Scryb Reports Financial Results for Q1 2025

Rhea-AI Summary

Scryb Inc. (CSE: SCYB) has released its Q1 2025 financial results, reporting total assets of $13.5 million, marking a 54% increase from the previous quarter's $8.8 million. The company recorded a $9.3 million gain from Cybeats' accounting separation and a $1.36 million gain from selling its stake in Fionet Rapid Response Group.

Key financial positions include $2.2 million in cash and receivables, a significant stake in Cybeats Technologies (63 million shares, ~49% ownership), and over 16 million shares in Glow Lifetech. The company recently raised $1.1 million in financing and launched Raidian, an AI compliance and safety solution.

Cybeats' performance shows strong growth with total contract commitments exceeding $7 million in 2024, an 84% increase from 2023. The company achieved 148% net revenue retention and maintains a 90% trial-to-license conversion rate, recently securing a three-year contract with Rockwell Automation.

Positive

• Total assets increased 54% to $13.5M
• $9.3M gain from Cybeats accounting separation
• $1.36M gain from FRR stake sale
• Cybeats contract commitments up 84% to $7M
• 148% net revenue retention in Cybeats division
• 90% trial-to-license conversion rate
• Secured $1.1M new financing

Negative

• Trading at 72% discount to asset value ($4.8M market cap vs $13.5M assets)
• High dependence on Cybeats performance (49% ownership)

News Market Reaction – SCYRF

+61.33%

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+61.33% News Effect

On the day this news was published, SCYRF gained 61.33%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Toronto, Ontario--(Newsfile Corp. - March 4, 2025) - Scryb Inc. (CSE: SCYB) ("Scryb'' or the "Company") 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 platform¹

• 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)²

• Cybeats reported 148% net revenue retention for 2024, demonstrating strong organic customer growth, and well above the industry benchmark of approximately 90%³

• 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.

About Scryb Inc.

Scryb specializes in building and scaling technologies ventures in applied AI, digital health, cybersecurity, and biotech. Its portfolio includes Cybeats Technologies Corp., a leading cybersecurity company in which Scryb maintains a significant ownership stake. For more information, visit http://scryb.ai.

Contact:
James Van Staveren, CEO
Phone: 647-847-5543
Email: info@scryb.ai

Forward-looking Information Cautionary Statement

Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for the technology described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional risk disclosures are available in the Company's filings on https://www.sedarplus.ca/. 

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¹ https://www.scryb.ai/news/scryb-announces-sale-of-its-joint-venture-interest-in-fionet-rapid-response-group-for-cad35-million-plus-a-royalty
² https://www.cybeats.com/news/cybeats-signs-multi-year-contract-with-rockwell-automation
³ https://www.cybeats.com/news/cybeats-technologies-provides-update

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/243205

FAQ

What was Scryb's (SCYRF) total asset value in Q1 2025 and how much did it increase?

Scryb's total assets reached $13.5 million in Q1 2025, representing a 54% increase from $8.8 million in the previous quarter.

How much did Scryb (SCYRF) gain from the Cybeats accounting separation in Q1 2025?

Scryb reported a $9.3 million gain due to the change in accounting for Cybeats to a standalone equity basis.

What are Scryb's (SCYRF) current holdings in Cybeats Technologies?

Scryb holds approximately 63 million shares in Cybeats Technologies, representing about 49% of Cybeats' outstanding shares.

How much did Scryb's (SCYRF) Cybeats division increase its contract commitments in 2024?

Cybeats' total contract commitments grew to $7 million in 2024, an 84% increase from $3.8 million in 2023.

What was Scryb's (SCYRF) gain from the sale of its Fionet Rapid Response Group stake?

Scryb realized a $1.36 million gain from selling its stake in the Fionet Rapid Response Group joint venture.