Alarum Provides Preliminary Guidance of its Revenues and Cash Balance for 2022
January 25 2023 - 8:30AM
Alarum Technologies Ltd. (Nasdaq, 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.
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 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 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)52-3044404investors@alarum.io
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