Data443 Risk Mitigation Inc (OTCMKTS:ATDS) Stock Soars After Earnings Update

Data443 Risk Mitigation Inc (OTCMKTS:ATDS) was one of the many companies which had come on to the news cycle on Tuesday after it announced its financial results for the first fiscal quarter. It is a privacy software and data security company, which describes itself as ‘All Things Data Security’.

Trading Data

On Tuesday, ATDS stock rose 44.48% to $0.0419 with 215.62K shares, compared to volume of 105.66K shares. The stock moved within a range of $0.0330 – 0.0419 after opening trade at $0.0330.

Data443 Reports 125% Increase in Revenues, 184% Increase in Gross Profit for Q1 2023

The company announced that its revenues went up by as much as 125% year on year and the gross profits shot up by as much as 184%. The remarkable performance from Data443 Risk Mitigation was capped off by the drop in net losses by 60% on a year on year basis.

The total revenues came in at $1,138,000 in the three month period that ended on March 31, 2023 and that was a massive improvement on the revenues of $613,000 in the prior year period. Data443 Risk Mitigation noted that the organic growth in revenues from existing customers, addition of new customers and high rate of renewal had been some of the major factors behind the growth.

General and administrative expenses went up to $1,401,000 from $974,000 in the prior year quarter. The rise was attributed to the rising costs of professional service fees.