@Stuey727 can't say that I have done any work on a Strawman level but have been following since late 2020 and a small holding in RL.

Market Index has a good Deep Dive. AGM presentation is a good source of info

Dec 20 Stock Doc Podcast

I first came across WHK in a couple of interviews with the founder and CEO Terry Roberts who spoke well and the company looked in a good position to ride the cyber security thematic wave. Much was made of CEO's connections and history as a way of securing multi year contracts with US Government / Defence.

The company had low overheads and as a platform was not involved in the expensive arms race of providing the cyber security but supplying an ability for organisations to identify their risk and source appropriate solutions.

COVID and the change over in US administration has slowed the completion of the US contracts but there does appear to be light at the end of the tunnel as outlined in their latest report. They were also a vendor through the platform for SolarWinds at the time of the Hack and this may have dented confidence in the sector as a whole.

Agreements to allow WHK to utilise Amazon Web Services to provide Cyber risk scorecards and be provided as part of Dunn and Bradstreets offerings provide potential scale.

I saw at the time the biggest potential as being a one stop shop for businesses to become compliant with their cyber security obligations.

The initial excitement on the back of these interviews and other press saw the SP rise to 44c but when the contracts failed to materialise the SP slumped.

The Feb 22 announcement about "Master Service Agreement & New Contract SaaS platform subscription valued at USD$1.5M follows a recently completed 60-day paid proof of concept, where WhiteHawk was contracted to provide Cyber Risk Radar in support of 3rd Party/Cyber - Supply Chain Risk Management (C-SCRM). • New client is a Fortune 100 US-based global social media company • Annual subscription includes continuous Cyber and Business Risk Monitoring (Tier 1), One-time (Tier 3) Cyber Risk Scorecards and Business Risk Reports, all mapped to an interactive Vendor Risk Management Dashboard." gave the SP a boost and is the main reason for the significant improvemet in the financials.

According to the latest report there are three more proof of concepts (POC) ongoing so there is potential for some revenue there.

Recent interview

The company is small but seems to have a niche product with good margins and is scalable. There is significant Key personnel risk should Terry Roberts leave but she holds 9.7% of the shares and as founder this would seem unlikely. I don't think it will ever compete with the global cyber security companies but has the potential to be a solid FCF +ve business.

Hard to do a valuation as it is very much a potential growth stock

Sure @laoshi, the wording is a standard legal statement justifying why certain details have been withheld from their report, and just means that they don't want to publically disclose stuff they're working on or developing.  In this particular case, we're talking about a cybersecurity company whose business is to stay one step ahead of the hackers and criminals who are trying to attack their clients computer systems, or if they can't stay ahead of them, to react very quickly to threats and provide fixes for their clients to problems that occur because of vulnerabilities in their systems that have been exploited.  It is therefore understandable that they don't want to discuss products that they have in development, because telling the market what they're working on just alerts hackers and criminals to that information.  

It's not just stuff they may be working on, it also may include companies that they are running their ruler over with an eye to taking them over or merging with them, or details of a larger player who may be having a good look at Whitehawk as a possible acquisition (takeover).  In the case of M&A (mergers and acquisitions), it is always best to keep quiet about what's going on until such time as there is something concrete to announce, because otherwise it creates speculation about possible events which may or may not occur, and can also attract other interested parties who may then bid for assets that WHK are trying to purchase and thereby drive up the price, potentially resulting in WHK paying more than they might otherwise have paid.  In the case of someone who is looking to takeover WHK, if that were to happen, WHK may have an agreement with that party/company to keep quiet about their interest until they have finished their DD (due diligence) and lodged a formal bid, and if the interest was made public, the potential bidder might walk away.  These are all simply examples of various scenarios in which a company may choose not to provide the market with details of "likely developments in the operations of the Group". 

When they say "could result in unreasonable prejudice", that is legal speak for anything that the company may consider would not be in their own best interests.  So the statement could cover a number of possible scenarios and it's probably a waste of time trying to speculate about what they are referring to.  Some companies just say that because they don't want to bother giving details of what they've got cooking, and some will say that because they don't have much cooking at all and don't really want the market to know that.

Edit: Additional:  Yeah, and capital raisings - that's another reason why companies might say that - if they're planning to raise fresh capital, coz if word gets out before they're ready to go with a new CR - it might cause sentiment to wane and the share price to fall, which would mean they would likely have to raise at a lower price, or raise less.  Always best to keep your powder dry until you've got all your ducks lined up.

Thanks, @Bear77, brilliantly detailed response. Wow! Really appreciate the time and effort.

It was my observation earlier in the year that there were some positive sounding statements regarding a Government contract, but then not the concrete results to follow - I'm not sure if I'd give much weight to vague positive statements, though who knows. 

That revenue growth is impressive though. 

DISC: Not held currently, sold a very small position earlier in the year.