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.