CISO Global, Inc.CISO

CISO Global, Inc. burned $1.6 million in the quarter to 31 March 2026 while sales slipped to $6.2 million and cash fell to $640,075, yet its website still shows smiling cybersecurity professionals in hoodies and stock photos of glowing dashboards. The slide deck is immaculate; the bank balance is not. Net cash used in operations was $879,816, pushing the operating loss to $1.4 million and leaving shareholders staring at a diluted EPS of negative four cents on 45.2 million shares.

CISO pitches a cybersecurity platform, managed IT services, audit and compliance, and red-team penetration tests as a turnkey security stack. The product pages promise tailored solutions from global leaders, 24/7 monitoring, and certified experts who simulate advanced threats and map vulnerabilities. The trouble is, the latest 10-Q shows managed services revenue down 14% to $5.4 million and services revenue down 15% to $481,000, all while the company tells investors it is leaning into internally developed software products. Translation: the shop is pivoting hard into selling its own code, presumably because third-party margin was too thin to keep the lights on.

The balance sheet at 31 March 2026 lists $23.8 million of assets against $8.1 million of liabilities, giving shareholders’ equity of $13.8 million. Cash and equivalents stood at $640,075, down from $1.5 million three months earlier. Capital expenditure was a trivial $8,911, meaning the cash haemorrhage came from operations, not growth capex. Diluted weighted average shares outstanding rose to 45.2 million as the company funded its shortfall with equity rather than cash flow. On 6 July 2026, CISO announced a $5 million credit facility priced at 12%, a facility that costs more per year than the company’s current cash balance.

The same week, two Forms 4 disclosed director share purchases, a disclosure designed to signal conviction. The optics are polished; the balance sheet is not. The company’s platform page, managed services page, audit and compliance page, and penetration testing page all feature the same blue-generic hero images and smiling professionals, a visual cue that still cannot paper over the numbers in the 10-Q filed 14 May 2026.

On 8 April 2026, CISO filed an 8-K disclosing a $5 million credit facility at 12% interest, and on 6 July 2026 it filed two Forms 4 showing insider purchases. The website still advertises cybersecurity platforms, managed services, audit and compliance, and penetration testing as a seamless stack; the cash-flow statement still shows a net outflow from operations of $879,816 for the quarter.

For the curious, the full SEC filing index and the XBRL company facts are available, but the punchline is already visible on page one of the latest 10-Q. If the pivot into internally developed software products is to justify the valuation, investors will need to see gross margin expansion and cash conversion, not more brochures.