WhiteHawk shares soar 88% after US contract wins

Shares in WhiteHawk soared from 6.4 cents to 12 cents, in three days of trading, after the Perth-based cyber security announced it had secured two contracts in the United States.

On Wednesday, WhiteHawk won a contract with an unnamed company based in the US state of Virginia as part of a $2 billion contract for an unnamed federal government department.

WhiteHawk’s contract is for one year, with four options years, and will involve providing a cyber risk management framework and cyber intelligence advice.

Revenue in the first year is expected to be between US$300,000 to US$600,000, and is forecast to grow to US$1 million to US$3 million in the following four years.

Today, WhiteHawk announced it won a contract with Prime, another Virginia-based company, as part of a works for a separate, unnamed federal government department.

The contract is for one year, with six option years, and WhiteHawk’s scope also primarily revolves around cyber risk management framework.

Each year, the WhiteHawk’s contract is expected to bring in US$150,000 to US$300,000 per year in revenue.