Cyber Security 1 AB (CYB1) AI Stock Analysis

• Market Cap: €2.18M
• Dividend Yield: N/A
• Average Volume (3M): 59.30K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.18
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 201
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): N/A
• Shares Outstanding: 1,212,377,000
• 10 Day Avg. Volume: 59,302
• 30 Day Avg. Volume: 59,302
• PEG Ratio: >-0.01
• Price to Book (P/B): -5.11
• Price to Sales (P/S): 0.20
• P/FCF Ratio: -4.55
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): <0.01
• Revenue Forecast (FY): €74.31M

• Rating: 40 Underperform
• Price Target: €0.01 ▲(0.00% Upside)
• Action: Reiterated Date: 12/30/25
• Date: Action: Reiterated 12/30/25

The score is primarily constrained by weak financial performance: revenue contraction, recurring losses, persistent negative operating/free cash flow, and heightened balance-sheet risk from negative equity. Valuation offers limited support due to negative earnings (negative P/E) and no dividend yield data, while technical signals are largely unavailable to offset the fundamental weakness.

Positive Factors

Industry Position

Operating in the software infrastructure industry provides opportunities for growth and innovation, as demand for cybersecurity solutions continues to rise globally.

Employee Base

A stable employee base of 201 suggests the company has the necessary human resources to support operations and potential growth initiatives.

Cash Flow Improvement

While still negative, the reduction in cash burn from previous years indicates some operational improvements, which could lead to better financial health if sustained.

Negative Factors

Revenue Contraction

The significant revenue contraction in 2024 highlights challenges in maintaining market share and growth, potentially impacting long-term viability.

Negative Equity

Negative equity indicates financial instability and limits the company's ability to absorb losses, increasing the risk of insolvency.

Persistent Losses

Ongoing losses and negative margins suggest fundamental profitability issues, challenging the company's ability to achieve sustainable growth.

Cyber Security 1 AB Business Overview & Revenue Model

Company Description

Cyber Security 1 AB (publ), a cyber security company, provides cyber services and software solutions in Africa, the Middle East, Europe, and the United Arab Emirates. It operates through three segments: Distribution; Advisory Services; and MSSP/ Managed Services. The company also offers security, risk, and compliance solutions for payment, communication, network, and e-commerce security. In addition, it provides system security, GRC solutions, incident response, and forensics initial license and periodic maintenance agreements covering product updates and customer support; and professional advisory services, which includes legal compliance, installation, and integration of various cyber security system components. Further, the company offers MSSP/Managed services, such as data, network, and gateway securities; and managed compliance and SIEM services, incident response, and business continuity and cyber forensics. It serves public and private sector organizations, including financial, government, healthcare, retail, insurance, manufacturing, and hospitality. The company was formerly known as Cognosec AB (publ) and changed its name to Cyber Security 1 AB (publ) in July 2018. Cyber Security 1 AB (publ) was incorporated in 1970 and is headquartered in Stockholm, Sweden.

How the Company Makes Money

Cyber Security 1 AB (CYB1) generates revenue by offering a range of cybersecurity solutions tailored to the needs of its clients. Key revenue streams include subscription-based services for ongoing security monitoring and management, one-time fees for security assessments and incident response, and sales of proprietary security software and tools. Additionally, the company may engage in strategic partnerships with other technology firms to expand its market reach and enhance its service offerings, contributing to its overall earnings.

Cyber Security 1 AB Financial Statement Overview

Summary

Income statement shows contracting revenue (2024 down ~14%), multi-year losses with negative operating profit and net margin (~-7.7%), and weaker gross margin (~20–23% vs ~27% earlier). Balance sheet risk is elevated with negative equity in 2024 (~-2.0M), making leverage structurally problematic. Cash flow is persistently negative (operating and free cash flow negative every year shown), indicating the business has not been self-funding.

Income Statement

Revenue has been volatile and is now contracting (2024 revenue down ~14% after modest growth in 2023). Profitability has weakened: the company moved from positive earnings in 2021 to recurring losses in 2022–2024, with 2024 showing negative operating profit and a negative net margin (~-7.7%). Gross margin has also trended lower versus earlier years (roughly ~20–23% recently vs ~27% in 2020–2021), which limits flexibility to absorb costs. The main positive is that losses are far smaller than the extreme 2020 loss year, but overall earnings quality and consistency remain weak.

Balance Sheet

The balance sheet has deteriorated materially as equity turned negative in 2024 (stockholders’ equity about -2.0M), which is a key red flag and signals limited loss-absorbing capacity. Debt is meaningful relative to the capital base: leverage was already high in 2022–2023 and becomes structurally problematic with negative equity in 2024. Total assets have also declined from 2022–2024, suggesting balance-sheet shrinkage rather than strengthening. While total debt is not exceptionally large in absolute terms, the weak/negative equity position elevates refinancing and solvency risk.

Cash Flow

Cash generation is consistently weak: operating cash flow is negative every year shown (2019–2024), and free cash flow is also negative each year, including about -2.2M in 2024. There is some improvement versus 2022–2023 (2024 burn is smaller than 2022’s), but the business has not demonstrated an ability to self-fund operations. Free cash flow has generally tracked net income directionally (still negative), indicating that profitability issues are also showing up in cash, not just accounting results.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	52.02M	50.06M	52.91M	46.83M	37.22M	27.36M
Gross Profit	10.86M	10.35M	12.11M	9.31M	10.09M	7.52M
EBITDA	-3.10M	-1.35M	228.00K	-3.00M	4.70M	-13.30M
Net Income	-6.30M	-3.87M	-2.78M	-3.17M	4.34M	-22.96M
Balance Sheet
Total Assets	20.03M	23.09M	27.06M	32.66M	28.06M	22.10M
Cash, Cash Equivalents and Short-Term Investments	540.00K	25.00K	728.00K	747.00K	872.00K	-733.10K
Total Debt	6.64M	7.06M	6.22M	10.96M	5.66M	281.40K
Total Liabilities	23.14M	25.63M	25.39M	28.51M	20.26M	21.89M
Stockholders Equity	-2.55M	-1.99M	1.94M	4.60M	7.61M	46.50K
Cash Flow
Free Cash Flow	-1.17M	-2.23M	-340.00K	-5.34M	-1.75M	-1.97M
Operating Cash Flow	-1.05M	-2.12M	-340.00K	-4.82M	-1.56M	-1.61M
Investing Cash Flow	-113.00K	-114.00K	0.00	-790.00K	-1.29M	-346.90K
Financing Cash Flow	1.63M	1.47M	192.00K	8.07M	4.64M	-1.14M

Cyber Security 1 AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
SONE	57 Neutral	kr42.40M	-14.12	―	―	17.10%	-267.16%
ADVE	55 Neutral	kr633.40M	52.29	22.29%	0.48%	27.82%	305.33%
CLAV	50 Neutral	kr1.75B	174.76	―	―	20.43%	61.67%
FREJA	50 Neutral	kr456.98M	-26.07	―	―	19.18%	48.44%
CYB1	40 Underperform	€2.18M	-3.26	―	―	―	―