Cyren Ltd. (CYRN) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

SEC Filings

Cyren Ltd.

CIK: 1084577 Ticker: CYRN





Cyren Announces First Quarter 2021 Financial Results

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Cyren Continues to Gain Traction in the Anti-Phishing Market with Cyren Inbox Security


McLean, Va. – May 17, 2021 – Cyren (NASDAQ: CYRN) today announced its first quarter 2021 financial results for the period ending March 31, 2021.


During the first quarter, Cyren reported quarterly revenues of $8.8 million, compared to $9.6 million during the first quarter of 2020. GAAP net loss for the quarter was $4.2 million, compared to the $2.8 million net loss reported during the first quarter of 2020, due to lower revenues and higher R&D expenses compared to the prior year.


“Cyren continues to advance on our best growth opportunity – helping enterprise customers using Microsoft 365 mitigate phishing attacks”, said Brett Jackson, CEO of Cyren. “While Q1 revenues were down year-over-year, they were inline with our plan and expectations and the variance is largely due to churn associated with our legacy products. We continue to make progress executing our plan to build a high-growth revenue stream with Cyren Inbox Security and develop a market-leading position in the anti-phishing space with the opportunity to significantly impact Cyren’s revenues in the future.”


First Quarter 2021 Financial Highlights:


·Revenues for the first quarter of 2021 were $8.8 million, compared to $9.6 million during the first quarter of 2020.


·GAAP net loss for the first quarter of 2021 was $4.2 million, compared to a net loss of $2.8 million in the first quarter of 2020.


·GAAP net loss per basic and diluted share for the first quarter of 2021 was $0.06, compared to a loss of $0.05 per basic and diluted share for the first quarter of 2020.


·Non-GAAP net loss for the first quarter of 2021 was $3.2 million, compared to a Non-GAAP net loss of $2.8 million for the first quarter of 2020, representing an increase of 14%.


·Non-GAAP loss per basic and diluted share was $0.05 for the first quarter of 2021 and the first quarter of 2020.


·Cash used in operating activities during the first quarter of 2021 was $5.3 million, compared to operating cash usage of $4.4 million during the first quarter of 2020, largely driven by an increase in net loss and a decline in deferred revenue driven by the receipt of a multi-year, multi-million dollar prepayment from one of its largest customers in the first quarter of 2019.


·Net cash flow for the first quarter of 2021 was a positive $7.1 million, compared to a positive $3.5 million during the first quarter of 2020. Net cash flow in the quarter includes $12.6 million in financing activities (net of issuance costs) as the result of the registered direct stock issuance that closed in February.


·The cash balance as of March 31, 2021, was $16.5 million, compared to $9.3 million as of December 31, 2020.




For information regarding the non-GAAP financial measures discussed in this release, please see “Use of Non-GAAP Financial Measures” and “Reconciliation of Selected GAAP Measures to Non-GAAP Measures.”


Recent Business Highlights:


·On February 25th, Cyren announced it joined the Palo Alto Networks Cortex XSOAR Marketplace, the industry’s most comprehensive security orchestration marketplace, providing customers more convenient access to Cyren’s threat intelligence product offerings.


·On February 16th, Cyren announced the closing of a $13.8 million registered direct offering of 12,000,000 of its ordinary shares at a purchase price of $1.15. Cyren intends to use the net proceeds from this offering for working capital and general corporate purposes.


·On February 9th, Cyren announced that Swiss-based Sika Group selected and deployed Cyren Inbox Security to 25,000 users across its global operations to provide visibility of phishing attacks across the enterprise and provide automated detection, response and remediation of incidents.


·On January 19th, Cyren announced the availability of Cyren Inbox Security for Microsoft 365 through the Microsoft Azure Marketplace, providing an easy and convenient location for customers to review and evaluate the product.

Financial Results Conference Call:

The company will host a conference call at 4:30 p.m. a.m. Eastern Time (11:30 p.m. Israel Time) on Monday, May 17, 2021 to discuss first quarter results.


U.S. Dial-in Number: 1-877-407-0312
Israel Dial-in Number: 1-80-940-6247
International Dial-in Number: 1-201-389-0899


The call will be simultaneously webcast live on the investor relations section of Cyren’s website at, or by using the following link:


For those unable to participate in the live conference call, a replay will be available until May 31, 2021. To access the replay, the U.S. dial in number is 1-877-660-6853 and the non-U.S. dial in number is 1-201-612-7415. Callers will be prompted for replay conference ID number 13719133. An archived version of the webcast will also be available on the investor relations section of the company's website at




About Cyren:


More than 1.3 billion users around the world rely on Cyren's cloud security solutions to protect them against cyber attacks and data loss every day. Powered by GlobalView, Cyren’s global security cloud that identifies emerging threats on a global basis in real-time, Cyren (NASDAQ: CYRN) delivers fast time-to-protection with threat detection services, threat intelligence and enterprise email security products for leading email providers, cybersecurity vendors, service providers and enterprises. Learn more at







Use of Non-GAAP Financial Measures:

Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude: stock-based compensation expenses, amortization of acquired intangible assets, and deferred taxes related to acquisitions, adjustments to earn-out obligations, and capitalization of technology. The purpose of such adjustments is to give an indication of the company's performance exclusive of non-cash charges and other items that are considered by management to be outside of the company's core operating results. The company's non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with the company's consolidated financial statements prepared in accordance with GAAP.


