Summary by Moomoo AI
HUB Cyber Security Ltd., a foreign private issuer, reported its unaudited financial results for the six months ended June 30, 2023, in a Form 6-K filed with the U.S. Securities and Exchange Commission for January 2024. The company disclosed a net loss of $68.7 million for the period, a significant increase from the $20.2 million loss reported for the same period in 2022. The loss was attributed to various factors, including a decrease in revenue, which fell by 17.92% to $30.7 million, and an increase in general and administrative expenses, which more than doubled to $36.1 million due to costs associated with a SPAC merger. Other expenses also rose sharply, primarily due to integration expenses related to the merger. Despite the losses, the company issued a press release on January 8, 2024, expressing optimism for a strong performance in 2024-2025. The financial information provided in the report is unaudited and prepared by the company's management.
