olivLaw · US equity research
HUB Cyber Security Ltd. HUBC
Computer Communications Equipment · SIC 3576 · Vertical: Computer Communications Equipment (SIC 3576)
HUB Cyber Security Ltd. develops and sells cybersecurity solutions, including confidential computing and professional security consulting, and once aimed to become a significant player in secured data fabric. Annual revenue rose in 2025 to 31.7 million USD, but the company has scaled back that plan, and its liquidity and going concern position are significantly strained, making restructuring the central issue for any analysis.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, HUB Cyber Security Ltd. (HUBC) stock was 0.10 USD (−11.21% on the day), with market capitalisation 3.4 m USD, dividend yield 1.13%, beta 1.31, 52-week range 0.08–21,750.00 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 40.7
- weak (30–45)
- Bollinger (20, 2)
- -0.24 – 0.94
- in the lower half of the band · %B 0.28 · band width 338.3%
- SMA 50 / 200
- 1.42 / 413.67
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.44 / -0.51
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −90.5% | −1.1% | −89.4 pp | — |
| 3 months | −88.9% | −0.5% | −88.4 pp | — |
| 6 months | −98.6% | +4.4% | −102.9 pp | — |
| Year to date | −100.0% | +12.3% | −112.3 pp | — |
| 1 year | −100.0% | +13.5% | −113.5 pp | +10.4% |
| 3 years | −100.0% | +76.4% | −176.4 pp | +63.6% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Revenue | 38.0 k | 29.5 m | 50.0 m | 42.7 m | 29.6 m |
| Revenue YoY | unavailable | +77,618.4% | +69.3% | −14.7% | −30.7% |
| Net income | -2.8 m | -13.0 m | -81.6 m | -87.4 m | -39.8 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.04 | -0.12 | -0.96 | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -7,263.2% | -44.1% | -163.2% | -205.0% | -134.5% |
| Free cash flow | -2.9 m | -5.7 m | -24.1 m | -16.5 m | -17.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 3.1 m USD
- Financial debt
- 13.5 m USD
- Net debt
- 10.4 m USD
- Equity
- -80.8 m USD
- Total assets
- 27.4 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.17x
- ROE
- unavailable
- ROA
- -132.5%
- FCF margin
- -58.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 38.0 k | 29.5 m | 50.0 m | 42.7 m | 29.6 m | SEC (XBRL)· 01 May 2025verified |
| Cost of revenue | — | 24.7 m | 45.9 m | 41.9 m | 24.5 m | SEC (XBRL)· 01 May 2025verified |
| Gross profit | 38.0 k | 4.8 m | 4.1 m | 750.0 k | 5.0 m | SEC (XBRL)· 01 May 2025verified |
| Research & development | 1.4 m | 5.8 m | 5.6 m | 5.9 m | 2.0 m | SEC (XBRL)· 01 May 2025verified |
| Operating income | -2.7 m | -13.0 m | -80.4 m | -77.7 m | -26.2 m | SEC (XBRL)· 01 May 2025verified |
| Interest expense | 99.0 k | 296.0 k | 1.4 m | 7.2 m | 12.6 m | SEC (XBRL)· 01 May 2025verified |
| Pre-tax income | -2.8 m | -13.3 m | -81.3 m | -84.4 m | -36.6 m | SEC (XBRL)· 01 May 2025verified |
| Income tax | — | 262.0 k | -776.0 k | 171.0 k | 557.0 k | SEC (XBRL)· 01 May 2025verified |
| Net income | -2.8 m | -13.0 m | -81.6 m | -87.4 m | -39.8 m | SEC (XBRL)· 01 May 2025verified |
| Diluted EPS | -0.04 | -0.12 | -0.96 | — | — | SEC (XBRL)· 15 Aug 2023verified |
| Weighted average diluted shares | — | 7.8 m | 852.9 k | 968.6 k | 2.6 m | SEC (XBRL)· 01 May 2025verified |
| Dividend per share | — | — | 0.00 | — | — | SEC (XBRL)· 15 Aug 2023derived |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 1.3 m | 14.0 m | 4.0 m | 3.5 m | 3.1 m | SEC (XBRL)· 01 May 2025verified |
| Receivables | — | — | 24.7 m | 11.0 m | — | SEC (XBRL)· 16 Aug 2024verified |
| Inventories | — | 1.8 m | 1.9 m | — | — | SEC (XBRL)· 15 Aug 2023verified |
