Osirium Technologies PLC (AIM:OSI) shares fell 16% in Thursday’s early deals as the British cyber security firm reported a slightly wider loss and an increase in deferred revenue for 2022.
The company, in a statement, said that bookings increased 86% in the 12 months ended 31 December 2022 to £3mln and recognised revenue was up 31% to £1.92mln, whilst deferred revenue increased 66% to £1.64mln.
It reported an operating loss of £3.36mln, increasing from £3.23mln the year before, and its pretax loss was marked at £3.58mln from £3.42mln.
Osirium told investors that its transition to a “partner first” strategy is enabling swifter pace of customer acquisition and access into new sectors and geographies.
The company highlighted that it grew its customer base by 46% which increases up and cross selling opportunities – with 70% of customers said to have increased their services or number of licences in 2022 – meanwhile, the software firm boasted a customer renewal rate of 96%.
Moreover, it said that the average initial contract value for new customers increased by 93% over the course of the year as it focussed more on larger multi-year deals.
"It has been another year of significant progress for Osirium in which we have achieved record levels in bookings and revenue and further grown our customer base while also taking substantial steps to reach cash breakeven and beyond,” said chief executive Stuart McGregor.
"The market demand for privileged security continues to strengthen, with businesses recognising privileged security as an essential component of cybersecurity despite turbulent macroeconomic conditions.”
In London, Osirium shares traded 0.43p or 16.5% lower, changing hands at 2.17p each – it marks a 25% decline for the year to date.