Scryb Reports Financial Results for Q1 2025
TORONTO, March 4, 2025 – Scryb Inc. (“Scryb'' or the “Company”) (CSE: SCYB) announced it has filed financial results for its first quarter ended December 31, 2024 (“Q1 2025”).
Q1 2025 Financial Highlights
Total Assets: $13.5 million, a 54% increase from $8.8 million in the previous quarter
Investment in Cybeats Technologies Corp.: Scryb holds approximately 63 million shares, representing ~49% of Cybeats’ outstanding shares
Cybeats Accounting Separation: Reported a $9.3 million gain due to a change of accounting for Cybeats, which has shifted to a standalone equity basis
Gain on Asset Sale: $1.36 million gain from the sale of Scryb’s stake in the Fionet Rapid Response Group (“FRR”) joint venture, a mobile healthcare software platform
Cash and Receivables: $2.2 million, including $1.7 million in receivables primarily from the FRR divestiture and the associated revenue royalties
Investment in Glow Lifetech Corp.: Holds over 16 million shares representing ~10% of the outstanding shares which have a market value of approximately $1.2 million
Recent Financing: Raised over $1.1 million in a financing round led by Plaza Capital in January 2025
Investment in AI: Recent launch of Raidian, an AI business designed to address emerging AI regulations and enhancing AI compliance, safety, and trust—aligning with the rapid demand for AI risk management solutions
“Scryb's assets are valued at $13.5 million—280% greater than its market cap of $4.8 million when trading at a price of $0.015 per share,” said James Van Staveren, CEO of Scryb. “We are dedicated to unlocking shareholder value and effectively communicating our potential to investors. With a strong balance sheet and efficient capital management, Scryb is well-positioned to capitalize on both existing ventures as well as on new opportunities.”
Cybeats Operational and Market Updates
Cybeats continues to demonstrate strong enterprise adoption, with multi-year agreements and increasing Annual Recurring Revenue (ARR). Given its expanding market presence, Scryb has increased its stake through private placements and open-market purchases, reinforcing its confidence in Cybeats’ long-term value creation.
Total contract commitments exceed $7 million (2024), up 84% from $3.8 million in the previous period (2023). The vast majority of contract commitments entail annual recurring revenue (ARR)
Secured a three year contract with Rockwell Automation (Jan 2025)
Cybeats reported 148% net revenue retention for 2024, demonstrating strong organic customer growth, and well above the industry benchmark of approximately 90%
Maintains a 90% conversion rate on trial programs converting into commercial licenses, demonstrating strong customer validation and market fit
Please refer to the Company’s interim unaudited Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the quarter ended December 31, 2024, filed on www.sedarplus.ca for more information.