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Positive Technologies
Main article: Positive Technologies
2024
Market capitalization exceeded 200 billion rubles
According to the results of the main trading session on the Moscow Exchange on May 13, 2024, the market capitalization of Positive Technologies, a representative of the cybersecurity industry in Russia, whose shares are traded on the Moscow Exchange, exceeded 200 billion rubles. The cost of one share at the close of trading amounted to 3050 rubles, and during trading on May 14 reached 3123 rubles per security. Positive Technologies announced this on May 15, 2024.
Since the company entered the Moscow Stock Exchange in December 2021, stock quotes of Positive Technologies have already grown more than 4 times, and since the beginning of 2024 - by 53%. As of May 2024, more than 200 thousand persons are shareholders of Positive Technologies. The company's shares are included in the main index of the Moscow Exchange, which includes the top 48 most liquid shares of the largest and dynamically developing Russian issuers. The average daily trading volume of POSI shares on the Moscow Exchange over the past month amounted to 1 billion rubles.
The dynamics of market capitalization of Positive Technologies reflects business growth: the company's shipments in 2023 amounted to 25.5 billion rubles, compared to 7.7 billion rubles in 2021. In 2024, the company aims to continue scaling the business, developing and launching sales of new products, strengthening the team and geographical expansion. The expected volume of shipments for the year is 40-50 billion rubles.
Volume of shipments to customers - 25.5 billion rubles (forecast)
Positive Technologies shared its preliminary results for 2024 with TAdviser on February 10, 2025. Based on current management data, the volume of shipments amounted to about 26 billion rubles. The total value of actually paid shipments in 2024, according to management expectations, will be about 25.5 billion rubles. According to the company's accounting policy, it will be formed based on the results of payment until March 31, 2025 for licenses shipped in 2024.
According to company representatives, the results of operations were below the initial expectations of management.
 | The traditionally strong fourth quarter for the company fell on the period of maximum tightening of monetary policy - raising the key rate and increasing the cost of borrowed funds, which significantly influenced the ability of customers to use and expand existing budgets, - explained in Positive Technologies. |  |
The company considers it strategically important to return to the targeted norms of profitability of net profit and the growth rate of the company's business. To this end, an internal transformation has been carried out and approaches to managing the company have been revised. As of February 2025, Positive Technologies is updating its medium-term business growth strategy and plans to introduce it in the spring.
In 2024, Positive Technologies continued to implement technological development plans. The key event of 2024 was the launch of the flagship PT NGFW (Next Generation Firewall) solution. The development of the solution took about two years, and its certification took place in November 2024. This allowed Positive Technologies to ensure presence in a new segment of the network security market for the company. By the end of 2024, more than 300 pilot projects had been launched or successfully completed. As of February 10, 2025, taking into account the duration of the transaction cycle, most successful pilots are undergoing the stage of preparation for the conclusion of the contract and the conduct of tender procedures. The bulk of PT NGFW shipments to customers will be in 2025 and beyond. Positive Technologies sees substantial potential to scale sales of PT NGFW to both existing customers and new customers.
In October 2024, Positive Technologies announced another product - PT Dephaze, which opens a new segment of the cybersecurity market for Positive Technologies - breach and attack simulation (BAS) systems and automatic pentesting. In addition, with the launch of the new PT Data Security solution, the company is entering a new data protection market for it. The start of piloting and sales of these solutions is scheduled for 2025.
In 2024, Positive Technologies also continued to develop the metaproduct direction with the introduction of MaxPatrol Carbon, which helps prepare the IT infrastructure to repel attacks and provides continuous control of cyber resilience, making it impossible to damage the company. In addition, the company launched the PT Knockin service to verify the security of corporate email.
The company plans to publish the final audited consolidated financial and management statements for 2024 in early April 2025. The timing of the finalization of reporting at the end of the year is due to the accounting policy adopted by Positive Technologies: the final result of 2024 will include shipments actually paid by March 31, 2025.
