Cybeats is an interesting tech stock, Haywood says

He has yet to pull the trigger on a rating or price target, but Haywood analyst Gianluca Tucci says there is a lot to like about Cybeats (Cybeats Stock Quote, Chart, News, Analysts, Financials CSE:CYBT).

On September 5, CYBT announced it was making what it described as “significant commercial progress”, pointing to a 213 per cent increase in monthly recurring revenue.

“We have built and commercialized a product that anticipated both markets’ needs and evolving cybersecurity regulations, and we are now servicing clients with a deep understanding of their challenges. One of the key advantages of Cybeats’ business is that the SBOM Studio platform services needs across industries, along with attractive unit economics and scalable revenue model,” said CEO Yoav Raiter.

In a research update to clients on September 5, the analyst says keep an eye on Cybeats.

“CYBT remains a name to watch as we approach 2024 -should today’s KPIs roughly hold as it continues to add to its pipeline, 2024 could be a bigger year of outsized growth,” Tucci said. “Recent commercial news from CYBT has been encouraging with the Company noting additional Fortune 500 companies are in various stages of pilot evaluation.”

About Cybeats (via company handout)

Cybeats is a cybersecurity company providing SBOM management and software supply chain intelligence technology, helping organizations to manage risk, meet compliance requirements, and secure their software from procurement to development and operation. Our platform gives customers comprehensive visibility and transparency into their software supply chain, enabling them to improve operational efficiency and increase revenue. Cybeats. Software Made Certain. Website: https://cybeats.com