About the company PJSC Positive Group
Security pagePositive Technologies is a Russian developer of cybersecurity software: systems for attack detection, application protection and vulnerability analysis. The company went public in an unusual way — through a direct listing, without placing new shares. Its shares trade on the Moscow Exchange under the ticker POSI.
What the company does
The company sells licences for its products and subscriptions to their updates. The software business model works differently from a manufacturing one: development is expensive once, while each further copy sold costs almost nothing. That is why profit grows faster than revenue — but only after revenue has passed the cost of development.
This explains a peculiarity of the company's reporting: it bears the cost of building the product all year round, while a significant part of sales falls at the end of the year, when customers close their budgets. Interim quarters therefore often look loss-making, and this is a feature of the calendar, not of the business.
The main buyers are large companies and government organisations, for which protecting information systems has become a mandatory requirement.
Business lines
Security products
Attack detection and prevention systems, web application protection, vulnerability management.
Services and expertise
Incident investigation, security assessment, training of specialists.
New products
Business lines that do not yet bring in notable revenue but account for part of development spending.
History
- 2002The company is founded, starting out with security assessments of information systems.
- 2010-еTransition from services to its own software products.
- 2021Direct listing on the Moscow Exchange — a way of going public without placing new shares that is rare for the Russian market.
- 2022The departure of foreign suppliers of security products sharply expands the market for Russian developers.
Business review
Strengths and weaknesses describe the business itself. Opportunities and threats describe what may happen around it.
Strengths
- The mandatory nature of cybersecurity spending: it is the last thing to be cut.
- Replacing the foreign suppliers that left has expanded the addressable market.
- A licensing model with a high gross margin.
Weaknesses
- Sharp seasonality: the year's result is decided in the final quarter.
- Rapid growth in personnel costs in a competitive industry.
- Issuing additional shares to incentivise employees dilutes the stake of existing shareholders.
Opportunities
- The departure of foreign vendors freed up a significant part of the security products market.
- The regulator's information security requirements widen the circle of buyers obliged to purchase.
- The licence and subscription model provides growing recurring revenue.
- Exports to friendly countries — a business line that did not exist before.
Threats
- Revenue is heavily skewed towards the end of the year: interim periods look weak, and this complicates valuation.
- Development costs rise together with engineers' salaries, and the shortage of engineers on the labour market is persistent.
- The growth in the company's valuation rests on expectations of future sales, not on current profit.
- Competition among Russian developers is intensifying as the market expands.
Frequently asked questions
What does Positive Technologies do?
The company develops and sells cybersecurity software: attack detection systems, web application protection, tools for finding vulnerabilities. In addition, it provides incident investigation and training services.
Why does the company report a loss in some quarters?
Because of the seasonality of sales: customers close their budgets at the end of the year, and the bulk of revenue falls in the fourth quarter, whereas development costs are spread evenly. A loss in the middle of the year is a feature of the sales calendar, not a sign that the business is deteriorating.
What is a direct listing?
It is a way of going public without issuing new shares and without raising money: the shares already held by existing shareholders are admitted to trading. The company receives no proceeds from the placement.
Issuer profile
What the company does
The company is classified under the «IT, software & pharma» sector, using the taxonomy we apply when comparing securities with one another.
The same sector holds 16 issuers on the platform, and their figures are computed by one method — so this company's revenue, profit and leverage can be compared with them directly.
The company is registered in Russia and identified in regulatory disclosure by tax number 9718077239. That number locates its statements in state registries regardless of how its name is spelled — and the spelling differs even between official documents.
Listed securities
The issuer has 5 securities listed: 1 share class, 4 bond issues. All are shown on this page, including those trading in different modes and different currencies.
Across Moscow Exchange quotation list levels the securities split as follows: 1 at level 1, 3 at level 2. The level reflects how strict the disclosure, turnover and track-record requirements the issue meets are — not how attractive the investment is.
Bond issues
The nearest issue matures on 17 December 2026 and the farthest on 27 February 2029. That spread means the issuer borrows both short and long, and the yields of these issues will differ for the simple reason that the money is lent for different terms.
The largest issue by face value is RU000A109098, with a face value of 1,000.00 ₽ per bond, maturing on 4 July 2027. Bond prices in the order book are quoted as a percentage of face value, so a quote of 98.4 means 98.4 % of that amount rather than an absolute price.
Dividend history
Between 2022 and 2024 the issuer made 7 payouts whose record date has already passed. A board recommendation or a forecast does not enter this history, because no money has been paid on them yet.
The most recent payout was 47.33 ₽ per POSI security (2024) with a record date of 24 May 2024. That is the amount before tax: the broker withholds it on crediting, so less arrives in the account.
Financial statements
The most recent annual report we hold is for 2025 under IFRS. The standard is named for a reason: IFRS and RAS compute the same quantities by different rules, disagree by design and are never averaged.
Revenue for 2025 was 30.90B ₽.
That is 26.1 % more than in 2024, when revenue was 24.50B ₽. The comparison stays within one reporting standard — otherwise the growth could turn out to be a change of accounting rules and nothing more.
Net income for 2025 was 7.28B ₽.
Of every unit of revenue, 23.6 % remained as net income. This is the ratio of two figures already named above rather than a separate line from the report: comparing it across companies is meaningful only within one sector and one reporting standard.
Equity stands at 24.30B ₽ against total assets of 61.00B ₽. The difference between the two is the company's liabilities, and the larger it is relative to equity, the more the business depends on borrowed money.
Price as of 11 October 2026 · This section is assembled from our own data on the company's securities, dividends and financial statements. It is a description, not a recommendation.
Securities of this issuer
Shares1
- POSIГруппа Позитив ао1,103.40 ₽