Summary by Futu AI
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