Stockholm, Sweden– 09 August 2022 – Cyber Security 1 AB recording €19.5m revenue in H1 2022 for the period, which is an increase of 22% compared to the same period last year.
During the second quarter, the company reached the milestone of completing the commitments around the reconstruction process, following the settlement of the creditors composition. “The journey in reimagining CYBER1 into the company it is to-day has been a truly transformational process for the business. All of our resources will now be focused on growing the business, comments Robert Brown Group President. The company’s top line expansion continues on track with 21%, and the approach to acquire an expanded customer base is under-pinned by a long-term strategy to generate sustainable profitability for the company. “The short-term impact has equated to a reduction in overall EBITDA in H1 of 2022, primarily from the Q1 results flowing through into the half year point in time. However, our historical trends see that H2 is particularly strong, and the business units are all working to develop robust pipelines to execute for the second half of 2022”, concludes Robert Brown.
Summary Highlights
- H1 Group revenue increased year over year by 22%, from €16.0m in H1 2021 to €19.5m in H1 of 2022.
- Gross margin continues to come under pressure and has reduced by 7% year on year.
- H1 2022 Group EBITDA loss of €1,405k, compared to a profit of €386k in H1 of 2021.
- Operating Expenditure for H1 has increased by €1.6m compared to H1 2021, an increase of 38.6%. It is noted that the main reason for this increase is the investment in software, people and equipment for the newly formed Secure Operating Centre (SOC). Administrative costs have increased by 11.7% year on year.
For further information, please contact:
Public Relations Contact:
Christer Lundin :
E-mail: [email protected]
Mangold Fondkommission AB is the Company’s Certified Adviser.
Phone: +46 (0)8 503 015 50
E-mail: [email protected]
About CYBER1
CYBER1 is engaged in providing cyber resilience solutions and conducts its operations through presences in Sweden, South Africa, United Arab Emirates, Kenya and the UK. Listed on Nasdaq First North Growth Market (Nasdaq: CYB1.ST), the Group delivers services and technology licenses to enhance clients’ protections against unwanted intrusions, to provide and enhance cyber resilience and to prevent various forms of information theft. CYBER1 had revenues of €37.22m in 2021. For further information, please visit www.cyber1.com/investors. For all company filings and reports, please visit: https://www1.cyber1.com/cyber1-investor-information/
This information is information that Cyber Security 1 is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 0930 CEST.
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