Nubeva Technologies Announces Strong Fiscal Year 2023 Financial Results

SAN JOSE, Calif., Aug. 29, 2023 (GLOBE NEWSWIRE) -- Nubeva Technologies (TSX-V: NBVA, OTCQB: NBVAF), a cybersecurity company specializing in ransomware decryption and recovery, is pleased to announce fiscal year 2023 financial performance, highlighting key growth areas and financial management.

Select Highlights:

1. Revenue Growth:

  • Annual 2023: Revenue for 2023 reached a significant $2,071,654, marking a 779% increase from the 2022 revenue of $235,643.
  • Q4 2023 vs. Q4 2022: Revenue in Q4 2023 was $934,963, up by 680% from $119,852 in Q4 2022.

2. Managed Expenses:

  • Annual 2023: Total expenses amounted to $4,029,546, a rise of 13% from $3,555,217 in 2022. After deducting a non-cash charge of $1,126,604 for share-based compensation, expenses for 2023 were $2,902,942, reflecting a 7% decrease when compared to the adjusted 2022 figure.

3. Gains/Loss Overview:

  • The total comprehensive loss for the three months ended April 30, 2023, was $137,215 compared to $721,782 in the three months ended April 30, 2022, representing a decrease of comprehensive loss of 584,567 or 81%.

4. Recurring and Subscription Revenue:

  • Annual 2023: A substantial 94% of the year's revenue came from annual, renewable subscriptions. This dramatic shift to subscription-based revenue is primarily attributed to the Ransomware Reversal software.

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About Nubeva Technologies

Nubeva Technologies provides next-generation decryption solutions for faster, lower-cost recovery from ransomware attacks. Its mission is to reduce downtime costs and damages so businesses never pay ransoms again. Nubeva’s ransomware reversal software is available to end-user enterprises, managed security service providers, incident responders, and cybersecurity solution manufacturers.

Forward-looking statements

This news release contains “forward-looking information” and “financial outlook” within the meaning of applicable securities laws relating to the company's business plans, the outlook of the cybersecurity industry, and the expectation that the company will be cash flow positive for calendar 2023. Although the company believes in light of the experience of its officers and directors, current conditions and expected future developments, and other factors that have been considered appropriate that the expectations reflected in this forward-looking information and financial outlook are reasonable, undue reliance should not be placed on them because the company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements for reasons relating to the development and adoption of the company’s technology and its input and capital cost requirements, among other factors. The statements in this press release are made as of the date of this release, and the company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. The company undertakes no obligation to comment on analyses, expectations, or statements made by third parties regarding the company, its subsidiaries, their securities, or their respective financial or operating results (as applicable).

Neither the TSX venture exchange nor its regulation services provider (as that term is defined in the policies of the TSX venture exchange) accepts responsibility for the adequacy or accuracy of this release.


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