Safe-T Group (NASDAQ:SFET) Ltd has advised investors that its fourth-quarter revenue is likely to reach $3.6 million, an increase of more than 170% from the $1.3 million reported for the quarter ended December 31, 2020.
The company, a global provider of cybersecurity and privacy solutions, said the expected increase will take full-year revenue to above $10 million, more than double the $4.8 million reported for its 2020 fiscal year.
“Operationally, 2021 was a significant year for Safe-T as our team achieved many milestones, including our expanded focus on the large, global consumer cybersecurity and privacy markets,” the company's CEO Shachar Daniel said in a statement.
“We are especially excited by the traction we are seeing in our consumer business, which is significantly contributing to our strong financial performance, enabling us to generate record annual revenue in excess of $10 million,” he added.
READ: Safe-T Group says its Safe-T Data A.R subsidiary recognized in Gartner’s Market Guide for User Authentication report
Daniel noted that since the company listed on Nasdaq three years ago, it has grown its annual revenues from $1.4 million to over $10 million.
“Looking into 2022, we expect strong topline growth driven by an expanded solutions portfolio and our further penetration of the global consumer and enterprise markets by the Safe-T brand,” he concluded.
The company expects to release its fully audited 2021 financial statements on or before March 31, 2022.
As a global provider of cybersecurity and privacy solutions, Safe-T Group (NASDAQ:SFET) operates in three distinct segments: enterprise cybersecurity solutions, enterprise privacy solutions, and consumer cybersecurity and privacy solutions.
The company’s 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. It also has the ZoneZero cybersecurity solutions for enterprises, designed for cloud, on-premises and hybrid networks.
Contact the author at stephen.gunnion@proactiveinvestors.com