KONTAN.CO.ID – JAKARTA. PT ITSEC Asia Tbk (CYBR) has demonstrated remarkable financial performance in the 2025 fiscal year, signaling a period of robust and sustainable growth. The cybersecurity firm reported a significant 62.1% year-on-year surge in revenue, reaching Rp 577 billion. This impressive top-line expansion was coupled with a pivotal turnaround, as the company successfully transitioned from a loss to a net profit of approximately Rp65 billion.
According to Adrian Djie, an analyst at Kiwoom Sekuritas Indonesia, this accelerated growth is far from a temporary surge. Instead, it is firmly underpinned by substantial fundamental improvements within the company. “We assess the quality of CYBR’s growth throughout 2025 as quite solid and sustainable, not merely a one-off effect,” Djie remarked to Kontan on Friday (29/5/2026), emphasizing the enduring nature of this positive trajectory for PT ITSEC Asia Tbk.
Delving into the core drivers of this success, Djie highlighted that the services segment, serving as CYBR’s primary revenue pillar, posted an exceptional 74.8% year-on-year growth, contributing Rp479.1 billion. Furthermore, the strategic introduction of a new business line focusing on cybersecurity and AI training has also significantly bolstered the company’s overall revenue streams, showcasing successful diversification and a forward-looking approach to market demands.
Fundamentally, these operational enhancements are distinctly reflected in CYBR’s improved margin structure. The gross profit margin notably expanded from 36% in FY24 to an impressive 54%. This significant increase in profitability effectively reversed previous operational losses, transforming them into a healthy profit, a testament to efficient cost management and strong demand for its specialized services.
Looking ahead to 2026, Adrian Djie maintains a positive outlook for CYBR’s performance, anticipating continued strength driven by robust revenue visibility. He elaborated, “For the 2026 projection, we foresee CYBR’s revenue prospects remaining solid with good visibility, primarily supported by recurring revenue streams derived from the company’s growing portfolio of long-term contracts,” indicating a stable and predictable future for the cybersecurity provider.
Regarding potential supplementary capital from the conversion of Series I Warrants, amounting to Rp14.83 billion, Djie acknowledges the sum is relatively moderate. Nevertheless, he views this as a strategically important injection for CYBR. “We consider it additional working capital that will provide funding flexibility for CYBR in executing its organic expansion plans,” he stated, underlining its role in fueling future growth initiatives and market penetration.
From a governance standpoint, the recent appointment of a new board of directors is also anticipated to act as a positive catalyst for future business expansion. “We expect that this management refresh will be a positive catalyst for expanding CYBR’s strategic partnership network going forward,” Djie added, foreseeing enhanced collaboration opportunities and a broader market reach for PT ITSEC Asia Tbk.
Moreover, CYBR’s strategic decision to forgo dividend distribution and instead retain its earnings is deemed a prudent move essential for supporting its ambitious expansion plans. “We believe that this capital allocation will be more optimally utilized if focused on strengthening operations for large contracts, recruiting specialized cybersecurity experts, and developing the consumer product ecosystem,” Djie explained, outlining the targeted areas for significant investment to solidify its market position.
On a technical note, Adrian Djie observes that CYBR shares currently exhibit short-term upward potential. Concluding his analysis, he stated, “Technically, we see a potential rebound with a short-term target price at Rp 665, supported by a valuation that remains quite attractive.” This suggests a favorable entry point for investors considering the stock, reflecting confidence in its near-term market trajectory.
Summary
PT ITSEC Asia Tbk (CYBR) achieved significant financial growth in the 2025 fiscal year, reporting a 62.1% revenue surge to Rp 577 billion and a successful transition to a net profit of Rp 65 billion. This performance was driven by a 74.8% growth in its core services segment and strategic diversification into AI-integrated cybersecurity training. The company also saw a marked improvement in its gross profit margin, which rose from 36% to 54%, reflecting stronger operational efficiency and market demand.
Looking toward 2026, analysts maintain a positive outlook, citing stable revenue visibility from long-term contracts and the potential impact of a new management team on strategic partnerships. The company has opted to retain earnings to fund organic expansion, including the recruitment of specialized experts and the development of its product ecosystem. Supported by these solid fundamentals, the stock is currently viewed as having short-term upward potential with a projected target price of Rp 665.