Cloud-based cybersecurity provider Osirium Technologies (LON: OSI) says 2022 revenues will be £1.9m, up from £1.4m in 2021. The share price fell 7.5% to 3.7p, but the AIM-quoted company is still two-fifths higher than at the start of the year.
The revenues are slightly higher than forecast and the bookings taken in recent months indicate that the 2023 revenues forecast of £2.3m could be beaten. There were bookings of at least £3m during 2022, up from £1.6m in 2021, so that provides a good base for 2023. Deferred revenues are £2.7m.
Annual recurring revenues are £1.8m. The initial value of new contracts is nearly double the level one year ago.
There is £1.1m in cash following the November placing raising £1.53m at 2p a share. Annualised cost savings of £1m were identified at that time. That helps to reduce the cash breakeven level, but Osirium Technologies will still lose money in 2022 and 2023.
