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Nubeva Announces 2021 Annual Financial Results

30 August 2021

Nubeva reports 12-fold increase in revenue, significant decrease in operating loss, and strengthens its balance sheet 

San Jose, Calif., August 30, 2021 -- Nubeva Technologies Ltd. ("Nubeva" or the "Company") (TSX-V: NBVA, OTC: NBVAF), announces its audited consolidated financial statements for the year ended April 30, 2021. Financial statements along with management discussion and analysis of financial results can be found at www.sedar.comAll dollar amounts in this release are stated in U.S. Dollars. 

Fiscal 2021 was a landmark year for Nubeva as it gained traction with OEM customers for its SKI (Session Key Intercept) software, resulting in a more than 12-fold increase in revenue. 



Year ended 

Year ended 


April 30, 2021 

April 30, 2020 

Software Licenses and Royalties 



Support and Maintenance 



Professional and Customization Services 















“In addition to year over year revenue growth, Nubeva reported an 81% decrease in total comprehensive loss for the year and strengthened its balance sheet with a 77% increase in working capital. Juliet Jones, CFO stated, “Sales are expected to continue to grow year over year, driving the Company towards positive cash flow.” 

The demand for a modern decryption solution is growing. Today, nearly all traffic on the internet and in private enterprises is encrypted using the TLS protocol.  Accelerating cyber-threats and growing regulatory requirements are pushing the adoption of the latest TLS standards for the highest levels of protection.  While essential, it also hides vital details required to inspect communications to defend from threats and identify and resolve application performance issues.   Security and application tools that have previously decrypted traffic to enable deep network inspection now have growing gaps due to these changes in TLS and continued transformations in computing, networking, and security strategies.  

Nubeva provides a next-generation software technology solution for the lawful decryption of TLS traffic.  Growing numbers of cybersecurity and application assurance manufacturers and service providers are licensing Nubeva SKI technology to embed into their offerings to fill those gaps and deliver greater capability and value to their customers.  Nubeva expands markets, accelerates their sales, and reduces support costs and complexities. 

“Our SKI technology has been validated and continues to mature, and our sales pipeline continues to grow,” said Randy Chou, Founder and CEO. “We believe that we are at the beginning of a market technology transition and are incredibly well-positioned for market share capture and growth in the coming year and beyond.” 

Company highlights for Fiscal year 2021 include:  

  • SKI Adoption is Accelerating: In June 2020 Nubeva closed its first OEM License contract for SKI with one of the world’s top cyber security companies. Since then, Nubeva entered into agreements with numerous global enterprises in the area of cybersecurity and network monitoring including, industry-leading network detection and response technology, a performance monitoring and analytics solution, cloud integrator, as well as a "tier-1" 5G/Telecom network operator to enable advanced network monitoring of core communications infrastructure.
  • Proven Customer Satisfaction: Existing OEM customers are reporting ease and speed of implementation and integration of SKI into their offerings.  Satisfaction is high with the SKI technology itself as well as Nubeva support.  Nubeva’s licensees are validating positive responses from their customers as well as the value SKI capability brings to their sales growth. 
  • Sales Pipeline Growth: At the time of this release, Nubeva’s pipeline of engaged prospects is over three times the size of the prior year's pipeline. Activity is accelerating across stages of the sales cycle from early prospect engagement to technical evaluations, deep proof of concepts, and contract pricing and negotiations for both service providers and early-adopter end users.  
  • Product Maturation: Nubeva released extensive product enhancements over the year. Highlights include: 
    •  - Successfully validated support for the upcoming Microsoft Windows Desktop and Server versions release
    •  - Launched expanded support of AWS VPC Traffic Mirroring enabling further visibility in AWS 
    •  - Built upon expansive protocol and signature library growing the breadth of decryption capability and proving extensibility of Nubeva’s SKI technology into the future 
    •  - Improved upon already market-leading performance and tuned product delivery capabilities to enable repeatability and flexibility of implementation of the product suite.
  • Launched Developer Program: To reduce the entry barriers and accelerate adoption, Nubeva launched its developer license program for its SKI. This program allows OEM prospects the ability to perform initial integrations, execute seamless proof of concepts and external demos of SKI’s decryption capability to their customer base before deeper OEM implementations and commitments. The program delivery model is customer-driven, requires no change to Nubeva’s support model, and is validated as an easy on-ramp for SKI adoption.  

Selected Operating Data: 

Income Statement Data  

Year ended April 30, 2021 

Year ended April 30, 2020 







Other Items 



Gain (loss) on digital currencies 



Gain on debt settlement 



Government assistance 



Interest expense 



Foreign exchange loss 



Other income (loss) 



Net loss for the period 

$ (762,004) 

$ (3,783,511) 

Foreign currency translation adjustment 



Total comprehensive loss 

$ (723,162) 

$ (3,825,547) 

Loss per share – basic and diluted 

$ (0.01) 

$ (0.07)             

Weighted average number of common shares 




Net loss for the year was $762,004; a significant reduction from the prior-year loss of $3,783,511. The reduction in net loss was due to 58% to the increase in revenue, 25% to a reduction of expenses and 15% to government assistance accrued for the year.  

Financial position: 

Balance Sheet Data  

April 30, 2021 

April 30, 2020 

Current and total assets 

$ 2,986,649 

$ 2,284,976 

Current liabilities 

$ 420,338          

$ 837,773 

Accumulated deficit 

$  (13,612,967) 

$  (12,960,121) 

Total Equity  

$ 2,539,924 



Assets as at April 30, 2021, increased by $701,673 over assets as at April 30, 2020 due mainly to an increase in cash from financing activities of $1,930,845. Cash and money market instruments increased by $407,045 and accounts receivable increased by $290,613. The Company had a working capital surplus of $2,566,311 (April 30, 2020 - $1,447,203). 

About Nubeva Technologies Ltd. 

Nubeva develops and licenses proprietary software for the decryption of network traffic. Nubeva’s next-generation SKI (Session Key Intercept) technology represents a better, faster, easier, and lower-cost alternative to legacy decryption. Our solution provides a complete option for manufacturers, integrators, and managed services providers of cybersecurity and application assurance solutions. Today, nearly all network traffic uses TLS (formerly SSL) for security and privacy, yet enterprises still must see the data-in-motion to detect and respond to cybersecurity threats and application performance issues. With constant evolution in TLS protocols and the advancements in application, network, and computing architectures, gaps continue to grow in the legacy decryption methods. Nubeva’s SKI technology represents the next-generation solution for the industry moving forward. Visit 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) accept 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