Cyberoo by the numbers, a financial year of 15 months and a receivable from its own major shareholder

The short version

• Cyberoo presented group accounts covering 15 months, ending on 31 March 2026. Any comparison with the previous year is therefore useless.
• The balance sheet is solid, with a net cash position, total cash of 17.73 million euros and equity of 27.02 million euros.
• Receivables from its major shareholder Sedoc Digital Group fell to 2.56 million euros and are being repaid on schedule.

The figures and their period

On 30 June 2026 the board approved the group accounts for a financial year that ended on 31 March 2026 and covered 15 months. Revenue came to 27.71 million euros, value of production to 31.23 million euros. The core area of cybersecurity and device security accounted for 22.35 million euros.

Companies may shift their financial year, for instance to match an industry rhythm. That creates a transition year longer than twelve months. None of its figures can be compared directly with the previous year. Revenue of 27.71 million euros over 15 months works out at roughly 22.2 million euros on an annual basis, assuming business is spread evenly. Even that is only an approximation, because a business tied to statutory deadlines is not spread evenly.

Value of production is an Italian accounting item. Alongside sales it includes capitalised own work and other operating income. At a software company the difference of about 3.5 million euros consists mostly of in-house development treated as investment rather than expense.

The balance sheet

The net financial position was minus 0.84 million euros, which amounts to a net cash position. Total cash stood at 17.73 million euros and consolidated equity at 27.02 million euros. There is no sign of financial strain here.

Fixed assets rose to 22.52 million euros, mainly through intangibles from investment in software, artificial intelligence, own products and development. When intangible assets rise sharply, it is worth checking whether the capitalised amounts will actually generate revenue later. If not, write-downs follow and burden a later year.

Adjusted net working capital fell to 4.66 million euros from 11.93 million euros at 31 December 2024. The company describes this as a deliberate tightening of capital employed.

The receivable from an affiliated company

The most striking item concerns a lending relationship. Receivables from Sedoc Digital Group fell to 2.56 million euros at 31 March 2026. The company calls this faster than the repayment path previously shown to investors.

A related party transaction is business done with a major shareholder, a parent company or people in management. It is permitted and must be disclosed, but it is watched closely because the terms do not arise from competition. Cyberoo states its aim as reducing the concentration of credit risk.

Faster repayment than announced is a positive development. That such a receivable existed at a meaningful size at all, and that investors had to be shown a repayment path for it, would be unusual at a larger company.

Market and regulation

The company cites a survey by the Politecnico di Milano according to which the Italian cybersecurity market grew twelve percent in 2025. By its own account it is growing faster than that, while its European growth matches the market.

One concrete driver is regulatory. The European directive on network and information security, known as NIS2, obliges many companies to report and to take security measures. More than 200 consulting contracts were signed in connection with NIS2. These customers are to be moved step by step onto continuous monitoring services.

Two claims from the original description could not be confirmed. A market value of 51.8 million euros could not be verified for any reference date. Nor could forecast annual profit growth of more than 32 percent, since neither its author nor its period was identifiable.

Frequently asked questions

Why can the figures not be compared with the previous year

Because the accounts cover 15 months rather than twelve. Every figure for that period is correspondingly higher without that being growth. Anyone deriving growth rates from such numbers without allowing for the period will inevitably reach the wrong conclusion.

What is value of production in Italian accounts

The item Valore della Produzione includes, alongside sales, things such as capitalised own work and other operating income. At Cyberoo the gap to revenue is about 3.5 million euros and consists mainly of development work done in-house.

Is the receivable from the major shareholder a problem

It is being repaid on schedule and in fact faster than announced, and has fallen to 2.56 million euros. What remains sensitive is that the terms of such a relationship do not arise from competition. The item therefore deserves continued attention even though the trend is right.

Does the NIS2 directive support growth permanently

Only partly. Ahead of a statutory deadline, demand for consulting rises sharply, then falls once the obligation is met. What counts is whether the more than 200 consulting contracts turn into ongoing monitoring services. The figures published so far do not show that.

How should Cyberoo be judged overall

As a company with a net cash position, equity of 27.02 million euros and a business supported by European regulation. The difficulty is not its finances but comparability. Judging its growth momentum means waiting for the next regular twelve month accounts.

This text is not investment advice. It reports verifiable figures and puts them in context.

This analysis is for information only and is not investment advice.