Narf Industries, a leading cybersecurity company, announced on Tuesday that its pretax loss for the year 2022 had widened despite an increase in revenue. The company also stated that the suspensions on its shares would be lifted shortly after the publication of its audited 2022 results.
The pretax loss for Narf Industries increased from $770,579 in 2021 to $18.4 million in 2022. This significant loss was mainly attributed to a one-time charge of $15.4 million related to the reverse acquisition takeover that took place in March of the previous year.
The company’s operating loss for 2022 was reported at $2.6 million, compared to a loss of $900,000 in the previous year. However, there was a positive note in terms of revenue, with Narf Industries experiencing growth from $1.9 million in 2021 to $2.5 million in 2022.
As of the end of 2022, Narf Industries had a backlog of $10.4 million in contracts that were still in progress. The company expects approximately $5.9 million of this backlog to be realized in 2023, indicating potential future growth.
Shares in Narf Industries had been suspended due to the delay in issuing audited results for 2022. However, with the publication of the results on Tuesday, the company anticipates that the suspension will be lifted within a few days.