Following the announcement of its new privacy solution surpassing the 10,000-subscribers milestone, Safe-T Group Ltd. (SFET) rallied premarket.
In the previous trading session, the stock fluctuated between a high of $0.7878 and a low of $0.6910. SFET closed the session with a loss of 3.41% at $0.7220 on Monday. After the emergence of the news, the stock rose up to $0.7800 premarket at the last check. Consequently, SFET had gained 8.03% at the time of writing, in the premarket on Tuesday.
The zero-trust access solutions provider, Safe-T Group Ltd. was founded in 1989. Currently, its 756.89K outstanding shares trade at a market capitalization of $24.03 million.
SFET’s New Consumer Privacy Solution
In early 2021, the company launched its new privacy solution through a phased product introduction program. The privacy product is available for Apple mobile devices through the App Store. Moreover, the product’s revenue has shown a record growth of 50% quarter over quarter since its launch. At the end of 2021, SFET’s privacy product had over 10,000 paid subscribers.
On January 10, the company announced reaching a monthly recurring revenue milestone for the product with over 10,000 worldwide subscribers. In addition, the company plans on advancing its global marketing through the first half of 2022. Added to this, SFET will also launch the product for Android mobile devices and personal computers.
Preliminary Revenue Guidance for Fiscal 2021
On January 06, the company provided its preliminary revenue guidance for the fourth quarter and full fiscal year 2021.
According to the guidance, SFET expects the fourth quarter of 2021 revenues to be approximately $3.6 million. This marks a huge increase of 170% year over year against $1.3 million of Q4 2020.
Furthermore, the expected revenues for the full fiscal year 2021 (ended December 31) are over $10 million. This shows year-over-year growth of over 100% against $4.8 million in fiscal 2020.
Further, the company intends to declare the fully audited financial results for 2021 on or before March 31, 2022.
SFET’s Recent Developments
On December 21, the company announced updates about its wholly-owned subsidiary Safe-T Data A.R Ltd. According to this, Safe-T Data has been recognized as a Representative Vendor in Gartner’s December 2021 report, which was titled “Market Guide for User Authentication”.
Previously, SFET announced the completion of open market stock purchases by the company’s senior management, on December 16. The company’s CEO, CFO, and Chairman of the Board purchased over 180,000 shares as an expression of confidence in SFET. These shares were purchased between December 07 and December 13, 2021.
