JAKARTA – PT ITSEC Asia Tbk (CYBR) has demonstrated robust and sustainable growth throughout the 2025 fiscal year. The company reported a significant 62.1% year-on-year surge in revenue, reaching Rp 577 billion, alongside a successful financial turnaround that resulted in a net profit of approximately Rp 65 billion.
Adrian Djie, an analyst at Kiwoom Sekuritas Indonesia, emphasizes that this performance is not merely a temporary gain but is rooted in a substantial improvement of the company’s fundamentals. “We believe the quality of CYBR’s growth throughout 2025 is solid and sustainable, rather than just a one-off effect,” he told Kontan on Friday (May 29, 2026).
The company’s primary driver, the services segment, recorded impressive year-on-year growth of 74.8%, contributing Rp 479.1 billion to the total revenue. Furthermore, the newly launched cybersecurity and AI training business line has emerged as a significant contributor to the top line.
“From a fundamental standpoint, these improvements are clearly reflected in the margin structure. The gross profit margin expanded from 36% in FY24 to 54%, which successfully transformed operating losses into profitability,” Djie added. Looking ahead to 2026, he projects that CYBR will maintain its positive momentum, bolstered by clear revenue visibility driven by recurring income from long-term contracts.
Regarding the potential capital infusion of Rp 14.83 billion from the conversion of Series I Warrants, Djie noted that while the amount is relatively modest, it remains strategically significant. “We view this as additional working capital that will provide CYBR with the necessary funding flexibility to execute its organic expansion plans,” he stated.
Management also plays a crucial role in this outlook. The appointment of a new board of directors is considered a potential catalyst for future business growth. “We expect this management refresh to act as a positive trigger for expanding CYBR’s strategic partnership network moving forward,” Djie remarked.
Furthermore, the company’s decision to forgo dividend distribution in favor of retaining earnings is viewed as a prudent move to support growth. “We believe this capital allocation is optimal if focused on strengthening large-scale contract operations, recruiting cybersecurity experts, and developing the consumer product ecosystem,” he explained.
From a technical perspective, the outlook for CYBR remains promising. “Technically, we see potential for a rebound with a short-term price target of Rp 665, supported by a valuation that remains quite attractive,” he concluded.
Summary
PT ITSEC Asia Tbk (CYBR) achieved strong financial results in the 2025 fiscal year, reporting a 62.1% revenue increase to Rp 577 billion and a net profit of Rp 65 billion. This growth was largely driven by a 74.8% rise in the services segment and improved margins, with the gross profit margin expanding from 36% to 54%. Analysts believe this performance is sustainable, supported by long-term recurring income contracts and the introduction of new cybersecurity and AI training business lines.
The company is strategically focusing on reinvesting earnings into operations, talent recruitment, and product development rather than distributing dividends. Additionally, the appointment of a new board of directors and potential working capital from warrant conversions are expected to catalyze future growth and strategic partnerships. Given these strong fundamentals, experts maintain a positive outlook with a short-term price target of Rp 665 per share.