Company management regularly uses supplemental non-GAAP financial measures internally to understand, manage and evaluate the business and make operating decisions.


These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. The company believes this adjustment is useful to investors as a measure of the ongoing performance of the business. The company believes these non-GAAP financial measures provide consistent and comparable measures to help investors understand the company's current and future operating cash flow performance. These non-GAAP financial measures may differ materially from the non-GAAP financial measures used by other companies. Reconciliation between results on a GAAP and non-GAAP basis is provided in a table immediately following the Consolidated Statements of Income. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it important to make these non-GAAP adjustments available to investors.


This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. For example, statements in the future tense, and statements including words such as "expect," "plan," "estimate," "anticipate," or "believe" are forward-looking statements. These statements are based on information available at the time of the press release and the company assumes no obligation to update any of them. The statements in this press release are not guarantees of future performance and actual results could differ materially from current expectations as a result of numerous factors, including business conditions and growth or deterioration in the internet security market, technological developments, products offered by competitors, availability of qualified staff, and technological difficulties and resource constraints encountered in developing new products, as well as those risks described in the company's publicly filed reports, which are available through


Company Contact
Kenneth Tarpey, CFO








(in thousands of U.S. dollars, except per share amounts)


   Three months ended 
   March 31 
   2021   2020 
   Unaudited   Unaudited 
Revenues  $8,757   $9,649 
Cost of revenues   3,795    3,598 
Gross profit   4,962    6,051 
Operating expenses:          
Research and development, net   4,250    3,344 
Sales and marketing   2,638    3,036 
General and administrative   2,160    2,214 
Total operating expenses   9,048    8,594 
Operating loss   (4,086)   (2,543)
Other income, net   (18)   6 
Financial expenses, net   (214)   (231)
Loss before taxes   (4,318)   (2,768)
Tax benefit   121    17 
Net loss  $(4,197)  $(2,751)
Loss per share - basic and diluted  $(0.06)  $(0.05)
Weighted average number of shares outstanding:          
Basic and Diluted   68,469   59,684 








(in thousands of U.S.dollars, except per share amounts)


    Three months ended 
    March 31 
    2021    2020 
    Unaudited    Unaudited 
GAAP gross profit  $4,962   $6,051 
GAAP gross margin   57%   63%
Stock-based compensation expense   21    44 
Amortization of intangible assets   667    431 
Non-GAAP gross profit   5,650    6,526 
Non-GAAP gross margin   65%   68%
GAAP operating loss   (4,086)   (2,543)
Stock-based compensation expense   458    645 
Amortization of intangible assets   742    560 
Capitalization of technology   (151)   (1,213)
Non-GAAP operating loss   (3,037)   (2,551)
GAAP net loss   (4,197)   (2,751)
Stock-based compensation expense   458    645 
Amortization of intangible assets   742    560 
Amortization of deferred tax assets   (54)   (48)
Expense (Capitalization) of technology   (163)   (1,244)
Non-GAAP net loss   (3,214)   (2,838)
Numerator for non-GAAP EPS calculation   (3,214)   (2,838)
Non-GAAP net loss per share  $(0.05)   (0.05)
GAAP weighted-average shares used to          
compute net loss per share   68,469    59,684 








(in thousands of U.S. dollars)


   March 31   December 31 
   2021   2020 
Current Assets:          
Cash and cash equivalents  $16,455   $9,296 
Trade receivables, net   721    960 
Deferred commissions   953    980 
Prepaid expenses and other receivables   820    779 
Total current assets   18,949    12,015 
Long-term deferred commissions   1,036    1,125 
Long-term lease deposits   861    937 
Operating lease right-of-use assets   10,275    10,900 
Severance pay fund   767    745 
Property and equipment, net   3,360    3,948 
Intangible assets, net   7,153    7,797 
Goodwill   20,860    21,476 
Total long-term assets   44,312    46,928 
Total assets  $63,261   $58,943 
Liabilities and Shareholders’ Equity          
Current Liabilities:          
Trade payables  $882   $799 
Convertible Notes   10,000    10,000 
Employees and payroll accruals   3,811    3,813 
Accrued expenses and other liabilities   1,236    1,420 
Operating lease liabilities   1,863    1,983 
Deferred revenues   4,106    6,934 
Total current liabilities   21,898    24,949 
Deferred revenues   583    644 
8,456 9,248 Convertible debentures   9,107    9,866 
Long-term operating lease liabilities   513    655 
Deferred tax liability   839    838 
Accrued severance pay   521    706 
Other liabilities   20,019    21,957 
Total long-term liabilities          
Shareholders’ equity   21,344    12,037 
Total liabilities and shareholders’ equity  $63,261   $58,943 







