Stockholm, Sweden– 23 May 2023 – Cyber Security 1 AB has released its Q1 2023 report, detailing a significant revenue increase (41%) year on year from €9,487k in Q1 2022 to €13,370k in Q1 of 2023.
Gross margin for Q1 is 3% up on the prior year, mainly attributable to the refreshed group strategy around the establishment and utilisation of the Next-Gen Security Operating Centre (SOC) offering, combined with innovative vendor partnerships to increase the company’s margin.
Operating Expenditure for Q1 has marginally increased by €241k compared to 2022, an increase of 9%. The increase reflects the operating costs of the acquisitions business included in the current year not included in the comparative period.
Overall, the combination of increased revenues, improved margin and stricter cost control measures, the business has turned a positive EBITDA result of € 392k compared to a loss in Q1 2022 of € 564k.
“Following the completion of several projects and the implementation of a new corporate strategy, it is pleasing to announce a profit for the opening quarter of 2023. This has derived from increase headline growth, improved margins and easing of initial one-off investments. Building on the back of a year of expansion both organically and through acquisitions, we are starting to see the collaborative opportunities within the three business units of Value-Added Distributions, Advisory and Solutions and our Next-Gen SOC.” comments Robert Brown, Group President of CYBER1.
“With our growth objectives progressing, we believe that these areas will ensure the company is at the forefront of cyber security prevention, detection, and remediation” concludes Brown.
The report is attached to the release, as well as available on our website: https://www1.cyber1.com/investors
Summary Highlights
· Q1 Group total revenue increased year over year by 41%, from €9,487k in Q1 2022 to €13,370k in Q1 of 2023. Organic Growth increased by 9%.
· Gross margin has increased by 3% versus prior year, to 23% in total in Q1 2023.
· Q1 2023 Group EBITDA has equated to a profit of €392k, compared to a loss of €564k in Q1 2022.
· Operating Expenditure in Q1 2023 increased by €241k, a 9% increase compared to Q1 2022. The increase reflects the operating costs of the acquisitions business now incorporated into the business (Trinexia Africa and Trinexia South Africa).
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