CYBER1 Q4 REPORT 2023: CYBER1 concludes 2023 with a strong fourth quarter
Stockholm, Sweden– 23rd February 2024 – Cyber Security 1 AB (publ) (“The Company”) (“CYBER1”) (Nasdaq First North: CYB1) has released its Q4 2023 report, detailing a quarterly revenue growth of 16%, recording €18,833k in revenue for the fourth quarter (Q4 2022 revenue of €16,241k). Q4 Gross Margin has also increased by 39% versus Q4 2022, through increased Next-Gen Security Operations Centre (SOC) sales, combined with growing vendor commercial partnerships.
Summary Highlights:
· Group revenue for Q4 2023 was €18,833k (Q4 2022: €16,241k) an improvement of 16% year on year. Several key strategic deals were closed during the last quarter of the year, ensuring that the company continued its headline growth through expansion of customers and additional upselling.
· Year-to-date group revenue has increased by 13% year on year from €46,833k in 2022 to €52,754k in 2023. This overall growth achievement is significant, as the business has strategically focused on improving commercial engagements with clients, partners, distributors, and vendors respectively, ensuring that the business is growing in line with market trends.
· Gross margin for Q4 2023 YTD has been a significant success for the company, increasing overall by €2,646k (28%). This growth has been achieved through closer collaboration with our valued vendor portfolio, alongside a significant investment in professional services and SOC provisions.
· Operating Expenditure for Q4 2023 YTD has continued the downward trend, decreasing in the financial year by €1,197k, when compared to 2022. This 9% reduction has been achieved through greater alignment within the distribution segment (Trinexia), followed by greater technology and staffing efficiencies being realised within Cyber1 Solutions South Africa.
· EBITDA for the full year has shown a return to positive results, recording €624k for 2023. This result is an improvement of €3,721k from the prior year. A significant effort in achieving growth and investment in the right areas has led to the company being placed on a strong foundation on which to build in 2024.
Commenting on the results, Executive Director and President Robert Brown stated:
“Looking back at the last quarter and the year as a whole, we are proud of the progress that has been achieved and we are also excited at the opportunities to develop further as an organisation and within our three business lines.
During the fourth quarter of 2023, CYBER1 achieved total revenue of €18,833k. From a year-to-date perspective, we have shown strong overall growth of 13%. An integral focus for the business in 2023 has stemmed around improving our margin and profitability, through increased service delivery, C1 SOC sales, and alignment with vendors with strong commercial potential. The culmination of these efforts has yielded an EBITDA profit of €1,381k for Q4 and a full-year EBITDA profit of €624k. This is an EBITDA improvement of €3,721k, further demonstrating 2023 as a financially strong year for the company.
The Group now turns to 2024, with CYBER1 continuing 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.
We are very excited to build on a successful year and make 2024 the best year for the company in all areas, by driving excellence in all that we do.”
The report is attached to the release, as well as available on our website: https://cyber1.com/investors