Safe-T Group Ltd SFETa global provider of cybersecurity and privacy solutions for individuals and businesses, released its financial results for the quarter ended June 30, 2022.
Revenue increased 168% year-over-year to $4.8 million, driven by higher enterprise privacy revenue and the consolidation of CyberKick.
Gross profit increased 225% year-on-year to $2.6 million while costs increased 120.7% year-on-year. The margin increased by 964 basis points to 54.8%.
Operating expenses increased 75% year-over-year to $5.5 million, excluding goodwill impairment. Operating loss increased 24% year-on-year to ($2.9) million.
The non-IFRS EPS loss was $(0.08). SFET held $4.04 million in cash and cash equivalents.
Recent funding initiatives will likely add over $5 million to current capital resources to support continued growth.
“In May and August, we secured a $2 million non-dilutive line of credit from a major Israeli bank and strategic financing of up to $4 million, which could lead to potential future financing at valuations for the company,” said CEO Shachar Daniel. said.
Related: EXCLUSIVE: Safe-T Bags is funding up to $4 million to boost consumer privacy activities
“Sustaining our current level of growth requires investment in our consumer products and in acquiring new customers, and we are extremely proud to have secured additional funding through creative fundraising initiatives that support the company’s growth. without affecting our shareholders at current market valuations. We believe these achievements are strong validation of our business model and the long-term potential of Safe-T,” added Daniel.
Price Action: SFET shares closed up 3.71% at $0.55 on Tuesday.