Safe-T Group Ltd. Expects Record First Half 2022 Revenue of More Than $8.6 Million, Representing Growth of ~175% Over the First Six Months Results of 2021
July 06 2022 - 8:30AM
Safe-T® Group Ltd. (Nasdaq: SFET) (TASE: SFET) (“Safe-T” or the
“Company”), a global provider of cybersecurity and privacy
solutions to consumers and enterprises, today provided preliminary
revenue guidance for the first half of fiscal 2022.
Based upon a preliminary, unaudited review,
Safe-T expects to report revenues for the second quarter ended June
30, 2022, of approximately $4.6 million, an increase of
approximately 150% over the $1.8 million reported for the second
quarter of 2021. Revenues for the six months ended June 30, 2022
are expected to exceed $8.6 million, compared to revenues of $3.1
million in the first six months of 2021, representing growth of
approximately 175%. Revenue growth continues to be driven by the
Company’s ongoing investment in its leading privacy products.
Shachar Daniel, Chief Executive Officer of
Safe-T, stated, “We are pleased with Safe-T’s growth in the first
half of 2022, reflecting the positive contributions generated
across our business lines as customer demand for our recently
introduced privacy and cybersecurity offerings continues to
increase. In addition to the topline growth, during the second
quarter of 2022, we have begun to see the early positive impacts of
our cost reduction plan especially in our enterprise cybersecurity
business. Furthermore, with the elimination of litigation expenses
announced last month, we expect continued improvement in our
operating results throughout the second half of the year.”
Safe-T expects to release the fully reviewed
financial statements on or before August 31, 2022.
About Safe-T Group Ltd.Safe-T Group Ltd.
(Nasdaq: SFET) (TASE: SFET) is a global provider of cyber-security
and privacy solutions to consumers and enterprises. The Company
operates in three distinct segments, tailoring solutions according
to specific needs. The segments include enterprise cyber-security
solutions, enterprise privacy solutions, and consumer
cyber-security and privacy solutions.
Our cybersecurity and privacy solutions for
consumers provide a wide security blanket against ransomware,
viruses, phishing, and other online threats as well as a powerful,
secured, and encrypted connection, masking their online activity
and keeping them safe from hackers. The solutions are designed for
advanced and basic users, ensuring full personal protection for all
personal and digital information.
Our cybersecurity solutions for enterprises,
designed for cloud, on-premises and hybrid networks, mitigates
attacks on enterprises’ business-critical services and sensitive
data, while ensuring uninterrupted business continuity.
Organizational data access, storage and exchange use cases, from
outside the organization or within, are secured according to the
“validate first, access later” philosophy of Safe-T’s zero trust.
Our ZoneZero® solutions are available by our reseller, TerraZone
Ltd., a global information security provider, as a solution or
cloud service.
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 is the only one comprised of both millions of
residential exit points 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.
For more information about Safe-T, visit
www.safetgroup.com
Forward-Looking StatementsThis 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 preliminary unaudited estimates of revenues for
the three- and six-month periods ended June 30, 2022, the impact of
its cost reduction efforts and its outlook for the second half of
2022. 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 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, 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.
The Company is providing revenue 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:
Steve Gersten, Director of Investor Relations Safe-T Group
Ltd.813-334-9745 investors@safe-t.com
Michal EfratyInvestor Relations, Israel+972-(0)52-3044404
michal@efraty.com
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