Cyren Ltd (NASDAQ:CYRN) Reports $8.0 Million Q1 Revenue Gain

Cyren Ltd (NASDAQ:CYRN)

Cyren Ltd (NASDAQ:CYRN) has announced its financial results for the first quarter of 2017. The company’s CEO, and Chairman of the Board, Lior Samuelson said the company posted impressive results during the quarter attributable to a significant increase in security services customers. During the quarter, the company launched its Cyren Cloud Security 4.0. The product makes it easy for customers to access the company’s internet security services using a single integrated platform.

Cyren Ltd (NASDAQ:CYRN) Cloud Security is currently the only solution which can offer internet security, DNS-based security, email security, cloud access security and cloud sandboxing from one unified SaaS platform in the industry. The product is meant for both SMB/SME as well as big enterprise companies seeking to simplify and integrate the management of several security products and make use of the company’s fastest protection in the industry.

In the period ended March 31, 2017, the company reported $8.0 million in revenue representing an 8% increase from the $7.4 million that was reported in Q1 2016.

In Q1, Cyren Ltd (NASDAQ:CYRN) reported (-$2.5) million in GAAP net loss. This is compared to (-$1.5) million in net loss that the company reported in Q1 of 2016 and (-$2.9) in Q4 of 2016. Net loss per share amounted to (-$0.06) in Q1 of 2017 compared to (-$0.04) in Q1 of 2016 and (-$0.07) in Q4 of 2016. The company reported (-$2.4) million or (-$0.06) per share in non-GAAP net loss compared to (-$1.9) million or (-$0.05) per share that was reported in the period ended March 31, 2016.

Cyren Ltd (NASDAQ:CYRN) reported $1.9 million in operating cash flow in the period ended March 31, 2017 compared to $2.9 million in the corresponding period of 2016. Net cash flow during Q1 2017 totaled $2.9 million against to net cash of $2.4 million in Q1 2016. The net cash flow included $6.3 million worth of proceeds from the company’s offering of $6.3 million in convertible notes that was closed on March 27, 2017.

As at March 31, 2017, the company had a cash balance of $13.5 million compared to a cash balance of $10.6 million in the last financial year ended December 31, 2016.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.

Cyren Ltd (NASDAQ:CYRN) Internet Security Products Successfully Block WannaCry Attacks

Cyren Ltd (NASDAQ:CYRN)

Cyren Ltd (NASDAQ:CYRN) has once again reaffirmed its credentials as a leading internet security provider, its products having successfully detected and blocked the havoc surrounding the WannaCry malware. The company says users of its products remain protected from all variants of the malware.

Today, Cyren Ltd (NASDAQ:CYRN) reported a Q1 2017 $2.5 million loss – or $0.06 per share. Revenues were posted at $8 million for the internet security services provider. The company’s shares closed at $2.30 yesterday and are now trading around $2.17 – almost a 5% drop. A year ago, they were trading at $1.74.

Cyren Blocks WannaCry Attacks

The internet security provider says its cloud has detected over 300 variants of the WannaCry attack to date. The firm has also reaffirmed that its cloud continues to identify and block any malicious IP addresses and C&C servers which are being used to initiate the WannaCry attack.

“Cyren customers are protected from all WannaCry variants and were protected from the initial malware outbreak by Cyren’s SaaS email security gateway, web security gateway, and cloud sandboxing services. Cyren Threat Intelligence Services partners are protected from all WannaCry variants and were protected from the initial malware outbreak […],” said the company in a press release.

The internet security provider recently unveiled Cyren Cloud Security 4.0 platform – billed as the industry’s first security solution that can deliver web email and DNS-based security from a single SaaS platform. The platform is designed to simplify and integrate the management of siloed point security solutions. It also eliminates complexity and costs while delivering better protection from sophisticated cross-vector threats.

Board Appointment

Separately, Cyren Ltd (NASDAQ:CYRN) has confirmed that John Becker has joined the company’s board of directors as an outside director. Becker joins the company with 30 years of security and technology experience. He has previously served in a number of company’s board of directors in addition to being the chief executive officer of Source fire, Approva Corporation, and AXENT Technologies.

Private Placement

Recently, Cyren Ltd (NASDAQ:CYRN) confirmed it has entered into subscription agreements with a number of investors for the purchase of $6.3 million principal amount of convertible notes. The unsecured notes carry a 5% interest payable semiannually in 50% cash and 50% in ordinary shares.

The notes have a two-year term and set to mature in September of 2019. Cyren plans to use net proceeds from the offering for general corporate purposes.

Shares of Cyren Ltd (NASDAQ:CYRN) are up by 15% in Monday trading session ending the day at highs of $2.30 a share.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.