Cyber Security 1 (CYB1) Q2 2024 earnings summary

Executive summary

• Revenue grew 15% year-over-year to €28.7m in H1 2024, with gross margin up 7% to €6.0m, reflecting strong market position and strategic execution.

• EBITDA was €356k, slightly down from €384k in H1 2023, as operating expenditure rose 7% due to investments in personnel, compliance, and new offices.

• Net loss before tax was €17k, compared to a €22k profit in H1 2023; cash flow from operations was negative at -€323k.

• Strategic focus on managed services, Next-Gen SOC, and new enterprise customers drove growth, with continued investment in technical expertise and market expansion.

Financial highlights

• Revenue: €28.7m (H1 2024) vs €25.1m (H1 2023), +15% year-over-year.

• Gross margin: €6.0m (21% margin) vs €5.7m (23% margin) in H1 2023.

• EBITDA: €356k vs €384k in H1 2023.

• Net loss before tax: €17k loss vs €22k profit in H1 2023.

• Cash balance at period end: €220k, down from €513k in H1 2023.

Outlook and guidance

• Management anticipates continued revenue and margin growth in H2 2024, historically a stronger period.

• Focus remains on expanding managed services, Next-Gen SOC, and enterprise customer base, with new office in Saudi Arabia targeting regional growth.

• Ongoing investments in commercial personnel, technical resources, and cloud platforms to support long-term profitability.