HUB Cyber Security Ltd. has released its audited financial review for the fiscal year ended December 31, 2023, revealing significant financial challenges. The company reported an accumulated loss of $186,488 thousand and a negative working capital of $54,323 thousand. Its cash flows from operating activities were also negative, totaling $16,202 thousand for the year. As of the year-end, HUB Cyber Security had limited liquidity with cash and cash equivalents standing at $3,522 thousand. The company's financial performance was further complicated by ongoing legal proceedings and regulatory reviews that could affect its financial position. Despite these challenges, HUB Cyber Security completed a reverse recapitalization with Mount Rainier Acquisition Corp., and its shares commenced trading on Nasdaq on March 1, 2023. The company has identified material weaknesses in...Show More

HUB Cyber Security Ltd. has released its audited financial review for the fiscal year ended December 31, 2023, revealing significant financial challenges. The company reported an accumulated loss of $186,488 thousand and a negative working capital of $54,323 thousand. Its cash flows from operating activities were also negative, totaling $16,202 thousand for the year. As of the year-end, HUB Cyber Security had limited liquidity with cash and cash equivalents standing at $3,522 thousand. The company's financial performance was further complicated by ongoing legal proceedings and regulatory reviews that could affect its financial position. Despite these challenges, HUB Cyber Security completed a reverse recapitalization with Mount Rainier Acquisition Corp., and its shares commenced trading on Nasdaq on March 1, 2023. The company has identified material weaknesses in its internal control over financial reporting and is implementing measures to address these issues, including strategic layoffs and renegotiating loan agreements. The financial statements, prepared under the going concern assumption, show a revenue of $42,657 thousand, an operating loss of $77,725 thousand, a net loss from continuing operation of $84,606 thousand, and a basic and diluted net loss per share from continuing operation of $8.82. Management's future plans include raising capital through debt structures and warrant exercise agreements to improve the company's financial standing.