2023: Net profit growth by 59% to RUB 9.7 billion
Net profit of Positive Technologies under IFRS in 2023 reached 9.7 billion rubles, an increase of 59% compared to the previous year. The revenue of the information security company during this time rose by 61% and amounted to 22.2 billion rubles. Such data were published on March 6, 2024.
According to Positive Technologies' unaudited management statements, in 2023 the volume of shipments (transfer of the right to use a licensed product to a client or concluded contracts for cybersecurity services) turned out to be 25.3 billion rubles, rising 74% on an annualized basis. Gross profit of shipments (shipments cleared of direct expenses - VAT, partner fees, etc.) in 2023 increased by 70%, to 23.4 billion rubles. The company clarifies that more than half of the shipments are new - they accounted for 61% of the total volume of shipments. Another 26% of shipments - the extension of "old," 13% - information security services, extended technical support, etc.
Positive Technologies also cited data according to which the volume of shipments of MaxPatrol SIEM solutions in 2023 exceeded 7.5 billion rubles, an increase of 80% compared to the previous year. Shipments of MaxPatrol VM in comparison with the same periods tripled - to 4.2 billion rubles. The first shipments of the meta-product MaxPatrol O2 were made. PT Network Attack Discovery, PT Application Firewall PRO products also showed high growth dynamics, the manufacturer notes. The demand for expanded technical support increased 2.5 times and brought the company more than 2.3 billion rubles.
From the materials of Positive Technologies, it also follows that the company's EBITDA in 2023 increased by 59% to 10.8 billion rubles, and the EBITDA margin was 49%, having decreased by 1 pp year-on-year. By the end of 2023, the company had 4 thousand customers, which is 19% more than a year earlier.[1]
2022: Revenue growth of 95%, net profit - more than 3 times
On April 6, 2023, Positive Technologies released its consolidated financial statements under IFRS for 2022. The company's revenue amounted to 13.8 billion rubles, an increase of 95% compared to last year. In the ranking "TAdviser100: The largest IT companies in Russia 2023," such an indicator allowed the company to take 40th place. The main driver of its growth in Positive Technologies is the sale of licenses for cyber defense products: revenue from the sale of licenses increased 2 times to 12.4 billion rubles. A high share of licensed revenue has a significant positive impact on the profitability of the business, the company notes. And the direction of services in the field of information security has grown 1.5 times, to 1.2 billion rubles.
Net profit of Positive Technologies at the end of 2022, calculated in accordance with IFRS standards, amounted to 6.1 billion rubles, demonstrating growth by more than three times.
The company notes that one of the main indicators of the company's operating activities is shipments. They are the transfer of the right to use the licensed product to the client or the concluded contract for cybersecurity services. At the end of 2022, shipments increased to 14.5 billion rubles, compared with 7.7 billion rubles a year earlier.
The 88% increase was largely due to an increase in the volume of new shipments - by 5.1 billion rubles or 152%. And the share of new shipments increased from 43% to 58% due to the growth in the number of customers and the installation of new products to existing customers.
The renewal of existing licenses also makes a significant contribution to the growth in the volume of shipments. Here is an increase of 1.1 billion rubles or 36%, and the share in the final volume of shipments is 28%. Services provided by Positive Technologies in the field of information security and advanced technical support formed 14% of the total volume of shipments.
Positive Technologies clients are companies representing all major sectors of the Russian economy. The number of Positive Technologies customers with valid licenses increased to 3,347 as of the end of 2022, up from 3,062 a year earlier. According to the results of 2022, the number of customers who carried out new sales increased by 20%, from 2276 to 2733. At the same time, the main increase occurred in the category of large corporate customers: the number of new sales in this segment increased by 35%.
EBITDA (the company's profit before interest on loans and borrowings, taxes, depreciation) in 2022 increased 2.3 times and amounted to 6.8 billion rubles.
As part of the expanded disclosure format, Positive Technologies also introduced a measure of management reporting - EBITDAC, profit excluding capitalization of expenses and before interest on loans and borrowings, taxes and amortization. The need for such an indicator in addition to the classic EBITDA metric is due to a characteristic feature for software companies: the presence of significant capitalized costs for product development (R&D) and the purchase of IT equipment, Positive Technologies explains. At the end of 2022, EBITDAC amounted to 5.2 billion rubles, showing an increase of 3.4 times compared to last year.
