Cloud-based cybersecurity provider Osirium Technologies (LON: OSI) says positive trading momentum continued into the second quarter. Osirium is winning new customers and first half bookings increased by 30% to at least £1.18m.
The Osirium share price rose 17% to 6.75p, which values the company at £2.6m. That is 1.5 times the current forecast 2022 revenues of £1.74m, where there could be scope for an upgrade later this year.
AIM-quoted Osirium focuses on Privileged Access Management (PAM) and related services that can be easily deployed. They prevent cyber attacks accessing customer accounts information and remove unnecessary access powers. This is a fast-growing segment of the cybersecurity market and Osirium more than doubled its customer base last year.
Interim revenues increased from £740,000 to £910,000. Deferred revenues increased by 14% to £1.91m, which indicates future growth. Annualised recurring revenues are £1.61m, up 11% over six months.
Osirium is generating more income from contract wins with average contract size rising. Osirium won its first major US contract in May. It was with a New York Stock Exchange-listed bank. This was won via a channel partner. Healthcare and education are other sectors where Osirium is winning business.
Existing customers are adding other company products to their orders. A telecoms customer, which initially signed a three-year deal at the end of 2020 is adding two other products to the agreement.
Osirium remains loss-making and the 2022 underlying loss is set to be around £3.5m, which is similar to 2021. Earlier this year, £1m was raised at 6p a share. By the end of the year, the company is likely to have net debt.