HUB Cyber Security Ltd., a leading provider of cybersecurity solutions, has reported its financial results for the fiscal year 2023, ending December 31, 2023. The company announced a revenue of $42.6 million but faced a gross profit of only $750K due to significant operating expenses totaling $78.5 million. These expenses included impairments, SPAC transaction costs, share-based compensation, and depreciation and amortization, leading to an operating loss of $77.7 million. The non-GAAP Adjusted EBITDA loss was reported at $12.2 million, with an operating cash flow of negative $16.2 million. As of the year-end, the company had $5.2 million in cash and cash equivalents. HUB Cyber Security also recorded a non-cash impairment charge of $15.3 million, attributed to macroeconomic factors affecting its financial forecasts. In August 2024, the company entered...Show More

HUB Cyber Security Ltd., a leading provider of cybersecurity solutions, has reported its financial results for the fiscal year 2023, ending December 31, 2023. The company announced a revenue of $42.6 million but faced a gross profit of only $750K due to significant operating expenses totaling $78.5 million. These expenses included impairments, SPAC transaction costs, share-based compensation, and depreciation and amortization, leading to an operating loss of $77.7 million. The non-GAAP Adjusted EBITDA loss was reported at $12.2 million, with an operating cash flow of negative $16.2 million. As of the year-end, the company had $5.2 million in cash and cash equivalents. HUB Cyber Security also recorded a non-cash impairment charge of $15.3 million, attributed to macroeconomic factors affecting its financial forecasts. In August 2024, the company entered into agreements to raise $3.3 million through convertible notes and warrants, aiming to bolster corporate growth and general corporate purposes. The notes, unsecured with a two-year term, are convertible at a price lower than the market, with the warrants exercisable at $1.00 per share. The company has committed to registering the resale of the ordinary shares underlying the notes and warrants with the SEC. CEO Noah Hershcoviz highlighted the company's strategic moves, including acquisitions and partnerships, which have positioned HUB Cyber Security for growth in the secured data fabric market.