Safe-T Group Ltd. (NASDAQ: SFET) got its trading off on the right foot Wednesday, on providing 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 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 first half of the year 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.
Said CEO Shachar Daniel, “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.
SFET acquired three cents, or 6.1%, in the first hour of trading to 51 cents.