(in thousands of U.S. dollars)


   Three months ended 
   March 31 
   2021   2020 
Cash flows from operating activities:  Unaudited   Unaudited 
Loss  $(4,197)  $(2,751)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:          
Gain (loss) on disposal of property and equipment   18    (13)
Depreciation   563    618 
Stock-based compensation   457    645 
Amortization of intangible assets   742    560 
Amortization of deferred commissions   325    350 
Amortization of operating lease right-of-use assets   466    389 
Interest on convertible notes   142    141 
Interest and amortization of debt issuance costs on Convertible Debentures   176    24 
Deferred taxes, net   (124)   (64)
Changes in assets and liabilities:          
Trade receivables   211    (652)
Prepaid expenses and other receivables   2    (326)
Deferred commissions   (208)   (388)
Change in long-term lease deposits   2    (114)
Trade payables   62    45 
Employees and payroll accruals, accrued expenses and other liabilities   (176)   (491)
Deferred revenues   (2,774)   (2,073)
Accrued severance pay, net   (21)   (23)
Operating lease liabilities   (731)   (420)
Other long-term liabilities   (186)   153 
Net cash used in operating activities   (5,251)   (4,390)
Cash flows from investing activities:          
Proceeds from sale of property and equipment   2    2 
Capitalization of technology   (152)   (1,001)
Purchase of property and equipment   (18)   (558)
Net cash used in investing activities   (168)   (1,557)
Cash flows from financing activities:          
Proceeds from convertible debenture, net of debt issuance costs   -      9,442 
Payment of earn-out consideration   -      -   
Proceeds from options exercised   12,588    -   
Net cash provided (used) by financing activities   12,588    9,442 
Effect of exchange rate changes on cash   (30)   (6)
Increase (decrease) in cash, cash equivalents and restricted cash   7,139    3,489 
Cash, cash equivalents and restricted cash at the beginning of the period   9,914    12,127 
Cash, cash equivalents and restricted cash at the end of the period  $17,053   $15,616 
Reconciliation of cash, cash equivalents and restricted cash as shown in the consolidated statements of cash flow:          
Cash and cash equivalents  $16,455   $15,061 
Restricted cash included in long-term restricted lease deposits   598    555 
Total cash, cash equivalents and restricted cash  $17,053   $15,616 




The following information was filed by Cyren Ltd. (CYRN) on Monday, May 17, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Cyren Ltd.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parentheticals)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Changes In Shareholders??? Equity (Unaudited)
Condensed Consolidated Statements Of Comprehensive Loss (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Accounting Policies, By Policy (Policies)
Commitments And Contingencies
Commitments And Contingencies (Details)
Financial Expense, Net
Financial Expense, Net (Details) - Schedule Of Financial Expense, Net
Financial Expense, Net (Tables)
Leases (Details)
Leases (Details) - Schedule Of Future Minimum Lease Payments
Leases (Details) - Schedule Of Operating Right-Of-Use Assets And Operating Lease Liabilities
Leases (Details) - Schedule Of Weighted Average Remaining Lease Terms And Discount Rates For All Of Operating Leases
Leases (Tables)
Related Parties
Related Parties (Details) - Schedule Of Related Party Balances
Related Parties (Details) - Schedule Of Related Party Transactions
Related Parties (Tables)
Segment And Geographic Information
Segment And Geographic Information (Details)
Segment And Geographic Information (Details) - Schedule Of Net Amount Of Property And Equipment
Segment And Geographic Information (Details) - Schedule Of Revenue Generated By Customer Type
Segment And Geographic Information (Details) - Schedule Of Total Revenue By Solutions Offered By Geographic Area
Segment And Geographic Information (Tables)
Shareholders' Equity
Shareholders' Equity (Details)
Shareholders' Equity (Details) - Schedule Of Employee And Director Options Outstanding
Shareholders' Equity (Details) - Schedule Of Employees And Directors' Stock Option Activity
Shareholders' Equity (Details) - Schedule Of Options To Non-Employees
Shareholders' Equity (Details) - Schedule Of Rsus Activity
Shareholders' Equity (Details) - Schedule Of Stock-Based Compensation Expense
Shareholders' Equity (Tables)
Significant Accounting Policies
Significant Accounting Policies (Details)

Material Contracts, Statements, Certifications & more

Cyren Ltd. provided additional information to their SEC Filing as exhibits

Ticker: CYRN
CIK: 1084577
Form Type: 10-Q Quarterly Report
Accession Number: 0001213900-21-043003
Submitted to the SEC: Mon Aug 16 2021 4:15:29 PM EST
Accepted by the SEC: Mon Aug 16 2021
Period: Wednesday, June 30, 2021
Industry: Prepackaged Software

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