{"url_path":"/sec/hubc/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 Exhibits**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-07-17","source_url":"https://www.sec.gov/Archives/edgar/data/1905660/0001213900-26-079236-index.html","accession_number":"0001213900-26-079236","cik":"0001905660","ticker":"HUBC","issuer_name":"Hub Cyber Security Ltd.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1905660/0001213900-26-079236-index.html","primary_entity_key":"0001905660","primary_entity_name":"Hub Cyber Security Ltd."},"word_count":49064,"has_tables":true,"body_markdown":"** **\n\n**Item 19.\nExhibits**\n\n \n\nList\nall exhibits filed as part of the registration statement or Annual Report, including exhibits incorporated by reference.\n\n \n\n \n \n \n \n**Incorporation by Reference**\n\n**Exhibit No.**\n \n**Description**\n \n**Form**\n \n**File No.**\n \n**Exhibit No.**\n \n**Filing Date**\n \n**Filed /\nFurnished**\n\n1.1\n \n[Amended and Restated Articles of Association of HUB Cyber Security Ltd.](https://www.sec.gov/Archives/edgar/data/1905660/000121390023095234/ea189902ex99-2_hubcyber.htm)\n \n6-K\n \n001-41634\n \n99.2\n \nDecember 13, 2023\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n1.2\n \n[Memorandum of Association of HUB Cyber Security Ltd.](http://www.sec.gov/Archives/edgar/data/1905660/000121390024070066/ea021018701ex1-2_hubcyber.htm)\n \n20-F\n \n001-41634 \n \n 1.2\n \nAugust 16, 2024\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n2.1\n \n[Description of Securities](ea029758001ex2-1.htm)\n \n \n \n \n \n \n \n \n \n*\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.1††\n \n[Form of Director and Officer Indemnification Agreement](http://www.sec.gov/Archives/edgar/data/1905660/000110465922119917/tm2223104d12_ex10-11.htm).\n \nF-4\n \n333-267035\n \n10.11\n \nNovember 17, 2022\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.2††\n \n[Compensation Policy for Directors and Officers](http://www.sec.gov/Archives/edgar/data/1905660/000101376223002062/ea186345ex99-1_hubcyber.htm).\n \n6-K \n \n001-41634 \n \n Annex A to Exhibit 99.1\n \nOctober 5, 2023 \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.3††\n \n[Specimen Ordinary Share Certificate of HUB Cyber Security (Israel) Ltd.](https://www.sec.gov/Archives/edgar/data/1905660/000110465922119917/tm2223104d12_ex4-7.htm)\n \nF-4\n \n333-267035\n \n4.7\n \nNovember 17, 2022\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.4††\n \n[2007 Employee Stock Option Plan, as amended](http://www.sec.gov/Archives/edgar/data/1905660/000121390025038038/ea023777601ex4-4_hubcyber.htm)\n \n20-F\n \n 001-41634\n \n4.4\n \nMay 1, 2025 \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.5††\n \n[2021 Employee Stock Option Plan, as amended](http://www.sec.gov/Archives/edgar/data/1905660/000121390025038038/ea023777601ex4-5_hubcyber.htm)\n \n20-F\n \n001-41634 \n \n4.5\n \n May 1, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.6\n \n[Form of Amended and Restated Warrant Agreement, by and among Mount Rainier Acquisition Corp., Hub Cyber Security (Israel) Ltd. and American Stock Transfer & Trust Company, LLC, as warrant agent](http://www.sec.gov/Archives/edgar/data/1905660/000110465922093927/tm2223104d2_ex4-9.htm).\n \nF-4\n \n333-267035\n \n4.9\n \nAugust 24, 2022\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.7\n \n[Form of Amended and Restated Convertible Note dated November 22, 2024](http://www.sec.gov/Archives/edgar/data/1905660/000121390025038038/ea023777601ex4-9_hubcyber.htm)\n \n20-F \n \n001-41634 \n \n4.9\n \nMay 1, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.8\n \n[Form of Registration Rights Agreement dated February 28, 2023](http://www.sec.gov/Archives/edgar/data/1905660/000121390023067760/f20f2022ex4-10_hubcyber.htm)\n \n20-F\n \n001-41634 \n \n4.10 \n \nAugust 15, 2023  \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.9\n \n[Demand Promissory Note, dated February 28, 2023, by and between HUB Cyber Security Ltd. and Dominion Capital LLC](http://www.sec.gov/Archives/edgar/data/1905660/000121390023067760/f20f2022ex4-11_hubcyber.htm)\n \n20-F\n \n001-41634 \n \n4.11 \n \nAugust 15, 2023  \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.10\n \n[First Amendment to Senior Secured Demand Promissory Note dated March 28, 2023, by and between HUB Cyber Security Ltd. and Dominion Capital LLC](http://www.sec.gov/Archives/edgar/data/1905660/000121390023067760/f20f2022ex4-12_hubcyber.htm)\n \n20-F\n \n001-41634 \n \n4.12\n \nAugust 15, 2023  \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.11  \n \n[Equity Purchase Agreement, dated March 28, 2023 by and between HUB Cyber Security Ltd. and Dominion Capital LLC](http://www.sec.gov/Archives/edgar/data/1905660/000110465923039247/tm2311027d1_ex99-1.htm)\n \n6-K\n \n001-41634\n \n99.1\n \nMarch 30, 2023\n \n \n\n \n\n156\n\n \n\n4.12  \n \n[English Translation of Convertible Loan Agreement, dated June 11, 2023, by and between, Hub Cyber Security Ltd. and Shayna L.P.](https://www.sec.gov/Archives/edgar/data/1905660/000121390023067760/f20f2022ex4-18_hubcyber.htm)\n \n20-F\n \n001-41634 \n \n4.18\n \nAugust 15, 2023 \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.13  \n \n[English Translation of Convertible Loan Agreement, dated July 9, 2023, by and between, Hub Cyber Security Ltd. and Shayna L.P.](http://www.sec.gov/Archives/edgar/data/1905660/000121390023067760/f20f2022ex4-19_hubcyber.htm)\n \n20-F\n \n001-41634 \n \n4.19 \n \nAugust 15, 2023 \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.14  \n \n[Financial Advisory Services Agreement dated as of July 20, 2021, by and between Hub Cyber Security Ltd. and A-Labs Finance and Advisory Ltd.](http://www.sec.gov/Archives/edgar/data/1905660/000121390023067760/f20f2022ex4-20_hubcyber.htm)\n \n20-F\n \n001-41634 \n \n4.20 \n \nAugust 15, 2023 \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.15  \n \n[Addendum No. 1 to Financial Advisory Services Agreement dated as of December 28, 2022, by and between Hub Cyber Security Ltd. and A-Labs Finance and Advisory Ltd.](http://www.sec.gov/Archives/edgar/data/1905660/000121390023067760/f20f2022ex4-21_hubcyber.htm)\n \n20-F\n \n001-41634 \n \n4.21 \n \nAugust 15, 2023 \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.16  \n \n[English Translation of Loan Agreement, dated January 16, 2023 by and between HUB Cyber Security Ltd. and A-Labs Finance and Advisory Ltd.](http://www.sec.gov/Archives/edgar/data/1905660/000121390023067760/f20f2022ex4-22_hubcyber.htm)\n \n20-F\n \n001-41634 \n \n 4.22\n \nAugust 15, 2023 \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.17  \n \n[Commitment Letter, dated November 16, 2021 by and among, Bank Mizrahi Tefahot Ltd, HUB Cyber Security Ltd. and Comsec Ltd.](http://www.sec.gov/Archives/edgar/data/1905660/000121390023067760/f20f2022ex4-23_hubcyber.htm)\n \n20-F\n \n001-41634 \n \n4.23 \n \nAugust 15, 2023 \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.18  \n \n[Form of Securities Purchase Agreement by and between HUB Cyber Security Ltd. and First 2023-2024 Accredited Investors.](http://www.sec.gov/Archives/edgar/data/1905660/000121390024070066/ea021018701ex4-26_hubcyber.htm)\n \n20-F\n \n001-41634\n \n4.26\n \nAugust 16, 2024\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.19  \n \n[Form of Amendment to Securities Purchase Agreement by and between HUB Cyber Security Ltd. and First 2023-2024 Accredited Investors.](http://www.sec.gov/Archives/edgar/data/1905660/000121390025038038/ea023777601ex4-26_hubcyber.htm)\n \n20-F\n \n 001-41634\n \n4.26\n \nMay 1, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.20  \n \n[Form of Convertible Promissory Note by and between HUB Cyber Security Ltd. and First 2023-2024 Accredited Investors.](http://www.sec.gov/Archives/edgar/data/1905660/000121390024070066/ea021018701ex4-27_hubcyber.htm)\n \n20-F\n \n001-41634\n \n4.27\n \nAugust 16, 2024\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.21  \n \n[Form of Warrant issued by HUB Cyber Security Ltd. to First 2023-2024 Accredited Investors.](http://www.sec.gov/Archives/edgar/data/1905660/000121390024070066/ea021018701ex4-28_hubcyber.htm)\n \n20-F\n \n001-41634\n \n4.28\n \nAugust 16, 2024\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.22  \n \n[Form of Securities Purchase Agreement by and between HUB Cyber Security Ltd. and Second 2023-2024 Accredited Investors.](http://www.sec.gov/Archives/edgar/data/1905660/000121390024070066/ea021018701ex4-29_hubcyber.htm)\n \n20-F\n \n001-41634\n \n4.29\n \nAugust 16, 2024\n \n \n\n \n\n157\n\n \n\n4.23  \n \n[Form of Amendment to Securities Purchase Agreement by and between HUB Cyber Security Ltd. and Second 2023-2024 Accredited Investors.](http://www.sec.gov/Archives/edgar/data/1905660/000121390025038038/ea023777601ex4-30_hubcyber.htm)\n \n20-F \n \n 001-41634\n \n4.30 \n \nMay 1, 2025 \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.24  \n \n[Form of Convertible Promissory Note by and between HUB Cyber Security Ltd. and Second 2023-2024 Accredited Investors.](http://www.sec.gov/Archives/edgar/data/1905660/000121390024070066/ea021018701ex4-30_hubcyber.htm)\n \n20-F\n \n001-41634\n \n4.30\n \nAugust 16, 2024\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.25  \n \n[Form of Warrant issued by HUB Cyber Security Ltd. to Second 2023-2024 Accredited Investors.](http://www.sec.gov/Archives/edgar/data/1905660/000121390024070066/ea021018701ex4-31_hubcyber.htm)\n \n20-F\n \n001-41634\n \n4.31\n \nAugust 16, 2024\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.26  \n \n[Form of Securities Purchase Agreement by and between HUB Cyber Security Ltd. and March-November 2024 Investor.](http://www.sec.gov/Archives/edgar/data/1905660/000121390024070066/ea021018701ex4-32_hubcyber.htm)\n \n20-F\n \n001-41634\n \n4.32\n \nAugust 16, 2024\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.27  \n \n[Amendment to Securities Purchase Agreement, Warrant and Note, dated April 3, 2024.](http://www.sec.gov/Archives/edgar/data/1905660/000121390024070066/ea021018701ex4-33_hubcyber.htm)\n \n20-F\n \n001-41634\n \n4.33\n \nAugust 16, 2024\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.28  \n \n[Second Amendment to Securities Purchase Agreement, Warrants and Notes, dated June 26, 2024.](http://www.sec.gov/Archives/edgar/data/1905660/000121390024070066/ea021018701ex4-34_hubcyber.htm)\n \n20-F\n \n001-41634\n \n4.34\n \nAugust 16, 2024\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.29\n \n[Third Amendment to Securities Purchase Agreement, Warrants and Notes, dated November 5, 2024.](http://www.sec.gov/Archives/edgar/data/1905660/000121390025038038/ea023777601ex4-36_hubcyber.htm)\n \n20-F\n \n001-41634 \n \n4.36\n \nMay 1, 2025 \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.30\n \n[Fourth Amendment to Securities Purchase Agreement, Warrants and Notes, dated February 17, 2024.](http://www.sec.gov/Archives/edgar/data/1905660/000121390025038038/ea023777601ex4-37_hubcyber.htm)\n \n20-F \n \n 001-41634\n \n4.37 \n \nMay 1, 2025 \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.31\n \n[Form of Convertible Promissory Note by and between HUB Cyber Security Ltd. and March-November 2024 Investor.](http://www.sec.gov/Archives/edgar/data/1905660/000121390024070066/ea021018701ex4-35_hubcyber.htm)\n \n20-F\n \n001-41634\n \n4.35\n \nAugust 16, 2024\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.32\n \n[Form of Warrant issued by HUB Cyber Security Ltd. to March-November 2024 Investor.](http://www.sec.gov/Archives/edgar/data/1905660/000121390024070066/ea021018701ex4-36_hubcyber.htm)\n \n20-F\n \n001-41634\n \n4.36\n \nAugust 16, 2024\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.33\n \n[Fifth Amendment to Securities Purchase Agreement dated August 16, 2025 between Hub Cyber Security Ltd. and Tamas Gottdiener.](http://www.sec.gov/Archives/edgar/data/1905660/000121390025083622/ea025468701ex10-40_hubcyber.htm)\n \nF-1\n \n333-289996\n \n10.40\n \nSeptember 3, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.34\n \n[Note Purchase and Assignment Agreement dated August 20, 2025 between Tamas Gottdiener and Seven Knots, LLC.](http://www.sec.gov/Archives/edgar/data/1905660/000121390025083622/ea025468701ex10-41_hubcyber.htm)\n \nF-1\n \n333-289996\n \n10.41\n \nSeptember 3, 2025\n \n \n\n \n\n158\n\n \n\n4.35\n \n[Form of Amended and Restated Warrant to Purchase Ordinary Shares issued by HUB Cyber Security Ltd. to March-November 2024 Investor.](http://www.sec.gov/Archives/edgar/data/1905660/000121390025038038/ea023777601ex4-40_hubcyber.htm)\n \n20-F\n \n 001-41634\n \n4.40\n \n May 1, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.36\n \n[Form of Pre-funded Warrant issued by HUB Cyber Security Ltd. to March-November 2024 Investor.](http://www.sec.gov/Archives/edgar/data/1905660/000121390025038038/ea023777601ex4-41_hubcyber.htm)\n \n20-F\n \n 001-41634\n \n4.41\n \n May 1, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.37 \n \n[Share Purchase Agreement between HUB Cyber Security Ltd., Gyro Sky Solutions Ltd., Dolet Systems Ltd., Gari Brizinov, Yaacov Golpur, Qpoint Technologies Ltd., Sensecom Consulting and Projects Management Ltd., Aginix Engineering and Project Management Ltd. and Integral Telemanagement Services Ltd., dated April 3, 2024.#†](http://www.sec.gov/Archives/edgar/data/1905660/000121390024070066/ea021018701ex4-37_hubcyber.htm)\n \n20-F\n \n001-41634\n \n4.37\n \nAugust 16, 2024\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.38  \n \n[Loan and Security Agreement, dated December 4, 2023, among HUB Cyber Security Ltd. and BlackSwan Technologies, Inc.](http://www.sec.gov/Archives/edgar/data/1905660/000121390024070066/ea021018701ex4-38_hubcyber.htm)\n \n20-F\n \n001-41634\n \n4.38\n \nAugust 16, 2024\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.39  \n \n[First Amendment to Convertible Loan Agreement, dated August 17, 2023, by and between HUB Cyber Security Ltd. and Shayna LP](http://www.sec.gov/Archives/edgar/data/1905660/000121390024070066/ea021018701ex4-39_hubcyber.htm)\n \n20-F\n \n001-41634\n \n4.39\n \nAugust 16, 2024\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.40  \n \n[First Amendment to Convertible Loan Agreement, dated March 31, 2024, by and between HUB Cyber Security Ltd., Shayna LP and Akina Holdings Limited](http://www.sec.gov/Archives/edgar/data/1905660/000121390024070066/ea021018701ex4-40_hubcyber.htm)\n \n20-F\n \n001-41634\n \n4.40\n \nAugust 16, 2024\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.41  \n \n[Second Amendment to Convertible Loan Agreement, dated April 18, 2024, by and between HUB Cyber Security Ltd., Shayna LP and Akina Holdings Limited](http://www.sec.gov/Archives/edgar/data/1905660/000121390024070066/ea021018701ex4-41_hubcyber.htm)\n \n20-F\n \n001-41634\n \n4.41\n \nAugust 16, 2024\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.42  \n \n[Third Amendment to Convertible Loan Agreement, dated May 9 2024, by and between HUB Cyber Security Ltd., Shayna LP and Akina Holdings Limited](http://www.sec.gov/Archives/edgar/data/1905660/000121390024070066/ea021018701ex4-42_hubcyber.htm)\n \n20-F\n \n001-41634\n \n4.42\n \nAugust 16, 2024\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.43^#\n \n[English Translation of Form of Debt Settlement Agreement, dated March 24, 2024, between a vendor, Comsec Ltd., Comsec Distribution Ltd. and Hub Cyber Security Ltd.](http://www.sec.gov/Archives/edgar/data/1905660/000121390024070066/ea021018701ex4-43_hubcyber.htm)\n \n20-F\n \n001-41634\n \n4.43\n \nAugust 16, 2024\n \n \n\n \n\n159\n\n \n\n4.44  \n \n[Specimen Warrant Certificate of HUB Cyber Security (Israel) Ltd.](https://www.sec.gov/Archives/edgar/data/1905660/000110465922119917/tm2223104d12_ex4-8.htm)\n \nF-4\n \n333-267035\n \n4.8\n \nNovember 17, 2022\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.45  \n \n[Form of Securities Purchase Agreement, dated as of August 18, 2024, between HUB Cyber Security Ltd. and the investors identified on the signature pages thereto](http://www.sec.gov/Archives/edgar/data/1905660/000121390024078599/ea021343101ex10-42_hubcyber.htm)\n \nF-1\n \n333-282109\n \n10.42\n \nSeptember 13, 2024\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.46  \n \n[Form of Convertible Note issued by HUB Cyber Security Ltd. on August 18, 2024](http://www.sec.gov/Archives/edgar/data/1905660/000121390024078599/ea021343101ex10-43_hubcyber.htm)\n \nF-1\n \n333-282109\n \n10.43\n \nSeptember 13, 2024\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.47  \n \n[Form of Warrant issued by HUB Cyber Security Ltd. on August 18, 2024](http://www.sec.gov/Archives/edgar/data/1905660/000121390024078599/ea021343101ex10-44_hubcyber.htm)\n \nF-1\n \n333-282109\n \n10.44\n \nSeptember 13, 2024\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.48  \n \n[Form of Placement Agent Warrant issued by HUB Cyber Security Ltd. on August 18, 2024](http://www.sec.gov/Archives/edgar/data/1905660/000121390024078599/ea021343101ex10-45_hubcyber.htm)\n \nF-1\n \n333-282109\n \n10.45\n \nSeptember 13, 2024\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.49  \n \n[Business Combination Agreement, dated as of March 23, 2022, by and among HUB Cyber Security Ltd., Mount Rainier Acquisition Corp. and Rover Merger Sub.](https://www.sec.gov/Archives/edgar/data/1905660/000110465922093927/tm2223104-1_f4.htm#tANNE)\n \nF-4\n \n333-267035\n \n2.1\n \nSeptember 13, 2024\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.50  \n \n[Collaboration and Option Agreement by and between HUB Cyber Security Ltd. and BlackSwan Technologies, Inc.](http://www.sec.gov/Archives/edgar/data/1905660/000121390024078599/ea021343101ex10-47_hubcyber.htm)\n \nF-1\n \n333-282109\n \n10.47\n \nSeptember 13, 2024\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.51  \n \n[English Translation of Form of Debt Settlement Agreement, dated December 19, 2024, between Bank Mizrahi-Tefahot Ltd., Comsec Ltd., Comsec Distribution Ltd. and Hub Cyber Security Ltd.](https://www.sec.gov/Archives/edgar/data/1905660/000121390024114101/ea022411401ex10-49_hubcyber.htm)\n \nF-1/A\n \n333-282109\n \n10.49\n \nDecember 31, 2024\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.52  \n \n[Form of Loan Agreement dated December 30, 2024, by and between HUB Cyber Security Ltd. and J.J. Astor & Co.](https://www.sec.gov/Archives/edgar/data/1905660/000121390024114101/ea022411401ex10-50_hubcyber.htm)\n \nF-1/A\n \n333-282109\n \n10.50\n \nDecember 31, 2024\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.53  \n \n[Form of Registration Rights Agreement dated December 30, 2024, by and between HUB Cyber Security Ltd. and J.J. Astor & Co.](https://www.sec.gov/Archives/edgar/data/1905660/000121390024114101/ea022411401ex10-51_hubcyber.htm)\n \nF-1/A\n \n333-282109\n \n10.51\n \nDecember 31, 2024\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.54  \n \n[Form of December 2024 Warrant](https://www.sec.gov/Archives/edgar/data/1905660/000121390024114101/ea022411401ex10-52_hubcyber.htm)\n \nF-1/A\n \n333-282109\n \n10.52\n \nDecember 31, 2024\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.55  \n \n[Form of December 2024 Convertible Note](https://www.sec.gov/Archives/edgar/data/1905660/000121390024114101/ea022411401ex10-53_hubcyber.htm)\n \nF-1/A\n \n333-282109\n \n10.53\n \nDecember 31, 2024\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.56  \n \n[Form of Pledge and Security Agreement](https://www.sec.gov/Archives/edgar/data/1905660/000121390024114101/ea022411401ex10-54_hubcyber.htm)\n \nF-1/A\n \n333-282109\n \n10.54\n \nDecember 31, 2024\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.57  \n \n[Form of Subsidiary Guarantee](https://www.sec.gov/Archives/edgar/data/1905660/000121390024114101/ea022411401ex10-55_hubcyber.htm)\n \nF-1/A\n \n333-282109\n \n10.55\n \nDecember 31, 2024\n \n \n\n \n\n160\n\n \n\n4.58  \n \n[Form of Loan Agreement dated February 4, 2025, by and between HUB Cyber Security Ltd. and Julestar LLC](http://www.sec.gov/Archives/edgar/data/1905660/000121390025038038/ea023777601ex4-63_hubcyber.htm)\n \n20-F\n \n 001-41634\n \n4.63\n \n May 1, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.59  \n \n[Form of Registration Rights Agreement dated February 4, 2025, by and between HUB Cyber Security Ltd. and the investors thereto](http://www.sec.gov/Archives/edgar/data/1905660/000121390025038038/ea023777601ex4-64_hubcyber.htm)\n \n20-F\n \n 001-41634\n \n4.64\n \n May 1, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.60  \n \n[Form of Julestar Warrant](http://www.sec.gov/Archives/edgar/data/1905660/000121390025038038/ea023777601ex4-65_hubcyber.htm)\n \n20-F\n \n 001-41634\n \n4.65\n \n May 1, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.61  \n \n[Form of Julestar Promissory  Note](http://www.sec.gov/Archives/edgar/data/1905660/000121390025038038/ea023777601ex4-66_hubcyber.htm)\n \n20-F\n \n 001-41634\n \n4.66\n \n May 1, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.62  \n \n[Form of Subsidiary Guarantee](http://www.sec.gov/Archives/edgar/data/1905660/000121390025038038/ea023777601ex4-67_hubcyber.htm)\n \n20-F\n \n 001-41634\n \n4.67\n \n May 1, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.63  \n \n[Note Purchase Agreement dated February 18, 2025 between HUB Cyber Security Ltd. and Claymore Capital Pty Ltd.,](http://www.sec.gov/Archives/edgar/data/1905660/000121390025038038/ea023777601ex4-68_hubcyber.htm)\n \n20-F\n \n 001-41634\n \n4.68\n \n May 1, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.64  \n \n[Form of Convertible Note issued by HUB Cyber Security Ltd. on February 18, 2025](http://www.sec.gov/Archives/edgar/data/1905660/000121390025038038/ea023777601ex4-69_hubcyber.htm)\n \n20-F\n \n 001-41634\n \n4.69\n \n May 1, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.65  \n \n[Confidential Settlement Agreement and General Release effective February 19, 2025 between Oppenheimer & Co., HUB Cyber Security Ltd. and Claymore Capital Pty Ltd.,](http://www.sec.gov/Archives/edgar/data/1905660/000121390025038038/ea023777601ex4-70_hubcyber.htm)\n \n20-F\n \n 001-41634\n \n4.70\n \n May 1, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.66  \n \n[Note Purchase Agreement dated February 20, 2025 between HUB Cyber Security Ltd. and Claymore Capital Pty Ltd.,](http://www.sec.gov/Archives/edgar/data/1905660/000121390025038038/ea023777601ex4-71_hubcyber.htm)\n \n20-F\n \n 001-41634\n \n4.71\n \n May 1, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.67  \n \n[Form of Convertible Note issued by HUB Cyber Security Ltd. on February 20, 2025](http://www.sec.gov/Archives/edgar/data/1905660/000121390025038038/ea023777601ex4-72_hubcyber.htm)\n \n20-F\n \n 001-41634\n \n4.72\n \n May 1, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.68  \n \n[Forbearance and Settlement Agreement dated February 20, 2025 by and between Dominion Capital LLC and HUB Cyber Security Ltd.](https://www.sec.gov/Archives/edgar/data/1532798/000175392625000672/g084767_ex99-7.htm)\n \nSchedule 13D/A\n \n005-94107\n \n99.7\n \nApril 23, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.69  \n \n[Form of Promissory Note](http://www.sec.gov/Archives/edgar/data/1905660/000121390025038038/ea023777601ex4-74_hubcyber.htm)\n \n20-F\n \n 001-41634\n \n4.74\n \n May 1, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.70  \n \n[Ordinary Share Purchase Agreement dated March 11, 2025, by and between HUB Cyber Security Ltd. and Keystone Capital Partners, LLC](http://www.sec.gov/Archives/edgar/data/1905660/000121390025038038/ea023777601ex4-75_hubcyber.htm)\n \n20-F\n \n 001-41634\n \n4.75\n \n May 1, 2025\n \n \n\n \n\n161\n\n \n\n4.71  \n \n[Form of Registration Rights Agreement dated March 11, 2025, by and between HUB Cyber Security Ltd. and Keystone Capital Partners, LLC](http://www.sec.gov/Archives/edgar/data/1905660/000121390025038038/ea023777601ex4-76_hubcyber.htm)\n \n20-F\n \n 001-41634\n \n4.76\n \n May 1, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.72  \n \n[Form of Commitment Note dated March 11, 2025](http://www.sec.gov/Archives/edgar/data/1905660/000121390025038038/ea023777601ex4-77_hubcyber.htm)\n \n20-F\n \n 001-41634\n \n4.77\n \n May 1, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.73  \n \n[Agreement and Plan of Merger, dated as of January 15, 2025, by and among BlackSwan Technologies, Inc., Hub Cyber Security Ltd., BST Merger Sub, Inc., and Ranan Grobman](http://www.sec.gov/Archives/edgar/data/1905660/000121390025038038/ea023777601ex4-78_hubcyber.htm)\n \n20-F\n \n 001-41634\n \n4.78\n \n May 1, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.74  \n \n[Commitment Note dated May 28, 2025](http://www.sec.gov/Archives/edgar/data/1905660/000121390025083622/ea025468701ex10-82_hubcyber.htm)\n \nF-1\n \n333-289996\n \n10.82  \n \nSeptember 3, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.75  \n \n[Loan Agreement dated February 21, 2025, by and between Hub Cyber Security Ltd. and PrivCap Funding, LLC.](http://www.sec.gov/Archives/edgar/data/1905660/000121390025083622/ea025468701ex10-83_hubcyber.htm)\n \nF-1\n \n333-289996\n \n10.83  \n \nSeptember 3, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.76  \n \n[Settlement Agreement dated August 6, 2025, by and among Hub Cyber Security Ltd. and PrivCap Funding LLC and Daniel Cohen.](http://www.sec.gov/Archives/edgar/data/1905660/000121390025083622/ea025468701ex10-84_hubcyber.htm)\n \nF-1\n \n333-289996\n \n10.84  \n \nSeptember 3, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.77†^  \n \n[Securities Purchase Agreement dated August 27, 2025, by and among Hub Cyber Security Ltd. and the purchasers thereto](http://www.sec.gov/Archives/edgar/data/1905660/000121390025083622/ea025468701ex10-85_hubcyber.htm)\n \nF-1\n \n333-289996\n \n10.85  \n \nSeptember 3, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.78\n \n[First Amendment to Securities Purchase Agreement dated October 15, 2025, by and among Hub Cyber Security Ltd. and the purchasers thereto, with form of Amended and Restated Subordinated Convertible Note](ea029758001ex4-78.htm)\n \n \n \n \n \n \n \n \n \n*\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.79\n \n[Second Amendment to Securities Purchase Agreement dated December 31, 2025, by and among Hub Cyber Security Ltd. and the purchasers thereto](ea029758001ex4-79.htm)\n \n \n \n \n \n \n \n \n \n*\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.80  \n \n[Registration Rights Agreement dated August 27, 2025 by and among Hub Cyber Security Ltd. and the undersigned purchasers thereto](http://www.sec.gov/Archives/edgar/data/1905660/000121390025083622/ea025468701ex10-87_hubcyber.htm)\n \nF-1\n \n333-289996\n \n10.87  \n \nSeptember 3, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.81  \n \n[Form of Warrant](http://www.sec.gov/Archives/edgar/data/1905660/000121390025083622/ea025468701ex10-88_hubcyber.htm)\n \nF-1\n \n333-289996\n \n10.88  \n \nSeptember 3, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.82  \n \n[Form of Warrant Issuance Letter Agreement dated July 14, 2025](http://www.sec.gov/Archives/edgar/data/1905660/000121390025083622/ea025468701ex10-90_hubcyber.htm)\n \nF-1\n \n333-289996\n \n10.90  \n \nSeptember 3, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.83  \n \n[Form of Warrant dated July 14, 2025](http://www.sec.gov/Archives/edgar/data/1905660/000121390025083622/ea025468701ex10-91_hubcyber.htm)\n \nF-1\n \n333-289996\n \n10.91  \n \nSeptember 3, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.84  \n \n[Form of Subscription Agreement](http://www.sec.gov/Archives/edgar/data/1905660/000121390025083622/ea025468701ex10-92_hubcyber.htm)\n \nF-1\n \n333-289996\n \n10.92 \n \nSeptember 3, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.85  \n \n[Form of Pre-Funded Warrant](http://www.sec.gov/Archives/edgar/data/1905660/000121390025083622/ea025468701ex10-93_hubcyber.htm)\n \nF-1\n \n333-289996\n \n10.93  \n \nSeptember 3, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.86  \n \n[Convertible Promissory Note dated August 20, 2025](http://www.sec.gov/Archives/edgar/data/1905660/000121390025083622/ea025468701ex10-94_hubcyber.htm)\n \nF-1\n \n333-289996\n \n10.94  \n \nSeptember 3, 2025\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.87  \n \n[Master Exchange Agreement, dated September 17, 2025](ea029758001ex4-87.htm)\n \n \n \n \n \n \n \n \n \n*\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.88  \n \n[Form of Note](ea029758001ex4-88.htm)\n \n \n \n \n \n \n \n \n \n*\n\n \n\n162\n\n \n\n4.89\n \n[Form of Purchase Agreement, dated as of June 26, 2026, by and among HUB Cyber Security Ltd. and the Evofem Sellers party thereto](http://www.sec.gov/Archives/edgar/data/1905660/000121390026074019/ea029663001ex99-1.htm)\n \n6-K\n \n001-41634\n \n99.1\n \nJuly 1, 2026\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n4.90\n \n[Form of Pre-Funded Warrant for Evofem Sellers](http://www.sec.gov/Archives/edgar/data/1905660/000121390026074019/ea029663001ex99-2.htm)\n \n6-K\n \n001-41634\n \n99.2\n \nJuly 1, 2026\n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n8.1  \n \n[List of Subsidiaries](ea029758001ex8-1.htm)\n \n \n \n \n \n \n \n \n \n*\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n11.1\n \n[Insider Trading Policy of HUB Cyber Security Ltd.](ea029758001ex11-1.htm)\n \n \n \n \n \n \n \n \n \n*\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n12.1\n \n[Principal\nExecutive Officer and Principal Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of\n2002. ](ea029758001ex12-1.htm)\n \n \n \n \n \n \n \n \n \n*\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n13.1\n \n[Principal\nExecutive Officer and Principal Financial Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of\n2002.](ea029758001ex13-1.htm)\n \n \n \n \n \n \n \n \n \n**\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n97.1††\n \n[Policy for Recovery of Erroneously Awarded Compensation](http://www.sec.gov/Archives/edgar/data/1905660/000101376223002062/ea186345ex99-1_hubcyber.htm)\n \n6-K\n \n001-41634\n \nAppendix A to 99.1\n \nOctober 5, 2023\n \n \n\n \n\n101.INS\n \nInline XBRL Instance Document.\n \n*\n\n \n \n \n \n \n\n101.SCH\n \nInline XBRL Taxonomy Extension Schema Document.\n \n*\n\n \n \n \n \n \n\n101.CAL\n \nInline XBRL Taxonomy Extension Calculation Linkbase Document.\n \n*\n\n \n \n \n \n \n\n101.DEF\n \nInline XBRL Taxonomy Definition Linkbase Document.\n \n*\n\n \n \n \n \n \n\n101.LAB\n \nInline XBRL Taxonomy Extension Label Linkbase Document.\n \n*\n\n \n \n \n \n \n\n101.PRE\n \nInline XBRL Taxonomy Extension Presentation Linkbase Document\n \n*\n\n \n \n \n \n \n\n104\n \nInline XBRL for the cover page of this Annual Report on Form 20-F (embedded within the Inline XBRL document)\n\n \n\n*\nFiled\nherewith.\n\n \n\n**\nFurnished\nherewith.\n\n \n\n#\nUnofficial\nEnglish translation from Hebrew original.\n\n \n\n†\nSchedules\nand exhibits to this Exhibit omitted pursuant to Instructions as to Exhibits to Form 20-F. The Registrant agrees to furnish\nsupplementally a copy of any omitted schedule or exhibit to the SEC upon request.\n\n \n\n††\nIndicates\nmanagement contract or compensatory plan or arrangement.\n\n \n\n^\nPortions\nof this exhibit (indicated by asterisks) have been omitted under rules of the U.S. Securities and Exchange Commission permitting\nthe confidential treatment of select information.\n\n \n\nCertain\nagreements filed as exhibits to this Annual Report contain representations and warranties that the parties thereto made to each other.\nThese representations and warranties have been made solely for the benefit of the other parties to such agreements and may have been\nqualified by certain information that has been disclosed to the other parties to such agreements and that may not be reflected in such\nagreements. In addition, these representations and warranties may be intended as a way of allocating risks among parties if the statements\ncontained therein prove to be incorrect, rather than as actual statements of fact. Accordingly, there can be no reliance on any such\nrepresentations and warranties as characterizations of the actual state of facts. Moreover, information concerning the subject matter\nof any such representations and warranties may have changed since the date of such agreements.\n\n \n\n163\n\n** **\n\n**SIGNATURES**\n\n \n\nThe\nregistrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized\nthe undersigned to sign this Annual Report on its behalf.\n\n** **\n\n \n**HUB CYBER SECURITY LTD.**\n\n \n \n \n\nDate: July 17, 2026\nBy:\n/s/ Limor Zur-Stoller\n\n \nName: \nLimor Zur-Stoller\n\n \nTitle:\nChief Financial Officer\n(as Principal Executive Officer)\n\n \n\n164\n\n** **\n\n**HUB\nCYBER SECURITY LTD.**\n\n** **\n\n**CONSOLIDATED\nFINANCIAL STATEMENTS**\n\n** **\n\n**AS\nOF DECEMBER 31, 2025**\n\n** **\n\n**INDEX**\n\n** **\n\n  **Page**\n\n**Report of Independent Registered Public Accounting Firm (PCAOB ID:1281)** **F-2**\n\n   \n\n[**Consolidated Statements of Financial Position**](#F_002) **F-3 – F-4**\n\n   \n\n[**Consolidated Statements of Profit or (Loss)**](#F_003) **F-5**\n\n   \n\n[**Consolidated Statements of Comprehensive Income (Loss)**](#F_004) **F-6**\n\n   \n\n[**Consolidated Statements of Changes in Shareholders’ Equity (Deficit)**](#F_005) **F-7 – F-9**\n\n   \n\n[**Consolidated Statements of Cash Flows**](#F_006) **F-10 – F-11**\n\n   \n\n[**Notes to Consolidated Financial Statements**](#F_007) **F-12 – F-102**\n\n \n\nF-1\n\n \n\n \n\nKost Forer Gabbay & Kasirer\n\n144 Menachem Begin Road, Building A\n\nTel-Aviv 6492102, Israel\n\nTel: +972-3-6232525 ey.com\n\n \n\n**Report of Independent Registered Public Accounting\nFirm**\n\n \n\n**To the Shareholders and the Board of Directors\nof HUB Cyber Security Ltd.**\n\n \n\n**Opinion on the Financial Statements**\n\n** **\n\nWe have audited the accompanying consolidated\nstatements of financial position of HUB Cyber Security Ltd. (the Company) as of December 31, 2025 and 2024, the related consolidated statements\nof profit or loss, comprehensive loss, changes in shareholders’ equity (deficit) and cash flows for each of the three years in the\nperiod ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”).\nIn our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company\nat December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December\n31, 2025, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.\n\n** **\n\n**The Company’s Ability to Continue as\na Going Concern**\n\n \n\nThe accompanying consolidated financial statements have been prepared\nassuming that the Company will continue as a going concern. As discussed in Note 1b to the financial statements, the Company has suffered\nrecurring operating losses and, as of December 31, 2025, has an accumulated deficit of $346,032 thousand, a working capital deficiency\nof $119,524 thousand, and net cash used in operating activities of $31,398 thousand for the year ended December 31, 2025, and has stated\nthat substantial doubt exists about the Company’s ability to continue as a going concern. Management’s evaluation of the events\nand conditions and management’s plans regarding these matters are also described in Note 1b. The most recent year consolidated financial\nstatements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or\nthe amounts and classification of liabilities that may result from the outcome of this uncertainty.\n\n** **\n\n**Basis for Opinion**\n\n** **\n\nThese financial statements are the responsibility\nof the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our\naudits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are\nrequired to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and\nregulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audits in accordance with the\nstandards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial\nstatements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged\nto perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding\nof internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s\ninternal control over financial reporting. Accordingly, we express no such opinion.\n\n** **\n\nOur audits included performing procedures to assess\nthe risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond\nto those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.\nOur audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating\nthe overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.\n\n \n\n/s/ Kost Forer Gabbay & Kasierer  \n\nA Member of EY Global\n\n \n\nWe have served as the Company’s auditor\nsince 2021.\n\n \n\nTel-Aviv, Israel\n\nJuly 17, 2026\n\n \n\nF-2\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**CONSOLIDATED\nSTATEMENTS OF FINANCIAL POSITION**\n\n**USD in thousands**\n\n** **\n\n  \n   \nDecember 31, \n\n  \nNote  \n2025  \n2024 \n\nASSETS \n   \n   \n  \n\nCURRENT ASSETS: \n   \n   \n  \n\nCash and cash equivalents \n 6  \n 1,763  \n 3,085 \n\nRestricted cash and bank deposit \n    \n 681  \n 528 \n\nTrade receivables, net \n 7  \n 8,778  \n 7,897 \n\nOther assets \n 8  \n 4,881  \n 6,892 \n\n  \n    \n 16,103  \n 18,402 \n\n  \n    \n    \n   \n\nNON-CURRENT ASSETS: \n    \n    \n   \n\nLong-term restricted deposit \n    \n 216  \n 165 \n\nProperty and equipment, net \n 10  \n 348  \n 487 \n\nRight-of-use assets \n 9  \n 1,711  \n 2,151 \n\nGoodwill \n 11  \n 2,142  \n 1,874 \n\nIntangible assets, net \n 11  \n 827  \n 4,337 \n\nDeferred taxes \n 25  \n 151  \n \n-\n \n\n  \n    \n 5,395  \n 9,014 \n\n  \n    \n 21,498  \n 27,416 \n\n \n\nThe accompanying notes are an integral part of\nthe consolidated financial statements.\n\n \n\nF-3\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**CONSOLIDATED\nSTATEMENTS OF FINANCIAL POSITION**\n\n**USD in thousands**\n\n \n\n  \n  \nDecember 31, \n\n  \nNote \n2025  \n2024 \n\nLIABILITIES AND EQUITY \n  \n   \n  \n\nCURRENT LIABILITIES: \n  \n   \n  \n\nShort-term loans \n13 \n 13,983  \n 13,534 \n\nConvertible loans \n17 \n 1,626  \n 24,763 \n\nTrade payables \n14 \n 9,825  \n 8,200 \n\nCurrent maturities of lease liabilities \n9 \n 1,155  \n 975 \n\nCurrent maturities of other liabilities \n11c \n 5,430  \n 5,244 \n\nWarrants liabilities* \n17 \n 2,684  \n 13,884 \n\nOther accounts payable \n15 \n 43,168  \n 39,474 \n\nConvertible loans measured at fair value \n15 \n 57,756  \n \n-\n \n\n  \n  \n 135,627  \n 106,074 \n\n  \n  \n    \n   \n\nNON-CURRENT LIABILITIES: \n  \n    \n   \n\nLong-term liabilities \n16 \n 317  \n 217 \n\nLease liabilities \n9 \n 709  \n 1,212 \n\nDeferred tax liabilities \n25 \n 60  \n 79 \n\nNet employee defined benefit liabilities \n19 \n 455  \n 651 \n\n  \n  \n 1,541  \n 2,159 \n\n  \n  \n    \n   \n\nEQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY: \n20 \n    \n   \n\nShare capital and premium \n  \n 193,022  \n 117,247 \n\nShare options \n  \n 25,938  \n 10,918 \n\nTreasury shares \n  \n (1,230) \n (1,230)\n\nOther reserves \n  \n 12,666  \n 18,523 \n\nAccumulated deficit \n  \n (346,032) \n (226,245)\n\n  \n  \n (115,636) \n (80,787)\n\n  \n  \n    \n   \n\nNon-controlling interests \n  \n (34) \n (30)\n\nTotal shareholders’ equity (deficit) \n  \n (115,670) \n (80,817)\n\n  \n  \n 21,498  \n 27,416 \n\n** **\n\n*Reclassified.\nFor more information, see Note 4(1).\n\n \n\nThe accompanying notes are an integral part of\nthe consolidated financial statements.