Q1 2022 Report: CYBER1 Records 21% Revenue Growth
Stockholm, Sweden, 23 May 2022 – Cyber Security 1 AB had a strong demand for software solutions and services for cyber security during the first quarter. Revenue increased to € 9.6m, which is an increase of 21 percent compared to the same period last year.
If the last two years have been characterized by the covid-19 pandemic, the first quarter of 2022 has unfortunately been dominated by the war in Ukraine. Both criminal and state sponsored actors have taken advantage of these crisis incidents by carrying out various cyberattacks.
“For CYBER1, the first quarter meant continued strong growth. It’s satisfactory that the distribution business as well as the advisory and managed service business showed growth”, comments Robert Brown, Group President and Executive Director.
After four profitable quarters last year, CYBER1 showed a loss of €497k during the first quarter of 2022 due to increased expenditure. The main reason is the strategic investment in software, people, and equipment for the newly formed Secure Operating Centre (SOC) in South Africa. In addition to investments in new cloud platforms, CYBER1 focus on coordinating our various operations.
“We have also an ambition to complete last year's acquisition of 50 percent of Cyber Security South Africa and Cyber Security Africa Distribution. With a surge in digitisation and cloud services, Africa presents significant growth opportunities for cyber security sector,” concludes Robert Brown.
Quarterly performance
· Q1 Group revenue increased year over year by 21%, from €7.9m in Q1 2021 to €9.6m in Q1 of 2022.
· Gross margin has reduced by 8% year on year.
· Q1 2022 Group EBITDA loss of €497k, compared to a profit of €252k in Q1 of 2021.
· Operating Expenditure for Q1 has increased by €566k compared to Q1 2021, an increase of 27%. The main reason for this increase is the investment in software, people and equipment for the newly formed Se-cure Operating Centre (SOC).
The report is attached to this press release and can be found on our website by visiting https://cyber1.com/investors/ and clicking on the Financial Report section.