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NEWS ER
HUB Cyber Security Reports First Half 2024 Financial Results and Corporate Update
Monday, 2nd December at 8:45 am
TEL AVIV, Israel, Dec. 02, 2024 (GLOBE NEWSWIRE) -- via IBN – HUB Cyber Security Ltd. (NASDAQ: HUBC) ("HUB"; or the "Company"), a leading provider of cybersecurity solutions and advanced data fabric, today announced its financial results for the first half of 2024.
Financial results for H1 2024:
Monday, 2nd December at 8:45 am
TEL AVIV, Israel, Dec. 02, 2024 (GLOBE NEWSWIRE) -- via IBN – HUB Cyber Security Ltd. (NASDAQ: HUBC) ("HUB"; or the "Company"), a leading provider of cybersecurity solutions and advanced data fabric, today announced its financial results for the first half of 2024.
Financial results for H1 2024:
• Revenues: $15.7 million, compared to $25.0 million in H1 2023. The revenue shift highlights HUB's strategic effort to optimize its business sectors by transitioning away from less profitable segments, including certain parts of its IT Services and Cyber Consultancy operations. Instead, HUB has made great strides in refining its blend of solutions to focus on core, higher-margin offerings, while positioning itself for more sustainable and profitable growth in the future.
• Gross margin improved significantly to 9.5% in H1 2024, compared to -7.6% in H1 2023. This improvement reflects the impact of the Company's strategic shift toward higher-margin business areas, allowing HUB to optimize profitability despite a smaller revenue base. By refining its focus, management has built the foundation for a more sustainable financial performance moving forward.
• Operating expenses for H1 2024 totaled $16.5 million, a significant 71% reduction compared to $57.5 million in H1 2023. This dramatic decline in expenses reflects management's disciplined cost management and focus on streamlining operations as the Company transitions to a more focused, higher-margin business model.
• Operating loss improved significantly by 74%, or $44.5 million, compared to the prior year, reflecting the positive impact of streamlined operations and a more efficient organizational structure. This improvement also highlights the normalization of expenses following the high legal costs and related expenses incurred in H1 2023 related to the SPAC merger.
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