\n\n \n\nF-4\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**CONSOLIDATED\nSTATEMENTS OF PROFIT OR LOSS**\n\n**USD in thousands, except share and per share data**\n\n \n\n  \n  \nYear ended December 31, \n\n  \nNote \n2025  \n2024  \n2023 \n\nRevenues \n  \n 31,662  \n 29,562  \n 42,657 \n\nCost of revenues \n24a \n 26,372  \n 24,515  \n 41,907 \n\n  \n  \n    \n    \n   \n\nGross profit \n  \n 5,290  \n 5,047  \n 750 \n\n  \n  \n    \n    \n   \n\nResearch and development expenses, net \n24b \n 2,745  \n 2,002  \n 5,886 \n\nSales and marketing expenses \n24c \n 10,200  \n 4,182* \n 10,694 \n\nGeneral and administrative expenses \n24d \n 66,724  \n 24,905* \n 49,172 \n\nOther expenses (income), net \n24e \n (4,094) \n 181  \n 12,723 \n\nOperating loss \n  \n (70,285) \n (26,223) \n (77,725)\n\n  \n  \n    \n    \n   \n\nFinance income \n24f \n (2,227) \n (2,220) \n (484)\n\nFinance expenses \n24f \n 49,248  \n 12,586  \n 7,194 \n\n  \n  \n    \n    \n   \n\nLoss before taxes on income \n  \n (117,306) \n (36,589) \n (84,435)\n\nTaxes on income (tax benefit) \n25 \n 743  \n 557  \n 171 \n\nLoss from continuing operation \n  \n (118,049) \n (37,146) \n (84,606)\n\nNet income (loss) from discontinued operation \n12 \n (1,741) \n (1,885) \n (2,030)\n\nAttributable to: \n  \n    \n    \n   \n\nEquity holders of the Company \n  \n (119,787) \n (39,757) \n (87,446)\n\nNon-controlling interests \n  \n (3) \n 726  \n 810 \n\n  \n  \n (119,790) \n (39,031) \n (86,636)\n\n  \n  \n    \n    \n   \n\nLoss per share attributable to equity holders of the Company ($): \n  \n    \n    \n   \n\nBasic and diluted loss per share from continuing operation \n  \n$(105.2)** \n$(214,500)** \n$(1,320,000)**\n\nBasic and diluted loss per share from discontinued operation \n  \n$(1.6)** \n$(10,500)** \n$(31,500)**\n\nWeighted average number of shares outstanding used in computation of basic and diluted loss per share \n  \n 1,122** \n 176** \n 64**\n\n \n\n* Expenses related to the Company’s public listing and capital raising activities in 2024 were reclassified from sales and marketing expenses to general and administrative expenses.\n\n \n\n** Shares and per share amounts have been retroactively adjusted to reflect the reverse share splits at a ratio of 1:10 in March 2025, 1:15 in January 2026, 1:50 in April 2026 and 1:20 in June 2026.\n\n \n\nThe accompanying notes are an integral part of\nthe consolidated financial statements.\n\n \n\nF-5\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**CONSOLIDATED\nSTATEMENTS OF COMPREHENSIVE LOSS**\n\n**USD in thousands**\n\n** **\n\n  \n  \nYear ended December 31, \n\n  \nNote \n2025  \n2024  \n2023 \n\n  \n  \nUSD in thousands \n\nLoss from continuing operation \n  \n (118,049) \n (37,146) \n (84,606)\n\nLoss from discontinued operation \n  \n (1,741) \n (1,885) \n (2,030)\n\n  \n  \n    \n    \n   \n\nOther comprehensive loss, net of taxes: \n  \n    \n    \n   \n\n  \n  \n    \n    \n   \n\nAmounts that will not be reclassified subsequently to profit or loss: \n  \n    \n    \n   \n\nActuarial gain from defined benefit plan \n  \n 43  \n 168  \n 92 \n\nForeign currency translation from functional currency to presentation currency \n  \n (9,090) \n (242) \n (940)\n\nTotal other comprehensive loss \n  \n (9,047) \n (74) \n (848)\n\nTotal comprehensive loss \n  \n (128,837) \n (39,105) \n (87,484)\n\n  \n  \n    \n    \n   \n\nAttributable to: \n  \n    \n    \n   \n\nEquity holders of the Company \n  \n (128,833) \n (39,781) \n (88,232)\n\nNon-controlling interests \n  \n (4) \n 676  \n 748 \n\n  \n  \n (128,837) \n (39,105) \n (87,484)\n\n \n\nThe accompanying notes are an integral part of\nthe consolidated financial statements.\n\n \n\nF-6\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**CONSOLIDATED\nSTATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (DEFICIT)**\n\n**USD in thousands**\n\n \n\n  \nAttributable\nto equity holders of the Company \n\n  \nShare\n\ncapital and\npremium  \nTreasury\n\nshares  \nShare\n\noptions  \n\n**Reserve\nfor**\n\n**transactions**\n\n**with\nnoncontrolling**\n\n**interests**\n  \nReserve\nfor\nshare-based\npayment\ntransactions  \nReserve\nfor\nremeasurement\nof defined\nbenefit plan  \nForeign\n\ncurrency\ntranslation\nadjustments  \nAccumulated\n\ndeficit  \nTotal  \nNon-\n\ncontrolling\ninterests  \nTotal\ndeficit\nShareholders’\nequity \n\n  \nUSD\nin thousands \n\nBalance as of January 1, 2025 \n 117,247  \n (1,230) \n 10,918  \n (3,286) \n 26,093  \n (502) \n (3,782) \n (226,245) \n (80,787) \n (30) \n (80,817)\n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nTotal loss \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n (119,787) \n (119,787) \n (3) \n (119,790)\n\nOther comprehensive\nloss \n -  \n -  \n -  \n -  \n -  \n 43  \n (9,089) \n -  \n (9,046) \n (1) \n (9,047)\n\nTotal comprehensive income (loss) \n -  \n -  \n -  \n -  \n -  \n 43  \n (9,089) \n (119,787) \n (128,833) \n (4) \n (128,837)\n\nCashless exercise of liability warrants \n 3,130  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n 3,130  \n -  \n 3,130 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nConversion of convertible loans \n 32,348  \n -  \n    \n -  \n -  \n -  \n -  \n -  \n 32,348  \n -  \n 32,348 \n\nIssuance of Prefunded warrants \n 10,164  \n -  \n 2,628  \n -  \n -  \n -  \n -  \n -  \n 12,792  \n -  \n 12,792 \n\nReclassification of warrants from\nliability to equity \n    \n -  \n 10,529  \n -  \n -  \n -  \n -  \n -  \n 10,529  \n -  \n 10,529 \n\nShare-based payment issued for services \n 2,958  \n -  \n 98  \n -  \n -  \n -  \n -  \n -  \n 3,056  \n -  \n 3,056 \n\nIssuance of shares in consideration\nof BlackSwan acquisition \n 23,549  \n -  \n 1,765  \n -  \n -  \n -  \n -  \n -  \n 25,314  \n -  \n 25,314 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nConversion of loans \n 275  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n 275  \n -  \n 275 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nCost of share-based\npayment \n 3,351  \n -  \n -  \n -  \n 3,189  \n -  \n -  \n -  \n 6,540  \n -  \n 6,540 \n\nBalance as of December 31, 2025 \n 193,022  \n (1,230) \n 25,938  \n (3,286) \n 29,282  \n (459) \n (12,871) \n (346,032) \n (115,636) \n (34) \n (115,670)\n\n \n\nThe accompanying notes are an integral part of\nthe consolidated financial statements.\n\n \n\nF-7\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**CONSOLIDATED\nSTATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (DEFICIT)**\n\n**USD in thousands**\n\n \n\n  \nAttributable to equity holders of the Company \n\n  \nShare\ncapital and\npremium  \nTreasury\nshares  \nShare\noptions  \n\n**Reserve for**\n\n**transactions**\n\n**with noncontrolling**\n\n**interests**\n  \nReserve for\nshare-based\npayment\ntransactions  \nReserve for\nremeasurement\nof defined\nbenefit plan  \nForeign\ncurrency\ntranslation\nadjustments  \nAccumulated\ndeficit  \nTotal  \nNon-\ncontrolling\ninterests  \nTotal deficit\nShareholders’\nequity \n\n  \nUSD in thousands \n\nBalance as of January 1, 2024 \n 103,386  \n (1,230) \n 10,918  \n \n-\n  \n 24,165  \n (670) \n (3,590) \n (186,488) \n (53,509) \n 2,776  \n (50,733)\n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nTotal loss \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n (39,757) \n (39,757) \n 726  \n (39,031)\n\nOther comprehensive loss \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 168  \n (192) \n \n-\n  \n (24) \n (50) \n (74)\n\nTotal comprehensive income (loss) \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 168  \n (192) \n (39,757) \n (39,781) \n 676  \n (39,105)\n\nWarrants exercise \n 3,422  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 3,422  \n \n-\n  \n 3,422 \n\nOptions exercise \n 143  \n \n-\n  \n \n-\n  \n \n-\n  \n (142) \n \n-\n  \n \n-\n  \n \n-\n  \n 1  \n \n-\n  \n 1 \n\nConversion of convertible loans \n 7,876  \n \n-\n  \n    \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 7,876  \n \n-\n  \n 7,876 \n\nIssuance of shares \n 2,420  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 2,420  \n \n-\n  \n 2,420 \n\nTransactions with Non controlling interest \n \n-\n  \n \n-\n  \n \n-\n  \n (3,286) \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n (3,286) \n (3,482) \n (6,768)\n\nCost of share-based payment \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 2,070  \n \n-\n  \n \n-\n  \n \n-\n  \n 2,070  \n \n-\n  \n 2,070 \n\nBalance as of December 31, 2024 \n 117,247  \n (1,230) \n 10,918  \n (3,286) \n 26,093  \n (502) \n (3,782) \n (226,245) \n (80,787) \n (30) \n (80,817)\n\n \n\nThe accompanying notes are an integral part of\nthe consolidated financial statements.\n\n \n\nF-8\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**CONSOLIDATED\nSTATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (DEFICIT)**\n\n**USD in thousands**\n\n** **\n\n  \nAttributable to equity holders of the Company \n\n  \nShare\ncapital and\npremium  \nTreasury\nshares  \nShare\noptions  \nWarrants\npayable  \nReserve for\nshare-based\npayment\ntransactions  \nReserve for\nremeasurement\nof defined\nbenefit plan  \nForeign\ncurrency\ntranslation\nadjustments  \nAccumulated\ndeficit  \nTotal  \nNon-\ncontrolling\ninterests  \nTotal\nShareholders’\nequity \n\n  \n**USD in thousands** \n\nBalance as of January 1, 2023 \n 81,620  \n (1,230) \n 10,291  \n 76  \n 18,172  \n (762) \n (2,712) \n (99,042) \n 6,413  \n 2,397  \n 8,810 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nTotal loss \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n (87,446) \n (87,446) \n 810  \n (86,636)\n\nOther comprehensive loss \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 92  \n (878) \n \n \n  \n (786) \n (62) \n (848)\n\nTotal comprehensive income (loss) \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 92  \n (878) \n (87,446) \n (88,232) \n 748  \n (87,484)\n\nWarrants exercise \n 286  \n \n \n  \n (52) \n \n \n  \n    \n \n \n  \n \n \n  \n \n \n  \n 234  \n \n-\n  \n 234 \n\nOptions exercise \n 2,893  \n \n \n  \n \n \n  \n \n \n  \n (1,122) \n \n \n  \n \n \n  \n \n \n  \n 1,771  \n \n-\n  \n 1,771 \n\nIssuance of shares to Equity line of Credit (“ELOC’) \n 1,570  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 1,570  \n \n-\n  \n 1,570 \n\nConversion of convertible loans \n 6,143  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 6,143  \n \n-\n  \n 6,143 \n\nIssuance of shares and warrants related to the PIPE, net of issuance expenses \n 3,557  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 3,557  \n \n-\n  \n 3,557 \n\nIssuance of shares and warrants \n 110  \n \n-\n  \n 679  \n (76) \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 712  \n \n-\n  \n 712 \n\nIssuance of shares related to RNER merger transaction (Note 5) \n 7,208  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 7,208  \n \n-\n  \n 7,208 \n\nDividend distribution to non-controlling interests \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n (369) \n (369)\n\nCost of share-based payment \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 7,115  \n \n-\n  \n \n-\n  \n \n-\n  \n 7,115  \n \n-\n  \n 7,115 \n\nBalance as of December 31, 2023 \n 103,386  \n (1,230) \n 10,918  \n \n-\n  \n 24,165  \n (670) \n (3,590) \n (186,488) \n (53,509) \n 2,776  \n (50,733)\n\n** **\n\nThe accompanying notes are\nan integral part of the consolidated financial statements.\n\n** **\n\nF-9\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**CONSOLIDATED\nSTATEMENTS OF CASH FLOWS**\n\n**USD in thousands**\n\n \n\n  \nYear ended December 31, \n\n  \n2025  \n2024  \n2023 \n\n  \nUSD in thousands \n\nCash flows from operating activities: \n   \n   \n  \n\nLoss \n (119,790) \n (39,031) \n (86,636)\n\n  \n    \n    \n   \n\nAdjustments to reconcile net loss to net cash used in operating activities: \n    \n    \n   \n\nAdjustments to the profit or loss items: \n    \n    \n   \n\nFinance expenses, net \n 2,193  \n 1,231  \n 13 \n\nOther expenses \n 13  \n 445  \n 192 \n\nFinancial liabilities recorded as listing expenses \n \n-\n  \n \n-\n  \n 7,648 \n\nFinance expenses related to convertible loans and warrants \n 28,648  \n 7,227  \n 5,016 \n\nRevaluation of liability to Legacy \n 186  \n 269  \n 810 \n\nELOC \n \n-\n  \n \n-\n  \n 1,570 \n\nShare listing expenses \n \n-\n  \n \n-\n  \n 12,312 \n\nCost of share-based payment to consultants and employees \n 6,408  \n 2,420  \n \n-\n \n\nCost of share-based payment \n 3,189  \n 2,070  \n 7,115 \n\nIssuance of prefunded warrants \n 12,792  \n \n-\n  \n \n-\n \n\nDepreciation and amortization \n 1,896  \n 2,379  \n 7,637 \n\nImpairment of goodwill and intangible assets \n 44,741  \n 653  \n 15,258 \n\nChange in employee benefit liabilities, net \n (223) \n (42) \n (43)\n\nGain on loss of control in subsidiaries * \n (4,599) \n    \n   \n\nChange in deferred tax liabilities \n (168) \n (37) \n (39)\n\n  \n 95,076  \n 16,615  \n 57,489 \n\n  \n    \n    \n   \n\nChanges in asset and liability items: \n    \n    \n   \n\nDecrease (increase) in trade receivables \n 687  \n 1,890  \n 13,242 \n\nDecrease (increase) in other assets \n 447  \n 665  \n (4,730)\n\nIncrease (decrease) in trade payables \n (2,500) \n (1,591) \n (3,436)\n\nDecrease (increase) in inventories \n \n-\n  \n \n-\n  \n 1,812 \n\nChange in balances of government grants \n 63  \n 70  \n (824)\n\nDecrease (increase) in other accounts payable \n (4,034) \n 4,733** \n 7,980 \n\n  \n (5,337) \n 5,767** \n 14,044 \n\n  \n    \n    \n   \n\nCash paid and received during the year for: \n    \n    \n   \n\n  \n    \n    \n   \n\nInterest paid, net \n (971) \n (277) \n (717)\n\nTaxes paid \n (376) \n (184)** \n (382)\n\n  \n (1,347) \n (461) \n (1,099)\n\nNet cash used in operating activities \n (31,398) \n (17,110) \n (16,202)\n\n \n\nF-10\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**CONSOLIDATED\nSTATEMENTS OF CASH FLOWS**\n\n**USD in thousands**\n\n \n\n  \nYear ended December 31, \n\n  \n2025  \n2024  \n2023 \n\n  \nUSD in thousands \n\nCash flows from investing activities: \n   \n   \n  \n\n(Investment in) restricted bank deposit \n (157) \n (337) \n (1,493)\n\nWithdrawal from restricted cash \n 57  \n 1,407  \n 3,926 \n\nChange in long-term deposits \n \n-\n  \n 177  \n \n-\n \n\nPurchase of property and equipment \n (33) \n (84) \n (297)\n\nCredit line to a related party \n \n-\n  \n (1,615) \n \n-\n \n\n  \n    \n    \n   \n\nNet cash provided by (used in) investing activities \n (133) \n (452) \n 2,136 \n\n  \n    \n    \n   \n\nCash flows from financing activities: \n    \n    \n   \n\n  \n    \n    \n   \n\nIssuance of ordinary shares, net of issuance expenses \n \n-\n  \n \n-\n  \n 2,379 \n\nRepayment of lease liabilities \n (1,001) \n (1,017) \n (1,711)\n\nExercise of options and convertible warrants \n \n-\n  \n 5,146  \n 2,005 \n\nReceipt of short-term loans \n 32,880  \n 19,815  \n 15,227 \n\nAcquisition of non-controlling interest \n \n-\n  \n (6,768) \n \n-\n \n\nRepayment of short-term loans \n (6,536) \n \n-\n  \n (4,973)\n\n  \n    \n    \n   \n\nNet cash provided by financing activities \n 25,343  \n 17,176  \n 12,927 \n\n  \n    \n    \n   \n\nExchange rate differences on cash and cash equivalents \n 4,866  \n (51) \n 667 \n\n  \n    \n    \n   \n\n(Decrease) in cash and cash equivalents \n (1,322) \n (437) \n (472)\n\nCash and cash equivalents at the beginning of the year \n 3,085  \n 3,522  \n 3,994 \n\n  \n    \n    \n   \n\nCash and cash equivalents at the end of the year \n 1,763  \n 3,085  \n 3,522 \n\n  \n    \n    \n   \n\nNon-cash transactions: \n    \n    \n   \n\nBST merger * \n 18,514  \n    \n   \n\nRight-of-use asset and liability \n 343  \n 627  \n (2,516)\n\nactuarial (gain) loss from defined benefit plan \n (43) \n \n-\n  \n \n-\n \n\nEmployee benefit assets and liabilities \n 2,693  \n 168  \n 97 \n\nReclassification of deferred issuance cost to equity \n \n-\n  \n \n-\n  \n 1,384 \n\nDividend distribution to non-controlling interests \n \n-\n  \n \n-\n  \n 369 \n\nReclassification of liability to equity \n 10,259  \n 2,670  \n \n-\n \n\nExercise of warrants \n 3,130  \n \n-\n  \n \n-\n \n\nConversion of convertible loans \n 32,348  \n 7,876  \n 6,143 \n\n \n\n*For more information, see Note 1(f).\n\n \n\n** Reclassification of taxes paid in 2024.\n\n \n\nThe accompanying notes are an integral part of\nthe consolidated financial statements.\n\n \n\nF-11\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 1 –**\n**GENERAL**\n\n \n\na.\nIntroduction\n\n \n\nHUB Cyber Security Ltd. (formerly:\nHub Cyber Security (Israel) Ltd.) (“the Company” or “HUB”) was incorporated under the laws of the State of Israel\nin 1984 and is engaged in developing and marketing quality management software tools and professional services solutions. The Company’s\nheadquarters are located in Or Yehuda, Israel. The Company and its subsidiaries (collectively, the “Group”) are engaged in\ndeveloping reliable quality assurance systems that support process and product enhancement and also operates in the industry of secured\ndata fabric. The Group’s main customers are organizations and institutions operating in the security, electronics, aviation, telecommunications,\nbanking, and other sectors in Israel and worldwide. Following the merger between the Company and HUB Cyber Security TLV Ltd., the Company\nalso operates in the confidential computing and network security industry.\n\n \n\nThe Company’s ordinary shares\nbegan trading on the Nasdaq Capital Market on March 1, 2023. The Company’s ordinary shares were previously listed on the Tel Aviv\nStock Exchange from January 23, 2000 to February 28, 2023.\n\n \n\nb.\nGoing Concern\n\n \n\nThe Company’s financial statements\nhave been prepared on a basis that assumes that it will continue as a going concern and that the Company’s ordinary course of business\nwill continue in alignment with management’s 2026-2027 business plan. However, the Company still faces significant uncertainty\nregarding the adequacy of its liquidity and capital resources arising from its business operations and its ability to repay its obligations\nas they become due, including financial debt, suppliers’ debts and other ordinary course operational costs.\n\n \n\nThe Company’s management is\nclosely monitoring the situation and has been attempting to alleviate the liquidity and capital resources concerns through workforce reductions,\ninterim financing facilities and other capital raising efforts. However, such efforts remain uncertain and are predicated upon events\nand circumstances which are outside the Company’s control.\n\n \n\nAs of December 31, 2025, the Company\nincurred accumulated losses in the amount of $346,032 thousand and had a negative working capital in the amount of $119,524 thousand.\nAlso, for the year ended December 31, 2025, the Company used $31,398 thousand in operating activities. The Company expects to continue\nto incur losses in 2026 and potentially thereafter as well. On December 31, 2025, the Company’s cash and cash equivalents position\nwas approximately $1,763 thousand, which is not sufficient to fund the Company’s planned operations for at least a year beyond the\ndate of the filing date of the consolidated financial statements and the Company requires an immediate cash injection to fund its operations.\nIn addition, and as a result of its ongoing operating losses, the Company has insufficient revenues to cover its outstanding liabilities,\nincluding defaults under certain loans, payments due to its debt holders, vendors, service providers and government duties, which resulted\nin a seizure being placed on certain of its bank accounts. The Company had outstanding payments due for certain periods in 2025 and 2026\nfor employee pension and severance funds that were paid in June 2026 and has been unable to fully pay required withholding taxes on employee\ncompensation payments and government fees. Certain of its subsidiaries also have not made timely tax filings with the Israeli Tax Authority\nfor several years.