HUB Cyber Security Ltd. announced its financial results for the full year and second half ended December 31, 2024, and filed its Annual Report on Form 20-F on May 1, 2025. Total revenue for full year 2024 declined to $39.6 million from $42.7 million in 2023.
Gross margin improved significantly to 25.6% in the second half of 2024, representing a 15.4% increase compared to the second half of 2023. For the full year 2024, gross margin reached 17.1%, up 1.8% from 2023. Total operating expenses for the second half of 2024 decreased by 29% to $14.7 million from $20.9 million in the prior year period.
Full-year 2024 operating expenses declined approximately 60% year-over-year, contributing to a significant reduction in operating loss. The full-year operating loss dropped over 66% from $77 million in 2022 to $26 million in 2024. Cash and cash equivalents stood at $3.1 million at the end of 2024, with liabilities rising to $108 million.
The company highlighted its strategic expansion into the regulated banking sector, including the €20 million digital banking initiative with Cassa di Risparmio della Repubblica di San Marino. It also noted resolving approximately $17 million in legacy liabilities and securing new financing on favorable terms. HUB believes it is in full compliance with Nasdaq listing requirements following a reverse stock split.
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