SecureWorks Corp - SCWX STOCK NEWS

Secureworks' 2024 State of the Threat Report reveals a 30% year-over-year increase in active ransomware groups, indicating fragmentation in the criminal ecosystem. Key findings include:

- 31 new ransomware groups emerged in the past 12 months
- LockBit remains the most active group with 17% of listings, down 8% from last year
- PLAY doubled its victim count, becoming the second most active group
- RansomHub, a new group, quickly became the third most active

The report also highlights an increase in adversary-in-the-middle (AiTM) attacks and the growing use of AI by cybercriminals. Law enforcement activities have disrupted major ransomware operations, leading to a more fragmented landscape with varying tactics and dwell times.

Secureworks (NASDAQ: SCWX) reported its Q2 fiscal 2025 results, highlighting 7% year-over-year growth in Taegis revenue to $71.2 million. Total ARR increased by 5% to $290 million. The company saw improvements in Taegis GAAP and non-GAAP gross margins, reaching 71.8% and 74.3% respectively. Despite a GAAP net loss of $14.7 million, Secureworks achieved a positive adjusted EBITDA of $1.0 million, marking a significant improvement from the previous year. The company introduced new solutions, including Taegis IDR for identity threat detection and Taegis ManagedXDR Plus. Secureworks updated its fiscal 2025 guidance, projecting total revenue between $328M to $335M and adjusted EBITDA of $6M to $12M.

Secureworks (NASDAQ: SCWX) has launched Taegis™ IDR, a new Identity Threat Detection and Response (ITDR) solution that can discover identity-related risks and misconfigurations in under 90 seconds. This addresses a critical issue affecting 95% of organizations. The solution leverages AI and machine learning to detect, prioritize, and respond to identity-based threats across an organization's environment and the dark web.

Key features of Taegis IDR include:

• Continuous scanning of Microsoft Entra ID environments
• Monitoring for exposed credentials on the dark web
• Detection of abnormal user activities
• Protection against various identity-based threats
• Automated response actions
• Integration with Secureworks' XDR platform

Secureworks (NASDAQ: SCWX) has announced plans to release its second quarter fiscal 2025 financial results on Thursday, September 5, 2024, before the opening of regular U.S. stock market trading hours. The company will host a conference call at 8:00 a.m. Eastern time on the same day to review the results. Investors and interested parties can access a live audio webcast of the conference call on the company's website at https://investors.secureworks.com. For those unable to attend the live event, the webcast will be archived at the same location for future reference.

Coretelligent, a leading IT solutions provider, has joined the Secureworks Global MSSP Partner Program to enhance its cybersecurity offerings. This partnership allows Coretelligent to leverage the AI-powered Secureworks Taegis XDR platform to provide advanced threat prevention, detection, and response services to its mid-market customers.

Key benefits of this collaboration include:

• Upgraded real-time threat detection with cloud-native XDR
• Advanced vulnerability management with risk-based prioritization
• 365 days of live data storage for better visibility
• AI-powered threat intelligence to reduce false positives
• Enhanced cloud and remote support for distributed workforces
• Over 100 automated response playbooks for swift incident containment

This partnership aims to address the growing cybersecurity skills gap and support organizations in strengthening their cyber defenses against an expanding attack surface and evolving threats.

Secureworks (NASDAQ: SCWX) has launched Taegis ManagedXDR Plus, a new Managed Detection and Response (MDR) offering tailored for mid-market companies. This solution addresses the unique security requirements of mid-market organizations, providing customized use cases, compliance reports, and alerting to combat cyberattacks and meet regulatory demands within budget constraints.

Key features include:

• Tailored AI-enriched use cases
• Expanded threat hunting capabilities
• Premium support with named experts
• Proactive security services

Secureworks (NASDAQ: SCWX) announced its financial results for Q1 fiscal 2025, ending May 3, 2024. Taegis™ revenue grew 10% year-over-year to $69.1 million, with annual recurring revenue (ARR) reaching $287 million, up 7%. GAAP and non-GAAP gross margins for Taegis expanded to 71.9% and 74.3%, respectively. Total Q1 revenue was $85.7 million, down from $94.4 million in the previous year, due to the wind-down of the legacy MSS business. GAAP net loss increased to $36.1 million, largely due to a $26.2 million tax deconsolidation impact from Dell Technologies. However, non-GAAP net income was $4.2 million, compared to a non-GAAP net loss of $17.1 million last year. The company ended the quarter with $47 million in cash and no debt. Secureworks also launched new AI-driven network detection and response products and expanded partnerships in Japan.

Secureworks (NASDAQ: SCWX) reported its Q1 fiscal 2025 results, ending May 3, 2024. Key highlights include a 10% YoY increase in Taegis revenue to $69.1 million and a 7% rise in Taegis ARR to $287 million. The company saw a GAAP gross margin of 67.5%, up from 54.7% YoY. However, total revenue declined to $85.7 million from $94.4 million, due to winding down legacy MSS business. GAAP net loss was $36.1 million, driven by a $26.2 million valuation allowance from its tax deconsolidation from Dell, although non-GAAP net income was $4.2 million. New product capabilities and high-profile partnerships in Japan were also highlighted. For Q2 FY2025, revenue is expected to be $80-$82 million.

Secureworks (NASDAQ: SCWX) will release its first quarter fiscal 2025 financial results on June 6, 2024, before the U.S. stock market opens. The company will host a conference call at 8:00 a.m. ET to discuss these results. Investors can access a live audio webcast of the call on Secureworks' investor relations website, where it will also be archived for future reference.