Mr. Randy Chou reports
NUBEVA ANNOUNCES Q3 FISCAL 2021 FINANCIAL RESULTS
NUBEVA EARNS Q3 NET INCOME OF US$61,322 ON REVENUE OF US$766,709
Nubeva Technologies Ltd. has released its unaudited consolidated financial statements for the three and nine months ended Jan. 31, 2021. Financial statements, along with management discussion and analysis of financial results, can be found on SEDAR. All dollar amounts in this release are quoted in U.S. dollars.
During the third quarter, Nubeva reported revenue of $766,709, compared with revenue of $40,117 from the same quarter of last year. This brings nine-month revenue to $1,734,024, up from revenue of $117,784 for the comparable nine-month period. The increase in revenue for the quarter and the nine months was due to the recognition of revenue from the company's licence of its symmetric key intercept (SKI) software and related support and maintenance.
"We experienced significant momentum in the second and third quarters as customers began adding Nubeva's SKI solution to their 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 total visibility they need into network traffic for mission-critical needs."
Juliet Jones, chief financial officer, stated: "Although we expect year-over-year growth, due to the nature of enterprise licence sales, we expect that revenues will vary, perhaps materially, from quarter to quarter for the foreseeable future. It is likely that revenues will vary less with time as software maintenance, support and royalties build to provide a solid revenue base."
Nubeva reported net income for the quarter of $61,322, compared with a net loss of $796,930 in the third quarter of last year, primarily due to the increase in revenue.
Assets as at Jan. 31, 2021, decreased by $325,076 over assets as at April 30, 2020, due mainly to a decrease in cash and marketable securities of $719,832 and a decrease in tax credit receivable of $97,090, which were partially offset by an increase in accounts receivable of $593,671. The decrease in cash was due primarily to an outflow of cash used for operations.
The available working capital as at the date of this press release is estimated to be adequate to finance Nubeva's planned operations over the ensuing seven months. In addition, as announced on March 23, 2021, the company entered into an investment agreement, under which, subject to certain conditions, it may draw down up to $8-million (Canadian) in tranches of up to $500,000 (Canadian) each.
About Nubeva Technologies Ltd.
Nubeva develops and licenses proprietary software for the decryption of network traffic. Nubeva's next-generation SKI (session key intercept) technology represents a better, faster, easier and lower-cost alternative to legacy decryption. The company's solution provides a complete option for manufacturers, integrators and managed service providers of cybersecurity and application assurance solutions. Today, nearly all network traffic uses TLS (transport layer security) (formerly SSL (secure sockets layer)) for security and privacy, yet enterprises still must see the data in motion to detect and respond to cybersecurity threats and application performance issues. With constant evolution in TLS protocols and the advancements in application, network and computing architectures, gaps continue to grow in the legacy decryption methods. Nubeva's SKI technology represents the next-generation solution for the industry moving forward.
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