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Name | Symbol | Market | Type |
---|---|---|---|
Safe T Group Ltd | NASDAQ:SFET | NASDAQ | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.86 | 2.83 | 3.10 | 0 | 01:00:00 |
HERZLIYA, Israel, Nov. 21, 2018 /PRNewswire/ -- Safe-T Group Ltd. (NASDAQ: SFET) (TASE: SFET), a leading provider of software-defined access solutions for the hybrid cloud, today announced financial results for the third quarter and nine-month period ended September 30, 2018.
Safe-T announced continuing progress and achievements during the first nine months of 2018. During the nine-month period ended September 30, 2018, the Company reported customer bookings totaling $1,363,000 ($432,000 of which are contingent bookings), an increase of approximately 94% compared with $701,000 in the nine-month period ended September 30, 2017 (including contingent bookings of $70,000, of which one booking of $54,000 did not come to fruition).
Company revenues in the nine-month period ended September 30, 2018, totaled $1,003,000, an increase of 39% compared with $719,000 in the nine-month period ended September 30, 2017.
In the third quarter of 2018, the Company reported customer bookings totaling approximately $220,000, a 90% increase compared with $116,000 in the corresponding quarter last year. This amount includes orders totaling $59,000 which are contingent on the completion of successful proof of concept tests by customers or on other commercial terms, compared with contingent bookings of $16,000 in the third quarter of 2017.
Customer bookings are an important performance metric which predicts future revenue. According to the Company's revenue recognition policy, the period from the receipt of payment or booking to the date of recognition can be one to four quarters. As the Company's bookings increase on a quarterly basis, future revenue is expected to increase as well. In addition, the maintenance services provided for most customers are recognized on a proportionate basis over the engagement period of up to five years.
The Company reported revenues of $248,000 in the third quarter of 2018, representing a 32% increase compared with $187,000 in the corresponding quarter last year. The Company ended the quarter with a cash balance of $6,121,000 and non-IFRS loss of $2,022,000.
"During the third quarter, Safe-T made great strides toward our goal of strengthening penetration in the U.S., which is the Company's primary target market. Our successful listing on Nasdaq and subsequent raise of gross amount of $7.3 million represents another stage in our strategy to increase our visibility and market position," said Shachar Daniel, Chief Executive Officer of Safe-T Group Ltd. "As the Company continues to leverage its extensive knowledge and experience to launch innovative technology solutions, we expect to see increased interest and adoptions by government entities and other high-caliber organizations."
Recent Developments:
Third Quarter 2018 Financial Results
Financial Results for the Nine Months Ended September 30, 2018
The following table presents the reconciled effect of the non-cash expenses/income on the Company's net loss for the nine and three-month periods ended September 30, 2018 and September 30, 2017, and for the year ended December 31, 2017:
Nine-months ended | Three-months ended | Year ended | |||||
September 30, | September 30, | December 31, | |||||
2017 | 2018 | 2017 | 2018 | 2017 | |||
In thousands of USD | |||||||
Net loss for the period | 3,620 | 8,522 | 1,074 | 4,610 | 5,313 | ||
Amortization of intangible | 188 | 201 | 63 | 75 | 251 | ||
Share-based payment | 1,016 | 315 | 396 | 12 | 1,318 | ||
Finance liabilities at fair value | (1,296) | 1,590 | (1,045) | 2,501 | (1,981) | ||
Total adjustment | (92) | 2,106 | (586) | 2,588 | (412) | ||
Non-IFRS net loss | 3,712 | 6,416 | 1,660 | 2,022 | 5,725 | ||
Balance Sheet Highlights
Use of Non-IFRS Financial Results
In addition to disclosing financial results calculated in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board, the Company's earnings release contains non-IFRS financial measures of net loss for the period that excludes the effect of share-based compensation expenses, the revaluation of other investments and revaluation of derivative warrant and anti-dilution liability. The earnings release also contains non-IFRS financial measures for bookings. Bookings are a non-IFRS financial metric that we define as binding and non-revocable customers purchase orders over a defined period. The Company's management believes the non-IFRS financial information provided in this release is useful to investors' understanding and assessment of the company's ongoing operations. Management also uses both IFRS and non-IFRS information in evaluating and operating business internally, and as such deemed it important to provide all this information to investors. The non-IFRS financial measures disclosed by the Company should not be considered in isolation, or as a substitute for, or superior to, financial measures calculated in accordance with IFRS, and the financial results calculated in accordance with IFRS and reconciliations to those financial statements should be carefully evaluated.
