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Nubeva Technologies Ltd
Symbol NBVA
Shares Issued 56,531,728
Close 2020-12-16 C$ 0.40
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Nubeva earns $294,125 (U.S.) in Q2

2020-12-16 08:15 ET - News Release

Mr. Randy Chou reports


Nubeva Technologies Ltd. has provided its unaudited consolidated financial statements for the second quarter ended Oct. 31, 2020. Financial statements along with management discussion and analysis of financial results can be found at SEDAR. All dollar amounts in this release are quoted in U.S. dollars.

"We experienced significant momentum in the second quarter as customers began adding Nubeva's symmetric key intercept solution to their software security and application monitoring tools," said Randy Chou, Nubeva's founder and chief executive officer. "We will continue to license our technology to manufacturers, enabling enterprise users to obtain the visibility they need into network traffic."

During the second quarter Nubeva reported revenue of $927,702 compared with revenue from the same quarter of last year of $38,511. The increase in revenue for the quarter was due to the recognition of revenue from the company's license of its symmetric key intercept software (SKI) and related support and maintenance, and represents part of a seven-figure, multiyear deal. The balance of this contract will be recognized over time.

Nubeva reported net income for the quarter of $294,125 compared with a net loss of $953,670 in the second quarter of last year, primarily due to the increase in revenue, as well as a 27-per-cent reduction in expenses.

                                           INCOME STATEMENT DATA

                                                           Three months ended              Six months ended
                                                                      Oct. 31,                      Oct. 31,
                                                          2020           2019           2020           2019

Revenue                                               $927,702        $38,511       $967,315        $77,667
Expenses                                               728,536        997,749      1,550,500      1,938,390
Other items
Fair value gain (loss) on digital currencies             7,984         (2,901)        16,711         12,604
Government assistance                                   98,305              -        305,704              -
Interest expense                                       (11,198)             -        (11,198)             -
Foreign exchange                                        (2,290)        (1,177)       (18,360)       (10,125)
Other income                                             2,158         15,738          2,575         39,433
Net income (loss) for the period                       294,125       (947,578)      (287,753)    (1,818,811)
Other comprehensive gain (loss)
Foreign currency translation adjustment                (26,261)        (6,092)        15,790         (5,658)
Total comprehensive income (loss)                      267,864       (953,670)      (271,963)    (1,824,469)
Earnings (loss) per share -- basic                        0.01          (0.02)         (0.01)         (0.03)
Earnings (loss) per share -- fully diluted                0.00          (0.02)         (0.01)         (0.03)

Assets as at Oct. 31, 2020, decreased by $289,643 over assets as at April 30, 2020, due mainly to a decrease in cash and marketable securities of $418,373. The decrease in cash was due primarily to an outflow of cash used for operations. This decrease was partially offset by an increase in the tax credit receivable of $151,139. Subsequent to the end of the quarter the company collected tax credits in the amount of $324,015. The company had a working capital surplus of $1,240,081 (April 30, 2020 -- $1,447,203). The available working capital as at this date is estimated to be adequate to finance Nubeva's planned operations over the ensuing six months.

About Nubeva Technologies Ltd.

Nubeva Technologies has changed the decrypted visibility game with pure, symmetric decryption. Nubeva helps enterprises gain the visibility needed through decryption so they can fully inspect network traffic. The need to inspect data in motion is fundamental to network security and application monitoring and assurance. The shift to SaaS (software-as-a-service), the cloud, 5G and stronger encryption practices like perfect forward secrecy and TLS 1.3, create new and unique challenges for in-line and out-of-band decryption and visibility solutions. Nubeva reimagined TLS visibility and created a new solution for the modern era of strong encryption in dynamic and distributed compute environments.

We seek Safe Harbor.

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