Based on the EBITDAC indicator, additionally taking into account non-operating income and expenses, as well as income tax, the NIC indicator (net profit excluding capitalization of expenses) is formed. Its value at the end of 2022 amounted to 5.0 billion rubles, an increase of 4.1 times compared to the results of last year. NIC margin for the year increased from 16% to 35%.
The NIC will be the main benchmark for investors when calculating the possible amount of dividends for the year.
Operating expenses of the company in 2022 increased by 54% and amounted to 6.4 billion rubles. Positive Technologies points out that spending growth shows a significantly slower pace than the dynamics of shipping and revenue growth: "this shows the company's high operating efficiency and is the result of balanced cost management."
As for R&D expenses, in 2022 their total volume amounted to 2.8 billion rubles, an increase of 48% compared to a year earlier. Investments in the development of new products and the refinement of existing solutions in the company are called the driver of the growth of their business.
The number of shareholders of the company since the beginning of 2022 has increased from 11 to more than 120 thousand, and the stock prices of Positive Technologies have grown 2.4 times since its release on the stock exchange at the end of 2021. In 2022, the company's shares entered 4 indices of the Moscow Exchange and were transferred to the first quotation list. The average daily trading volume in March 2023 amounted to 350 million rubles, an increase of 17 times compared to January 2022.
| | The results of 2022 characterize our business as actively growing and high-margin. We cut our net debt by half, with EBITDA growing 2.3 times on the back of increased operating efficiency and cost control. As a result, the ratio of net debt to EBITDA decreased to a record low of 0.1, says Andrei Kuzin, chief operating officer of Positive Technologies. - High efficiency allows us to increase investments in the development of new products and their functionality, maintain high business growth rates and pay dividends to our shareholders. | |
2021: Revenue growth by 28% to RUB 7.9 billion
Positive Technologies revenue for 2021 increased by 28% compared to 2020 and reached 7.9 billion rubles. In 2021, sales were measured at 6.1 billion rubles. In the ranking TAdviser100: The largest IT companies in Russia 2022 , Positive Technologies took 67th place. The company published such data on March 23, 2022.
Net profit of Positive Technologies (issuer of PJSC Positive Group) in 2021 increased by 26.5% and amounted to 1.9 billion rubles. The company, as promised, plans to spend half of this amount (about 950 million rubles) on paying dividends to shareholders, the total number of which has already exceeded 21 thousand. The company's board of directors has already made recommendations on the payment of dividends to shareholders in the amount of 14.4 rubles per share.
The dynamics of gross profit amounted to + 32%, it increased to 6.2 billion rubles, while gross profitability - 87.8% (+ 2.8 pp compared to last year). Adjusted EBITDA reached RUB 2.9 billion and Adjusted EBITDA margin rose to 41%.
It is noted that the client portfolio of Positive Technologies at the end of 2021 received great diversification, and the leaders in terms of the demand for the company's products and services were enterprises of the fuel and energy complex (30%), state-owned companies (26%), credit and financial and industrial organizations (13% and 12%, respectively).
It also follows from the Positive Technologies report that sales of MaxPatrol SIEM (real-time information security incident detection system) in 2021 increased by 46%, this product took the lead, taking a third of the company's total sales. PT Application Inspector and PT Sandbox also showed significant growth - 46% and 41% 2, respectively.
The highest dynamics was demonstrated by the PT Network Attack Discovery solution (deep traffic analysis system), the share of which in the company's total turnover in 2021 increased by 74% compared to 2020. According to the company's forecasts, by the end of 2022, PT Network Attack Discovery will enter the top three products in terms of sales along with MaxPatrol 8 and MaxPatrol SIEM.
As Boris Simis, Deputy General Director of Positive Technologies, noted, in 2021 the number of corporate clients at the company increased by 46%, and over three years the average number of products per client increased from two to three on average in the segment of large corporate clients.
