Adrian Johnson
TLDR:
Key Points:- HUB Security reports $42.6 million in revenue for fiscal year 2023
- Company focuses on growth and innovation with new leadership and talent
Summary:
HUB Security, a leading cybersecurity solutions provider, recently released its financial results for the fiscal year 2023, showing $42.6 million in revenue. The company has made strategic moves to strengthen its market position, including acquiring QPoint Technologies and collaborating with BlackSwan Technologies. With new executives onboard, HUB Security is poised for growth and innovation in the Secured Data Fabric sector.
Key Financial Insights from Fiscal 2023:
- Gross Profit: $750K
- Operating Expenses: $78.5 million
- Operating Loss: $(77.7) million
- Adjusted EBITDA: $(12.2) million
- Operating Cash Flow: $(16.2) million
- Cash and Cash Equivalents: $5.2 million
The company recorded non-cash charges for impairment of goodwill and intangible assets due to macroeconomic factors. HUB Security defines Adjusted EBITDA as a key metric for assessing financial performance.
Looking ahead, HUB Security plans to expedite reporting for the first half of 2024 and host a conference call to discuss future plans. With a focus on innovation and growth, the company aims to drive value for stakeholders in the cybersecurity industry.
For more information and a detailed financial breakdown, the annual report for 2023 can be accessed on the U.S. Securities and Exchange Commission’s website and the company’s investor relations page.
Contact Info:
For further information or inquiries, please contact: info@hubsecurity.com
About HUB Security Ltd.
HUB Security was established in 2017 and specializes in unique cybersecurity solutions. The company operates globally, providing innovative cybersecurity computing appliances and services in over 30 countries.
Forward-Looking Statements:
The press release contains forward-looking statements regarding the company’s financial condition, business plans, and prospects. Risks and uncertainties, as well as regulatory factors, may impact actual results.
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