Toronto, Ontario--(Newsfile Corp. - January 9, 2024) - Cybeats Technologies Corp. (CSE: CYBT) (OTCQB: CYBCF) ("Cybeats' or the "Company"), a cybersecurity company offering industry-leading SBOM Management software for U.S. and global infrastructure companies, medical device manufacturers, and other government-regulated sectors, provides a year-end letter to shareholders.
To our shareholders:
Looking over the last twelve months, I'm proud of what Cybeats has accomplished. Our team has been laser focused on helping our customers answer the question: "what's in your software?" Consequently, Cybeats has emerged as a leader in our market. Despite 2023 being one of the tougher years in recent memory for emerging technology companies, we delivered annual recurring revenue (ARR) growth of over 250% and secured total contract values in excess of $4M - in our first full year of commercial operations. Our software product expands and enhances the security features of our customers' existing infrastructure, and does not compete or replace existing solutions that customers are using. Furthermore, our solution is hard to displace, 'sticky' in lay terms, as it integrates with vital cybersecurity operations at our client's organization. Our customers love SBOM Studio, demonstrated by 100% customer retention and approximately 30% of our existing customers have already expanded their initial contract.
Our 2024 growth will come from contract expansions by existing customers, by continuing to successfully acquire new enterprise clients from core market verticals and lastly growth in new market segments. While our solution has been implemented into some of the largest global enterprises, our technology team continues to add unique and in-demand new features like our Governor View, SBOM auto-repair, and alerting functionality. Without going into too much detail, these features enhance our products' capacity to handle and provide relevant data, and improves overall customer satisfaction - two key drivers to our revenue growth. Our Customer Success team also continues to be praised for their level of service and ability to help organizations get the most out of our SBOM Studio. As an incoming CEO, feedback I've received from customers about our delivery teams has left me feeling confident that we can continue to scale our services and deliver on our promises.
Software supply chain security has garnered significant attention over the past year, particularly from the U.S. government. Just in the last six months, we've seen the White House announce SBOM as one of the five pillars of the National Cybersecurity Strategy Implementation Plan. We also saw the U.S. Food and Drug Administration require the submission of SBOMs for new medical device approvals. Lastly, the National Security Agency published recommendations for SBOM management, mentioning Cybeats SBOM Studio. Gartner, a leading IT research firm, continues to give coverage to SBOM and software supply chain, referring to Cybeats in 4 Hype Cycles, 3 guides, and 3 reports. Regulators, industry analysts, and cybersecurity experts seem to be aligned that SBOM management is a critical component of cybersecurity moving forward.
Despite our significant commercial achievements and opportunities for growth, we believe our current market valuation doesn't reflect the groundbreaking technology and success Cybeats has achieved. In light of this, we are committed to enhancing our communication strategies to better articulate our value proposition to the wider market. Furthermore, we are exploring various avenues to ensure that our true value is recognized. This approach is guided by our commitment to building and enhancing shareholder value, and ensuring that the investment community fully appreciates the unique strengths and opportunities that Cybeats presents. Management and the board intend to look at all opportunities to ensure that shareholder value is maximized.
I believe that 2023 demonstrated that Cybeats has industry validation, customer validation, government validation and the technical validation to capitalize on the commercial opportunities of 2024. Cybeats shareholders can anticipate further communication that revisits our evolving roadmap for 2024. With a clear vision and a dedicated team, I'm energized to lead Cybeats during this transformative period. On behalf of your dedicated management team, we wish to thank shareholders for their support during 2023 and we are committing to ensuring that this support will be rewarded.
Sincerely,
Justin Leger
Chief Executive Officer
About Cybeats
Cybeats is a cybersecurity company providing SBOM management and software supply chain intelligence technology, helping organizations to manage risk, meet compliance requirements, and secure their software from procurement to development and operation. Our platform gives customers comprehensive visibility and transparency into their software supply chain, enabling them to improve operational efficiency and increase revenue. Cybeats. Software Made Certain. Website: https://cybeats.com
SUBSCRIBE: For more information, or to subscribe to the Company's mail list, visit: https://www.cybeats.com/investors
Contact:
James Van Staveren
Corporate Development
Phone: 1-888-713-SBOM (7266)
Email: ir@cybeats.com
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for the products described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Company filings are available at sedarplus.ca.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/193684
SOURCE: Cybeats Technologies Corp.
