HUB Security reports 1H revenue $15.7M vs. $25M last year

Noah Hershcoviz, CEO of HUB Security (HUBC), said, “We have made significant strides in our transformation journey. Over the past year, the Company has taken decisive actions to streamline operations, improve focus, and position itself for sustainable, high-margin growth. I am proud of our new leadership team for planning and executing a strategic turnaround plan, which has resulted in a stronger and more resilient business. As we look ahead to 2025, we are not merely aiming for success, but we are shaping it. The solid foundation HUB established over the past year has positioned us to capitalize on emerging opportunities with confidence and precision. Building on the momentum of our successful Secured Data Fabric deployments, we are experiencing strong and growing demand for our solutions. This momentum sets the stage for the anticipated launch of our groundbreaking “HUB 360″ approach, a comprehensive suite encompassing assessment, deployment, and client management. We believe this new business line represents a transformative opportunity, offering projected margins of 50-60% on overall turnover. We are already well advanced in closing terms with our initial client and expect to onboard at least one more client by the end of 2025. We believe HUB 360 positions us as the go to, one stop shop for banks seeking to modernize their secured data systems to meet today’s stringent compliance and regulatory standards, further solidifying our leadership in the financial technology sector. H1 2024 marked the start of our turnaround, and H2 has continued this momentum. We expect revenues in H2 to increase sequentially, stemming from our Cyber Security consulting business and Secured Data Fabric clients, resulting from our successful Secured Data Fabric deployments. We are confident that our strategy, centered on our Secured Data Fabric platform, will continue to drive growth and deliver exceptional value for our clients and shareholders.”