Hub Cyber Security (NASDAQ:HUBC) stock is getting a boost on Thursday following the cyber security solutions company’s acquisition of QPoint Technologies.Hub Cyber Security confirms that it now owns 100% of QPoint Technologies in a cash transaction. HUBC didn’t say how much money it paid to acquire the software company or provide any other financial details of the transaction.What we do know is that Hub Cyber Security purchased QPoint Technologies to enhance its own cyber security offerings. This is one of ...

TEL AVIV, Israel, April 04, 2024 (GLOBE NEWSWIRE) -- via IBN -- HUB Cyber Security Ltd (NASDAQ:HUBC), a developer of confidential computing cybersecurity solutions and services ("HUB" or the "Company"), is pleased to announce the successful acquisition for cash of Qpoint Technologies ("Qpoint"). Following this acquisition HUB holds 100% of QPoint. This acquisition is strategically aligned with HUB's mission to establish a leading global secure data fabric ecosystem. QPoint, boasting a diverse customer base ...

Financial Performance - For the fiscal year 2022, HUB Security reported revenue of $79.7 million, a gross profit of $6.4 million, and an operating loss of $(79.5) million [12][24]. - The company reported a net loss of $80,000,000 for the year ended December 31, 2022, compared to a net loss of $13,623,000 in 2021, indicating a significant increase in losses [28]. - HUB Security's adjusted EBITDA loss for the fiscal year 2022 was $(21.1) million [12]. - The company reported an adjusted EBITDA of $(21,128,000) for 2022, compared to $(4,580,000) in 2021, indicating a worsening operational performance [31]. - Cash flows from operating activities resulted in a net cash outflow of $23,432,000 in 2022, compared to an outflow of $5,280,000 in 2021 [28]. Assets and Liabilities - Total current assets decreased to $33,198,000 in 2022 from $49,761,000 in 2021, reflecting a decline of approximately 33% [26]. - Total assets decreased from $120,732,000 in 2021 to $74,793,000 in 2022, representing a reduction of about 38% [26]. - Cash and cash equivalents at the end of the period decreased to $3,994,000 in 2022 from $13,974,000 in 2021, a decline of approximately 71% [28]. - Total current liabilities increased to $57,836,000 in 2022 from $37,958,000 in 2021, marking an increase of about 52% [26]. - Total shareholders' equity decreased significantly from $65,778,000 in 2021 to $8,810,000 in 2022, a decline of approximately 87% [26]. Impairments and Charges - The company recorded a non-cash impairment charge of $23.4 million for goodwill and intangible assets due to macroeconomic factors [11]. - The company experienced an impairment of goodwill and intangible assets amounting to $23,356,000 in 2022, which was not present in 2021 [28]. - Operating expenses for the full year 2022 totaled $(86.0) million, which included $26 million of impairments and $15.8 million of SPAC transaction costs [12]. Strategic Partnerships and Developments - The company has partnered with Getronics to form a global strategic partnership, including a contract worth 1.3 million Euros [8]. - HUB Security has developed the "HUB Secure File Vault" in collaboration with Virtual I Technologies, aimed at enhancing cyber risk management for insurance carriers [9]. Management Changes - The company terminated the employment of its former CEO for misappropriating approximately NIS 2 million (approximately $582 thousand) [4]. Future Outlook - The company plans to report its first half results for the period ended June 30, 2023, and will hold a conference call to discuss its outlook [2]. Backlog and Pipeline - As of December 31, 2022, HUB Security had a backlog of approximately $39 million in customer contracts and an estimated $103 million in pipeline [8].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR SECTION 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 O ...