains comfortable with its zero-debt balance sheet.

The main analyst questions were about whether the company might raise capital or take on debt after warrants expire in early 2026, and about the mix of vCISO versus Enclave revenue. Management said there are no current plans for debt or equity financing, though they may reassess based on Q1 and Q2 performance, and that they are waiting until after April/May next year when the warrants expire. On revenue mix, Ryan Polk said the company will not disclose Q4 revenue by category on this call and directed investors to the upcoming 10-K for more detail.