The 20-F confirms existential liquidity risk: the company needs immediate cash but has limited financing options after massive dilution. Watch for delisting from Nasdaq (MVLS compliance deadline July 20, 2026), potential bankruptcy filings, and the outcome of the July 21, 2026 hearing on the A-Labs matter. The Evofem transaction (post-balance-sheet) provides no near-term cash and adds further dilution risk.
Price Chart
Executive Summary
HUB Cyber Security's FY2025 20-F reveals a company in severe financial distress: total net loss of $119.8M (vs $39.0M in FY2024), a going-concern qualification from auditors, cash of just $1.8M, and defaults on ~$43M in convertible loans and ~$7M in debt. Revenue grew modestly 7% to $31.7M, but operating losses widened 168% to $70.3M, driven by a $43.6M impairment of the BST technology asset and $11M class-action settlement expense. The company has executed four reverse splits since March 2025, lost its CEO and multiple executives in 2026, and faces a pending $5M+ de-SPAC fraud lawsuit.
Key Facts
- Total net loss of $119.8M in FY2025 vs $39.0M in FY2024, a 207% increase
- Going-concern qualification from independent auditors
- Cash and cash equivalents of only $1.8M as of December 31, 2025
- Revenue of $31.7M, up 7% YoY, but gross profit margin of just 16.7%
- Defaults on ~$43M in convertible loans and ~$7M in other debt obligations
- Full impairment of the BST technology asset totaling $43.6M
- Four reverse share splits executed between March 2025 and June 2026
- CEO and four other executives resigned between March-June 2026
- Material weaknesses in internal control over financial reporting remain un-remediated
- Pending lawsuit seeking $5.08M for alleged fraud related to de-SPAC merger
- Cash used in operations of $31.4M in 2025
Financial Impact
Net loss of $119.8M on revenue of $31.7M; cash burn of $31.4M in operating activities; going concern raises risk of total equity loss
Risk Factors
- Imminent delisting from Nasdaq if MVLS compliance not regained by July 20, 2026
- Bankruptcy or insolvency proceedings given debt defaults and going-concern warning
- Massive dilution from convertible debt conversions and warrant exercises
- Inability to raise additional capital on acceptable terms or at all
- Default judgment in the DC Rainier lawsuit could force bankruptcy
- Evofem assets may be worthless, leaving shareholders with severe dilution for no return
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001213900-26-079236 |
| Document: ea029758001ex4-78.htm | 0001213900-26-079236 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 13d ago | 6-K | $0.3790 | awaiting T+20 | — | $0.1465 (−61.35%) |
Sep 28, 2026 29d ago | 6-K | $1.49 $0.1500 | ▲ +89.93% | ▲ +89.90% | $0.1465 (+90.17%) |
Aug 4, 2026 12w ago | 6-K | $1.03 | awaiting T+20 | — | $0.1465 (+85.78%) |
Aug 3, 2026 12w ago | 6-K | $26.00 $18.45 | ▼ −29.04% | ▼ −30.28% | $0.1465 (−99.44%) |
Jul 17, 2026 14w ago | 20-F | $1.15 $0.7375 | ▲ +35.87% | ▲ +39.99% | $0.1465 (+87.26%) |
Jul 17, 2026 14w ago | Court Ruling | $1.15 $0.7375 | ▲ +35.87% | ▲ +39.99% | $0.1465 (+87.26%) |
Jul 1, 2026 16w ago | 6-K | $1.49 $1.03 | ▲ +30.87% | ▲ +30.33% | $0.1465 (+90.17%) |
Apr 16, 2026 27w ago | Press Release | $9.15 $0.1470 | ▼ −98.39% | ▼ −104.21% | $0.1465 (−98.40%) |
US Market Status
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