It is also reported that the number of shareholders of the company by the beginning of 2022 increased 15 times.
2020: Revenue growth by 55% to RUB 5.6 billion
Positive Technologies on January 28, 2021 told TAdviser that its revenue for 2020 increased by 55% and amounted to 5.6 billion rubles, which allowed it to take 72nd place in the ranking of TAdviser100: The largest IT companies in Russia 2021.
The average growth of the company's revenue over the past five years is almost 2 times higher than the indicators of the information security market as a whole and is more than 40%.
Also, at the end of 2020, the Russian information security market continues to demonstrate positive dynamics: according to the expert assessment of Positive Technologies, the market volume on average increased by 25% (2020 estimate - 20%).
| | This growth is due to several reasons. Firstly, the problem cyber security is becoming more and more clear to the business and the principle of the impossibility of realizing business risks is increasingly being put at the forefront. Building practical security of this kind goes hand in hand with increasing the corresponding budgets. Secondly, cybersecurity, CUES as a concept that began several years ago with surveys, categorization and design, has finally reached the period of real implementations. And this, in turn, also ensures an increase in the turnover of manufacturers of protective equipment and their. integration Thirdly, it should be noted that in 2020 the business, realizing that 2021 will change from the point of view of the usual budgeting for and, IT INFORMATION SECURITY sought to implement the plans scheduled for 2020 as much as possible and use the resources available for this, 'explained by Boris Simis, Deputy CEO of Positive Technologies. '
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At the end of 2020, the entire product and service line of the company demonstrated positive dynamics. For example, sales of MaxPatrol SIEM (information security incident detection system in real time) increased by 75%, PT Industrial Security Incident Manager (software and hardware complex for deep analysis of technological traffic) showed equally significant indicators - an increase of 80% compared to 2019, and sales of the PT Application Inspector application security analyzer more than doubled. The top most successful product by the end of 2020 includes MaxPatrol 8 (system for monitoring security and compliance with standards), MaxPatrol SIEM, PT Application Firewall (tool for comprehensive protection against web attacks) and PT Network Attack Discovery (deep traffic analysis system). At the same time, the PT Network Attack Discovery product for 2019, in addition to commercial success within Positive Technologies, also formed the domestic market for Network Traffic Analysis (NTA) solutions.
| | The performance of our PT Network Attack Discovery for us is one of the key results of the year: despite the fact that the product has been on the market for several years and is growing far from zero, sales have quadrupled. Our NTA solution is actively replenished with expertise, including in terms of conducting investigations and proactive search for threats. In 2020, the product has literally become market-forming and it is safe to say that the NTA market in Russia has taken place, and we are leading on it. 'told Maxim Filippov, Business Development Director of Positive Technologies in Russia.'
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Predicting the development of the situation in 2021, Positive Technologies experts also note that the key driver of the information security market in Russia in 2021 will be the topic of real, measurable, effective and risk-oriented cybersecurity. This approach, ultimately, potentially expands the market, qualitatively changing it: the priority choice will be in favor of those solutions and technologies that allow solving the problems of inadmissibility of the implementation of significant business risks. The forecast for the information security market in Russia as a whole is at the level of 15-20 percent growth.
MaxPatrol SIEM will come out on top in terms of sales in 2021. In the first quarter of 2021, the company will launch a commercial version of the product - MaxPatrol VM (latest generation vulnerability management systems), which will be accompanied by the growth of the corresponding market segment. The growth dynamics of the demand for professional services - from business security analysis services, detection, response and investigation of complex incidents, monitoring the security of corporate systems and premium support for Positive Technologies products - is such that it allows you to expect significant growth in these areas as well.
2019: Total revenue - 3.2 billion rubles
According to Positive Technologies' own data, in 2019 the company's total revenue for all types of activities amounted to 3.2 billion rubles (in 2018 it was measured at 3.6 billion rubles), net profit - 0.4 billion rubles. Over the past three years, the turnover of the information security vendor has shown an increase of at least 20% per year.
Notes
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