\n\n \n\nFurthermore, there are several legal\nclaims against the Company. For more information, see Note 22.\n\n \n\nThese factors raise substantial doubts\nregarding the Company’s ability to continue as a going concern.\n\n \n\nF-12\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 1 –**\n**GENERAL (Cont.)**\n\n \n\nThe consolidated financial statements\nfor the year ended December 31, 2025 do not include any adjustments to reflect the possible future effects on the recoverability and classification\nof assets or the amounts and classification of liabilities that may result from uncertainty related to the Company’s ability to\ncontinue as a going concern. Such adjustments could be material.\n\n \n\nc.Nasdaq Compliance\n\n \n\nOn July 16, 2024, the Company received\na deficiency notice from the Nasdaq Stock Market (“Nasdaq”) informing it that the Company ordinary shares have failed to comply\nwith the $1.00 minimum bid price required for continued listing under Nasdaq Listing Rule 5450(a)(1) (the “Minimum Bid Price Requirement”)\nbased upon the closing bid price of the Company ordinary shares for the 30 consecutive business days prior to the date of the deficiency\nnotice. The deficiency notice did not result in the immediate delisting of the Company’s ordinary shares from Nasdaq. In accordance\nwith Nasdaq Listing Rule 5810(c)(3)(A), the Company was given 180 calendar days from, or until January 13, 2025, to regain compliance\nwith the Minimum Bid Price Requirement.\n\n \n\nIn addition, on August 23, 2024 the\nCompany received a deficiency notice from the staff of the Listing Qualifications department of Nasdaq (the “Staff”) informing\nit that it is no longer in compliance with Nasdaq Listing Rule 5450(b)(3) (the “Total Assets and Total Revenue Requirement”)\nbecause its total assets and total revenue for the most recently completed fiscal year and two of the last three most recently completed\nfiscal years were each below the minimum $50 million threshold for continued listing on The Nasdaq Global Market. In accordance with\nNasdaq Listing Rule 5810(c)(2)(A), the Company had 45 calendar days, or until October 7, 2024, to submit a plan to Nasdaq to evidence\ncompliance with Nasdaq’s continued listing criteria (the “Compliance Plan”). On October 9, 2024, the Company submitted\nthe Compliance Plan to Nasdaq. On December 11, 2024, the Company received another notice from Nasdaq stating that the Compliance Plan\ndid not evidence the Company’s ability to achieve near term compliance with continued listing requirements or sustain such compliance\nover an extended period of time. Accordingly, the Company was notified that its securities would be delisted from the Nasdaq Global Market,\nunless it requests a hearing before the Nasdaq Hearings Panel (the “Panel”), which request would stay any further action\nby the Staff at least until the hearing process concludes. On December 18, 2024, the Company requested a hearing before the Panel. The\nCompany’s hearing before the Panel was held on February 6, 2025, and on February 28, 2025, the Company announced that the Panel\nhas granted its request to continue its listing on Nasdaq. In making its decision, following the hearing, the Panel considered the\nCompany’s entire record, including background information about the Company, its business description, financial information, market\ndata and compliance history. Based on the information presented to the Panel, including the Company’s success, as of February 7,\n2025, in bringing its market value of listed securities above the $35 million minimum, the Panel granted the Company’s request\nfor continued listing on Nasdaq, subject to the Company filing an application to transfer to The Nasdaq Capital Market by March 5, 2025,\nand demonstrating compliance with the minimum bid price and the market value of listed securities (“MVLS”) requirements by\nMarch 31, 2025.\n\n \n\nF-13\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 1 –**\n**GENERAL (Cont.)**\n\n \n\nOn February 26, 2025, the Staff\nconfirmed to the Company via email that it had regained compliance with the MVLS Rules. On February 27, 2025, the Company received a\nnotice from Nasdaq informing the Company that Nasdaq granted its request to continue listing on the Nasdaq Stock Market, subject to\n(i) on or before March 5, 2025, its filing of an application to transfer its securities to the Nasdaq Capital Market and (ii) on or\nbefore March 31, 2025, the Company’s demonstrating compliance with the minimum bid price requirement and the continued listing\nrequirement that the Company maintains either a minimum of $2,500 thousand in shareholders’ equity or $35,000 thousand market\nvalue of listed securities or $500 thousand of net income from continuing operations for the most recently completed fiscal year or\ntwo of the three most recently completed fiscal years, as set forth in Nasdaq Listing Rule 5550(b)(2) (“MVLS\nRules”).\n\n \n\nOn March 4, 2025, the Company filed\nan application to transfer its securities to the Nasdaq Capital Market.\n\n \n\nOn March 28, 2025, the Company effected\na 1-for-10 reverse share split of its ordinary shares in an effort to regain compliance with the Nasdaq minimum bid price requirement.\n\n \n\nOn June 12, 2025, Nasdaq formally\nconfirmed that the Company satisfies both the Minimum Bid Price Requirement and the MVLS thresholds.\n\n \n\nOn January\n15, 2026, the Company effected a 1-for-15 reverse share split of its ordinary shares in an effort to maintain compliance with the Minimum\nBid Price Requirement, which was subsequently achieved. On April 20, 2026, the Company effected a 1-for-50 reverse share split of its\nordinary shares and on June 5, 2026, the Company effected a 1-for-20 reverse share split of its ordinary shares, both. in an effort to\nmaintain compliance with the Minimum Bid Price Requirement.\n\n \n\nOn January 21, 2026, the Company received a letter from Nasdaq notifying\nit that, for the period from December 5, 2025 to January 20, 2026, the Company’s MVLS was below the MVLS Rule threshold. Pursuant\nto Nasdaq Listing Rule 5810(c)(3)(C), the Company has a compliance period of 180 calendar days, or until July 20, 2026 (the “Compliance\nPeriod”), to regain compliance with the MVLS Rule. If at any time during the Compliance Period, the Company’s MVLS is at\nleast $35 million for a minimum of ten consecutive business days, Nasdaq will provide the Company a written confirmation of compliance\nand this matter will be closed. In the event that the Company does not regain compliance with the MVLS Rule during the Compliance Period,\nNasdaq will provide written notification that the Company’s securities will be subject to delisting. In the event of such notification,\nthe Nasdaq rules permit the Company an opportunity to appeal Nasdaq’s determination. The Company is currently evaluating options\nto regain compliance with the MVLS Rule.\n\n \n\nAlthough the Company will use all reasonable efforts to achieve compliance with the Minimum\nBid Price Requirement and MVLS Rule, there can be no assurance that it will be able to regain compliance with the Minimum Bid Price Requirement\nor the MVLS Rule or will otherwise be in compliance with other Nasdaq continued listing requirements.\n\n \n\nOn May 18, 2026, the Company\nreceived a deficiency notice from the Nasdaq stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) because\nit had not yet filed its Annual Report on Form 20-F for the period ended December 31, 2025 with the Securities and Exchange Commission\n(the “SEC”). In accordance with Nasdaq Listing Rules, the Company had 60 calendar days (until July 17, 2026) to submit a\nplan to regain compliance. If Nasdaq accepted the Company’s plan, Nasdaq can grant an exception of up to 180 calendar days from\nthe due date of the Form 20-F, or until November 11, 2026, to regain compliance.\n\n \n\nd.Merger between the Company and Mount Rainier Acquisition Corp.:\n\n \n\nOn March 23, 2022, the Company entered into a definitive business combination agreement (the “Business Combination Agreement”) with Mount Rainier Acquisition Corp., a Delaware corporation (“RNER”) and Rover Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of HUB (“Merger Sub”). Pursuant to the Business Combination Agreement, Merger Sub merged with and into RNER, with RNER surviving the merger (the “Reverse Recapitalization”). Upon consummation of the Reverse Recapitalization and the other transactions contemplated by the Business Combination Agreement (the “Transactions”) on February 28, 2023 (the “Closing Date”), RNER became a wholly owned subsidiary of HUB.\n\n \n\nPrior to the Closing Date, in connection\nwith the closing of the Transactions, the Company and its shareholders recapitalized the Company’s equity securities whereby each\nordinary share of the Company was converted into 0.712434 ordinary shares of the Company (the “February 2023 Share Split”).\nIn addition, as part of the February 2023 Share Split, each outstanding option to purchase an ordinary share was converted into an option\nto purchase 0.712434 ordinary shares and the exercise price of such option was increased by dividing the exercise price by 0.712434.\n\n \n\nF-14\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 1 –**\n**GENERAL (Cont.)**\n\n \n\nThe Transactions were accounted for\nas a reverse recapitalization, in accordance with the relevant International Financial Reporting Standards (“IFRS”) standard\nas issued by the International Accounting Standard Board (“IASB”) and the Group was deemed to be the accounting acquirer.\nRNER did not meet the definition of a business in accordance with IFRS 3 - “Business Combinations,” and the Transactions were\ninstead accounted for within the scope of IFRS 2 - “Share-based payment” (“IFRS 2”), as a share-based payment\ntransaction in exchange for a public listing service. In accordance with IFRS 2 the Company recorded a one-time share-based share listing\nexpense of $12,312 thousand at the closing of the Merger Agreement that was calculated based on the excess of the fair value of the Company’s\nshares issued to public investors over the fair value of the identifiable net assets of RNER that were acquired. For more information,\nsee Note 5.\n\n \n\ne.\nBlackSwan Technologies, Inc. (“BST”)\n\n \n\nIn November 2023, the Company began\nto collaborate with BST with the goal to become a significant player in the secured data fabric industry.\n\n \n\nThe Company has provided BST an aggregate\namount of $2,732 thousand under the BST Loan Agreement (as defined below) dated as of December 4, 2023. Following the merger between the\nCompany and BST on January 27, 2025, the balance was classified as an inter-company receivable and is no longer included as a credit facility. For\nmore information, see Note 26a.\n\n \n\nf.\nBST Acquisition\n\n \n\nOn January 15, 2025, the Company entered\ninto an Agreement and Plan of Merger with BST, pursuant to which, on January 27, 2025, BST merged with and into a wholly-owned subsidiary\nof the Company. As a result of the merger, BST and its subsidiaries became subsidiaries of the Company and the equity holders of BST received\n197 ordinary shares of the Company and pre-funded warrants to purchase 44 ordinary shares of HUB. Such shares constituted approximately\n42.56% of the Company’s outstanding ordinary shares on a post-closing basis and approximately 29.91% of the Company’s share\ncapital on a fully-diluted, post-closing basis (after giving effect to additional shares issuable pursuant to adjustment mechanisms under\nexisting securities, but excluding existing warrants that were significantly out-of-the-money, unvested equity grants, and convertible\nnotes that were expected to be repaid and not converted). The exercise of the pre-funded warrants is limited to the extent that upon exercise,\nthe holder and its affiliates would hold more than 4.99% of the Company’s outstanding ordinary. The ordinary shares were subject\nto transfer restrictions until June 2026.\n\n \n\nBST had five subsidiaries:\n\n \n\nA.BlackSwan Technologies (PVT) Ltd. (Sri Lanka)\n\n \n\nB.BlackSwan Technologies sp Z.O.O. (Poland)\n\n \n\nC.Cognitive Systems Ltd. (Israel)\n\n \n\nD.BlackSwan Technologies AI Limited (UK)\n\n \n\nE.BlackSwan Technologies GmbH (Germany)\n\n \n\nThe four subsidiaries listed in A-D\nabove were defined as held for sale under IFRS 5 and were divested during 2025.\n\n \n\nThe fair value of the consideration\nwas estimated at approximately $25,314,000, based on the Company’s share price on the Nasdaq Stock Market on the acquisition date,\nwhich was $6.97 per ordinary share.\n\n \n\nF-15\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 1 –**\n**GENERAL (Cont.)**\n\n \n\nBelow is a summary of BST’s balance sheet as of the\nacquisition date:\n\n \n\n  \nAs of\n\nJanuary 27,\n\n2025 \n\n  \nUSD in\n\nthousands \n\n  \n  \n\nAssets \n  \n\nProperty, plant and equipment, net \n 3 \n\nTrade receivables, net \n 436 \n\nTotal assets \n 439 \n\nLiabilities \n   \n\nLiabilities to suppliers, employees, and other liabilities \n (4,134)\n\nLoans \n (6,176)\n\nNet held-for-sale liabilities \n (6,426)\n\nTotal liabilities \n (16,736)\n\n  \n (16,297)\n\nFair value of consideration \n (25,314)\n\nIntangible asset – Technology \n (41,611)\n\n \n\nThe acquisition analysis indicates that\nthe Company acquired a group of assets and liabilities that do not meet the definition of a business.\n\n \n\nIn accordance with IFRS 3, the Company\nallocated the purchase cost to the identifiable individual assets and liabilities based on their relative fair values at the acquisition\ndate. A transaction or event of this type does not give rise to goodwill. The Company identified one intangible asset, which is the technology.\nThe entire purchase price was allocated to this intangible asset.\n\n \n\nAs the time of the acquisition, BST\nhad four subsidiaries operating in the UK, Poland, Sri Lanka and Israel, which were not part of the Company’s core operations. The\nCompany’s management determined that these entities were not expected to be integrated into the Company’s ongoing business\nand were therefore classified at the acquisition date as assets and liabilities held for sale, in accordance with IFRS 5 – Non-current\nAssets Held for Sale and Discontinued Operations.\n\n \n\nFor a description of the terms of the\nordinary shares issued in the BST acquisition, see above.\n\n \n\nFor a description of the BST Loan Agreement,\nsee above.\n\n \n\nAs of December 31, 2025, the Company\nrecorded a full impairment loss on the technology asset acquired in the BST acquisition. See Note 11.\n\n \n\ng.Oppenheimer Settlement\n\n \n\nIn\nFebruary 2025, the Company reached a settlement agreement with Oppenheimer & Co., Inc. (“Oppenheimer”) for $3,000 thousand,\nwith $1,100 thousand being paid on the effective date and the remaining balance payable in ten monthly payments of $200 thousand from\nMarch to December 2025 (with the first payment being $100 thousand). As part of the settlement arrangement, Claymore Capital Pty Ltd.\n(“Claymore”) agreed to make on the Company’s behalf, all the payments that the Company is required to make under the\nsettlement agreement with Oppenheimer. In consideration, the Company issued Claymore a convertible note in the principal amount of $6,000\nthousand. The note was convertible at the option of the holder at a discount of 25% to the prevailing market price, but not higher than\n$225,000 or lower than the Nasdaq floor price. The note did not bear interest and matured on February 18, 2030, at which time the Company\nwas entitled to convert the note into ordinary shares. As of December 31, 2025, Claymore converted the note in full into 122 ordinary\nshares, at a conversion price of $45,000 per share. As of the date of this Annual Report, the entire outstanding reserve balance of $12,800\nthousand has been fully settled. For more information, see Note 5.\n\n \n\nF-16\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 1 –**\n**GENERAL (Cont.)**\n\n \n\nh.Dominion Settlement\n\n \n\nIn February 2025, the Company also reached a settlement agreement with Dominion Capital LLC and its affiliates (together, “Dominion”) for $4,500 thousand, with $400 thousand being payable by February 21, 2025, $200 thousand payable by March 3, 2025 and the remaining balance payable in ten monthly payments of $390 thousand from March to December 2025. As a result, the Israeli insolvency proceedings filed by Dominion in December 2023 were dismissed on March 7, 2025. As part of the settlement arrangement, Claymore agreed to make on the Company’s behalf all the payments that the Company is required to make under the settlement agreement with Dominion. In consideration, the Company issued Claymore a convertible note in the principal amount of $7,500 thousand. The note was convertible at the option of the holder at a discount of 25% to the prevailing market price, but not higher than $225,000 or lower than the Nasdaq floor price. The note did not bear interest and matured on February 20, 2030, at which time the Company was entitled to convert the note into ordinary shares. As of December 31, 2025, Claymore converted the note in full into 166 ordinary shares, at a conversion price of $45,000 per share. As of the date of this Annual Report, the entire outstanding balance owed to Dominion has been fully repaid.\n\n \n\ni.Israel Securities Authority and the Israel Tax Authority\n\n \n\nOn September 17, 2024, the ISA and the Israel Tax Authority conducted a search of the Company’s office in the context of investigating former and current officers in connection with suspicions regarding violations of securities, penal and tax laws. To the Company’s best knowledge, the suspicions are related, among other things, to the subject matter of the Internal Investigation. On April 22, 2025, investigators from the Israeli Tax Authority visited the offices of the Company. To the Company’s best knowledge, the visit related to developments in the Internal Investigation related to the actions of a former financial controller of the Company, which were also addressed in the Internal Investigation. In addition, according to a letter provided to the Company in January 2026 by the ISA, the investigation has been concluded, and the investigation file concerning the Company has been transferred to the Tel Aviv District Attorney’s Office (Taxation and Economic Crimes) for a resolution, the status of which remains uncertain.\n\n \n\n**NOTE 2 –**\n**MATERIAL ACCOUNTING POLICIES**\n\n** **\n\nThe following accounting policies have\nbeen applied consistently in the financial statements for all periods presented, unless stated otherwise.\n\n \n\n  a. Basis of presentation of the financial statements:\n\n \n\nThese financial statements have been\nprepared in accordance with IFRS as issued by the IASB.\n\n \n\nThe Company’s financial statements\nhave been prepared on a cost basis, except for financial instruments measured at fair value through profit or loss and also “Other\nComprehensive Income.”\n\n \n\nThe Company has elected to present\nthe profit or loss items using the function of expense method.\n\n \n\n  b. The operating cycle:\n\n \n\nThe Company’s operating cycle\nis one year.\n\n \n\n  c. Consolidated financial statements:\n\n \n\nThe consolidated financial statements\ncomprise the financial statements of companies that are controlled by the Company (subsidiaries). Control is achieved when the Company\nhas power over the subsidiary, is exposed or has rights to variable returns from its involvement with the subsidiary and has the ability\nto affect those returns through its power over the subsidiary. In assessing control, the effect of potential voting rights is considered\nonly if they are substantive.