Why is Cyberlux Corporation (OTCMKTS:CYBL) Stock Down 20% This Week?

Shares of Cyberlux Corporation (OTCMKTS:CYBL) have been showing consistent selling pressure over the past week. Here are key developments.

Trading Data

On Wednesday, CYBL stock moved up 1.55%% to $0.0131 with more than 24 million shares, compared to its average volume of 34 million shares. The stock moved within a range of $0.0123 – 0.0145 after opening trade at $0.0129.

About The Company

Cyberlux Corporation (OTCMKTS:CYBL) is “Harnessing the Future” by leading digital transformation across global industries. The company is moving ahead with operational growth through joint ventures, accelerated acquisitions as well as fuelling growth with technology developments. The firm’s four business units include Unmanned Aircraft Solutions, Digital Platform SolutionsAdvanced Lighting Solutions as well as Infrastructure Technology.

Cyberlux Corporation (OTC:CYBL) Releases Amended First Quarter Financial

Cyberlux Corporation on June 15, 2022, announced that the firm has filed the amended Quarterly Report for the period ending March 31, 2022. The amendment included minor corrections as well as additions needed to comply with OTC Markets’ request. It also confirmed achieving a record $6,247,453 in Revenue as well as a record $1,243,246 in Net Income for quarter one of 2022. The firm also augmented its Balance Sheet Assets to $10,524,329 through successful organic growth as well as a platform acquisition strategy.

The management is expecting quarterly revenue growth to continue during 2022 and a record quarter two of 2022. The firm’s acquisition, as well as an organic growth strategy, continues to expand across the four business units. The revenue outlook of $44.8 million will generate positive net income from Operations for the year as well.

Cyberlux Corporation CEO Mark Schmidt said that the company is glad on reporting the OTC markets requests reflected in the amended Q1 2022. Schmidt added that he is excited about the stellar results and the incredible transition both for the firm as well as its shareholders. Furthermore, he stated that the company took time on reviewing OTC Markets’ input with the pre-audit team for institutionalizing the process changes.

Cyberlux Corporation announced earlier that the Board of Directors had approved Share Repurchase Program enabling the firm to repurchase up to $19.5 million in value of its outstanding common stock.

Cyberlux Corporation CEO Mark Schmidt said that the company’s strategic plans are in execution mode and the operation Alpha is delivering consistent growth levels as well as global market advancement. Schmidt added that the company is taking the next level of corporate action for shareholders.

He also said that the Board of Directors had worked hard on designing the Share Repurchasing Program and expects to retire a meaningful level of outstanding shares in some months.

Technical Data

CYBL stock is trading below the 20-Day and 50-Day Moving averages of $0.0145 and $0.0172 respectively. Moreover, the stock is trading below 200-Day moving average of $0.0237.