| Current assets | — | 49.8 m | 33.2 m | 20.1 m | 18.4 m | SEC (XBRL)· 01 May 2025verified |
| Property, plant & equipment, net | — | 1.1 m | 1.3 m | 1.0 m | 487.0 k | SEC (XBRL)· 01 May 2025verified |
| Goodwill | — | 32.0 m | 13.7 m | 2.5 m | 1.9 m | SEC (XBRL)· 01 May 2025verified |
| Intangibles (excl. goodwill) | — | — | — | 5.4 m | 4.3 m | SEC (XBRL)· 01 May 2025verified |
| Total assets | — | 120.7 m | 74.8 m | 32.6 m | 27.4 m | SEC (XBRL)· 01 May 2025verified |
| Accounts payable | — | 9.7 m | 25.3 m | 32.4 m | — | SEC (XBRL)· 16 Aug 2024verified |
| Short-term debt | — | 11.3 m | 13.4 m | 11.9 m | 13.5 m | SEC (XBRL)· 01 May 2025verified |
| Current liabilities | — | 38.0 m | 57.8 m | 80.5 m | 106.1 m | SEC (XBRL)· 01 May 2025verified |
| Total liabilities | — | 17.0 m | 8.1 m | 8.9 m | — | SEC (XBRL)· 16 Aug 2024verified |
| Equity | 653.0 k | 65.8 m | 8.8 m | -50.7 m | -80.8 m | SEC (XBRL)· 01 May 2025verified |
| Shares outstanding at year end | — | — | 88.8 m | — | — | SEC (XBRL)· 15 Aug 2023verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | -2.9 m | -5.3 m | -23.4 m | -16.2 m | -17.1 m | SEC (XBRL)· 01 May 2025verified |
| Capex | 20.0 k | 453.0 k | 624.0 k | 297.0 k | 84.0 k | SEC (XBRL)· 01 May 2025verified |
| Free cash flow | -2.9 m ≈ | -5.7 m ≈ | -24.1 m ≈ | -16.5 m ≈ | -17.2 m ≈ | SEC (XBRL)· 01 May 2025derived |
| Investing cash flow | -20.0 k | -16.0 m | -6.5 m | 2.1 m | -452.0 k | SEC (XBRL)· 01 May 2025verified |
| Financing cash flow | 2.3 m | 32.7 m | 20.7 m | 12.9 m | 17.2 m | SEC (XBRL)· 01 May 2025verified |
| Dividends paid | — | — | 95.0 k | — | — | SEC (XBRL)· 15 Aug 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 15 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.4 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Balance sheet0
- Growth0
- Valuation41
- Quality4
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.55 – 4.49 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/Sales0.55 – 4.49 (Mid 1.54)7 companies used · median multiple 2.2x · quartiles 1.0x – 5.9xATEN, BOSC, CSCO, DGII, EXTR, FOXX, LTRX
- Peers: EV/EBITDAunavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 15/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 17.1% | 0 (on a fixed band) | 12% |
| EBIT margin · Quality | -88.7% | 13 (vs peers) | 10% |
| FCF margin · Quality | -58.2% | 0 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 0.0% | 0 (on a fixed band) | 19% |
| Revenue growth (YoY) · Growth | -30.7% | 0 (vs peers) | 10% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.2x | 0 (on a fixed band) | 7% |
| EV/Sales · Valuation | 0.5x | 71 (vs peers) | 19% |
| FCF yield · Valuation | -499.4% | 0 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/2 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality4/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation41/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
HUB Cyber Security Ltd. (HUBC). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 29.6 m USD in 2024; YoY growth -30.7%; net margin -134.5%.
The estimated value range is 0.55–4.49 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.54 USD, the price of 0.10 USD leaves a potential of 1,524.8% (value / price − 1) and a margin of safety of 93.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 15/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EV/Sales: 0.5x
- The price is below the estimated value range
What contradicts it
- Gross margin: 17.1%
- EBIT margin: -88.7%
- FCF margin: -58.2%
- Revenue CAGR 3Y: 0.0%
- Revenue growth (YoY): -30.7%
- Current ratio: 0.2x
- FCF yield: -499.4%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, Shareholder yield (distributions).
