Nubeva Announces Q3 2020 Financial Results

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(TheNewswire)



SAN JOSE, Calif. - TheNewswire - March 27, 2020 - Nubeva Technologies Ltd. ("Nubeva" or the "Company") (TSXV:NBVA) (OTC:NBVAF), today published its unaudited consolidated financial statements for the three and nine months ended January 31, 2020. Financial statements along with management discussion and analysis of financial results can be found at www.sedar.com. All dollar amounts in this release are quoted in U.S. Dollars.

Revenue for the most recent quarter was $40,177. Revenue was generated from subscriptions which continued from the previous quarter. Sales reported for the prior year quarters were derived primarily from software licenses and related services.                                          

Total expenses for the most recent quarter of $844,471 were $1,010,225 before refundable tax credits of $165,754 relating to the quarter. Total expenses for the preceding quarter of the same year of $997,749 were $1,076,720 before refundable tax credits of $78,971. After eliminating the effect of tax credits, operating expenses decreased from  the preceding quarter by 15.4%. Expenses for the three months ended January 31, 2020 decreased by 24.3% over the same quarter last year. Subsequent to the end of the quarter the Company received refundable tax credits in the amount of $298,476.

 

“In addition to the conversion of trial customers, the Company has added several new customers in the financial and health care sectors,” said Nubeva CEO Randy Chou.  “These initial sales are small but are expected to grow over time as these enterprises expand their deployment.”

 

Selected operating data follows:

----------------------------------------------------------------------------------------------------------------------------------------- |Income Statement Data |Three Months |Three Months ended |Nine Months ended|Nine Months ended | | |ended January 31,|January 31, 2019(1) |January 31, 2020 |January 31, | | |2020 | | |2019(1) | |---------------------------------------------------------------------------------------------------------------------------------------| |Revenue |$      40,177 |$                  -|$      117,784 |$    809,750 | |---------------------------------------------------------------------------------------------------------------------------------------| |Expenses |844,471 |1,114,879 |2,782,861 |2,916,202 | |---------------------------------------------------------------------------------------------------------------------------------------| |Other items |7,424 |(1,316,588) |48,842 |(1,294,909) | |---------------------------------------------------------------------------------------------------------------------------------------| |Net loss from continuing operations |(796,930) |(2,431,467) |(2,616,235) |(3,401,361) | |---------------------------------------------------------------------------------------------------------------------------------------| |Net gain (loss) from discontinued operations |- |(995,717) |- |(355,903) | |---------------------------------------------------------------------------------------------------------------------------------------| |Other comprehensive gain (loss) |(16,817) |(27,324) |(22,475) |(48,062) | |---------------------------------------------------------------------------------------------------------------------------------------| |Comprehensive income (loss) for the period |$   (813,747) |$   (2,584,374) |$   (2,638,710) |$    (2,935,192) | |---------------------------------------------------------------------------------------------------------------------------------------| |Gain per share, discontinued |$          - |$           - |$          - |$                   -| |operations– basic and | | | | | |diluted | | | | | |---------------------------------------------------------------------------------------------------------------------------------------| |Loss per share– basic and diluted, continuing operations|$  (0.01) |$   (0.04) |$  (0.05) |$   (0.06) | |---------------------------------------------------------------------------------------------------------------------------------------| |Weighted average number of common shares |55,973,270 |54,743,235 |55,830,979 |53,557,818 | -----------------------------------------------------------------------------------------------------------------------------------------
  1. (1)Results from discontinued operations have been reclassified. 

Assets as at January 31, 2020 decreased by $2,628,485 from assets as April 30, 2019 due mainly to a decrease in cash and money market investments of $2,544,061 over the nine month period.

----------------------------------------------------- |Balance Sheet Data |31-Jan-20 |30-Apr-19 | |---------------------------------------------------| |Current and total assets| $       | $       | | | 2,869,526 |5,498,011 | |---------------------------------------------------| |Current and | $     | $     | |total |      |    | |liabilities |363,976 | 536,759 | |---------------------------------------------------| |Accumulated deficit | $   | $   | | | (11,792,351)| (9,176,892)| -----------------------------------------------------

Nubeva CFO Juliet Jones said, “Total assets at January 31, 2020 included cash and money market instruments of $2,232,603, down from $3,126,800 from the previous quarter. Based on current expenditures, the Company estimates that it has adequate funds for the ensuing two fiscal quarters. Management is taking steps to improve the Company’s working capital position.”

About Nubeva Technologies Ltd.

Nubeva Technologies Ltd. develops Software-as-a-Service ("SaaS") solutions that enable enterprises to obtain visibility of encrypted cloud traffic. Nubeva’s Symmetric Key Intercept architecture provides universal TLS decryption and works in any cloud platform. The service unlocks cloud traffic for best-of-breed security. The scalability and ease-of-use of Nubeva enables any organization to adopt aggressive encryption in the cloud needed for network monitoring and security tools. Visit nubeva.com for more information.

Forward Looking Statements

This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the Company's business plans and the outlook of the cybersecurity industry. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, its subsidiaries, their securities, or their respective financial or operating results (as applicable).

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For additional information, please contact:

----------------------------------------- |Nubeva Technologies Ltd.Juliet Jones,| | |Chief Financial Officer | | |1-(844)538-4638, or | | |---------------------------------------| |  | | -----------------------------------------

Marcel Valentin, Investor Relations

Marcel@SophicCapital.com

1-(647)697-0498

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