HUB Cyber Security Ltd. has completed its annual financial performance analysis for the fiscal year ended December 31, 2023. The company reported a decrease in revenue to $42.7 million, down from $50 million in the previous year. Operating loss showed a slight improvement, decreasing to $77.7 million from $80.4 million in 2022. However, the net loss widened to $86.6 million, compared to $80 million in the prior year. Adjusted EBITDA also fell to $12.2 million from $22.1 million. The company's cash flow from operations improved, with net cash used decreasing to $16.2 million from $23.4 million. Financing activities provided less cash, down to $12.9 million from $20.7 million. HUB Cyber Security experienced a significant decrease in revenue across its Products and Technology Segment by 38.6% and its Professional Services Segment by 13.8%. The company completed three...Show More

HUB Cyber Security Ltd. has completed its annual financial performance analysis for the fiscal year ended December 31, 2023. The company reported a decrease in revenue to $42.7 million, down from $50 million in the previous year. Operating loss showed a slight improvement, decreasing to $77.7 million from $80.4 million in 2022. However, the net loss widened to $86.6 million, compared to $80 million in the prior year. Adjusted EBITDA also fell to $12.2 million from $22.1 million. The company's cash flow from operations improved, with net cash used decreasing to $16.2 million from $23.4 million. Financing activities provided less cash, down to $12.9 million from $20.7 million. HUB Cyber Security experienced a significant decrease in revenue across its Products and Technology Segment by 38.6% and its Professional Services Segment by 13.8%. The company completed three strategic acquisitions to enhance its technical capabilities and expand its geographical presence. Despite these efforts, there are significant liquidity concerns, with substantial doubt about the company's ability to continue as a going concern due to its financial position. HUB Cyber Security is also exposed to market risks, particularly related to foreign currency exchange rates and interest rates, and must navigate various government regulations and compliance requirements in its operations.