HUB Cyber Security (NASDAQ: HUBC) (“HUB Security”) reported revenue of $15.7 million for H1 2024, down from $25.0 million in H1 2023, reflecting a strategic shift away from less profitable segments. Despite the revenue decrease, the company improved its gross margin to 9.5%, up from -7.6% in the prior year, due to a focus on higher-margin areas. Operating expenses were significantly reduced by 71%, and the operating loss decreased by 74%. HUB is positioning itself for future growth with its Secured Data Fabric platform, which consolidates data securely and is gaining strong traction across industries, particularly in financial institutions. The company’s strategic restructuring and focus on its innovative solutions are expected to drive continued growth, with projected revenue increases in H2 2024. HUB is also advancing its “HUB 360” approach, targeting financial institutions with high-margin opportunities.
To view the full press release, visit https://ibn.fm/DCoyx
About HUB Security Ltd.
HUB Cyber Security (“HUB”) was established in 2017 by veterans of the elite intelligence units of the Israeli Defense Forces. The company specializes in unique cyber security solutions protecting sensitive commercial and government information. The company debuted an advanced encrypted computing solution to prevent hostile intrusions at the hardware level while introducing a novel set of data theft prevention solutions. HUB operates in over 30 countries and provides innovative cybersecurity computing appliances and a wide range of cybersecurity services worldwide. HUB’s Secured Data Fabric is a revolutionary product developed in partnership with BlackSwan Technologies that is emerging as a leader in highly secured and advanced data management and unification.
For more information, visit the company’s website at https://hubsecurity.com/
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