HUB Cyber Security Ltd. (NASDAQ: HUBC), a leading provider of
cybersecurity solutions ("HUB Security" or the "Company"), today
released its financial results for the fiscal year ended December
31, 2023.
HUB has successfully retained a robust client
base and has implemented a clear and ambitious growth strategy to
establish itself as a leader in the Secured Data Fabric (SDF)
sector. With top-tier talent onboard, the Company believes it is
now poised for a dynamic new chapter of growth and innovation.
The Company is committed to expedite the
reporting of its results for the first half of the fiscal year
ended June 30, 2024. Following this, the Company plans to host a
conference call to review present activities and outline its future
plans.
Noah Hershcoviz, CEO of HUB,
commented, “The conclusion of the 2023 audit signifies a
new chapter for HUB. Over the past eight months, we've
significantly strengthened our market position through the
acquisition of the balance of QPoint Technologies, a strategic
collaboration with BlackSwan Technologies, and the addition of key
executives to our team. These moves, with a pronounced reduction in
debt, have expanded our reach to large enterprises and European
banks, stabilized our core operations, and, based on our product
and complementary partnerships, positioned HUB as a dominant force
in the secured data fabric market. We believe we are now
well-equipped to seize emerging opportunities and drive value for
our stakeholders."
Fiscal 2023 Key Financial
Insights:
- Revenue: $42.6 million.
- Gross Profit: Gross profit for the full year
of 2023 was $750K.
- Operating Expenses: Operating expenses for the
full year of 2023 was $78.5 million, including $15.3 million of
impairments, $12.3 million of SPAC transaction costs, $7 million of
share-based compensation expenses, and $7.6 million of depreciation
and amortization.
- Operating Loss: Operating loss for the full
year of 2023 was $(77.7) million.
- Non-GAAP Adjusted EBITDA: Adjusted EBITDA loss
for the full year of 2023 was $(12.2) million.
- Operating Cash Flow: Operating Cash Flow for
the full year of 2023 was $(16.2) million.
- Cash and Cash Equivalents: As of December 31,
2023, the Company had cash and cash equivalents, restricted cash,
and deposits in the amount of $5.2
million.
Impairment
In the year ended December 31, 2023, the Company
recorded non-cash charge for the impairment of goodwill and
intangible assets in the amount of $15.3 million, due primarily to
macroeconomic factors such as higher cost of capital, the overall
increase in financing costs due to the liquidity pressure which are
contributing to reduced forecasted revenues, lower operating
margins, and reduced expectations for future cash flows.
A copy of the Company’s annual report on Form
20-F for the year ended December 31, 2023 has been filed with the
U.S. Securities and Exchange Commission at https://www.sec.gov/ and
posted on the Company’s investor relations website at
https://investors.hubsecurity.com/. The Company will deliver a hard
copy of its annual report, including its complete audited
consolidated financial statements, free of charge, to its
shareholders upon request at info@hubsecurity.com.
Non-IFRS Financial Measures
This press release and the accompanying tables
contain non-IFRS financial measures. HUB Security believes that
these non-IFRS financial measures provide useful information to
management and investors regarding certain financial and business
trends relating to HUB Security’s financial condition and results
of operations. HUB Security’s management uses non-IFRS measures to
compare HUB Security’s performance to that of prior periods for
trend analysis and for budgeting and planning purposes. Non-IFRS
financial information is presented for supplemental informational
purposes only and should not be considered a substitute for
financial information presented in accordance with IFRS. It may be
different from similarly titled non-IFRS measures used by other
companies.
HUB Security defines Adjusted EBITDA as net loss
adjusted for income taxes, finance income, finance expenses,
depreciation and amortization, impairments, share-based
compensation expense, SPAC transaction cost, and other one-time
costs. Adjusted EBITDA is a key metric management and HUB
Security’s board of directors use to assess its financial
performance. Adjusted EBITDA is frequently used by analysts,
investors, and other interested parties to evaluate companies in
the HUB Security industry. Management believes that Adjusted EBITDA
is an appropriate measure of operating performance because it
eliminates the impact of expenses that do not relate directly to
the performance of the underlying business.
Adjusted EBITDA is not an IFRS measure of HUB
Security’s financial performance or liquidity. It should not be
considered as an alternative to net income or loss as a measure of
financial performance, as an alternative to cash flows from
operations as a measure of liquidity, or as an alternative to any
other performance measure derived in accordance with IFRS. Adjusted
EBITDA should not be construed as an inference that HUB Security’s
future results will be unaffected by unusual or other items.