\n\n \n\nNon-controlling interests in subsidiaries\nrepresent the equity in subsidiaries not attributable, directly or indirectly, to a parent. Non-controlling interests are presented in\nequity separately from the equity attributable to the equity holders of the Company. Profit or loss and components of other comprehensive\nincome are attributed to the Company and to non-controlling interests. Losses are attributed to non-controlling interests even if they\nresult in a negative balance of non-controlling interests in the consolidated statement of financial position. For more information,\nsee Note 23(b).\n\n \n\nF-17\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 2 –**\n**MATERIAL ACCOUNTING POLICIES (Cont.)**\n\n \n\n  d. Business combinations and goodwill:\n\n \n\nTo determine whether a transaction\nis accounted for as an asset acquisition or business combination, the Company applies a concentration test to evaluate if substantially\nall of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.\nIf the test is met, the transaction is accounted for as an asset acquisition. If the concentration test is not met, the integrated set\nof activities and assets is considered a business based on whether there are inputs and substantive processes in place. For transactions\naccounted for as asset acquisitions, the cost, including certain transaction costs, is allocated to the assets acquired on the basis of\nrelative fair values.\n\n \n\nBusiness combinations are accounted\nfor by applying the acquisition method. The cost of the acquisition is measured at the fair value of the consideration transferred on\nthe acquisition date with the addition of non-controlling interests in the acquiree. In each business combination, the Company chooses\nwhether to measure the non-controlling interest in the acquiree based on their fair value on the acquisition date or at their proportionate\nshare in the fair value of the acquiree’s net identifiable assets.\n\n \n\nDirect acquisition costs are carried\nto the statement of profit or loss as incurred.\n\n \n\nGoodwill is initially measured at cost,\nwhich represents the excess of the acquisition consideration and the amount of non-controlling interests over the net identifiable assets\nacquired and liabilities assumed.\n\n \n\n  e. Functional currency, presentation currency and foreign currency:\n\n \n\n \n1.\nFunctional currency and presentation currency:\n\n \n\nThe Group determines the functional\ncurrency of each entity in the Group. Items included in the financial statements of each of the Company’s entities are measured\nusing the currency of the primary economic environment in which the entity operates (the “functional currency”). The Company’s\nfunctional currency is New Israeli Shekel (“NIS”). The consolidated financial statements are presented in US dollars (“USD”\nor “$”), which is the Company’s presentation currency.\n\n \n\nThe results and financial position\nof foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the\npresentational currency are translated into the presentational currency as follows:\n\n \n\n \n●\nAssets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position;\n\n \n\n \n●\nIncome and expenses for each statement of profit or loss and statement of comprehensive loss are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and\n\n \n\n \n●\nAll resulting exchange differences are recognized in other comprehensive income (loss).\n\n \n\n \n2.\nTransactions, assets and liabilities in foreign currency:\n\n \n\nTransactions denominated in foreign\ncurrency (other than the functional currency) are recorded upon initial recognition at\nthe exchange rate at the date of the transaction. After initial recognition, monetary assets and liabilities denominated in foreign currency\nare translated at each reporting date into the functional currency at the exchange rate at that date. Exchange rate differences, other\nthan those capitalized to qualifying assets, are recognized in profit or loss. Non-monetary assets and liabilities denominated in foreign\ncurrency and measured at cost are translated at the exchange rate at the date of the transaction. Non-monetary assets and liabilities\ndenominated in foreign currency and measured at fair value are translated into the functional currency using the exchange rate prevailing\nat the date when the fair value was determined.\n\n \n\nF-18\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**NOTE 2 –**\n**MATERIAL ACCOUNTING POLICIES (Cont.)**\n\n* *\n\n  f. Revenue recognition:\n\n \n\nRevenue from contracts with customers\nis recognized when the control over the goods or services is transferred to the customer.\n\n \n\n*Revenue from rendering of services:*\n\n \n\nRevenue from rendering of services\nis recognized over time, during the period the customer simultaneously receives and consumes the benefits provided by the Company’s\nperformance. The Company charges its customers based on payment terms agreed upon in specific agreements. Payment terms and conditions\nvary by contract type, although terms generally include a requirement to pay within 30 to 90 days. When payments are made before or after\nthe service is performed, the Company recognizes the resulting contract asset or liability.\n\n \n\n*Contract balances:*\n\n \n\nThe Company charges customers as the\nwork progresses in accordance with the contractual terms. Amounts billed are classified as trade receivables in the statement of financial\nposition. When revenue from performance obligation of a contract are recognized in profit or loss before the customer is charged, the\nunbilled amounts are recorded as part of the trade receivables.\n\n \n\nAmounts received from customers in\nadvance of performance by the Company are recorded as contract liabilities and recognized as revenue in profit or loss when the work is\nperformed.\n\n** **\n\n*Determining the transaction Price*\n\n \n\nThe transaction price is the amount\nof consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer, excluding\namounts collected on behalf of third parties (for example, some sales taxes). The Company applies the practical expedient of significant\nfinance component. That is, the promised amount of consideration is not adjusted for the effects of a significant financing component\nif the period between the transfer of the promised good or service and the payment is one year or less.\n\n \n\n*Costs of obtaining a contract:*\n\n* *\n\nThe Company has elected to apply the\npractical expedient allowed by IFRS 15 according to which incremental costs of obtaining a contract are recognized as an expense when\nincurred if the amortization period of the asset\nis one year or less.\n\n \n\nF-19\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**NOTE 2 –**\n**MATERIAL ACCOUNTING POLICIES (Cont.)**\n\n* *\n\n  g. Taxes on income:\n\n \n\nDeferred taxes:\n\n \n\nDeferred taxes are computed in respect\nof temporary differences between the carrying amounts in the financial statements and the amounts attributed for tax purposes.\n\n \n\nDeferred taxes are measured at the\ntax rate that is expected to apply when the asset is realized or the liability is settled, based on tax laws that have been enacted or\nsubstantively enacted by the reporting date.\n\n \n\nDeferred tax assets are reviewed at\neach reporting date and reduced to the extent that it is not probable that they will be utilized. Deductible carryforward losses and temporary\ndifferences for which deferred tax assets had not been recognized are reviewed at each reporting date and a respective deferred tax asset\nis recognized to the extent that their utilization is probable.\n\n \n\nTaxes that would apply in the event\nof the disposal of investments in subsidiaries have not been taken into account in computing deferred taxes, as long as the disposal of\nthe investments in subsidiaries is not probable in the foreseeable future. Also, deferred taxes that would apply in the event of distribution\nof earnings by subsidiaries as dividends have not been taken into account in computing deferred taxes, since the distribution of dividends\ndoes not involve an additional tax liability or since it is the Company’s policy not to initiate distribution of dividends from\na subsidiary that would trigger an additional tax liability.\n\n \n\nDeferred taxes are offset if there\nis a legally enforceable right to offset a current tax asset against a current tax liability and the deferred taxes relate to the same\ntaxpayer and the same taxation authority.\n\n \n\n  h. Intangible assets:\n\n \n\nSeparately acquired intangible assets\nare measured on initial recognition at cost including directly attributable costs. Intangible assets acquired in a business combination\nare measured at fair value at the acquisition date. Expenditures relating to internally generated intangible assets are recognized in\nprofit or loss when incurred.\n\n \n\nIntangible assets with a finite useful\nlife are amortized over their useful life on a straight-line basis and reviewed for impairment whenever there is an indication that the\nasset may be impaired. The amortization period and the amortization method for an intangible asset are reviewed at least at the end of\neach year.\n\n \n\n*Patents:*\n\n \n\nThe patents are for a period of ten\nyears with an option for renewal at the end of the period.\n\n \n\nThe useful life of intangible assets\nis as follows:\n\n \n\n  \nYears\n\nPatents \n10\n\nCustomer relations \n3.5 – 10\n\nOrder backlog \n1\n\nTechnology \n3 – 6\n\n \n\nGains or losses from the derecognition\nof an intangible asset are measured as the difference between the net disposal proceeds and the cost of the asset and carried to profit\nor loss.\n\n \n\nF-20\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**NOTE 2 –**\n**MATERIAL ACCOUNTING POLICIES (Cont.)**\n\n* *\n\n  i. Impairment of non-financial assets:\n\n \n\nThe Company evaluates the need to record\nan impairment of non-financial assets whenever events or changes in circumstances indicate that the carrying amount is not recoverable.\nIf the carrying amount of non-financial assets exceeds their recoverable amount, the assets are reduced to their recoverable amount.\n\n \n\nThe recoverable amount is the higher\nof fair value less costs of sale and value in use. In measuring value in use, the expected future cash flows are discounted using a pre-tax\ndiscount rate that reflects the risks specific to the asset. The recoverable amount of an asset that does not generate independent cash\nflows is determined for the cash-generating unit to which the asset belongs. Impairment losses are recognized in profit or loss.\n\n \n\nAn impairment loss of an asset, other\nthan goodwill, is reversed only if there have been changes in the estimates used to determine the asset’s recoverable amount since\nthe last impairment loss was recognized. Reversal of an impairment loss, as above, shall not be increased above the lower of the carrying\namount that would have been determined (net of depreciation or amortization) had no impairment loss been recognized for the asset in\nprior years and its recoverable amount. The reversal of impairment loss of an asset presented at cost is recognized in profit or loss.\n\n \n\nA reversal of an impairment loss for\neach cash generating unit shall be allocated to the assets of the unit, except for goodwill, pro rata with the carrying amount to each\nof the assets within the measurement scope of IAS 36. The reversal is limited so that the carrying amount of the asset does not exceed\nits recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been\nrecognized for the asset in prior years.\n\n \n\nThe following criteria are applied\nin assessing impairment of these specific assets:\n\n \n\n*Goodwill in respect of subsidiaries:*\n\n \n\nThe Company reviews goodwill for impairment\nat least once a year, on December 31, or more frequently if events or changes in circumstances indicate that there is an impairment.\n\n \n\nGoodwill is tested for impairment by\nassessing the recoverable amount of the cash-generating unit (or group of cash-generating units) to which the goodwill has been allocated.\nEach cash-generating unit to which the goodwill is allocated shall represent the lowest level within the Company at which the goodwill\nis monitored for internal management purposes and not be larger than an operating segment. An impairment loss is recognized if the recoverable\namount of the cash-generating unit (or group of cash-generating units) to which goodwill has been allocated is less than the carrying\namount of the cash-generating unit (or group of cash-generating units). Any impairment loss is allocated first to goodwill. Impairment\nlosses recognized for goodwill cannot be reversed in subsequent periods.\n\n \n\n  j. Financial instruments:\n\n \n\n \n1.\nFinancial liabilities:\n\n \n\n \na)\nFinancial liabilities measured at amortized cost:\n\n \n\nFinancial liabilities are initially\nrecognized at fair value less transaction costs that are directly attributable to the issue of the financial liability. After initial\nrecognition, the Company measures all financial liabilities at amortized cost.\n\n \n\n \nb)\nFinancial liabilities measured at fair value through profit or loss:\n\n \n\nAt initial recognition, the Company\nmeasures financial liabilities that are not measured at amortized cost at fair value. Transaction costs are recognized in profit or loss.\nAfter initial recognition, changes in fair value are recognized in profit or loss.\n\n \n\nF-21\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 2 –**\n**MATERIAL ACCOUNTING POLICIES (Cont.)**\n\n \n\n \n2.\nDerecognition of financial liabilities:\n\n \n\nA financial liability is derecognized\nonly when it is extinguished, that is when the obligation specified in the contract is discharged or cancelled or expires. A financial\nliability is extinguished when the debtor discharges the liability by paying in cash, other financial assets, goods or services; or is\nlegally released from the liability.\n\n \n\nWhen there is a modification in the\nterms of an existing financial liability, the Company evaluates whether the modification is substantial.\n\n \n\nIf the terms of an existing financial\nliability are substantially modified, such modification is accounted for as an extinguishment of the original liability and the recognition\nof a new liability. The difference between the carrying amounts of the above liabilities is recognized in profit or loss. \n\n \n\nIf the modification is not substantial,\nthe Company recalculates the carrying amount of the liability by discounting the revised cash flows at the original effective interest\nrate and any resulting difference is recognized in profit or loss.\n\n \n\nWhen evaluating whether the modification\nin the terms of an existing liability is substantial, the Company considers both quantitative and qualitative factors.\n\n \n\n \n3.\nWarrants to ordinary shares:\n\n \n\nAccording to IAS 32, “Financial\nInstruments: Presentation”, derivatives which will be settled only by the issuer exchanging fixed amounts of cash to fixed numbers\nof the Company’s ordinary shares will be classified as equity. Otherwise, the instrument should be classified as a financial liability.\nTherefore, the Group has classified such warrants as a financial liability. The warrant instrument is initially recognized at fair value,\nand subsequently measured at fair value. Changes in fair value are recognized in profit or loss. When the fair value of the identified\nfinancial instruments measured at Level 2 or Level 3 in the fair value hierarchy exceeds the total consideration received by the Company,\nthe ‘Day 1’ loss is deferred and recognized on a straight-line basis over the term of the instruments.\n\n \n\n  k. Fair value measurement:\n\n \n\nFair value is the price that would\nbe received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement\ndate.\n\n \n\nFair value measurement is based on\nthe assumption that the transaction will take place in the asset’s or the liability’s principal market, or in the absence\nof a principal market, in the most advantageous market.\n\n \n\nThe fair value of an asset or a liability\nis measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants\nact in their economic best interest.\n\n \n\nFair value measurement of a non-financial\nasset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best\nuse or by selling it to another market participant that would use the asset in its highest and best use.\n\n \n\nThe Group uses valuation techniques\nthat are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximizing the use of relevant\nobservable inputs and minimizing the use of unobservable inputs.\n\n \n\nAll assets and liabilities measured\nat fair value or for which fair value is disclosed are categorized into levels within the fair value hierarchy based on the lowest level\ninput that is significant to the entire fair value measurement:\n\n \n\n \n●\nLevel 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities.\n\n \n\n \n●\nLevel 2 - inputs other than quoted prices included within Level 1 that are observable directly or indirectly.\n\n \n\n \n●\nLevel 3 - inputs that are not based on observable market data (valuation techniques which use inputs that are not based on observable market data).\n\n \n\nF-22\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**NOTE 2 –**\n**MATERIAL ACCOUNTING POLICIES (Cont.)**\n\n \n\n  l. Provisions:\n\n \n\nA provision in accordance with IAS\n37 is recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an\noutflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the\namount of the obligation. When the Group expects part or all of the expense to be reimbursed, for example under an insurance contract,\nthe reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense is recognized in\nthe statement of profit or loss net of any reimbursement.\n\n \n\nThe Group includes the following type\nof provisions in the financial statements:\n\n \n\nA provision for claims is recognized\nwhen the Group has a present legal or constructive obligation as a result of a past event, that it is more likely than not that an outflow\nof resources embodying economic benefits will be required by the Group to settle the obligation and a reliable estimate can be made of\nthe amount of the obligation.\n\n \n\n  m. Employee benefit liabilities:\n\n \n\nThe Group has several employee benefit\nplans:\n\n \n\n \n1.\nShort-term employee benefits:\n\n \n\nShort-term employee benefits are benefits\nthat are expected to be settled wholly before twelve months after the end of the annual reporting period in which the employees render\nthe related services. These benefits include salaries, paid annual leave, paid sick leave, recreation and social security contributions\nand are recognized as expenses as the services are rendered. A liability in respect of a cash bonus is recognized when the Group has a\nlegal or constructive obligation to make such payment as a result of past service rendered by an employee and a reliable estimate of the\namount can be made.\n\n \n\n \n2.\nPost-employment benefits:\n\n \n\nThe plans are normally financed by\ncontributions to insurance companies and classified as defined contribution plans or as defined benefit plans.\n\n \n\nThe Group has defined contribution\nplans pursuant to Section 14 to the Severance Pay Law under which the Group usually pays fixed contributions and will have no legal or\nconstructive obligation to pay further contributions if the fund does not hold sufficient amounts to pay all employee benefits relating\nto employee service in the current and prior periods. Contributions to the defined contribution plan in respect of severance or retirement\npay are recognized as an expense when contributed concurrently with performance of the employee’s services.