CYBER1 Publishes Annual Report for 2022
Stockholm, Sweden – 5th May, 2023 – Cyber Security 1 AB (publ) (“The Company”) (“CYBER1”) (Nasdaq First North: CYB1), an international leader in cyber security, has published the annual report for the financial year 2022, with total revenue of €46.83 million for the period (2021 annual revenue: €37.22 million).
Commenting on the annual report, Group President and Executive Director Robert Brown, stated:
“Following the close of 2022, I am pleased to announce the formal results for the financial year. Building on the back of 2021, which saw the company complete a reorganisation process, the next stage of our strategy has been to increase our customer acquisition, finalise the inclusions of the two new acquisitions, as well as the development of our Next-Gen SOC offering, which I am delighted to say has been achieved in 2022.”
“Initial expansion in technical expertise and the upfront costs of the SOC, as well as customer acquisition investments affected the profitability for 2022 as anticipated, which we firmly believe was essential to achieve long term recurring revenues and to increase our profitability across the Group. We have already proven the ability to deliver our SOC as a service globally, as well as demonstrate value add within newly acquired customers and target jurisdictions. We are starting to see the benefits of this approach already in 2023, which we look forward to updating our shareholders on the progress in the coming months ahead.”
“With the end of 2022, CYBER1 is continuing to implement its strategic objectives for 2023, building on the progress achieved to date. The company’s vision is to create the world’s most resilient cyber security environments for our customers and our strategy will enable our clients to be ready to handle the latest threats.”
The annual report, is available on the Company’s website, www.cyber1.com/investors under the section for financial reporting.
Further to the annual report, the Board of Directors has also issued a separate corporate governance report for 2022, which can be found under https://cyber1.com/corporate-governance/.
The CYBER1 has made significant progress in a number of areas, including the formation and establishment of additional Board Sub-committees, as well as the creation of the Internal Audit Function. Both components will further enhance transparency and oversight, as well as generate further trust in our underlying approach.