Non-IFRS financial measures may differ
materially from the non-IFRS financial measures used by other
companies. Reconciliation between results on an IFRS and non-IFRS
basis is provided in a table at the end of this release. [A
reconciliation of the Adjusted EBITDA to the corresponding IFRS
measure (net loss) is not available on a forward-looking basis due
to the uncertainty regarding the potential variability and
significance of the amounts of share-based compensation expense,
among others. Accordingly, a reconciliation of Adjusted EBITDA to
the corresponding IFRS measure for future periods is not available
without unreasonable effort.
For further information or inquiries, please
contact:
info@hubsecurity.com
About HUB Security Ltd.
HUB Cyber Security Ltd ("HUB") was established
in 2017 by veterans of the elite intelligence units of the Israeli
Defense Forces. The Company specializes in unique cyber security
solutions protecting sensitive commercial and government
information. The company debuted an advanced encrypted computing
solution to prevent hostile intrusions at the hardware level while
introducing a novel set of data theft prevention solutions. HUB
Security operates in over 30 countries and provides innovative
cybersecurity computing appliances and a wide range of
cybersecurity services worldwide.
Forward-Looking Statements
This press release contains forward-looking
statements for purposes of the safe harbor provisions under the
United States Private Securities Litigation Reform Act of 1995,
including statements about the anticipated benefits of the
transaction and the financial condition, results of operations,
earnings outlook, and prospects of the combined company.
Forward-looking statements are typically identified by words such
as "plan," "believe," "expect," "anticipate," "intend," "outlook,"
"estimate," "future," "forecast," "project," "continue," "could,"
"may," "might," "possible," "potential," "predict," "seem,"
"should," "will," "would" and other similar words and expressions,
but the absence of these words does not mean that a statement is
not forward-looking.
The forward-looking statements are based on the
current expectations of the management of HUB Security, as
applicable, and are inherently subject to uncertainties and changes
in circumstances and their potential effects and speak only as of
the date of such statement. There can be no assurance that future
developments will be those that have been anticipated. These
forward-looking statements involve a number of risks,
uncertainties, or other assumptions that may cause actual results
or performance to be materially different from those expressed or
implied by these forward-looking statements. These risks and
uncertainties include, but are not limited to, those discussed and
identified in public filings made with the SEC by the HUB Security
and the following: (i) significant uncertainty regarding the
adequacy of HUB Security’s liquidity and capital resources and its
ability to repay its obligations as they become due; (ii) the war
between Israel and Hamas commenced in October 2023, and the
potential expansion of hostilities to other fronts, which may harm
Israel’s economy and HUB Security’s business; (iii) expectations
regarding HUB Security's strategies and future financial
performance, including its future business plans or objectives,
prospective performance and opportunities and competitors,
revenues, products and services, pricing, operating expenses,
market trends, liquidity, cash flows and uses of cash, capital
expenditures, and HUB Security's ability to invest in growth
initiatives and pursue acquisition opportunities; (iv) the outcome
of any legal or regulatory proceedings against HUB Security in
connection with our previously announced internal investigation or
otherwise; (v) the ability to cure and meet stock exchange
continued listing standards; (vi) competition, the ability of HUB
Security to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; (vii) limited liquidity and trading
of HUB Security’s securities; (viii) geopolitical risk, including
military action and related sanctions, and changes in applicable
laws or regulations; (ix) the possibility that HUB Security may be
adversely affected by other economic, business, and/or competitive
factors; (i) other risks and uncertainties set forth in the
sections entitled "Risk Factors" and "Cautionary Note Regarding
Forward-Looking Statements" in HUB Security’s Annual Report on Form
20-F filed on August 16, 2023.
Should one or more of these risks or
uncertainties materialize, or should any of the assumptions made by
the management of HUB Security prove incorrect, actual results may
vary in material respects from those expressed or implied in these
forward-looking statements.
All subsequent written and oral forward-looking
statements concerning the business combination or other matters
addressed in this press release and attributable to HUB Security or
any person acting on their behalf are expressly qualified in their
entirety by the cautionary statements contained or referred to in
the press release. Except to the extent required by applicable law
or regulation, HUB Security undertakes no obligation to update
these forward-looking statements to reflect events or circumstances
after the date of this press release to reflect the occurrence of
unanticipated events.
Wire Service Contact:
IBN Los Angeles, California www.InvestorBrandNetwork.com
310.299.1717 Office Editor@InvestorBrandNetwork.com
- HUB Security Reports Fiscal 2023 Financial Results
Hub Cyber Security (NASDAQ:HUBC)
過去 株価チャート
から 8 2024 まで 9 2024
Hub Cyber Security (NASDAQ:HUBC)
過去 株価チャート
から 9 2023 まで 9 2024