Cybersecurity Pioneer Finjan Holdings Publishes Q2 Financial Update & Key Accomplishments
Established more than 20 years ago, Finjan Holdings, Inc. (NASDAQ: FNJN) is a globally recognized pioneer in cybersecurity. Finjan’s inventions are embedded within a strong portfolio of patents focusing on software and hardware technologies used to proactively detect previously unknown and emerging threats on a real-time, behavior-based basis. Finjan continues to grow through investments in innovation, strategic acquisitions, and partnerships promoting economic advancement and job creation.
Today, Finjan shareholders published a financial update and focus of the Company’s key accomplishments for the second quarter ended June 30, 2019. Additional updates regarding Finjan’s operating subsidiaries and investments were also highlighted and will be discussed during the conference call was held today, August 8th at 1:30 p.m. PT/4:30 p.m. ET. An archived audio replay of the conference call will be available for 2 weeks beginning at 4:30 pm Pacific Time on August 8, 2019 and can be accessed by dialing 1-844-512-2921 and providing access code 10007135. International callers can access the replay by dialing 1-412-317-6671. The call will also be archived on Finjan’s investor relations website.
Phil Hartstein, President and CEO of Finjan stated, “The first half of 2019 marked a period of transition within Finjan in which we changed our executive team, focused on improving the cadence of our licensing program, implemented new litigation strategies, augmented our licensing program for Finjan Blue, and evaluated numerous opportunities that both energize our teams and we believe will build value for our shareholders. Our second quarter was highlighted by bringing Jevan Anderson on board as CFO to help us optimize the future of Finjan, a license and settlement agreement with Zscaler, and unexpected but manageable shifts in our ESET and Juniper litigations, which in keeping with our best practices, we will utilize this interim period to explore global resolutions. We have spent the last two months rigorously exploring new avenues to expand our business. We are confident that we now have a sufficient pipeline of new investment and partnership opportunities ahead in which we can capitalize on our expertise of monetizing IP. Whether through investments, acquisitions, partnerships or joint ventures our focus remains on growth and driving the most value for our shareholders,” concluded Phil Hartstein.
Second Quarter 2019 Financial, Licensing and Litigation, & Finjan Mobile Highlights Provided By Finjan:
- • Revenues of $7.2 million as compared to $17.3 million in revenues for the comparable period in 2018
• Net loss was ($2.0) million or ($0.07) per share as compared to net income of $7.0 million or $0.24 per share for the same period a year ago
• Ended the quarter with approximately $42.6 million in cash as compared to $43.3 million as of December 31, 2018• Finjan, Inc. enters into Patent License and Settlement Agreement with Zscaler on April 30, 2019
• Finjan Blue, Inc. in active license negotiations with a few prospects
• Finjan, Inc. v. ESET, et al.: the October trial and other due dates are off calendar awaiting the Court’s consideration of the parties’ numerous motions for summary judgment
• Finjan, Inc. v. Juniper Networks: On August 2, 2019, the parties filed a Joint Stipulation of Dismissal with Prejudice, dismissing all claims and counterclaims not yet decided, making adjudicated issues ripe for appeal. On August 6, 2019, the Court issued an Order re Proposed Judgment, requesting the parties to “jointly file a proposed judgment by August 8, 2019 at noon.”
Finjan has pending patent infringement lawsuits against Palo Alto Networks, Cisco Systems, ESET and its affiliates, Sonicwall, Bitdefender and its affiliates, Juniper Networks, Check Point, Rapid7 and its affiliates, Fortinet and Qualys relating to, collectively, more than 15 patents in the Finjan portfolio. The court dockets for the foregoing cases are publicly available on the Public Access to Court Electronic Records (PACER) website, www.pacer.gov, which is operated by the Administrative Office of the U.S. Courts.
- Efforts to build consumer awareness and improved user engagement led to downloads surpassing 1.5 million
- Lowered cost per download considerably and increased product revenue, though not yet material
- Continued to develop new security innovations for the mobile consumer and secure patents for those innovations.