MCLEAN, Va: Cyren (NASDAQ: CYRN) today announced its first quarter 2019 financial results for the period ending March 31, 2019.
During the first quarter, Cyren reported quarterly revenues of $9.7 million - an increase of 26% over the first quarter of 2018. Annual recurring revenue from Cyren's enterprise business finished the quarter at $6.8 million compared to $4.8 million at the end of Q1 2018, representing a 41% annual increase.
"We are pleased with the company's financial results during the first quarter," said Lior Samuelson, Chairman of the Board at Cyren. "We experienced continued demand for Cyren's email security solutions, which translated to solid year-over-year top line growth. More importantly, I feel like we have built a solid foundation for future growth, and look forward to working with Cyren's next CEO to take the company to new heights."
Following Cyren's previously announced CEO transition plan, on April 24, the company announced that Brett Jackson was appointed by Cyren's Board to serve as the company's next CEO, who started in the position on May 6. Mr. Jackson will be introduced by Mr. Samuelson on the company's first quarter financial results conference call on May 15.
First Quarter 2019 Financial Highlights:
Revenues for the first quarter of 2019 were $9.7 million, compared to $7.7 million during the first quarter of 2018, and $9.5 million last quarter.
GAAP net loss for the first quarter of 2019 was $4.6 million, compared to a net loss of $5.2 million in the first quarter of 2018.
GAAP loss per basic and diluted share for the first quarter of 2019 was $0.08, compared to a loss of $0.10 per basic and diluted share for the first quarter of 2018.
Non-GAAP net loss for the first quarter of 2019 was $4.4 million, compared to a Non-GAAP net loss of $4.8 million for the first quarter of 2018.
Non-GAAP loss per basic and diluted share was $0.08 for the first quarter of 2019, compared to a Non-GAAP loss of $0.09 per share in first quarter of 2018.
Operating cash flow during the first quarter of 2019 was negative $1.3 million...