Cy4gate (CY4) Q1 2025 earnings summary

Executive summary

• Q1 2025 results showed double-digit growth in revenues and value of production, mainly driven by Defence, Forensic Intelligence, and Cybersecurity segments.

• New orders reached €32.2 million, up 115% year-over-year, with a backlog of €73 million as of May 2025.

• EBITDA improved to €1.2 million from €0.04 million, with EBITDA margin rising to 7.5% (+7.2 pp vs Q1 2024).

• Net financial position improved to -€29.6 million from -€30.9 million at year-end 2024.

Financial highlights

• Revenues reached €16.3 million, up 11% year-over-year from €14.7 million.

• EBITDA surged to €1.2 million, a 2,644.1% increase year-over-year.

• Net loss narrowed to €5.3 million from €5.5 million in Q1 2024.

• R&D costs decreased by 8.1% year-over-year.

• Total costs were €15.1 million, stable versus prior year.

Outlook and guidance

• 2025 revenue guidance set at €84–87 million.

• Backlog as of May 2025 stands at €73 million, with pipeline conversion expected to contribute an additional ~€18 million.

• Focus remains on consolidation, synergy creation, and technological excellence.