Affirmative elements tempered by some negativity.
In the tech world, financial reports can often serve as a barometer for a company's health and future prospects. This is particularly true for cybersecurity firms like Positive Technologies, which recently released their financial report for the first half of 2025.
According to the report, Anna Avakimyan, the main analyst of 'RegBlock', expressed some ambiguity regarding Positive Technologies' financial performance. The net loss for the company increased by 13% to 5 billion rubles, and the operating and EBITDA margins remained in the red at -56.8% and -36.8% respectively.
However, Avakimyan also noted a decrease in losses from operational activities, suggesting that the company may be considering strategies to optimise its financial position. One possibility she mentioned is the pursuit of inorganic growth, which could help diversify revenue and the customer base in the face of a complex market situation.
In light of these findings, Positive Technologies could consider implementing several strategies to achieve a positive financial result. These include optimising revenue streams by focusing on high-margin service offerings, expanding market reach, implementing cost reduction initiatives, investing in R&D for innovation, forming strategic partnerships, capitalising on market trends, and pursuing financial restructuring if necessary.
On June 27, Positive Technologies took a step towards financial restructuring by issuing a new bond issue totaling 10 billion rubles with a maturity in 2028 and a coupon rate of 18% per annum. This move could help strengthen the company's financial position, but more details about its specific market and financial conditions would be needed to tailor these recommendations more precisely.
In the meantime, focusing on revenue growth, cost control, and innovation remain foundational strategies to achieve positive financial outcomes in the cybersecurity sector. Sergey Gayvoronsky, the investment director of KAMA FLOW, stated that while revenue growth has slowed compared to the first quarter, it should be viewed positively by investors in the context of the cooling of the entire segment and the company's growth rates in the 2023-2024 period.
The report also showed that Positive Technologies made significant strides in other areas. Revenue for the first half of 2025 increased by 28% to 6.8 billion rubles, and the volume of shipments to customers was 7.4 billion rubles, an increase from 4.9 billion rubles in the same period the previous year. The Positive Hack Days festival, held in May at the Luzhniki Stadium, was the most extensive and international to date, attracting 150,000 participants and delegations from 40 foreign countries.
However, the company did see a decrease in its workforce, with the number of employees decreasing from 3,160 in 2024 to 2,607 by the end of the first half of 2025. Additionally, expenditure on industry events for business development and marketing decreased by 20% and 30% respectively in the first half of 2025.
As Positive Technologies continues to navigate these challenges, it will be interesting to see how they implement these strategies and what impact they will have on the company's financial performance in the coming months.
Business analyst Anna Avakimyan highlighted the need for Positive Technologies to consider various strategies to improve its financial situation, such as optimizing revenue streams, expanding market reach, implementing cost reduction initiatives, investing in R&D for innovation, forming strategic partnerships, capitalizing on market trends, and pursuing financial restructuring if necessary.
Investment director of KAMA FLOW, Sergey Gayvoronsky, stated that despite a slowdown in revenue growth, Positive Technologies' growth rates in the 2023-2024 period should be viewed positively by investors, suggesting a continued interest in the company's financial prospects for the future.