\n\n \n\nThe Group also operates a defined benefit\nplan in respect of severance pay pursuant to the Severance Pay Law. According to the law, employees are entitled to severance pay upon\ndismissal or retirement. The liability for termination of employment is measured using the projected unit credit method. The actuarial\nassumptions include expected salary increases and rates of employee turnover based on the estimated timing of payment. The amounts are\npresented based on discounted expected future cash flows using a discount rate determined by reference to market yields at the reporting\ndate on high quality corporate bonds that are linked to the Israeli Consumer Price Index with a term that is consistent with the estimated\nterm of the severance pay obligation.\n\n \n\nIn respect of its severance pay obligation\nto certain of its employees, the Company usually makes current deposits in severance pay funds and insurance companies (the “plan\nassets”). Plan assets comprise assets held by a long-term employee benefit fund or qualifying insurance policies. Plan assets are not available\nto the Group’s own creditors and cannot be returned directly to the Group.\n\n \n\nF-23\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**NOTE 2 –**\n**MATERIAL ACCOUNTING POLICIES (Cont.)**\n\n** **\n\nThe liability for employee benefits\nshown in the statement of financial position reflects the present value of the defined benefit obligation less the fair value of the plan\nassets.\n\n \n\nRemeasurements of the net liability\nare recognized in other comprehensive income in the period in which they occur.\n\n \n\n  n. Basic and diluted net profit (loss) per share:\n\n \n\nIn computing diluted loss per share\nfor the years ended December 31, 2025, December 31, 2024, December 31, 2023 no account was taken of the potential dilution that could\noccur upon the exercise of employee and investors stock options, amounting to 10,910, 218\nand 44, respectively, since they had an anti-dilutive effect on loss per share.\n\n \n\n**NOTE 3 –**\n**SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS USED IN THE PREPARATION OF THE FINANCIAL STATEMENTS**\n\n \n\nIn the process of applying the significant\naccounting policies, the Group has made the following judgments which have the most significant effect on the amounts recognized in the\nfinancial statements:\n\n \n\n \na.\nEstimates and assumptions:\n\n \n\nThe preparation of the financial statements\nrequires management to make estimates and assumptions that have an effect on the application of the accounting policies and on the reported\namounts of assets, liabilities, revenues and expenses. Changes in accounting estimates are reported in the period of the change in estimate.\n\n \n\nThe key assumptions made in the financial\nstatements concerning uncertainties at the reporting date and the critical estimates computed by the Group that may result in a material\nadjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.\n\n \n\n \n-\nImpairment of goodwill:\n\n \n\nThe Group reviews goodwill for impairment\nat least once a year. This requires management to make an estimate of the projected future cash flows from the continuing use of the cash-generating\nunit (or a group of cash-generating units) to which the goodwill is allocated and also to choose a suitable discount rate for those cash\nflows. For more information, see Note 2i.\n\n \n\n \n-\nImpairment of other intangible assets\n\n \n\nThe carrying values of the long-lived\nintangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset\nmay no longer be recoverable. If any indication exists, then the asset’s recoverable amount is estimated. Determining the recoverable\namount is subjective and requires management to estimate\nfuture growth, profitability, discount and terminal growth rates, and project future cash flows, among other factors. Future events and\nchanging market conditions may impact the assumptions as to prices, costs or other factors that may result in changes to the estimates\nof future cash flows. If the Company concludes that a definite or indefinite long-lived intangible asset is impaired, the Company will\nrecognize a loss in an amount equal to the excess of the carrying value of the asset over its fair value at the date of impairment.\n\n \n\nF-24\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 3 –**\n**SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS USED IN THE PREPARATION OF THE FINANCIAL STATEMENTS (Cont.)**\n\n \n\nThe fair value at the date of the impairment\nbecomes the new cost basis and will result in a lower depreciation expense than for periods before the asset’s impairment. \n\n \n\n \n-\nLegal claims:\n\n \n\nIn estimating the likelihood of outcome\nof legal claims filed, threatened litigation and unasserted claim against the Group, the companies in the Group rely on the opinion of\ntheir legal counsel. These estimates are based on the legal counsel’s best professional judgment, taking into account the stage\nof proceedings and legal precedents in respect of the different issues. Since the outcome of the claims will be determined in courts,\nthe results could differ from these estimates.\n\n \n\n \n-\nDeferred tax assets:\n\n \n\nDeferred tax assets are recognized\nfor unused carryforward tax losses and deductible temporary differences to the extent that it is probable that taxable profit will be\navailable against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax\nassets that can be recognized, based upon the timing and level of future taxable profits, its source and the tax planning strategy. See\nalso Note 2g above.\n\n \n\n \n-\nSeverances and other post-employment benefits:\n\n \n\nThe liability in respect of post-employment\ndefined benefit plans is determined using actuarial valuations. The actuarial valuation involves making assumptions about, among others,\nthe discount rate, rate of salary increases and employee turnover rate. The carrying amount of the liability may be significantly affected\nby changes in these estimates.\n\n \n\n \n-\nIAS 1, “Presentation of Financial Statements”:\n\n \n\nIn January 2020, the IASB issued\nan amendment to IAS 1, “Presentation of Financial Statements” regarding the criteria for determining the classification of\nliabilities as current or non-current (the “Original Amendment”). In October 2022, the IASB issued a subsequent amendment\n(the “Subsequent Amendment”).\n\n \n\nF-25\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 4 –**\n**DISCLOSURE OF NEW STANDARDS IN THE PERIOD**\n\n \n\nAccording to the Subsequent Amendment:\n\n \n\n \n●\nOnly financial covenants with which an entity must comply on or before the reporting date will affect a liability’s classification as current or non-current.\n\n \n\n \n●\nIn respect of a liability for which compliance with financial covenants is to be evaluated within twelve months from the reporting date, disclosure is required to enable users of the financial statements to assess the risks related to that liability. The Subsequent Amendment requires disclosure of the carrying amount of the liability, information about the financial covenants, and the facts and circumstances at the end of the reporting period that could result in the conclusion that the entity may have difficulty in complying with the financial covenants.\n\n \n\nAccording to the Original Amendment,\nthe conversion option of a liability affects the classification of the entire liability as current or non-current unless the conversion\ncomponent is an equity instrument.\n\n \n\nThe Original Amendment and Subsequent\nAmendment are both effective for annual periods beginning on or after January 1, 2024 and must be applied retrospectively. The Original\nAmendment and Subsequent Amendment did not have an impact on the Company’s consolidated financial statements, other than for the\nwarrant liabilities which the Company classified as a current liability beginning on January 1, 2024 with a retrospective effect.\n\n \n\n \n-\nAmendments to IAS 21, “The Effects of Changes in Foreign Exchange Rates”:\n\n \n\nIn August 2023, the IASB issued “Amendments\nto IAS 21: Lack of Exchangeability (Amendments to IAS 21, “The Effects of Changes in Foreign Exchange Rates”)” (the\n“Amendments”) to clarify how an entity should assess whether a currency is exchangeable and how it should measure and determine\na spot exchange rate when exchangeability is lacking.\n\n \n\nThe Amendments set out the requirements\nfor determining the spot exchange rate when a currency lacks exchangeability. The Amendments require disclosure of information that will\nenable users of financial statements to understand how a currency not being exchangeable affects or is expected to affect the entity’s\nfinancial performance, financial position and cash flows.\n\n \n\nThe Amendments applied for annual reporting\nperiods beginning on or after January 1, 2025. The amendments did not have a material impact on the Company’s consolidated financial\nstatements.\n\n \n\nF-26\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 4 –**\n**DISCLOSURE OF NEW STANDARDS IN THE PERIOD (Cont.)**\n\n \n\nChanges in accounting policies - initial\napplication of new financial reporting and accounting standards and amendments to existing financial reporting and accounting standards\nin the period prior to their adoption:\n\n \n\n \nIFRS 18 “Presentation and Disclosure in Financial Statements” (IFRS 18)\n\n \n\n*IFRS 18* replaces IAS 1\n“Presentation of Financial Statements.” The main changes in the new standard are as below:\n\n \n\n \ni.\nImproved comparability in the statement of profit or loss. IFRS 18 requires entities to classify all income and expenses within their statement of profit or loss into one of five categories: operating; investing; financing; income taxes; and discontinued operations. The first three categories are new, to improve the structure of the income statement, and requires all entities to provide new defined subtotals, including operating profit or loss. The improved structure and new subtotals will give investors a consistent starting point for analyzing entities’ performance and make it easier to compare entities.\n\n \n\n \nii.\nEnhanced transparency of management-defined performance measures. IFRS 18 requires entities to disclose explanations of those entity-specific measures that are related to the income statement, referred to as management-defined performance measures.\n\n \n\n \niii.\nUseful grouping of information in the financial statements. IFRS 18 sets out enhanced guidance on how to organize information and whether to provide it in the primary financial statements or in the notes. The changes are expected to provide more detailed and useful information. IFRS 18 also requires entities to provide more transparency regarding operating expenses, helping investors to find and understand the information they need.\n\n \n\nThe Amendments apply for annual reporting\nperiods beginning on or after January 1, 2027. Earlier adoption is permitted. The Company is still evaluating the effect of this amendment\non its consolidated financial statements.\n\n \n\n**NOTE 5 –**\n**MERGER AGREEMENT WITH SPECIAL PURPOSE ACQUISITION COMPANY (“SPAC”)**\n\n** **\n\nOn March 22, 2022, the Company’s\nboard of directors approved the Company’s engagement in a merger transaction, which consisted of signing a series of binding agreements\nincluding a merger agreement (“the merger transaction”), between the Company and Mount Rainier Acquisition Corp., a Delaware\ncorporation (“RNER”), an unrelated third party which was traded on the Nasdaq Global Market that raised approximately $175,000\nthousand as a SPAC. The Company hired A-Labs Advisory and Finance Ltd. (“A-Labs”), an investment banking firm in which the\nCompany’s former chief executive officer served as a managing partner, and Oppenheimer to assist the merger transaction. \n\n \n\nThe merger transaction relied on the\nproforma enterprise value of the merged company of approximately $1.28 billion (before the money), as agreed upon with RNER and with the\nPIPE investors (as defined below), including share options and potential free cash flows of up to approximately $225,000 thousand in the\nmerged company (insofar as none of the SPAC shareholders redeem their investment before the merger transaction closing in keeping with\ntheir rights, see further details below).\n\n \n\nIn connection with the merger transaction,\nqualifying Israeli and U.S. institutional investors (the “PIPE investors”) engaged to invest $50,000 thousand based on the\nmerger company’s agreed value as described above in a private placement to be invested in the Company at closing.\n\n \n\nOn January 11, 2023, the Company announced\nthat all the closing conditions for the merger transaction were met and the completion of the merger transaction was subject only to the\nabsence of a legal impediment. Shortly before the closing date of the merger transaction, the Company effected a reverse share split to\ncause the value of the outstanding ordinary shares immediately prior to the transaction closing date to be equal to $1,500,000 per share.\n\n \n\nThe Company’s shares began trading\non Nasdaq on March 1, 2023.\n\n \n\n99% of the shareholders entitled to\nwithdraw their investment of $175,000 thousand elected to redeem their investment upon the approval of the merger.\n\n \n\nIn March 2023, the Company raised $4,000\nthousand from two of the PIPE investors.\n\n \n\nF-27\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 5 –**\n**MERGER AGREEMENT WITH SPECIAL PURPOSE ACQUISITION COMPANY (“SPAC”) (Cont.)**\n\n \n\nIn December 2021, the Company entered\ninto an agreement with Oppenheimer to provide financial advisory services. In connection with the Reverse Recapitalization, the Company\nagreed to pay to Oppenheimer a transaction fee upon the consummation of the Reverse Recapitalization equal to 1% of the aggregate value\nof the Company implied by the value of the Company’s ordinary shares issued to RNER’s stockholders in the Reverse Recapitalization\non a fully diluted basis, plus the principal amount of any debt or other liabilities of HUB outstanding as of the closing date of the\nReverse Recapitalization. Based on the valuation of $1.28 billion ascribed to the shares issued to RNER’s stockholders in the\nReverse Recapitalization in March 2023, the amount owed to Oppenheimer at the closing of the Reverse\n\n \n\nRecapitalization was approximately\n$12,800 thousand. As of December 31, 2024 and 2023, the Company recorded a cost provision of $12,800 thousand.\n\n \n\nOn June 12, 2023, Oppenheimer filed\na claim against the Company alleging, among other things, breach of contract, breach of covenant of good faith and fair dealing and quantum\nmeruit in connection with investment banking advice and services provided by Oppenheimer in connection with the Company’s Reverse\nRecapitalization with Mount Rainier Acquisition Corp.\n\n \n\nEffective February 19, 2025, the parties\nsettled for $3 million: $1.1 million paid on the effective date and the balance in ten monthly payments of $200,000 from March to December\n2025 (with the first payment being $100,000). As part of the settlement arrangement, Claymore agreed to make, on the Company’s behalf,\nall payments the Company is required to make under the settlement agreement with Oppenheimer. In consideration, the Company issued Claymore\na $6 million convertible note. Claymore subsequently converted the note in full and made all required payments to Oppenheimer. As of the\ndate of this Annual Report, the entire outstanding reserve balance of $12,800 thousand has been fully settled.\n\n \n\nThe transactions were accounted for\nas a reverse recapitalization, in accordance with the relevant IFRS standard and the Group was deemed to be the accounting acquirer. RNER\ndid not meet the definition of a business in accordance with IFRS 3 - “Business Combinations,” and the Transactions were instead\naccounted for within the scope of IFRS 2, as a share-based payment transaction in exchange for a public listing service. In accordance\nwith IFRS 2, the Company recorded a one-time share-based share listing expense of $12,312 thousand at the closing of the Reverse Recapitalization\nthat was calculated based on the excess of the fair value of the Company’s shares issued to public investors over the fair value\nof the identifiable net assets of RNER that were acquired:\n\n \n\n  \nAmount  \nNumber of\nshares* \n\n  \nUSD in thousands\nexcept for share amounts \n\nShares issued to RNER shareholders \n    \n 3 \n\nClosing price of the Company’s share on Nasdaq as of March 1, 2023 ($) \n 2,385,000  \n          \n\n(A) Fair value of the Company’s shares issued to RNER shareholders \n 7,208  \n   \n\nPublic Warrants issued to RNER shareholders \n    \n 0 \n\nClosing price of the Company’s warrants on Nasdaq as of March 1, 2023 ($) \n 255,000  \n   \n\nPrivate Warrants issued to RNER shareholders \n    \n 0 \n\nFair Value of the Company’s warrants on as of March 1, 2023 ($) \n 199,500  \n   \n\n(B) Fair value of the Company’s warrants issued to RNER shareholders \n 2,711  \n   \n\nRNER assets \n 588  \n   \n\nRNER liabilities \n (2,981) \n   \n\n(C) Net liabilities of RNER \n (2,393) \n   \n\nIFRS 2 Listing expenses (A+B-C) \n 12,312  \n   \n\n \n\n***** Shares and per share amounts have been retroactively adjusted to reflect the reverse share splits as described in Note 20a.\n\n** **\n\nF-28\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 6** –\n**CASH AND CASH EQUIVALENTS**\n\n \n\n  \nDecember 31, \n\n  \n2025  \n2024 \n\n  \nUSD in thousands \n\n  \n   \n  \n\nCash and cash equivalents in NIS \n 1,226  \n 858 \n\nCash and cash equivalents in USD \n 355  \n 2,213 \n\nCash and cash equivalents in Euro \n 175  \n 12 \n\nCash and cash equivalents in other currency \n 7  \n 2 \n\n  \n 1,763  \n 3,085 \n\n \n\n**NOTE 7 –**\n**TRADE RECEIVABLES, NET**\n\n** **\n\n  \nDecember 31, \n\n  \n2025  \n2024 \n\n  \nUSD in thousands \n\n  \n   \n  \n\nAccounts receivable \n 10,224  \n 8,325 \n\nUnbilled receivables \n 243  \n 768 \n\nChecks collectible \n 33  \n 29 \n\nAllowance for doubtful debt \n (1,722) \n (1,225)\n\nTrade receivables, net \n 8,778  \n 7,897 \n\n** **\n\nThe Company grants its customers interest-free credit for\nan average period of 90 days. Impaired debts are accounted for through recording an allowance for doubtful accounts.\n\n \n\nIn certain circumstances and based\non management’s evaluation, the Company records provisions for allowances for doubtful accounts on outstanding debts of greater\nthan 120 days.\n\n \n\nFollowing is information about the\ncredit risk exposure of the Company’s trade receivables:\n\n \n\n  \n   \nPast due trade receivables  \n  \n\n  \nNot past\ndue  \n< 30\ndays  \n31-60\ndays  \n60-90\ndays  \n90-120\ndays  \n>120\ndays  \nTotal \n\n  \nUSD in thousands \n\nTrade receivables before allowance for doubtful accounts \n 7,736  \n 455  \n 295  \n 134  \n 50  \n 1,830  \n 10,500 \n\n  \n    \n    \n    \n    \n    \n    \n   \n\nAllowance for doubtful accounts \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 1,722  \n 1,722 \n\n  \n    \n    \n    \n    \n    \n    \n   \n\nDecember 31, 2025 \n 7,736* \n 455  \n 295  \n 134  \n 50  \n 108  \n 8,778 \n\n  \n    \n    \n    \n    \n    \n    \n   \n\nDecember 31, 2024 \n 4,897* \n 168  \n 111  \n 50  \n 10  \n 2,661  \n 7,897 \n\n \n\n* Includes unbilled account receivables balance.