FirstWave - Public Comps and Valuation Multiples

FirstWave Overview

About FirstWave

FirstWave Cloud Technology Ltd is engaged in the development and sale of internet security software. The products of the company include NMIS which is a open source network management software, CyberCision Platform, Email security, Web security among others. The company has one reportable segment being the development and sale of internet security software.

Founded

2010

HQ

Employees

n/a

Website

firstwave.com

Sectors

Cybersecurity
B2B SaaS
Horizontal SaaS

Financials

Last FY Revenue $7.2M

Last FY EBITDA -$3.3M

EV

$14.7M

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FirstWave Financials

In the most recent fiscal year, FirstWave achieved revenue of $7.2M and an EBITDA of -$3.3M.

FirstWave expects next 12-month revenue of XXX and NTM EBITDA of XXX

See FirstWave valuation multiples based on analyst estimates

FirstWave P&L

	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	XXX	$7.2M	XXX	XXX	XXX
Gross Profit	XXX	$5.7M	XXX	XXX	XXX
Gross Margin	XXX	78%	XXX	XXX	XXX
EBITDA	XXX	-$3.3M	XXX	XXX	XXX
EBITDA Margin	XXX	-45%	XXX	XXX	XXX
EBIT	XXX	-$4.2M	XXX	XXX	XXX
EBIT Margin	XXX	-58%	XXX	XXX	XXX
Net Profit	XXX	-$14.8M	XXX	XXX	XXX
Net Margin	XXX	-204%	XXX	XXX	XXX
Net Debt	XXX	$0.4M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

FirstWave Stock Performance

As of May 30, 2025, FirstWave's stock price is AUD 0 (or $0).

FirstWave has current market cap of AUD 22.3M (or $14.3M), and EV of AUD 22.9M (or $14.7M).

See FirstWave trading valuation data

FirstWave Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$14.7M	$14.3M	XXX	XXX	XXX	XXX	n/a

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FirstWave Valuation Multiples

As of May 30, 2025, FirstWave has market cap of $14.3M and EV of $14.7M.

FirstWave's trades at 1.9x EV/Revenue multiple, and -3.4x EV/EBITDA.

Equity research analysts estimate FirstWave's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

FirstWave's P/E ratio is not available.

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FirstWave Financial Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$14.3M	XXX	$14.3M	XXX	XXX	XXX
EV (current)	$14.7M	XXX	$14.7M	XXX	XXX	XXX
EV/Revenue	n/a	XXX	1.9x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	-3.4x	XXX	XXX	XXX
EV/EBIT	n/a	XXX	-2.4x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	n/a	XXX	-1.2x	XXX	XXX	XXX
EV/FCF	n/a	XXX	-4.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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FirstWave Margins & Growth Rates

FirstWave's revenue per employee in the last FY averaged n/a, while opex per employee averaged n/a for the same period.

FirstWave's rule of 40 is unknown (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

FirstWave's rule of X is unknown (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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FirstWave Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	n/a	XXX	XXX	XXX
Rule of 40	n/a	XXX	n/a	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	n/a	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	n/a	XXX	XXX	XXX
Opex per Employee	XXX	XXX	n/a	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	41%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	136%	XXX	XXX	XXX

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