During the third quarter, the company fully incorporated Cyber Security South Africa (CSSA) and Cyber Security Africa Distribution (CSAD), following the 100% purchase of both entities and is now reflected within the reporting. More information on the acquisitions can be found here.

“Our headline expansion continues to progress, realising 21% year over year revenue growth within the third quarter. Some of the investment costs in the Managed Service offering continues to carry over within the third quarter, as well as some exceptional items related to upskilling our sales team in line with our client engagement strategy” comments Robert Brown Group President.

“The rollout of our market entry on the Managed Service investment is in a crucial phase of implementation, as we see this commercial stream as integral to the future success of CYBER1. Our business units have identified the key pipeline deals and renewals within their jurisdictions for the fourth quarter and are working towards a busy end to the financial year, to put the company on a strong platform moving into 2023” concludes Robert Brown.

Summary Highlights
 
· Q3 Group revenue increased year on year by 21%, from €9.3m in Q3 2021 to €11.3m in Q3 of 2022.
· Gross margin for Q3 2022 has maintained consistent year on year at 19%.
· Operating Expenditure for Q3 has increased by €894km compared to Q3 2021, an increase of 36%. It is noted that the main reason for this increase is the investment in skilled resources to help the client engagement strategy, software and resources for the newly formed Secure Operating Centre (SOC).
· Group year to date EBITDA loss of €2,562k, compared to a profit of €671k in 2021.