HUB Security reports improved financial performance in second half of 2024

From GlobeNewswire: 2025-05-01 07:49:00

HUB Cyber Security Ltd. announced a deliberate strategic pivot in H2 2024, focusing on higher-value offerings. Revenues were $13.8 million, down from $17.6 million in H2 2023, with a gross margin improvement to 25.6% and operating expenses reduction. The Company’s operating loss improved by 38% year-over-year, showcasing strategic realignment success.

CEO Noah Hershcoviz highlighted the Company’s transformation in 2024, emphasizing the shift to core offerings for regulated industries. Strategic wins in the banking sector, like a €20 million digital banking project, showcase HUB’s commitment to secure, compliant solutions for financial institutions. The Company resolved legacy liabilities, secured financing, and executed a reverse stock split to strengthen financial flexibility.

HUB’s Secured Data Fabric platform consolidates data securely, driving demand across sectors like finance, healthcare, and transportation. The platform’s unique value proposition has led to increased backlog and RFPs. With expanding opportunities, HUB aims to establish itself as a trusted partner, offering scalable solutions for data security and operational efficiency.

Premier Professional Services remain crucial for HUB, with over 270 professionals delivering ICT, software, and cyber solutions. Trusted client relationships provide HUB a competitive advantage in high-barrier sectors, supporting new software deployments. Key leadership appointments, like President of the Americas Region, aim to support the Company’s expansion into new markets.

HUB filed its Annual Report on Form 20-F for the Year Ended December 31, 2024, showcasing its financial performance. A conference call will be held on Friday, May 2, 2025, at 10:00 am ET. Interested parties can access the call via live webcast for further insights into HUB’s strategic wins, financial results, and future growth plans.



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