About Safe-T Group Ltd.
Safe-T Group Ltd. (Nasdaq, TASE: SFET), is a leading provider of software-defined access solutions which mitigate attacks on enterprises' business-critical services and sensitive data. Safe-T solves the data access challenge by masking data at the perimeter, keeping information assets safe and limiting access only to authorized and intended entities in hybrid cloud environments. Safe-T enhances operational productivity, efficiency, security, and compliance by protecting organizations from data exfiltration, leakage, malware, ransomware, and fraud. With Safe-T's patented, multi-layer software-defined access, financial services, healthcare, utility companies and governments can secure their data, services, and networks from internal and external data threats.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Safe-T is using forward-looking statements in this press release when it discusses that it expects to see increased interest and adoptions by government entities and other high-caliber organizations and that Telepath will provide Safe-T users with better insights into user and web-based anomalies within their networks. Because such statements deal with future events and are based on Safe-T's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Safe-T could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in Safe-T's final prospectus filed pursuant to rule 424(b)(4) filed with the Securities and Exchange Commission ("SEC") on August 20, 2018, and in any subsequent filings with the SEC. Except as otherwise required by law, Safe-T undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Safe-T is not responsible for the contents of third-party websites.
Consolidated Statements of Financial Position | ||||||
(In thousands of USD) | ||||||
September 30, | December 31, | |||||
2017 | 2018 | 2017 | ||||
(Unaudited) | (Unaudited) | (Audited) | ||||
Assets | ||||||
Cash and cash equivalents | 5,045 | 6,121 | 3,514 | |||
Restricted deposits | 48 | 94 | 93 | |||
Trade receivables | 318 | 484 | 644 | |||
Other receivables | 278 | 309 | *163 | |||
Total current assets | 5,689 | 7,008 | 4,414 | |||
Restricted deposits | 14 | - | - | |||
Property plant and equipment, net | 89 | 150 | 165 | |||
Deferred issuance expenses | - | - | *61 | |||
Goodwill | 523 | 523 | 523 | |||
Intangible assets | 827 | 872 | 764 | |||
Total non-current assets | 1,453 | 1,545 | 1,513 | |||
Total assets | 7,142 | 8,553 | 5,927 | |||
Liabilities | ||||||
Trade payables | 73 | 270 | 178 | |||
Other payables | 641 | 726 | 877 | |||
Contract liability | 356 | 411 | 424 | |||
Liability in respect of the Israeli Innovation | 92 | 49 | 92 | |||
Total current liabilities | 1,162 | 1,456 | 1,571 | |||
Contract liability | 60 | 237 | 286 | |||
Liability in respect of anti-dilution feature | 514 | - | 692 | |||
Liability in respect of compensation feature | - | 3,387 | - | |||
Derivatives financial instruments - warrants | 937 | - | 237 | |||
Liability in respect of the Israeli Innovation | - | 76 | - | |||
Total non-current liabilities | 1,511 | 3,700 | 1,215 | |||
Total liabilities | 2,673 | 5,423 | 2,786 | |||
Equity | ||||||
Share Capital | ** | ** | ** | |||
Share premium | 28,013 | 37,893 | 28,494 | |||
Other capital reserve | 12,699 | 11,962 | 12,583 | |||
