Stockholm, Sweden– 15th November 2023 – Cyber Security 1 AB has released its Q3 2023 report, detailing year to date revenue growth of 11%, recording €8,858k in revenue for the third quarter. Year to date margin has also increase by 22%, through increased Next-Gen Security Operations Centre (SOC) sales, combined with growing vendor commercial partnerships.
Summary Highlights:
• Group revenue for Q3 2023 was €8,858k (Q3 2022: €11,325k). Quarterly revenues were aligned with anticipated pipeline conversion across the business units, combined with a total restructure in the Middle East region coupled with a few large key deals that have had delays in procurement, moving into the fourth quarter.
• Year to date Group revenue has increased (11%) year on year from €30,592k in Q3 2022 to €33,914k in Q3 of 2023. This continues to be a combined achievement of our own organic growth together with customer acquisition and the deployment of new technologies. The group continues to maintain the benefits of their investment spend in 2022.
• Gross margin for Q3 2023 YTD has improved by €1,325k (22%) in the current period under review. This steady growth continues to be a combination of the groups refreshed strategy of the establishment and utilisation of the Next-Gen Security Operations Centre (SOC) offering, combined with innovative vendor partnerships to increase the company’s margin.
• Operating Expenditure for Q3 2023 YTD has significantly decreased (€603k) when compared to 2022, a decrease of 7% as part of its focused cost containment measures. Regardless of the delayed revenue growth in Q3 the business has an improved EBITDA result of € -760k compared to a loss in Q3 2022 of € 2,607k.
Commenting on the quarterly results, Executive Director and President Robert Brown stated: “From a year-to-date perspective, we have shown strong overall growth of 11%, whilst tightening operational expenditure and focus on margins. This has led to an EBITDA improvement of nearly €2m versus Q3 YTD 2022. This sets CYBER1 in a strong position moving into Q4, which is traditionally the Group’s strongest quarter. As the Group moves into the final quarter of the year, CYBER1 continues to focus on its main strategic growth initiatives, including our vendor engagements, C1 SOC proliferation, expansion of our DevSecOps sales and development of our key partnerships.”
The report is attached to the release, as well as available on our website: https://www1.cyber1.com/investors
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