Revenue continues to contract, evidenced by a -13.2% year-over-year decline in 2026Q1, while gross margins remain structurally constrained at 29.3%.
| Sales/Revenue | 25.66M | 26.61M | 30.75M | 57.06M | 46.55M | 15.14M | 7.24M | 1.91M | 641.61K | 601.96K |
| Revenue Growth % | -14.13% | -13.48% | -46.11% | 22.58% | 207.41% | 109.13% | 279.51% | 197.37% | 6.59% | - |
| Cost of Goods Sold | 18.8M | 19.79M | 26.24M | 51.01M | 43.82M | 13.33M | 4.37M | 936.17K | 114.67K | 145.92K |
| COGS % of Revenue | - | 74.37% | 85.34% | 89.4% | 94.15% | 88.06% | 60.29% | 49.07% | 17.87% | 24.24% |
| Gross Profit | 6.86M | 6.82M | 4.51M | 6.05M | 2.73M | 1.81M | 2.88M | 971.76K | 526.94K | 456.04K |
| Gross Margin % | 26.74% | 25.63% | 14.66% | 10.6% | 5.85% | 11.94% | 39.71% | 50.93% | 82.13% | 75.76% |
| Gross Profit Growth % | - | 51.3% | -25.49% | 121.98% | 50.71% | -37.11% | 195.88% | 84.42% | 15.55% | - |
| Operating Expenses | 15.38M | 15.61M | 19.1M | 83.82M | 35.86M | 41.59M | 6.28M | 2.31M | 203.81K | 99.42K |
| OpEx % of Revenue | - | 58.65% | 62.1% | 146.9% | 77.04% | 274.64% | 86.76% | 121.3% | 31.77% | 16.52% |
| Selling, General & Admin | 15.38M | 15.61M | 19.1M | 38.63M | 35.86M | 19.51M | 6.28M | 2.21M | 203.81K | 99.42K |
| SG&A % of Revenue | - | 58.65% | 62.1% | 67.7% | 77.04% | 128.84% | 86.76% | 116.06% | 31.77% | 16.52% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 45.19M | 43.33K | 22.08M | 0 | 100K | 0 | 0 |
| Operating Income | -8.52M | -8.79M | -14.59M | -77.77M | -33.14M | -39.78M | -3.41M | -1.34M | 323.12K | 356.62K |
| Operating Margin % | -33.2% | -33.02% | -47.44% | -136.3% | -71.19% | -262.7% | -47.05% | -70.36% | 50.36% | 59.24% |
| Operating Income Growth % | - | 39.79% | 81.24% | -134.69% | 16.7% | -1067.64% | -153.77% | -515.48% | -9.39% | - |
| EBITDA | -7.26M | -7.41M | -11.88M | -74.4M | -29.82M | -39.36M | -3.28M | -1.33M | 0 | 0 |
| EBITDA Margin % | -28.29% | -27.85% | -38.65% | -130.39% | -64.05% | -259.94% | -45.36% | -69.51% | - | - |
| EBITDA Growth % | 22.05% | 37.64% | 84.03% | -149.53% | 24.25% | -1098.32% | -147.7% | - | - | - |
| D&A (Non-Cash Add-back) | 1.26M | 1.37M | 2.71M | 3.37M | 3.32M | 418.24K | 122.11K | 16.41K | -323.12K | -356.62K |
| EBIT | -3.15M | 1.13M | -16.32M | -77.79M | -33.09M | -38.84M | -3.4M | -1.34M | 323.12K | 356.62K |
| Net Interest Income | -1.11M | -9.2M | -3.58M | -2.88M | -680.92K | -307.36K | -17.15K | -11.85K | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.11M | 9.2M | 3.58M | 2.88M | 680.92K | 307.36K | 17.15K | 11.85K | 0 | 0 |
| Other Income/Expense | 4.24M | 711.12K | -5.32M | -2.9M | -637.59K | 634.37K | -6.4K | -11.85K | 0 | 0 |
| Pretax Income | -4.28M | -8.07M | -19.91M | -80.67M | -33.78M | -39.15M | -3.41M | -1.35M | 323.12K | 356.62K |
| Pretax Margin % | -16.69% | -30.35% | -64.73% | -141.37% | -72.56% | -258.51% | -47.14% | -70.99% | 50.36% | 59.24% |
| Income Tax | 0 | 0 | 0 | -435.68K | -549 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0.54% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -4.28M | -8.07M | -24.24M | -80.23M | -33.78M | -39.15M | -3.41M | -1.35M | 323.12K | 356.62K |
| Net Margin % | -16.69% | -30.35% | -78.84% | -140.61% | -72.56% | -258.51% | -47.14% | -70.99% | 50.36% | 59.24% |
| Net Income Growth % | 81.39% | 66.7% | 69.78% | -137.54% | 13.72% | -1046.87% | -152.02% | -519.15% | -9.39% | - |
| Net Income (Continuing) | -4.28M | -8.07M | -19.91M | -80.23M | -33.78M | -39.15M | -3.41M | -1.35M | 323.12K | 356.62K |
| Discontinued Operations | 0 | 0 | -4.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.14 | -0.42 | -2.03 | -7.22 | -3.64 | -0.31 | -0.03 | -0.01 | 0.00 | 0.05 |
| EPS Growth % | 91.91% | 79.31% | 71.88% | -98.35% | -1074.19% | -926.49% | -141.6% | - | -94.27% | - |
| EPS (Basic) | - | -0.42 | -2.03 | -7.22 | -3.64 | -0.31 | -0.03 | -0.01 | 0.00 | 0.05 |
| Diluted Shares Outstanding | 30.59M | 30.59M | 11.96M | 11.12M | 9.28M | 126.42M | 113.17M | 108.06M | 108.03M | 6.8M |
| Basic Shares Outstanding | 30.05M | 30.05M | 11.96M | 11.11M | 9.28M | 125.62M | 113.17M | 108.06M | 108.03M | 6.8M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | 71% | 69.19% |
