Stockholm, Sweden– 31 March 2025 – Cyber Security 1 AB has released its H2 2024 report, recording revenue results of €21,342k in H2 2024.
Summary Highlights
Group revenue has decreased (23%) year on year from €27,826k in H2 2023 to €21,342k in H2 of 2024. The challenging business conditions within Trinexia DMCC, have amplified the results negatively in H2 2024. The delay of larger government tenders in South Africa and within the enterprise business space more broadly, has further led to an extended pipeline movement into Q1 of 2025. The Board and Management have made swift decisions to downsize the distribution portion of the Middle East entity, enabling further investment into the African and Southern African entities (that continue to be profitable).
Overall, for the year and given the strong performance in H1 of 2024, the total yearly revenue for 2024 has marginally reduced by 5.38%, versus full year revenue in 2023.
The gross margin for H2 2024 decreased slightly by 3% in the current period under review. This is mainly deriving from the delay in services being implemented, that contributes to an overall higher margin. With the growth of the Security Operation Center (Maidar Secure) and the delivery of additional implementation and managed services, the company anticipates an improved margin blend moving into 2025.
Operating Expenditure for H2 2024 has increased by €1,262k compared to H2 2023 across the six month period. The additional investment has been related to growth areas of the business that intend to realise greater profitability in 2025. Moving into 2025, the company has already undertaken a streamlining of operations in areas where leveraging economies of scale between business units can be further realised, to ensure that investments are being allocated to business hubs that have performed well consistently over the last twenty-four months. Owing to circumstances above, the H2 2024 EBITDA of – €1,746k vs €228k in H2 2023.
“The second half of the year has presented a number of challenges, with revenue slightly trailing behind the full prior year for 2024. The primary factors have been the underperformance of Trinexia DMCC’s overall contribution for 2024, deal slippage in both government and enterprise, combined with pressure on margins for deals that were successfully closed. Additionally, marginally increased costs have impacted profitability, further emphasizing the need for a sustainable long-term strategy.” Comments Robert Brown, Group President of CYBER1.
“Looking ahead, we remain optimistic about the opportunities within our industry, despite the near-term challenges. Market demand continues to evolve, presenting new avenues for growth, particularly in emerging technologies and value-driven solutions. Our expansion in Europe is a key pillar of our long-term strategy, and continued investment in this region will be critical to our future prosperity. At the same time, we are reinforcing our commitment to Southern and wider Africa, which remain our core markets of focus. As economic conditions stabilise and tender processes resume, we are well-positioned to capitalise on these opportunities. By executing our strategic transformation and leveraging our strengths across key regions, we are confident in our ability to drive sustainable growth and deliver long-term value to stakeholders.” Concludes Brown.
The report is available on our website: https://cyber1.com/investors
For further information, please contact:
Public Relations :
[email protected]
Mangold Fondkommission AB is the Company’s Certified Adviser.
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 €50.06m in 2024.
For further information, please visit www.cyber1.com/investors.
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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 2025-03-31 17:45 CEST.