Cyber Security 1 AB (publ) said its first-quarter normalized net income was €108,860, a decrease of 59.1% from €266,050 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 2.7% from 8.1% in the year-earlier period.

Total revenue climbed 21.4% year over year to €4.0 million from €3.3 million, and total operating expenses increased 41.7% year over year to €3.7 million from €2.6 million.

Reported net income fell 79.6% from the prior-year period to €106,600, or 0 cents per share, from €521,500, or 0 cents per share.