Osirium Technologies, a leading cybersecurity software provider, has warned that it will likely need to raise additional capital before the end of the year. The company is exploring all options to secure the necessary funds.
To mitigate costs, Osirium has identified additional cost-saving measures that are currently being implemented. Despite the financial challenges, the company has had a strong start to the second half of 2023, with a growing pool of prospective new customers and expected customer renewals. Additionally, contract expansions and upselling are anticipated to contribute to increased annual recurring revenue (ARR) for 2023.
In terms of financial performance, Osirium expects its revenue for the first half of the year to be no less than £1.1 million ($1.4 million), compared to £900,000 for the same period in 2022. The company’s ARR has risen by 34% over the past 12 months, reaching £2.2 million by June 30. Since the beginning of the year, ARR has increased by 20%.
Osirium’s Chief Executive, Stuart McGregor, expressed his satisfaction with the significant growth in annual recurring revenue. He attributed this success to the high market demand for privileged security and the effectiveness of the company’s “land and expand” strategy.
As of 0737 GMT, Osirium’s shares remained unchanged at 1.45 pence.
