TEL AVIV - HUB Cyber Security Ltd. (NASDAQ: HUBC), an Israeli-based cybersecurity firm, has announced its forthcoming annual financial reports and recent contracts with governmental bodies. The company, known for its confidential computing cybersecurity solutions, has confirmed that its financial statements will be released in the coming weeks, following the statement on May 23, 2024.
In addition to its reporting update, HUB Cyber Security has secured two government contracts, which the company views as a testament to its strategic growth and enhancement of its service offerings. The details of these deals have not been disclosed, but they underscore the firm's commitment to expanding its reach within the cybersecurity domain.
HUB Cyber Security also anticipates notable advancements in its secure data fabric solutions by the end of the next quarter. This area of the company's business focuses on protecting data in transit and at rest, ensuring the confidentiality and integrity of sensitive information.
Founded in 2017 by veterans of the Israeli Defense Forces' elite intelligence units, HUB Cyber Security has made a name for itself by offering advanced encrypted computing solutions aimed at preventing hostile hardware-level intrusions.
The information in this article is based on a press release statement from HUB Cyber Security Ltd.
In other recent news, HUB Cyber Security Ltd. is progressing toward a settlement in a $12 million dispute with Oppenheimer & Co., related to a SPAC merger. The company has also secured an $8 million straight debt arrangement and won a $2 million contract with the Israel Airports Authority. Additionally, HUB Cyber Security is teaming up with BlackSwan Technologies to showcase its Secured Data Fabric solution at the upcoming Money 20/20 event.
However, the company has delayed the filing of its annual financial statements for the fiscal year ended December 31, 2023, due to ongoing debt restructuring efforts and the recent acquisition of QPoint. In response to legal actions initiated by Dominion, HUB Cyber Security has filed a counterclaim in New York, dismissing the actions as frivolous and without merit.
These developments highlight the company's recent activities and strategic decisions.
InvestingPro Insights
As HUB Cyber Security Ltd. (NASDAQ: HUBC) prepares to release its annual financial reports and celebrates the acquisition of new government contracts, a closer examination of the company's financial health and stock performance is critical for investors. InvestingPro data and tips provide valuable insights into the current state of the firm's financials and stock behavior.
InvestingPro data highlights a challenging financial landscape for HUBC, with a reported market capitalization of $8.13 million USD. Despite a modest revenue growth of 4.47% over the last twelve months as of Q2 2023, the company faces significant headwinds. The gross profit margin stands at a low 0.61%, and the operating income margin has plummeted to -91.52%, reflecting the firm's difficulties in achieving profitability and managing its operational costs effectively.
Moreover, the company's stock has experienced high volatility, with the price having fallen by 83.56% over the past year. This is further compounded by the fact that HUBC operates with a significant debt burden and is quickly burning through cash, as evidenced by the InvestingPro Tips. These factors may concern investors, especially considering the company's negative P/E ratio of -0.1, signaling market skepticism about its future earnings potential.
InvestingPro Tips suggest that HUBC's stock generally trades with high price volatility and that the company has been not profitable over the last twelve months. Additionally, HUBC does not pay a dividend to shareholders, which may limit its appeal to income-focused investors. For those considering an investment in HUB Cyber Security, it's worth noting that there are 11 additional InvestingPro Tips available, providing deeper insights into the company's financial and stock performance.
Interested investors may find these additional tips on InvestingPro's platform, which can be accessed at https://www.investing.com/pro/HUBC. For those looking to subscribe, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, offering a comprehensive toolkit to navigate these complex financial waters.
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