Versus the vertical median
Computer Communications Equipment (SIC 3576) · same industry (4-digit SIC) · compared with 15 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CSCOCisco Systems, Inc. | 408.5 bn | 31.1 | 27.3% | 21.0% | +11.8% | +35% / +114% |
| ANETArista Networks, Inc. | 225.5 bn | 48.0 | 33.5% | 40.0% | +28.6% | +37% / +225% |
| FFIVF5, Inc. | 18.7 bn | 26.3 | 19.8% | 22.0% | +9.7% | +38% / +93% |
| EXTRExtreme Networks, Inc. | 3.0 bn | 58.0 | 67.1% | 4.0% | +12.6% | +31% / +42% |
| DGIIDigi International Inc. | 2.8 bn | 57.5 | 7.5% | 9.6% | +1.5% | +74% / +208% |
| ATENA10 Networks, Inc. | 1.7 bn | 40.0 | 19.4% | 13.9% | +11.0% | +38% / +91% |
| NTGRNETGEAR, Inc. | 586.0 m | — | -7.0% | -4.9% | +3.8% | −16% / +64% |
| ALLTAllot Ltd. | 421.3 m | 108.3 | 4.5% | 3.6% | +10.6% | −10% / +541% |
| LTRXLantronix, Inc. | 263.9 m | — | -4.3% | -3.5% | −1.6% | +10% / 0% |
| SILCSilicom Ltd. | 181.2 m | — | -9.4% | -18.5% | +6.6% | +112% / +95% |
| BOSCBos Better Online Solutions Ltd | 29.8 m | 7.4 | 14.4% | 7.1% | +26.6% | −9% / +48% |
| FOXXFoxx Development Holdings Inc. | 13.3 m | — | — | -100.2% | −20.2% | −58% / −83% |
| INTZIntrusion Inc. | 11.9 m | — | -140.9% | -194.0% | +21.6% | −66% / −93% |
| WLDSWearable Devices Ltd. | 4.2 m | — | -72.3% | -1,253.0% | +23.9% | −92% / −100% |
| HUBCHUB Cyber Security Ltd. | 3.4 m | — | — | -134.5% | −30.7% | −100% / −100% |
| CIITTianci International, Inc. | 2.0 m | — | -55.0% | -16.7% | +53.4% | −93% / −96% |
1- and 3-year price returns: for HUBC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 17 Jul 2026; since then the company filed 6-K (27 Oct 2026), 6-K (13 Oct 2026), 6-K (28 Sept 2026), 6-K (17 Sept 2026), 6-K (08 Sept 2026), 6-K (04 Aug 2026).
In brief
HUB Cyber Security Ltd. develops and sells cybersecurity solutions, including confidential computing and professional security consulting, and once aimed to become a significant player in secured data fabric. Annual revenue rose in 2025 to 31.7 million USD, but the company has scaled back that plan, and its liquidity and going concern position are significantly strained, making restructuring the central issue for any analysis.
SWOT
Strengths
- Institutional customers of high value and long-standing relationships with IT procurement departments of large organizations, mainly through Comsec 1.
- The confidential computing product has received positive initial market feedback from several regions, including the United States 1.
- The professional services division generates revenue from existing customers, although pressure on retention has increased 1.
Weaknesses
- Significant uncertainty about the going concern, with debt in default and arrears on payments to employees and authorities 1.
- Full impairment of the BST technology asset and cessation of that business 1.
- Internal control weaknesses and an investigation into misappropriation of funds by former officers 1.
Opportunities
- Restructuring and exploration of strategic alternatives could create value if liquidity stabilizes 1.
- Interest from regulated sectors in confidential computing could turn demonstrations into contracts 1.
- The Evofem transaction and the loan extended could open a path to new assets if they are put to use 1.
Risks
- Going concernhigh
The independent auditor included an explanatory paragraph expressing substantial doubt about the company's ability to continue as a going concern 1.
- Debt in defaulthigh
The company is in default on certain obligations, and creditors could foreclose on assets if a solution is not reached 1.
- Dilution from convertibleshigh
Conversions at substantially discounted prices have caused and may continue to cause severe dilution for shareholders 1.
- Nasdaq listing compliancemedium
The company has not consistently remained in compliance with Nasdaq listing standards, and a delisting could significantly impair share liquidity 1.
- Investigation and litigationmedium
The internal investigation, proceedings in Israel and a lawsuit in New York relating to the 2023 merger could generate costs and liabilities 1.
Investment thesis
What would need to be true (bull case)
- If the restructuring succeeds, the company could retain institutional customers and monetize the confidential computing product, which has received favourable initial feedback 1.
- The professional services division, with solid ties in the defense and government sector, could provide a steadier revenue base 1.
- The Evofem transactions and cost removal could create room for a clearer strategic decision 1.
