Safe-T Group Ltd. Expects Record Nine Month 2022 Revenues to Increase ~107% Year-over-Year to More Than $13.5 Million
October 19 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 three- and nine-month ended September 30,
of 2022.
Based upon a preliminary, unaudited review,
Safe-T expects to report revenues for the quarter ended September
30, 2022, of approximately $4.8 million, an increase of
approximately 42% compared to $3.38 million reported during the
third quarter of 2021. Revenues for the nine-month period ended
September 30, 2022 are expected to exceed $13.5 million, compared
to revenues of $6.5 million reported in the equivalent period of
2021, representing growth of approximately 107%. 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, “Safe-T continues to execute its main objectives to
grow in revenues and streamline loss. The third quarter represents
the seventh consecutive quarter of growth and in line with our
previous statements, it was accompanied by a significant decrease
in our loss and overall expenses. We remain focused on delivering
strong revenue growth and improved overall performance across our
business segments and are very pleased with the preliminary
top-line results announced today.”
Safe-T expects to release the fully reviewed
financial statements on or before November 30, 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. 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 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 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 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.
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, revenue growth and decreases in loss and
expenses for the three- and nine-month periods ended September 30,
2022, the drivers of the Company’s revenue growth and future
revenue growth and overall performance. 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:
Michal Efraty+972-(0)52-3044404investors@safetgroup.com
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