Nubeva Announces Fiscal 2020 Financial Results

SAN JOSE, Calif. – TheNewswire – August 20, 2020 – Nubeva Technologies Ltd. (“Nubeva” or the “Company“) (TSXV:NBVA) (OTC:NBVAF), today published its audited consolidated financial statements for the year ended April 30, 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 year of $157,710 represented a 43% increase over prior year subscription revenues of $110,378. Total revenue from the prior year included $736,000 from software licenses and services. Subsequent to April 30, 2020 the Company entered into a license agreement for its Symmetric Key Intercept (“SKI”) software, which included a $1 million up front payment. Recognition of revenue on this contract is anticipated to commence in the second quarter of 2021.

Expenses for the year ended April 30, 2020 grew by 13% over the prior year largely due to an increase in research and development costs. Net research and development costs for the year were $1,960,334 before refundable tax credits in the amount of $324,721, compared with $1,556,152 for the prior year, before refundable tax credits of $513,261. Tax credits in the current year related to the 12 months ending April 30, 2020. In the prior year, the Company recognized refundable tax credits for the 22 months ended April 30, 2019.

Selected operating data follows:

Income Statement Data

Year ended April 30, 2020

Year ended April 30, 2019

Revenue

$ 157,710

$ 846,378

Expenses

(4,025,800)

(3,577,085)

Other Items

Fair value gain (loss) on digital currencies

10,832

(1,323,336)

Government assistance

29,411

Other income (loss)

44,336

(3,918)

Net loss for the period, continuing operations

$ (3,783,511)

$ (4,057,961)

Net loss from discontinued operations

(356,619)

Gain on wind-up of subsidiary

881,801

Foreign currency translation adjustment

(42,036)

(49,877)

Net and comprehensive loss

$ (3,825,547)

$ (3,582,656)

Earnings (loss) per share, discontinued operations – basic and diluted

$ (0.00)

$ 0.01

Loss per share – basic and diluted, continuing operations

$ (0.07)

$ (0.07)

Weighted average number of common shares

55,895,594

54,576,127

Assets as at April 30, 2020 decreased by $3,213,035 over assets as April 30, 2019 due mainly to a decrease in cash and marketable securities of $2,903,289. The decrease in cash was due $3,199,550 to operating activities. Cash and marketable securities also decreased by $42,036 due to the effect of foreign currencies.

Balance Sheet Data

April 30, 2020

April 30, 2019

Current and total assets

$ 2,284,976

$ 5,498,011

Current liabilities

$ 837,773

$ 536,759

Accumulated deficit

$ (12,960,121)

$ (9,176,892)

Total Equity

$ 1,344,790

$ 4,961,252

As at April 30, 2020 and 2019 the Company had cash and marketable securities comprised as follows:

Cash and marketable securities

April 30, 2020

April 30, 2019

Cash

$ 605,901

$ 276,170

Money market funds

1,267,474

2,313,342

U.S. Treasury bills, Maturing between 07/18/2019 and 08/08/2019.

2,187,152

Total

$ 1,873,375

$ 4,776,664

Nubeva CFO Juliet Jones said, “The Company estimates that at the date of this press release we have adequate working capital for the ensuing eight-month period.”

About Nubeva Technologies Ltd.

Nubeva Technologies Ltd. has changed the decrypted visibility game with pure, symmetric decryption. Nubeva helps enterprises gain the visibility needed through decryption so they can fully inspect network traffic. The need to inspect data in motion is fundamental to network security and application monitoring and assurance. The shift to SaaS, the cloud, and stronger encryption practices like perfect forward secrecy and TLS 1.3, create new and unique challenges for in-line and out-of-band decryption and visibility solutions. Nubeva re-imagined TLS visibility and created a new solution for the modern era of strong encryption in dynamic and distributed compute environments. 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

Copyright (c) 2020 TheNewswire – All rights reserved.

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