What would break the thesis
- If liquidity does not improve, the company could enter insolvency proceedings, with serious consequences for shareholders 1.
- Continued dilution through convertibles and share issuances could significantly reduce existing shareholders' stakes 1.
- The failure of the secured data fabric strategy points to execution problems, and growing revenue may not be enough to cover debts 1.
What to watch
- Status of creditor negotiations and debt restructuringnext 10-K
- Evolution of liquidity and any new share issuances2027
- Outcome of the Israeli prosecution file2027
- Compliance with Nasdaq listing requirementsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 17 Jul 2026; since then the company filed 6-K (27 Oct 2026), 6-K (13 Oct 2026), 6-K (28 Sept 2026), 6-K (17 Sept 2026), 6-K (08 Sept 2026), 6-K (04 Aug 2026).
The business
The company, which began operations in 1984 as A.L.D. Advanced Logistics Development Ltd. and has traded on Nasdaq since March 2023, operates two divisions: Products and Technology, covering research and licensing of confidential computing and secured data fabric products, and Professional Services, made up of Comsec, QPoint and certain ALD activities 1. Products were marketed directly to banks, government agencies, defense organizations and large enterprises 1. According to the report, the secured data fabric business was fully impaired at 31 December 2025, and BST operations ceased in June 2026 1.
Annual revenue increased by 7% in 2025, from 29.6 million USD to 31.7 million USD, while the gross customer retention rate fell from 90% to 87% 1. The Professional Services division, especially Comsec, has long-term ties with IT procurement departments of large enterprises, militaries and government agencies 1.
In June 2026 the company agreed to acquire convertible notes and purchase rights of Evofem Biosciences, paid solely in its own shares, and in July 2026 it provided a loan of 706,304 USD to Evofem 1. These transactions form part of a restructuring plan that includes cost reductions and headcount cuts 1.
Segments
Product and Technology
This segment sells cybersecurity hardware and software and confidential computing solutions, as well as secured data services including Trust Rails; in 2025 the division was affected by the full impairment of the BST technology asset 1.
Professional Services
This segment offers consulting, planning, training and managed cybersecurity services through Comsec, QPoint and ALD activities; customers include large enterprises, militaries and government agencies 1.
Market context
The company operates in the cybersecurity market, where demand comes from banks, financial institutions, governments and regulated enterprises 1. Revenue of about 31.7 million USD indicates a modest scale, and the report cautions that the market for its solutions may not continue to grow 1.
The evolving regulatory environment on privacy and data protection, along with sanctions linked to Russia, could change demand and selling conditions for customers in regulated sectors 1.
Trends
- Demand for confidential computingmixed
Interest from telecommunications, insurance, banking and technology companies in the zero trust product could support later adoption if it converts into contracts 1.
- Data protection regulationmixed
The evolving privacy and data protection framework may limit the offering or require product changes, but may also create needs for compliance services 1.
- Sanctions and geopolitical tensionheadwind
Sanctions and measures targeting Russia, and the responses of multinational businesses, could affect operations and customers in certain regions 1.
- Acquisition-led consolidationmixed
Acquisitions that were not fully successful and the failed integration of BST weighed on results, while the company now evaluates strategic opportunities that could restore value if well executed 1.
Competitive position
The report describes the technology solutions market as intensely competitive, and the company acknowledges that without effective competition its results could be harmed 1. No named competitors appear in the source provided.
The claimed advantage rests on relationships with the IT procurement departments of large customers and recognition as an approved provider, particularly at Comsec 1.
- Cybersecurity consulting and managed services providers
The source does not name specific companies; the company cites intense competition in technology solutions generally 1.
- Confidential computing solution providers
The source does not identify firms; only general competition in the field is mentioned 1.
- Systems integrators serving government and defense
The source names no companies; this customer category is described as a primary target 1.
- Technology vendors for the financial sector
The source names no competitors; it mentions only the need to attract and retain large customers 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)27 Oct 2026
- Current report (foreign issuer)13 Oct 2026
- Current report (foreign issuer)28 Sept 2026
- Current report (foreign issuer)17 Sept 2026
- Current report (foreign issuer)08 Sept 2026
- Current report (foreign issuer)04 Aug 2026
- Current report (foreign issuer)04 Aug 2026
- Current report (foreign issuer)04 Aug 2026
- Current report (foreign issuer)03 Aug 2026
- Annual report (foreign issuer)17 Jul 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / HUB Cyber Security Ltd. · 17 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.