HUB Cyber Security reported annual revenue of $42.7M for 2023, marking a 14.7% YoY decline from $50.0M in 2022. The company recorded an operating loss of $77.7M, slightly improved from $80.4M in 2022, while net loss before taxes increased 3.8% to $84.4M. Professional services segment dominated revenue contribution at 97.5%, with Israel accounting for 94.6% of total revenue.The company has made strategic moves in 2024, acquiring Qpoint Technologies for NIS 25M in April, adding over 100 brand-name clients including Rafael Defense Systems. Financial restructuring efforts include securing $10M in notes with Tomas Gottdiener, $550K in convertible notes, and a $6M credit facility agreement with Blackswan Technologies.HUB faces significant challenges including ongoing debt restructuring negotiations for Comsec Group liabilities of NIS 55M, with a proposed 70% haircut and 3-year payment plan. The company is dealing with legal disputes, including insolvency proceedings filed by Dominion Capital, while requiring substantial additional funding for operations. Management focuses on integrating Qpoint acquisition and resolving multiple financial challenges.

HUB Cyber Security reported annual revenue of $42.7M for 2023, marking a 14.7% YoY decline from $50.0M in 2022. The company recorded an operating loss of $77.7M, slightly improved from $80.4M in 2022, while net loss before taxes increased 3.8% to $84.4M. Professional services segment dominated revenue contribution at 97.5%, with Israel accounting for 94.6% of total revenue.The company has made strategic moves in 2024, acquiring Qpoint Technologies for NIS 25M in April, adding over 100 brand-name clients including Rafael Defense Systems. Financial restructuring efforts include securing $10M in notes with Tomas Gottdiener, $550K in convertible notes, and a $6M credit facility agreement with Blackswan Technologies.HUB faces significant challenges including ongoing debt restructuring negotiations for Comsec Group liabilities of NIS 55M, with a proposed 70% haircut and 3-year payment plan. The company is dealing with legal disputes, including insolvency proceedings filed by Dominion Capital, while requiring substantial additional funding for operations. Management focuses on integrating Qpoint acquisition and resolving multiple financial challenges.