#Cybersecurity #Stock News: Alarum (Nasdaq: $ALAR) Provides
Preliminary Guidance of its Revenues and Cash Balance for 2022; @AlarumTech
Revenue Estimated to Reach
Record-Breaking Achievement of More Than $18.5 Million with 80% YOY Growth
Tel
Aviv, Israel, January 25, 2023 (Investorideas.com Newswire)
-- Alarum Technologies Ltd. (Nasdaq:
ALAR) (TASE: ALAR) (“Alarum” or the “Company” – formerly known as Safe-T
Group Ltd.), a global provider of cybersecurity and privacy solutions to
consumers and enterprises, today provided preliminary revenue and cash balance
guidance for the fourth quarter and full year ended December 31, 2022.
Read this news in
full at https://www.investorideas.com/news/2023/defense/01251ALAR-Preliminary-Guidance.asp
Based
upon a preliminary, unaudited review, Alarum expects to report revenues for the
full year ended December 31, 2022, of more than $18.5 million, compared to revenues
of $10.3 million reported in the full year ended December 31, 2021,
representing growth of approximately 80%. Revenue growth continues to be driven
by the Company’s ongoing investment in its leading privacy products. Revenues
for the fourth quarter ended December 31, 2022, were approximately $5 million,
an increase of approximately 35% compared to $3.7 million reported for the
fourth quarter ended December 31, 2021.
The
Company’s preliminary cash and cash equivalents balance as of December 31,
2022, aggregated to approximately $3.4 million. This balance does not reflect a
potential of up to additional $2.7 million in funds that may be made available
pursuant to the secured credit facility and investment financing entered into
by the Company during 2022.
Shachar
Daniel, Chief Executive Officer of Alarum, stated, "We are pleased to have
made these achievements during 2022 with growth of 80% year-over-year, and the
eighth consecutive quarter of record revenues."
"An
additional milestone we accomplished this year was turning our subsidiary,
NetNut Ltd., to a profitable company, while accelerating its revenue growth.
The Company’s overall burn rate was significantly reduced in the third and
fourth quarters of 2022, and we expect this trend to continue in 2023,"
Mr. Daniel added.
Alarum
expects to release the fully reviewed and audited financial statements on or
before March 31, 2023.
About Alarum Technologies Ltd.
Alarum
Technologies Ltd. (Nasdaq, TASE: ALAR) is a global provider of digital privacy
and cyber-security and solutions. The Company operates in two distinct
segments: solutions for enterprises and solutions for consumers.
Via
NetNut Ltd., our privacy solutions for enterprises are based on our world’s fastest
and most advanced and secured proxy network, enabling our customers to collect
data anonymously at any scale from any public sources over the web using a
unique hybrid network. Our network comprises both exit points based on our
proprietary reflection technology and hundreds of servers located at our ISP
partners around the world. The infrastructure is optimally designed to
guarantee the privacy, quality, stability, and the speed of the service.
Our
cybersecurity and privacy solutions for consumers provide a privacy blanket
against online threats as well as a powerful, secured, and encrypted
connection, masking users’ online activity and keeping them safe from hackers.
The solutions are designed for basic and advanced use cases, ensuring complete
protection of personal and digital information.
The
Company's previously developed cybersecurity solutions for enterprises are
offered by an information security provider, as a solution or cloud service.
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 and the Israeli securities law. 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, Alarum is using
forward-looking statements in this press release when it discusses preliminary
unaudited estimates of revenues and revenue growth for the fourth quarter and
full year ended December 31, 2022, its preliminary cash and cash equivalents
balance as of December 31, 2022, the potential for additional funds under the
secured credit facility and investment financing, the drivers of the Company’s
revenue growth, future revenue growth, the expectation that the decrease in
Company’s cash burn rate will continue in 2023, and overall performance.
Because such statements deal with future events and are based on Alarum’s
current expectations, they are subject to various risks and uncertainties and
actual results, performance or achievements of Alarum 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 Alarum’s annual report on Form 20-F filed with the
Securities and Exchange Commission (“SEC”) on March 29, 2022, and in any
subsequent filings with the SEC. Except as otherwise required by law, Alarum
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.
The
Company is providing revenue, cash and cash equivalents balance estimates in
this press release, rather than final amounts, primarily because the financial
closing process and review are not yet complete and, as a result, the Company’s
final results upon completion of its closing process and review may vary from
these preliminary estimates.
INVESTOR RELATIONS CONTACTS:
Michal
Efraty
+972-(0)52-3044404
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