HUB Cyber Security (NASDAQ: HUBC) (“HUB Security”), a developer of confidential computing cybersecurity solutions and services, today reported its financial results for FY 2023 ended December 31, 2023. Key financial highlights from fiscal year 2023 included revenue of $42.6 million, gross profit of $750K, operating expenses of $78.5 million, and operating loss of $(77.7) million. The company’s non-GAAP adjusted EBITDA loss for FY 2023 was $(12.2) million while operating cash flow was $(16.2) million. As of December 31, 2023, the company had cash and cash equivalents, restricted cash, and deposits of $5.2 million.
“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,” said Noah Hershcoviz, CEO of HUB.
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About HUB Security Ltd.
HUB Cyber Security (“HUB Security”) was established in 2017 by veterans of the elite intelligence units of the Israeli Defense Forces. The company specializes in unique cybersecurity 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 as well as a wide range of cybersecurity services worldwide. For further information or inquiries, contact info@hubsecurity.com.
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