Liquidity and operational insolvency
As indicated by the most recent quarterly filings, CISO Global has experienced a sustained revenue decline, with the latest period showing a -13.2% year-over-year contraction, reflecting significant challenges in maintaining its service-based revenue base amidst a highly competitive and fragmented mid-market cybersecurity landscape.
The consistent negative growth trajectory suggests that the company is struggling to replace legacy project-based revenue with recurring managed services. This trend implies that the firm's roll-up strategy may be failing to achieve the necessary cross-selling synergies required to stabilize its top-line performance.
Based on the provided financial data, CISO Global maintains a gross margin of 29.3%, which remains structurally inconsistent with software-infrastructure peers, highlighting the company's reliance on high-cost, labor-intensive service delivery models rather than scalable, proprietary technology platforms that typically command significantly higher profitability profiles.
The inability to expand gross margins beyond the 30% threshold suggests a lack of pricing power and an over-reliance on third-party pass-through costs. Investors should monitor whether the company can transition toward automated service delivery, as current margins appear insufficient to support long-term operational viability.
According to historical income statements, CISO Global has failed to demonstrate meaningful operating leverage, as operating margins remain deeply negative at -23.2%, indicating that corporate overhead and integration costs continue to outpace the company's ability to generate incremental profit from its managed services revenue streams.
The persistent gap between gross profit and operating income suggests that the company's administrative and integration expenses are not scaling efficiently with revenue. This lack of operational discipline may indicate that the underlying cost structure is fundamentally misaligned with the current revenue scale.
As reported in recent financial statements, the company's net income is frequently impacted by significant stock-based compensation, which totaled $293.4K in the most recent quarter, further complicating the assessment of true operational performance and masking the underlying cash-burn characteristics of the business model.
The reliance on equity-based incentives in a period of declining revenue and negative net income warrants caution, as it may dilute shareholder value without a clear path to profitability. Analysts should adjust for these non-cash expenses to better understand the true economic cost of the firm's human capital strategy.
Financial records suggest that CISO Global's reliance on a boutique, high-touch service model creates a fragile competitive moat, as the company's -33.02% operating margin indicates that the cost of retaining specialized talent may be unsustainable without a significant shift toward proprietary, scalable software solutions.
Short-sellers would likely focus on the company's limited cash reserves and the potential for client churn if key personnel from acquired entities depart. The current financial profile suggests that the firm is highly vulnerable to any disruption in its ability to secure new, high-margin consulting engagements.
Quick answers to the most common questions about buying CISO stock.
For fiscal year 2025, CISO Global Inc. (CISO) reported total revenue of $26.6M. This represents a 4319.9% increase compared to $0.6M in 2017.
CISO Global Inc. (CISO) reported a net loss of $8.1M for the fiscal year ending 2025.
CISO Global Inc. (CISO) reported an operating income of $-8.8M, resulting in an operating profit margin of -33.0%. This margin reflects the operational efficiency of the business before interest and taxes.
CISO Global Inc. (CISO) generated $6.8M in gross profit for the year, representing a gross profit margin of 25.6%. This demonstrates the company's core pricing power and production efficiency.