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Safe-T Group Ltd. (Nasdaq: SFET) reported record financial results for the first half of 2022, with revenues reaching $8,798,000, up 181% year-over-year. Q2 revenues were $4,777,000, a 168% increase. Gross profit also increased significantly by 279% to $4,733,000. The company reduced its quarterly net loss by 33% compared to Q1, while securing over $5 million in new funding to support growth. These achievements reflect Safe-T's effective execution of its strategy in the growing cyber-security market.
Safe-T Group Ltd (NASDAQ: SFET) will announce its Q2 financial results for 2022 on August 31, 2022, before the market opens. A conference call will follow at 08:30 a.m. ET, led by CEO Shachar Daniel and CFO Shai Avnit. Participants can join by dialing the provided numbers. The session will also include a Q&A segment. A replay will be accessible post-call until September 28, 2022. Safe-T specializes in cyber-security and privacy solutions for consumers and enterprises, focusing on protection against online threats and ensuring data integrity.
Safe-T Group Ltd. (Nasdaq: SFET) has secured a strategic funding agreement worth up to $4 million to enhance its consumer privacy solutions and customer acquisition initiatives. This non-dilutive funding involves an upfront payment of $2 million from O.R.B. Spring Ltd., with an additional $2 million contingent on achieving specific milestones. The funding will be repaid using a revenue share model based on the sales from newly acquired customers. Furthermore, the investment includes warrants that could yield an additional $4 million, reflecting a strong commitment to the company's growth.
Safe-T Group Ltd. (Nasdaq: SFET) announced the launch of its consumer privacy solution for Android devices, extending its product offerings across major operating systems, including iOS and Windows. This new application utilizes advanced encryption to protect personal data from monitoring and tracking. Approximately 70% of mobile devices globally run on Android, presenting significant market potential. CEO Shachar Daniel emphasized the company's commitment to safeguarding consumers from online threats.
Safe-T Group Ltd. (Nasdaq: SFET) has received a notification from Nasdaq, granting an additional 180-day compliance period until January 9, 2023, to meet the minimum bid price rule. The company's ADSs have been trading below the $1 requirement since January 12, 2022. If the ADS closing bid price reaches at least $1 for 10 consecutive business days before the deadline, compliance will be achieved. This notification does not affect the current trading status of Safe-T's ADSs.
Safe-T Group Ltd. (Nasdaq: SFET) has launched a new consumer privacy solution for Windows PCs, enhancing its portfolio in the home computer market. This move follows the success of its iOS privacy solution, addressing the growing need for online personal data protection. With about 50% of global data traffic from desktops and over 40% of consumers having faced identity theft, the timing is critical. The solution utilizes advanced encryption to shield users from monitoring by ISPs and third parties, safeguarding personal information and online activity during internet usage.
Safe-T Group Ltd. (Nasdaq: SFET) announced strong preliminary revenue guidance for the first half of 2022, projecting $4.6 million for Q2, a 150% increase from Q2 2021. Total revenues for the first six months are expected to exceed $8.6 million, representing a 175% growth. This growth is attributed to investments in privacy products and demand for cybersecurity offerings. CEO Shachar Daniel noted early impacts from cost-reduction strategies and eliminated litigation expenses, indicating continued improvement in operating results for the second half of 2022.
Safe-T Group Ltd. (Nasdaq: SFET) released a Consumer Online Scam Report highlighting several prevalent social engineering scams targeting consumers. These include the Google Voice Scam, Fake-Job Fraud, and scams involving Fake Amazon Employees. The report emphasizes the growing risks to consumers from sophisticated cyberattacks and underscores Safe-T's commitment to educating the public about these threats and providing cybersecurity solutions. For more details, the report is available here.
Safe-T Group Ltd. (SFET) reported record revenues of $4,021,000 for Q1 2022, a 199% increase year-over-year, with gross profit rising by 378% to $2,117,000. The company has implemented a cost reduction plan expected to further decrease operating losses starting in Q3 2022. Safe-T recently settled patent litigation and formed a partnership with TerraZone to enhance its cybersecurity offerings. Despite the positive financial growth, the company incurred a net loss of $4,727,000 in Q1 2022, up from $2,513,000 in Q1 2021.
Safe-T Group Ltd. (NASDAQ: SFET) secured a $2 million revolving credit line to enhance its consumer privacy solutions. The facility is intended to extend the company's cash runway into 2023, with a 12-month term and an interest rate of SOFR plus 5.5%. The credit facility is backed by assets of its subsidiary, CyberKick Ltd., and has a refundable deposit requirement of $500,000. This financial strategy aims to support Safe-T's commercialization efforts, as it anticipates strong returns from its consumer acquisition program.
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