HUB Cyber Security (Israel) Ltd. / "Research and Development" | Tables in SEC filings

HUBC HUB Cyber Security (Israel) Ltd.

Annual report (foreign)

The following table sets forth HUB’s operating results for the years ended December 31, 2023 and 2022. We have derived this data from our consolidated financial statements included elsewhere in this Annual Report. This information should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report. The results of historical periods are not necessarily indicative of the results of operations for any future period. The numbers take into consideration the discontinuation of Distribution, a Comsec subsidiary.

	Year ended December 31,
	2023		2022		Change		% Change
	(In thousands)		(In thousands)		(In thousands)
Revenue		42,657		50,002		(7,345)		(14.7	)%
Cost of Revenue		41,907		45,914		(4,007)		8.7	%
Gross Profit		750		4,088		(3,338)		(81.7	)%
Research and development expenses, net		5,886		5,574		312		(5.6	)%
Selling and marketing expenses		10,694		21,674		(14,917)		50.6	%
General and administrative expenses		49,172		57,271		(9,701)		14	%
Other expenses, net		12,723		-		12,723		NA
Operating loss		(77,725)		(80,430)		2,705		3.4	%
Finance income		(484)		(469)		15		3.2	%
Financial expenses		7,194		1,384		5,810		419.8	%
Loss before taxes on income		(84,435)		(81,345)		(3,090)		(3.8	)%
Taxes on income		171		(776)		947		(122	)%
Net loss from continuing operation		(84,606)		(80,569)		(4,037)		(5	)%
Net income (loss) from discontinued operation		(2,030)		569		(2,599)		(456.8	)%
Total net loss		(86,636)		(80,000)		(6,636)		8.3	%

		Year ended December 31,
		2023		2022		2021
		USD in thousands

a.	Cost of revenue:

	Salaries and related expenses		28,098		29,972		11,506
	Subcontractors and consultants		8,359		12,980		8,658
	Depreciation, amortization and impairment		4,757		1,659		372
	Material		-		461		3,701
	Impairment expenses		-		438		-
	Other		693		401		474
			41,907		45,911		24,711

b.	Research and development expenses:

	Salaries and related expenses		6,879		5,201		5,468
	Other		298		406		328

			7,177		5,607		5,796
	Less – government grants		(1,291)		(33)		-
			5,886		5,574		5,796

c.	Sales and marketing expenses:

	Salaries and related expenses		4,239		7,972		1,910
	Advertising and public relations		236		306		37
	Depreciation, amortization and impairment		6,026		12,688		727
	Other		193		708		9
			10,694		21,674		2,683

d.	General and administrative expenses:

	Salaries and related expenses		8,409		16,089		4,844
	Depreciation and amortization		1,463		1,680		884
	Office Maintenance		1,392		1,410		303
	Consulting		16,716		16,627		1,149
	Legal expenses		2,713		2,157		411
	Impairment expenses		10,643		14,618		-
	Audit and accounting		773		1,418		249
	Insurance		1,622		26		(45)
	Board fees		1,168		396		131
	Other		4,273		2,850		1,473
			49,172		57,271		9,313

	Year ended December 31,
	2023		2022		2021

Cost of revenues		35		206		-
Research and development expenses		3,010		603		3,122
Sales and marketing expenses		211		1,504		2,775
General and administrative expenses		3,859		8,203		-

Total share-based payment		7,115		10,516		5,897

		Year ended December 31,
		2023		2022			2021
	Note	USD in thousands (except share and per share data)

Revenues			42,657		50,002			29,533
Cost of revenues	24a		41,907		45,914			24,711

Gross profit			750		4,088			4,823

Research and development expenses, net	24b		5,886		5,574			5,796
Sales and marketing expenses	24c		10,694		21,674			2,683
General and administrative expenses (*)	24d		49,172		57,271			9,313
Other expenses, net	24e		12,723		-			-
Operating loss			(77,725)		(80,430)			(12,969)

Finance income	24f		(484)		(469)			(5)
Finance expenses	24f		7,194		1,384			296

Loss before taxes on income			(84,435)		(81,345)			(13,260)
Taxes on income (tax benefit)	25		171		(776)			262
Net loss from continuing operation			(84,606)		(80,569)			(13,522)
Net income (loss) from discontinued operation			(2,030)		569			107
Attributable to:
Equity holders of the Company			(87,446)		(81,595)			(13,030)
Non-controlling interests			810		1,595			(385)
			(86,636)		(80,000)			(13,415)

Net loss per share attributable to equity holders of the Company ($):	26
Basic and diluted net loss per share from continuing operation		$	(8.82)	$	(9.38	)**	$	(1.74	)**
Basic and diluted net profit (loss) per share from discontinued operation		$	(0.21)	$	0.07		$	0.01
Weighted average number of shares outstanding used in computation of basic and diluted loss per share (in thousand)			9,686		8,529	**		7,751	**

	Year ended December 31,
	2023		2022		2021
	USD in thousands
Cost of sales, research and development expenses, sales and marketing expenses and general and administrative expenses, net:
Salary and related benefits to CEO and director employed by the Company (controlling shareholder) including cost of share-based payment (1)		132		-		-
Fees of directors not employed by the Company including cost of share-based payment (7)		566		312		289
Salary and related benefits to formerly Deputy CEO including cost of share-based payment (2)		811		3,872		1,571
Salary and related benefits to the former VP Human Resources including cost of share-based payment (4)		28		1,140		544
Salary and related benefits to formerly Chairman of the Board including cost of share-based payment (3) (6)		-		2,355		832
Salary and related benefits to formerly Deputy CEO and COO including cost of share-based payment (5) (6)		-		1,777		803
		1,537		9,456		4,039

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