Palo Alto-based Cybersecurity Firm Finjan Recently Provided A Year-End 2018 Shareholder Update
Palo Alto-based Finjan (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.
Recently, Finjan provided shareholders with a financial update and focus of the Company’s key accomplishments for the full year ended December 31, 2018.
Phil Hartstein, President, and CEO of Finjan Holdings stated, “2018 marked the closing of an important chapter in Finjan’s history by completing a number of legacy licenses and settlements stemming from disputes that began well prior to becoming a public company. While the second half may have been quiet on the closing of further settlements, we remained actively engaged with prospective licensees while maintaining our expectation for fair value and vigorously defending our pioneering patents. While some expected licenses did not occur at the close of 2018, we are not concerned and maintain that our long term business model thesis remains intact. 2019 has begun with positive momentum with a number of positive Claim Construction orders as several Northern District Judges recognized that Finjan has time and time again proved the value of its patents. While we are aware of the time element needed to move these court procedures forward we see a number of upcoming catalysts. We have a proven pioneering patent portfolio, a number of paths to achieve growth and the right team in place to execute. Concurrently, we remain focused on our rebranded InvinciBullTM VPN with the launch of our promotion engine and the continued exploration of strategic options for the future of Finjan to drive shareholder value.”
Here are the reported financial highlights for the Full Year 2018:
- Revenue totaled $82.3 million as compared to $50.5 million for the comparable period of 2017, an increase of 63% year-over-year
- Net income was $19.8 million or $0.72 per share as compared to $17.9 million or $0.71 for the same period a year ago
- Ended the year with approximately $43.3 million in cash as compared to $41.2 million as of December 31, 2017
Here are the reported financial results for Q4 of 2018
- Net loss was ($7.8) million or ($0.28) per share compared to a net income of 13.9 million or $0.50 per share for the same period a year ago
- Received $1.3 million in the quarter, from prior contracted licensing agreements in accounts receivable
Here are the reported IP Licensing and Settlement Updates that were provided:
- October 1, 2018: Filed a complaint against Rapid7 and its affiliates
- October 26, 2018: Filed a complaint against Fortinet
- November 29, 2018: Filed a complaint against Qualys
- Actively involved in approximately 20 negotiations with prospective licensees
- Engaged in settlement discussions with a number of defendants
Hee is the enforcement update and schedule provided:
- Juniper (3:17-cv-05659): Hearing scheduled for May 2, 2019
- Zscaler (3:17-cv-06946): Markman scheduled for May 28, 2019
- Checkpoint (3:18-cv-02621): Markman scheduled for June 2, 2019
- Rapid7 (1:18-cv-01519): Markman scheduled for October 18, 2019
- ESET (3:17-cv-00183): SDCA trial scheduled for October 29, 2019
- Finjan has pending infringement lawsuits against Palo Alto Networks, ESET and its affiliates, Cisco Systems, Sonicwall, Bitdefender and its affiliates, Juniper Networks, Zscaler, Check Point, Rapid7 and its affiliates, Fortinet and Qualys relating to, collectively, more than 20 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.
Here is the Finjan Mobile update the company provided:
- Launched Promotion engine within our InvinciBull VPN which helps lower advertising spend, allow us to engage with our install base and broaden our reach
- Cost per acquisition of new paid subscribers continues to decrease
- Seamlessly integrated Anonymizer user base from Ntrepid Corporation
Finjan management also conducted a conference call also recently which is now archived as an audio replay of the conference call which will be available for 2 weeks beginning at 4:30 pm Pacific Time on March 13, 2019, and can be accessed by dialing 1-844-512- 2921 and providing the access code 10006321. International callers can access the replay by dialing 1-412-317-6671. The call will also be archived on Finjan’s investor relations website.