Accumulated loss | (36,243) | (46,458) | (37,936) | |||
Total equity | 4,469 | 3,397 | 3,141 | |||
Total liabilities and equity | 7,142 | 8,553 | 5,927 | |||
* Reclassified. | ||||||
** Represents an amount of less than $1 thousand. |
Consolidated Statements of Other Comprehensive Loss | |||||||||||
(In thousands of USD, except per share amounts) | |||||||||||
For the Nine-Month Period | For the Three-Month Period | For the Year | |||||||||
Ended | Ended | Ended | |||||||||
September 30, | September 30, | December 31, | |||||||||
2017 | 2018 | 2017 | 2018 | 2017 | |||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |||||||
Revenues | 719 | 1,003 | * 187 | 248 | 1,096 | ||||||
Cost of revenues | 410 | 607 | 127 | 178 | 583 | ||||||
Gross profit | 309 | 396 | 60 | 70 | 513 | ||||||
Research and development | 1,091 | 1,637 | 444 | 603 | 1,608 | ||||||
Sales and marketing | 2,647 | 4,269 | 1,155 | 1,120 | 4,051 | ||||||
General and administrative | 1,604 | 1,370 | 530 | 443 | 2,151 | ||||||
Operating loss | (5,033) | (6,880) | (2,069) | (2,096) | (7,297) | ||||||
Finance income | 2,351 | 984 | 1,230 | 27 | 2,959 | ||||||
Finance expense | (938) | (2,626) | (235) | (2,541) | (975) | ||||||
Finance income (expense), | 1,413 | (1,642) | 995 | (2,514) | 1,984 | ||||||
Total comprehensive loss | (3,620) | (8,522) | (1,074) | (4,610) | (5,313) | ||||||
Basic loss per share | (0.20) | (0.31) | (0.05) | (0.12) | (0.29) | ||||||
Diluted loss per share | (0.26) | (0.33) | (0.09) | (0.12) | (0.29) | ||||||
* Early application of IFRS 15. |
Consolidated Statements of Changes in Equity | |||||
(In thousands of USD) | |||||
Other | |||||
Share | Share | capital | Accumulated | Total | |
capital* | premium | reserve | loss | equity | |
For the nine months ended September 30, 2018: | |||||
Balance as of December 31, 2017 (Audited) | -- | 28,494 | 12,583 | (37,936) | 3,141 |
Issuance of ordinary shares, net | -- | 6,069 | -- | -- | 6,069 |
Exercise of anti-dilution feature | -- | 2,268 | -- | -- | 2,268 |
Exercise of options | -- | 791 | (689) | -- | 102 |
Forfeiture of options | -- | 271 | (271) | -- | -- |
Share-based payments | -- | -- | 339 | -- | 339 |
Net comprehensive loss for the period | -- | -- | -- | (8,522) | (8,522) |
Balance as of September 30, 2018 (unaudited) | -- | 37,893 | 11,962 | (46,458) | 3,397 |
For the three months ended September 30, 2018: | |||||
Balance as of June 30, 2018 (Unaudited) | -- | 31,585 | 12,156 | (41,848) | 1,893 |
Issuance of ordinary shares, net | -- | 3,835 | -- | -- | 3,835 |
Exercise of anti-dilution feature | -- | 2,268 | -- | -- | 2,268 |
Exercise of options | -- | -- | -- | -- | -- |
Forfeiture of options | -- | 205 | (205) | -- | -- |
Share-based payments | -- | -- | 11 | -- | 11 |
Net comprehensive loss for the period | -- | -- | -- | (4,610) | (4,610) |
Balance as of September 30, 2018 (Unaudited) | -- | 37,893 | 11,962 | (46,458) | 3,397 |
* Represents an amount of less than $1 thousand. |
CONTACT INVESTOR RELATIONS:
Miri Segal-Scharia, CEO
MS-IR LLC
msegal@ms-ir.com
+1(917)-607-8654
View original content:http://www.prnewswire.com/news-releases/safe-t-reports-third-quarter-and-first-nine-months-of-2018-financial-results-300754140.html
SOURCE Safe-T
Copyright 2018 PR Newswire
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