\n\n \n\nF-29\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 8 –**\n**OTHER ASSETS**\n\n** **\n\n  \nDecember 31, \n\n  \n2025  \n2024 \n\n  \nUSD in thousands \n\nGovernment authorities \n 2,803  \n 1,934 \n\nPrepaid expenses \n 2,078  \n 1,128 \n\nRelated parties’ assets (1) \n \n-\n  \n 3,830 \n\n  \n 4,881  \n 6,892 \n\n \n\n(1) See Note 26.\n\n \n\n**NOTE 9 –**\n**LEASES**\n\n \n\n \na.\nDisclosures for leases in which the Company acts as lessee:\n\n \n\n \n1)\nThe Group companies have entered into leases of buildings and motor vehicles which are used for their ongoing operations.\n\n \n\n  2) The Company’s leases of buildings have a lease term of 2-10 years whereas leases of motor vehicles have lease terms of 3-4 years.\n\n \n\n  3) Information on leases:\n\n \n\n  \nYear ended December 31, \n\n  \n2025  \n2024  \n2023 \n\n  \nUSD in thousands \n\n  \n   \n   \n  \n\nInterest expense on lease liabilities \n 103  \n 193  \n 181 \n\nTotal cash outflow for leases \n 1,001  \n 1,017  \n 1,711 \n\n \n\n \nb.\nLease extension and termination options:\n\n \n\nThe Company has leases that include\nboth extension and termination options. These options provide flexibility in managing the leased assets and align with the Company’s\nbusiness needs.\n\n \n\nIn leases that contain noncancelable\nlease periods of 3-10 years, the Company did not include in the lease term the exercise of extension options existing in the lease agreements.\n\n \n\nIn leases of motor vehicles, the Company\ndoes not include in the lease term the exercise of extension options since the Company does not ordinarily exercise options that extend\nthe lease period beyond five years (without the extension option).\n\n \n\nF-30\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 9 –**\n**LEASES (Cont.)**\n\n \n\n  c. Disclosures in respect of right-of-use assets, net:\n\n \n\n**2025**\n\n \n\n  \nOffice lease  \nMotor\nVehicles  \nTotal \n\n  \nUSD in thousands \n\nCost: \n   \n   \n  \n\n  \n   \n   \n  \n\nBalance as of January 1, 2025 \n 4,149  \n 2,851  \n 7,000 \n\nAdditions during the year: \n    \n    \n   \n\nNew leases \n \n-\n  \n 343  \n 343 \n\nTerminated lease \n (50) \n (16) \n (66)\n\nClassification \n \n-\n  \n 6  \n 6 \n\nAdjustments arising from indexation \n 28  \n \n-\n  \n 28 \n\nAdjustments arising from translating financial statements from functional currency to presentation currency \n 593  \n 433  \n 1,026 \n\n  \n    \n    \n   \n\nBalance as of December 31, 2025 \n 4,720  \n 3,617  \n 8,337 \n\n  \n    \n    \n   \n\nAccumulated depreciation: \n    \n    \n   \n\n  \n    \n    \n   \n\nBalance as of January 1, 2025 \n 2,897  \n 1,951  \n 4,848 \n\nAdditions during the year: \n    \n    \n   \n\nDepreciation in the year \n 411  \n 589  \n 1,000 \n\nAdjustments arising from translating financial statements from functional currency to presentation currency \n 449  \n 329  \n 778 \n\n  \n    \n    \n   \n\nBalance as of December 31, 2025 \n 3,757  \n 2,869  \n 6,626 \n\n  \n    \n    \n   \n\nDepreciated cost as of December 31, 2025 \n 963  \n 748  \n 1,711 \n\n \n\nF-31\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 9 –**\n**LEASES (Cont.)**\n\n \n\n**2024**\n\n \n\n  \nOffice lease  \nMotor\n\nVehicles  \nTotal \n\n  \nUSD in thousands \n\nCost: \n   \n   \n  \n\n  \n   \n   \n  \n\nBalance as of January 1, 2024 \n 4,124  \n 2,418  \n 6,542 \n\nAdditions during the year: \n    \n    \n   \n\nNew leases \n \n-\n  \n 633  \n 633 \n\nTerminated lease \n \n-\n  \n (25) \n (25)\n\nClassification \n \n-\n  \n (168) \n (168)\n\nAdjustments arising from indexation \n 47  \n \n-\n  \n 47 \n\nAdjustments arising from translating financial statements from functional currency to presentation currency \n (22) \n (7) \n (29)\n\n  \n    \n    \n   \n\nBalance as of December 31, 2024 \n 4,149  \n 2,851  \n 7,000 \n\n  \n    \n    \n   \n\nAccumulated depreciation: \n    \n    \n   \n\n  \n    \n    \n   \n\nBalance as of January 1, 2024 \n 2,532  \n 1,500  \n 4,032 \n\nAdditions during the year: \n    \n    \n   \n\nDepreciation in the year \n 343  \n 452  \n 795 \n\nAdjustments arising from translating financial statements from functional currency to presentation currency \n 22  \n (1) \n 21 \n\n  \n    \n    \n   \n\nBalance as of December 31, 2024 \n 2,897  \n 1,951  \n 4,848 \n\n  \n    \n    \n   \n\nDepreciated cost as of December 31, 2024 \n 1,252  \n 900  \n 2,152 \n\n \n\n \nd.\nFor an analysis of maturity dates of lease liabilities, see Note 16b.\n\n \n\n  e. The Company has leases of motor vehicles for a period of up to 12 months and for periods of 12-36 months. For lease periods up to 12 months, the Company applies the practical expedient in IFRS 16 and recognizes lease payments as an expense using the straight-line method over the lease term.\n\n \n\n \nf.\nLease commitments:\n\n \n\nIn May 2017, the Company entered into a lease for 1,600 square meters of office space in the city of Or Yehuda, Israel. The lease is for a period of ten years with an option for extension by another five years. The monthly lease fees are approximately NIS 110 thousand ($34.5 thousand), linked to the Israeli Consumer Price Index of May 2017 with the addition of VAT. The lease period began on April 1, 2018.\n\n \n\nF-32\n\n \n\n** **\n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 10 –**\n**PROPERTY AND EQUIPMENT, NET**\n\n** **\n\nComposition and movement:\n\n** **\n\n**2025**\n\n** **\n\n  \nOffice\n\nfurniture\n\nand\n\nequipment  \nComputers\n\nand\n\nperipheral\n\nequipment  \nLeasehold\n\nimprovements  \nTotal \n\n  \n**USD in thousands** \n\nCost: \n   \n   \n   \n  \n\n  \n   \n   \n   \n  \n\nBalance as of January 1, 2025 \n 190  \n 938  \n 213  \n 1,341 \n\nPurchases in the year \n \n-\n  \n 32  \n 1  \n 33 \n\nDisposals during the year \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n \n\nAdjustments arising from translating financial statements from functional currency to presentation currency \n 26  \n 128  \n 29  \n 183 \n\n  \n    \n    \n    \n   \n\nBalance as of December 31, 2025 \n 216  \n 1,098  \n 243  \n 1,557 \n\n  \n    \n    \n    \n   \n\nAccumulated depreciation: \n    \n    \n    \n   \n\n  \n    \n    \n    \n   \n\nBalance as of January 1, 2025 \n 109  \n 629  \n 116  \n 854 \n\nDepreciation in the year \n 16  \n 163  \n 60  \n 239 \n\nDisposals during the year \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n \n\nAdjustments arising from translating financial statements from functional currency to presentation currency \n 17  \n 83  \n 16  \n 116 \n\n  \n    \n    \n    \n   \n\nBalance as of December 31, 2025 \n 142  \n 875  \n 192  \n 1,209 \n\n  \n    \n    \n    \n   \n\nDepreciated cost as of December 31, 2025 \n 74  \n 223  \n 51  \n 348 \n\n \n\nF-33\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 10 –**\n**PROPERTY AND EQUIPMENT, NET (Cont.)**\n\n \n\n**2024**\n\n \n\n  \nMotor\nvehicles  \nOffice\nfurniture\nand\nequipment  \nComputers\nand\nperipheral\nequipment  \nLeasehold\nimprovements  \nTotal \n\n  \nUSD in thousands \n\nCost: \n   \n   \n   \n   \n  \n\n  \n   \n   \n   \n   \n  \n\nBalance as of January 1, 2024 \n 33  \n 236  \n 1,030  \n 520  \n 1,819 \n\nPurchases in the year \n 62  \n \n-\n  \n 18  \n 5  \n 85 \n\nDisposals during the year \n (95) \n (45) \n (104) \n (305) \n (549)\n\nAdjustments arising from translating financial statements from functional currency to presentation currency \n \n-\n  \n (1) \n (6) \n (7) \n (14)\n\n  \n    \n    \n    \n    \n   \n\nBalance as of December 31, 2024 \n \n-\n  \n 190  \n 938  \n 213  \n 1,341 \n\n  \n    \n    \n    \n    \n   \n\nAccumulated depreciation: \n    \n    \n    \n    \n   \n\n  \n    \n    \n    \n    \n   \n\nBalance as of January 1, 2024 \n 30  \n 108  \n 530  \n 116  \n 784 \n\nDepreciation in the year \n 41  \n 18  \n 199  \n 75  \n 333 \n\nDisposals during the year \n (71) \n (16) \n (96) \n (74) \n (257)\n\nAdjustments arising from translating financial statements from functional currency to presentation currency \n \n-\n  \n (1) \n (4) \n (1) \n (6)\n\n  \n    \n    \n    \n    \n   \n\nBalance as of December 31, 2024 \n 0  \n 109  \n 629  \n 116  \n 854 \n\n  \n    \n    \n    \n    \n   \n\nDepreciated cost as of December 31, 2024 \n 0  \n 81  \n 309  \n 97  \n 487 \n\n** **\n\nF-34\n\n \n\n** **\n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 11** –\n**GOODWILL AND INTANGIBLE ASSETS, NET**\n\n \n\n  a. Composition and movement:\n\n  \n\n  \nPatents  \nGoodwill  \nCustomer\nrelations,\norder backlog (1)  \nTechnology and\n\nsupplier\n\nrelationships (2)  \nTotal \n\n  \nUSD in thousands \n\nCost: \n   \n   \n   \n   \n  \n\n  \n   \n   \n   \n   \n  \n\nBalance as of January 1, 2024 \n 31  \n 2,467  \n 15,595  \n 1,092  \n 19,185 \n\n  \n    \n    \n    \n    \n   \n\nImpairment recognized in the year (1) \n \n-\n  \n (571) \n (82) \n \n-\n  \n (653)\n\nAdjustments arising from translating financial statements from functional currency to presentation currency \n (1) \n (22) \n (99) \n (6) \n (128)\n\nBalance as of December 31, 2024 \n 30  \n 1,874  \n 15,414  \n 1,086  \n 18,404 \n\n  \n    \n    \n    \n    \n   \n\nAcquisition of BlackSwan technology asset at cost upon initial consolidation, January 27, 2025 \n \n-\n  \n \n-\n  \n \n-\n  \n 41,611  \n 41,611 \n\nForeign currency translation adjustments \n \n-\n  \n \n-\n  \n \n-\n  \n 1,943  \n 1,943 \n\nImpairment recognized in the year (2d) \n \n-\n  \n \n-\n  \n (3,130) \n (43,554) \n (46,684)\n\nAdjustments arising from translating financial statements from functional currency to presentation currency \n \n-\n  \n 268  \n 1,549  \n \n-\n  \n 1,817 \n\nBalance as of December 31, 2025 \n 30  \n 2,142  \n 13,833  \n 1,086  \n 17,091 \n\n  \n    \n    \n    \n    \n   \n\nAccumulated amortization: \n    \n    \n    \n    \n   \n\n  \n    \n    \n    \n    \n   \n\nBalance as of January 1, 2024 \n 18  \n \n-\n  \n 10,192  \n 1,092  \n 11,302 \n\nAmortization recognized in the year (1) \n 6  \n \n-\n  \n 947  \n \n-\n  \n 953 \n\nAdjustments arising from translating financial statements from functional currency to presentation currency \n \n \n  \n \n-\n  \n (56) \n (6) \n (62)\n\nBalance as of December 31, 2024 \n 24  \n \n-\n  \n 11,083  \n 1,086  \n 12,193 \n\nAmortization recognized in the year (1) \n 6  \n \n-\n  \n 918  \n \n-\n  \n 924 \n\nAdjustments arising from translating financial statements from functional currency to presentation currency \n \n \n  \n \n-\n  \n 1,005  \n \n-\n  \n 1,005 \n\nBalance as of December 31, 2025 \n 30  \n \n-\n  \n 13,006  \n 1,086  \n 14,122 \n\n  \n    \n    \n    \n    \n   \n\nNet balance: \n    \n    \n    \n    \n   \n\n  \n    \n    \n    \n    \n   \n\nAs of December 31, 2025 \n \n-\n  \n 2,142  \n 827  \n \n-\n  \n 2,969 \n\nAs of December 31, 2024 \n 6  \n 1,874  \n 4,331  \n \n-\n  \n 6,211 \n\n \n\nF-35\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 11** –\n**GOODWILL AND INTANGIBLE ASSETS, NET (Cont.)**\n\n \n\n(1) Customer relations and order backlog amortization expenses are classified in the statement of profit or loss under sales and marketing expenses.\n\n \n\n(2) Technology amortization expenses are classified in the statement of profit or loss under cost of sales expenses. Patents amortization expenses are classified in the statement of profit or loss under general and administrative expenses.\n\n \n\n \nb.\nFor the years ended December 31, 2025 and 2024, the criteria for recognition in intangible asset related to development have not been met and therefore all development costs have been recognized as an expense in profit or loss.\n\n \n\n  c. In May 2022, the Company entered into an Asset Purchase Agreement with Legacy Technologies GmbH (“Legacy”) a European cyber firm with an extensive EMEA distribution network of cyber solutions for major government and enterprise data centers. The acquired assets were mainly comprised of customer relationships of Legacy. The transaction was completed on July 5, 2022. The total consideration for the sale and transfer of the acquired assets was $10,000 thousand in cash and additional contingent consideration of up to $12,000 thousand in restricted share units (“RSUs”) of the Company, subject to completion of several milestones established in the agreement. Half of the cash consideration was paid at the contract closing and the other half  has not been settled and is past due in accordance with the contractual repayment terms. The RSUs were treated as a post-combination transaction. For more information, see Note 21.\n\n \n\nAs of December 31, 2025 and 2024, $5,430\nthousand and $5,244 thousand respectively, out of the remaining consideration liability are classified in the balance sheet under line-item\nCurrent maturities of other liabilities. \n\n  \n\n \nd.\nImpairment loss of goodwill and intangible assets with defined useful life\n\n \n\nFor annual impairment testing of goodwill\nand intangible assets with defined useful life the goodwill and other intangible assets of the Company were allocated to the two operating\nsegments which constitute the following three cash generating units (“CGUs”):\n\n \n\n \n●\nComsec Consulting\n\n \n\n \n●\nProfessional Services\n\n \n\n \n●\nProducts and Technology  \n\n \n\nThe goodwill of the Products\nand Technology CGU was fully impaired in 2024.\n\n \n\nOn January 27, 2025, the Company acquired\na technology asset from BlackSwan for a purchase price of $41.6 million. During the year ended December 31, 2025, based on management’s\nassessment of the recoverable amount of the asset, the Company recognized a full impairment reducing the carrying\namount of the technology asset to zero as of December 31, 2025.\n\n \n\nF-36\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 11** –\n**GOODWILL AND INTANGIBLE ASSETS, NET (Cont.)**\n\n \n\nAs of December 31, 2025, the carrying\namount of the goodwill and intangible assets which were allocated to the Professional Services CGU were as follows (in USD thousands):\n\n \n\n  \nProfessional\nServices  \nTotal \n\n  \n   \n  \n\nGoodwill \n 2,142  \n 2,142 \n\nCustomer relationship \n 827  \n 827 \n\nTotal \n 2,969  \n 2,969 \n\n \n\nThe Company performed its annual impairment\ntests on December 31, 2025 and 2024, respectively. The recoverable amount of each CGU was assessed using the income approach model.\n\n \n\nProducts and Technology\n\n \n\nAs of December 31, 2025, the recoverable amount of the Products and\nTechnology CGU were determined based on a value in use calculation using cash flow projection from financial budget approved by senior\nmanagement covering a five-year period. The discount rate applied to cash flow projection is 24.5% for Products and Technology CGU. Cash\nflows beyond the five-year period are extrapolated using a 3% growth rate. As a result of this analysis, the value in use of the Products\nand Technology CGU was determined to be lower than their carrying amounts. An impairment in the amount of $43,554 thousand was recognized\nin the Products and Technology CGU. The provision was recorded in impairment of goodwill and intangible assets expenses.\n\n \n\nProfessional Services\n\n \n\nAs of December 31, 2025, the recoverable\namount of the Professional Services CGU was determined based on a value in use calculation using cash flow projections from financial\nbudget approved by senior management covering a five-year period. The discount rate applied to cash flow projection is 20% for the Professional\nServices CGU. Cash flows beyond the five-year period are extrapolated using a 3% growth rate. As a result of this analysis, the value\nin use of the Professional Services CGU was determined to be higher than their carrying amounts. \n\n \n\nConsulting\n\n \n\nAs of December 31, 2025, the recoverable\namount of the consulting CGU was determined based on a value in use calculation using cash flow projections from financial budgets approved\nby senior management covering a five-year period. The discount rate applied to cash flow projection is 20% for the consulting CGU. Cash\nflows beyond the five-year period are extrapolated using a 3% growth rate for both CGUs. As a result of this analysis, the value in use\nof the consulting CGU was determined to be lower than their carrying amount. Accordingly, the Company recognized an impairment loss equal\nto the full carrying amount of $3,130 thousand of the related intangible asset, reducing its carrying amount to zero as of December 31,\n2025.\n\n \n\nKey assumptions\n\n \n\nThe calculation of value in use for\nall of the cash generating units is most sensitive to the following key assumptions:\n\n \n\n \n●\nDiscount rates\n\n \n\n \n●\nGrowth rate used for the forecast period and to extrapolate cash flows beyond the forecast period.\n\n \n\nDiscount rates − Discount rates\nrepresent the current market assessment of the risks specific to each cash-generating unit, taking into consideration the time value of\nmoney and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation\nis based on the specific circumstances of the Company and its operating segments and is derived from its weighted average cost of capital\n(WACC). The WACC takes into account both debt and equity.\n\n \n\nF-37\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 12 –**\n**DISCONTINUED OPERATIONS**\n\n \n\nIn November 2021, the Company completed\nthe acquisition of Comsec and its subsidiaries. During 2023, one of the subsidiaries, Comsec Distribution Ltd. (“Comsec Distribution”)\nhad financial, operational and commercials difficulties, cessation of sales starting July 2023, layoffs and departures of employees until\nthere were no employees in this subsidiary as of December 31, 2023.\n\n \n\nAs of December 31, 2023, based on the\nanalysis performed by the Company’s management, it has been determined that Comsec Distribution is considered an abandoned business\noperation in accordance with IFRS 5 and constitutes a component of the Company that represents a separate major line of business and therefore\nmeets the criteria for classification as a discontinued operation.\n\n \n\nPrior to the classification of Comsec\nDistribution as a discontinued operation, the recoverable amount of certain items of account receivables and inventory were estimated\nand an impairment loss in an amount of $431 thousand and $1,900 thousand, respectively were recognized in order to ascertain that the\ncarrying amount of the account receivables and inventory is not higher than their recoverable amount.\n\n \n\nBelow are data for the operating results\nattributed to the discontinued operation:\n\n \n\n  \nYear ended December 31, \n\n  \n2025  \n2024  \n2023 \n\n  \nUSD in thousands \n\nRevenues from sales \n \n-\n  \n \n-\n  \n 5,459 \n\nCost of sales \n \n-\n  \n \n-\n  \n (5,931)\n\nGross profit (loss) \n \n-\n  \n \n-\n  \n (472)\n\nSales and marketing expenses \n \n-\n  \n \n-\n  \n 351 \n\nGeneral and administrative expenses \n \n-\n  \n \n-\n  \n 851 \n\nOperating income (loss) \n \n-\n  \n \n-\n  \n (1,674)\n\nFinance expenses, net \n 1,741  \n 1,523  \n 356 \n\nIncome (loss) before taxes on income \n (1,741) \n (1,523) \n (2,030)\n\nTaxes on income \n \n-\n  \n 362  \n \n-\n \n\nIncome (loss) after taxes on income \n (1,741) \n (1,885) \n (2,030)\n\n \n\nBelow are data for the net cash flows\nprovided by (used in) the discontinued operation:\n\n \n\n  \nYear ended December 31, \n\n  \n2025  \n2024  \n2023 \n\n  \nUSD in thousands \n\n  \n   \n   \n  \n\nNet cash provided by discontinued operating activities \n 292  \n 995  \n 1,917 \n\nNet cash provided by (used in) discontinued investing activities \n \n-\n  \n \n-\n  \n (1,026)\n\nNet cash used in discontinued financing activities \n (292) \n (1,015) \n (1,375)\n\nTotal net cash provided by (used in) discontinued operation \n \n-\n  \n (20) \n (484)\n\n \n\nF-38\n\n \n\n** **\n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 13 –**\n**SHORT-TERM LOANS**\n\n \n\n  a. Composition:\n\n \n\n  \nDecember 31, \n\n  \n2025  \n2024 \n\n  \nUSD in thousands \n\nShort-term loans (1)-(18) \n 13,983  \n 13,534 \n\n  \n 13,983  \n 13,534 \n\n  \n\n(1)Debt Settlement and Breach of Terms (Comsec Group):\n\n \n\nOn December 19, 2024, Comsec entered\ninto a debt settlement agreement with Mizrahi Tefahot Bank (the “Settlement Agreement”). The Settlement Agreement consolidated\nvarious outstanding credit facilities into a single unified debt amounting to NIS 23,034 thousand (approximately $6,234 thousand). Pursuant\nto the settlement agreement, the parties agreed that the outstanding debt amount of NIS 23 million will be repaid over 24 months with\nquarterly installments, commencing on June 30, 2025. Interest will accrue at a rate of Prime (Bank of Israel intrabank plus 1.5%) plus\n3.25%.