HUB Security reported fiscal 2023 financial results with revenue of $42.6M and a gross profit of $750K. The company recorded an operating loss of $77.7M, including $15.3M in impairments and $12.3M in SPAC transaction costs. The adjusted EBITDA loss was $12.2M, with cash and equivalents of $5.2M as of December 31, 2023.The company has subsequently secured a $3.3M private placement from non-U.S. investors through convertible notes with a $0.70 conversion price and warrants at $1.00 exercise price. Additionally, HUB is in discussions to extend the maturity of a $4.0M note due in August 2024.Under new leadership, HUB has strengthened its market position through strategic moves including the acquisition of QPoint Technologies and collaboration with BlackSwan Technologies. The company aims to establish itself as a leader in the Secured Data Fabric sector, operating in over 30 countries with a focus on cybersecurity solutions for commercial and government clients.

HUB Security reported fiscal 2023 financial results with revenue of $42.6M and a gross profit of $750K. The company recorded an operating loss of $77.7M, including $15.3M in impairments and $12.3M in SPAC transaction costs. The adjusted EBITDA loss was $12.2M, with cash and equivalents of $5.2M as of December 31, 2023.The company has subsequently secured a $3.3M private placement from non-U.S. investors through convertible notes with a $0.70 conversion price and warrants at $1.00 exercise price. Additionally, HUB is in discussions to extend the maturity of a $4.0M note due in August 2024.Under new leadership, HUB has strengthened its market position through strategic moves including the acquisition of QPoint Technologies and collaboration with BlackSwan Technologies. The company aims to establish itself as a leader in the Secured Data Fabric sector, operating in over 30 countries with a focus on cybersecurity solutions for commercial and government clients.