HUB Cyber Security (HUBC, Financial) has reported significant advancements in its operations by securing new contracts through its cybersecurity division. These agreements are focused on industries that require stringent data protection, including healthcare, financial services, and digital infrastructure. Finalized during the first quarter of 2025, these deals are collectively valued at over $1.5 million. This development highlights HUBC's ongoing success in offering secure and compliant infrastructure solutions for industries grappling with complex regulatory and data protection requirements.
HUBC Key Business Developments
Release Date: May 08, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Hub Cyber Security Ltd (HUBC, Financial) has seen significant growth in its pipeline, especially from financial institutions and public infrastructure providers in Europe and North America.
- The company has been awarded a €20 million engagement by the Bank of San Marino to modernize its digital banking infrastructure, expected to be delivered in full this year.
- Hub Cyber Security Ltd (HUBC) has improved its gross margin profile by over 1,000 basis points year over year in the second half of 2024.
- The company has reduced legacy liabilities by over $17 million and secured new financing on favorable terms, strengthening its financial position.
- Hub Cyber Security Ltd (HUBC) is expanding its US presence with a new office in New York City and is aggressively hiring world-class talent with deep domain expertise.
Negative Points
- Revenue for the second half of 2024 was $13.8 million, down from $17.6 million in the same period of 2023, reflecting strategic pivots.
- Full-year 2024 revenue was $39.6 million, a decrease from $42.7 million in 2023.
- The company reported an operating loss of $11.1 million in the second half of 2024, despite improvements.
- Cash and cash equivalents at the end of the year were only $3.1 million, indicating potential liquidity concerns.
- Hub Cyber Security Ltd (HUBC) is transitioning from hardware and services to a software-centric model, which may involve risks associated with strategic shifts.
