Q3-2023 revenue was up 7% YoY, but flat QoQ, missing our estimate by 11%. EBITDA and EPS remained negative. Revenue growth continues to be driven by individual users in the U.S.

Customer Acquisition Costs (CAC) fell from US$85 in Q2-2023, to US$30 in Q3-2023. Although Sekur does not disclose revenue/user or user-count, we note that the annual pricing for its solutions/services ranges between US$84 and US$264 per user.