Stockholm, Sweden– 28 February 2023 – Cyber Security 1 AB records €16.2m revenue in Q4 2022 for the period, which is an increase of 38% compared to the same period last year.
Material investment has been made for the implementation of the company’s strategy. CYBER1 has started the process for gaining accreditations and building further the infrastructure for its Next-Gen SOC, laying the foundation for a wider commercial scope for engagements in key target regions. CYBER1 has also provided additional resources for technical capabilities across the Group, to facilitate newly acquired commercial territories for key vendors.
“The results from the quarter have seen an overall revenue increase of 38%. The acquisition of further customers will provide an opportunity for additional products and implementation services in 2023. We have already proven the ability to deliver our SOC as a service globally, with our intention now to expand our customer base and provide a highly skilled and accredited offering at an affordable price across several continents.” Comments Robert Brown, Group President of CYBER1.
- Group revenue increased year on year by 38%, from €11,779k in Q4 2021 to €16,242k in Q4 of 2022. This has been achieved primarily through additional customer acquisition.
- Gross margin for Q4 was at 20%, reflecting the trend in the wider cyber security industry of downward pressure on margins. The company’s strategy anticipated this and is addressing it by focusing on 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 Q4 has increased by €905k, compared to 2021, an increase of 30%. This increase reflects the investment in resources for the establishment and operation of Security Operating Centre (SOC) referenced above. This has had a negative impact on EBITDA for the Period.
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Mangold Fondkommission AB is the Company’s Certified Adviser.
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 €46.68m in 2022.
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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 12:30 CET at 28.02.23