\n\n \n\nAs of December 31, 2025, the remaining\nprincipal amount is NIS 14,598 thousand ($4,576 thousand). As of December 31, 2025, the Group has not met the payment obligations or certain\nother conditions set forth in the Settlement Agreement. Although the agreement originally provided for a multi-year repayment schedule,\nthe breach of terms grants the lender the contractual right to demand immediate repayment of the entire outstanding balance.\n\n \n\nConsequently, in accordance with accounting\nstandards, the Group classified the entire balance of the consolidated loan as current liabilities in the Consolidated Statement of Financial\nPosition.\n\n \n\nThe following loans, which were outstanding\nprior to the settlement date, were incorporated into the consolidated debt facility:\n\n \n\n1.Loan (July 6, 2020): Originally NIS 5,000 thousand ($1,452 thousand), bearing interest of Prime + 1.5%.\n\n2.Loan (September 1, 2021): Originally NIS 980 thousand ($309 thousand), bearing interest of Prime + 1.5%.\n\n3.Loan (September 1, 2021): Originally NIS 6,000 thousand ($1,934 thousand), bearing interest of Prime +\n1.95%.\n\n4.On-call Loans: Aggregate principal amount of NIS 34,106 thousand, bearing interest of 8.1%.\n\n \n\nF-39\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 13 –**\n**SHORT-TERM LOANS (Cont.)**\n\n \n\n(2) Loan received in July 2024, by Aginix, a second-tier subsidiary, with an original principal amount of NIS 1,200 thousand ($334 thousand) and repayable in 12 installments from August 2024. The loan bears interest of 7%. During the year ended December 31, 2025, the loan was fully repaid.\n\n \n\n(3) Loan received in December 2024, by Aginix, a second-tier subsidiary, with an original principal amount of NIS 500 thousand ($137 thousand) and repayable in 12 installments from January 2025. The loan bears interest of 6.5%. During the year ended December 31, 2025, the loan was fully repaid.\n\n   \n\n(4) Loan received in April 2025, by Aginix, a second-tier subsidiary, with an original principal amount of NIS 300 thousand ($94 thousand) and repayable in 12 installments from May 2025. The loan bears interest of 7%. As of December 31, 2025, the remaining principal amount is $32 thousand.\n\n   \n\n(5) Loan received in April 2025, by Aginix, a second-tier subsidiary, with an original principal amount of NIS 450 thousand ($141 thousand) and repayable in 12 installments from May 2025. The loan bears interest of 7%. As of December 31, 2025, the remaining principal amount is $48 thousand.\n\n   \n\n(6) Loan received in May 2025, by Aginix, a second-tier subsidiary, with an original principal amount of NIS 163 thousand ($51 thousand) and repayable in 12 installments from June 2025. The loan bears interest of 7%. As of December 31, 2025, the remaining principal amount is $22 thousand.\n\n   \n\n(7) Loan received in May 2025, by Aginix, a second-tier subsidiary, with an original principal amount of NIS 840 thousand ($263 thousand) and repayable in 12 installments from June 2025. The loan bears interest of 7%. As of December 31, 2025, the remaining principal amount is $112 thousand.\n\n   \n\n(8) Loan received in July 2025, by Aginix, a second-tier subsidiary, with an original principal amount of NIS 190 thousand ($60 thousand) and repayable in 12 installments from August 2025. The loan bears interest of 7%. As of December 31, 2025, the remaining principal amount is $35 thousand.\n\n   \n\n(9) Loan received in August 2025, by Aginix, a second-tier subsidiary, with an original principal amount of NIS 260 thousand ($81 thousand) and repayable in 12 installments from September 2025. The loan bears interest of 7%. As of December 31, 2025, the remaining principal amount is $55 thousand.\n\n   \n\n(10) Loan received in October 2025, by Aginix, a second-tier subsidiary, with an original principal amount of NIS 300 thousand ($94 thousand) and repayable in 12 installments from November 2025. The loan bears interest of 7%. As of December 31, 2025, the remaining principal amount is $79 thousand.\n\n   \n\n(11) Loan received in December 2025, by Aginix, a second-tier subsidiary, with an original principal amount of NIS 300 thousand ($94 thousand) and repayable in 12 installments from January 2026. The loan bears interest of 6.75%. As of December 31, 2025, the remaining principal amount is $94 thousand.\n\n \n\nF-40\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 13 –**\n**SHORT-TERM LOANS (Cont.)**\n\n \n\n(12) On-call loans received by QPoint, in an aggregate principal amount of NIS 3,400 thousand ($1,066 thousand). The loan bears interest of Prime + 1.1%. As of December 31, 2025, the remaining principal amount is $1,066 thousand.\n\n \n\n(13) Loan received in February 2023, by the Company, in an aggregate principal amount of NIS 3,300 thousand ($900 thousand) and repayable in one installment in January 2026 in an amount of $1,000 thousand. The loan bears interest of 12%. As of December 31, 2025, the outstanding loan amount is $1,331 thousand (including interest of $238 thousand). The Company has not made the interest payments, therefore the loan is classified as a short-term loan.\n\n \n\n(14)\nLoan received from Dominion in February 2023, by the Company, in an aggregate principal amount of $2,500 thousand upon closing of the Business Combination (the “Secured Promissory Note”). The Secured Promissory Note bears interest at a rate of 10% per annum and is due on demand. Since the Company failed to meet the contractual terms of the Secured Promissory Note, it is required to pay Dominion and its affiliates an interest rate of 24% immediately. As of December 31, 2024 the remaining principal amount was $3,715 thousand.\n\n \n\nIn February 2025, the Company reached a settlement with Dominion, pursuant to which the outstanding principal balance of the loan and all accrued interest were settled in full. For more information, see Note 1g.\n\n   \n\n(15)\nIn November 2024, the Company received a loan from Claymore in the amount of $500 thousand. The loan accrued interest at the rate of 10% of the principal amount and the interest rate increases by 5% of the principal amount each week following December 15, 2024, until it is repaid. The loan was repayable upon the closing of the Company’s next financing. During the first half of 2025 the loan principal was fully repaid.\n\n   \n\n(16)\nOn April 29, 2025, the Company entered into\na Business Loan and Security Agreement (the “Agile Loan”) with Agile Capital Funding, LLC (as Collateral Agent), Agile Lending,\nLLC (as Lead Lender), and other lenders. The Agile Loan provided for a $2,000,000 term loan, including a $200,000 administrative agent\nfee, resulting in net proceeds of $1,800,000 to the Company. The total repayment amount, including interest and fees, was $2,980,000.\nThe loan matured 30 weeks from the effective date with weekly repayment scheduled throughout the term. Interest accrued from the effective\ndate until paid in full, with a default rate of 5% above the applicable rate upon an event of default. During the second half of 2025,\nthe Company entered into a settlement agreement with Agile, pursuant to which the outstanding loan was settled in consideration for the\nissuance of a financial instrument convertible into the Company’s shares. For more information, see Note 17(11)\n\n   \n\n(17)\nIn February 2025, the Company entered into a short-term loan agreement with PrivCap Funding, LLC for a principal amount of $175,000, with a total repayment obligation of $235,000. The loan included provisions for settlement through the issuance of ordinary shares in the event of non-repayment.\n\n \n\nIn August 2025, the Company entered into a settlement agreement with PrivCap pursuant to which the outstanding obligations were settled through the issuance of ordinary shares. On August 21, 2025, the Company issued 7 ordinary shares in full settlement of the loan, amounting to $275,000, and all related claims were released.\n\n \n\nF-41\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 13 –**\n**SHORT-TERM LOANS (Cont.)**\n\n \n\n(18)Following the merger with BST on January 27, 2025, BST had\ntwo outstanding loans.\n\n \n\n1.On August 9, 2022, BlackSwan received a loan from Yossi Lahav Consultants, with an original principal\namount of $1,500 thousand. The loan bears accrued fixed interest of $750 thousand. BlackSwan did not meet the repayment terms of this\nloan. On June 4, 2024, Yossi Lahav Consultants filed a claim against BlackSwan and others for failure to meet the repayment terms and\nfor related damages. For further details, see Note 22(6).\n\n \n\n2.On September 8, 2022, BlackSwan received a loan from A-Labs Consultants with an original principal amount\nof $200 thousand. The loan bears, bearing accrued interest of approximately 2.42%. As of the date of this Annual Report, this loan has\nnot yet been repaid.\n\n \n\nb.Financial covenants:\n\n \n\nAs\nof December 31, 2025, the balance of bank loans taken by Aginix was approximately NIS 1,526 thousand ($478 thousand). Aginix has\nmade undertaking to the lending bank to meet the following financial covenants: (1) its adjusted equity will not be lower than NIS 500\nthousand and (2) its ratio to balance sheet will not be lower than 10%. As of December 31, 2025, Aginix was in compliance with all financial\ncovenants required under its loan agreements.\n\n \n\n**NOTE 14 –**\n**TRADE PAYABLES**\n\n \n\n  \nDecember 31, \n\n  \n2025  \n2024 \n\n  \nUSD in thousands \n\nOpen debts \n 9,825  \n 7,969 \n\nChecks payable \n \n-\n  \n 231 \n\n  \n 9,825  \n 8,200 \n\n \n\nTrade payables\nare non-interest bearing.\n\n \n\nF-42\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 15 –**\n**OTHER ACCOUNTS PAYABLE**\n\n \n\n  \nDecember 31, \n\n  \n2025  \n2024 \n\n  \nUSD in thousands \n\nEmployees and payroll accruals \n 7,869  \n 4,543 \n\nAccrued vacation pay \n 1,926  \n 1,489 \n\nGovernment authorities \n 6,726  \n 6,028 \n\nAccrued expenses \n 10,308  \n 24,746 \n\nCurrent liability of government grants \n 240  \n 270 \n\nDeferred revenues \n 896  \n 680 \n\nLegal provision \n 11,722  \n \n-\n \n\nOther \n 3,481  \n 1,718 \n\n  \n 43,168  \n 39,474 \n\n  \n\n**NOTE 16 –**\n**LONG-TERM LIABILITIES**\n\n** **\n\n \n\nComposition of other long-term liabilities:\n\n** **\n\nGovernment grants:\n\n \n\nThe Company received grants from the\nGovernment of Israel for participation in research and development in return for the payment of royalties of 3.5% on sales of products\nresulting from the funded research and development up to 100% of the grants received.\n\n** **\n\nThe financial statements include the\nliability in the amount which management expects to repay the Israel Innovation Authority (“IIA”) within ten years, discounted\nat a rate of 11.5%.\n\n \n\nThe liabilities for government grants\nare linked to the USD-NIS exchange rate.\n\n \n\nF-43\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 16** –\n**LONG-TERM LIABILITIES (Cont.)**\n\n \n\nAs of December 31, 2025, total government\ngrants received by the Company were $557 thousand and no material amount was paid. No new grants were received during 2025.\n\n \n\nLiabilities for government grants:\n\n \n\n  \nEffective\n\ninterest rate  \nBalance  \nBalance\n\nless current\n\nmaturities \n\n  \n%  \nUSD in thousands \n\nLiabilities for government grants as of December 31, 2025 \n 11.5  \n 557  \n 269 \n\nLiabilities for government grants as of December 31, 2024 \n 11.5  \n 442  \n 173 \n\n \n\nGovernment grant balances:\n\n \n\n  \nDecember 31, \n\n  \n2025  \n2024 \n\n  \nUSD in thousands \n\nBalance as of January 1 \n 442  \n 412 \n\nGrants received during the year \n \n-\n  \n \n-\n \n\nLiability revaluation \n 115  \n 30 \n\nBalance as of December 31 \n 557  \n 442 \n\n \n\nPresented in the statement\nof financial position as follows:\n\n \n\n  \nDecember 31, \n\n  \n2025  \n2024 \n\n  \nUSD in thousands \n\nIn current liabilities \n 288  \n 270 \n\nIn non-current liabilities \n 269  \n 172 \n\n  \n$557  \n$442 \n\n  \n\nF-44\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 17 –**\n**FINANCIAL LIABILITIES**\n\n \n\na.\nThe maturity profile of lease liabilities and liabilities for government grants:\n\n** **\n\nAs of December\n31, 2025:\n\n** **\n\n  \nFirst\nyear  \nSecond\nyear  \nThird\nyear  \nFourth\nyear  \nFifth\nyear  \nSixth\nyear and\nonwards  \nTotal \n\n  \nUSD in thousands \n\nLease liabilities \n 1,156  \n 569  \n 139  \n \n-\n  \n \n-\n  \n \n-\n  \n 1,864 \n\nLiabilities for government\ngrants \n 288  \n 43  \n 39  \n 36  \n 32  \n 119  \n 557 \n\nTotal \n$1,444  \n$612  \n$178  \n$36  \n$32  \n$119  \n$2,421 \n\n** **\n\nb.Convertible loans\n\n \n\n1.*Shayna Loans*\n\n \n\nOn each of February 23, 2023, June 11, 2023 and July 7,\n2023, the Company entered into Convertible Loan Agreements (together the “Shayna Loan Agreements”) with Shayna LP, a\nCayman Islands company (“Shayna”), in the amounts of NIS 10 million (approximately $2.8 million), NIS 5 million\n(approximately $1.4 million) and NIS 1.85 million (approximately $500,000) respectively (each a “Shayna Loan” and,\ntogether, the “Shayna Loans”). The Shayna Loans were subsequently amended in 2024 pursuant to a series of agreements\nwith Shayna and Akina Holding Limited (“Akina”), which assigned most of Shayna’s rights to Akina and established\nnew conversion and warrant terms. All original interest, conversion, and warrant provisions under the Shayna Loan Agreements were\nsuperseded by the 2024 amendments.\n\n \n\nThe Shayna Loans were amended in March–May\n2024 through a series of agreements with Shayna and Akina. On March 31, 2024, the Company entered into the first amendment with Shayna\nand Akina, pursuant to which Shayna and Akina are entitled to convert the Shayna Loans into a total of 34 ordinary shares, based on an\nagreed USD/NIS exchange rate of NIS 3.65 and a conversion price of $135,000.00 per share. Under this amendment, Akina will receive 25\nordinary shares, while Shayna will receive 8 ordinary shares. Additionally, warrants have been issued for the purchase of the same number\nof ordinary shares at an exercise price of $135,000 per share, with Akina entitled to 25 ordinary shares and Shayna entitled to 8 ordinary\nshares. Furthermore, a customary clause limits the beneficial ownership of both Shayna and Akina to 4.99% of the Company’s outstanding\nordinary shares.\n\n \n\nOn April 18, 2024, the Company entered\ninto the second amendment with Shayna and Akina, pursuant to which if Akina defaults on its payment installments to Shayna, Shayna will\nhave the right to assume all of Akina’s conversion rights under the Shayna Loan Agreements.\n\n \n\nF-45\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 17 –**\n**FINANCIAL LIABILITIES (Cont.)**\n\n \n\nOn May 9, 2024, the Company entered\ninto the third amendment with Shayna and Akina, pursuant to which a cash payment of $1,150,800 for Shayna’s consulting services\nunder the Convertible Loan Agreements was converted into 8 ordinary shares of the Company, calculated at a price of $135,000 per share.\nAdditionally, Shayna was issued a warrant to purchase 8 ordinary shares of the Company at an exercise price of $120,000 per share, with\nan exercise period of six months.\n\n \n\nDuring 2024, Akina converted the loan\nunder the Convertible Loan Agreements into ordinary shares of the Company, pursuant to which conversions the Company issued 35 ordinary\nshares and exercised the warrant and purchased 29 ordinary shares of the Company at an exercise price of $135,000. In addition, Shayna\nexercised the warrant and purchased 8 ordinary shares of the Company at an exercise price of $120,000.\n\n \n\n2.*Alliance Global Partners*\n\n \n\nOn February 26, 2023, the Company entered\ninto two convertible notes agreements with Alliance Global Partners (“AGP”), the representative of the underwriters in RNER’s\nIPO and a stockholder of RNER, and another vendor involved in the Reverse Recapitalization (the “Vendor”). Pursuant to the\nconvertible notes’ agreements, AGP and the Vendor purchased an aggregate principal amount of $5,219 thousand and $349 thousand of convertible\nnotes, respectively. Each convertible note will bear interest at a rate of 6% per annum, has a maturity date of March 1, 2024, and will\nbe optionally convertible for Company ordinary shares, at any time prior to the convertible notes being paid in full.\n\n \n\nOn November 22, 2024, the Company and\nAGP entered into an amended and restated convertible note agreement (the “Amended Note”), which contemplates that AGP will\nconvert $250 thousand of the principal amount in each of seven 30-day periods, up to an aggregate amount of $1.8 million (but the first\nconversion can be in the amount of $320 thousand and final conversion $230 thousand). Upon each conversion, one-seventh of the excess\ndebt above $1,800 thousand will be cancelled. Upon conversion of the full $1.8 million, the Amended Note will be extinguished. If an aggregate\namount of $1.8 million is not converted by May 30, 2025, the terms of the Original Note will again apply, unless otherwise agreed by the\nparties. The Amended Note contains a conversion price equal to 93% of the prevailing market price, subject to a $ 60,000 floor. The floor\nprice may be adjusted downward after three months if the market price falls below the floor price and does not subsequently increase above\nthe floor price.\n\n \n\nDuring the year ended December 31,\n2023, the Company did not receive a conversion notice from AGP.\n\n \n\nDuring the year ended December 31, 2024,\nAGP converted an aggregate amount of $1,070 thousand. which was allocated to two parts: until November 2024, an aggregate amount of $500\nthousand which was converted into 4 ordinary shares, while the remaining amount of $570 thousand, which was subject to the November 2024\nAmended Note, converted into 8 ordinary shares. During January and February 2025, AGP converted an aggregated amount of $500 thousand\ninto 6 ordinary share.\n\n \n\nOn September 17, 2025, an accredited\ninvestor entered into a Note Purchase Agreement with AGP to purchase AGP’s note having a principal amount (plus accrued interest)\nof $2,248 thousand for a purchase price of $750 thousand.\n\n \n\nF-46\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 17 –**\n**FINANCIAL LIABILITIES (Cont.)**\n\n \n\n3.*2023-2024 Investment by Accredited Investors*\n\n \n\nBetween November 2023 and January 2024,\nthe Company entered into Securities Purchase Agreements (the “First 2023-2024 Accredited Investor SPAs”) providing for the\nsale by the Company to certain accredited investors (the “First 2023-2024 Accredited Investors”), in unregistered private\ntransactions, of convertible notes with an aggregate principal amount of $3,100 thousand (the “First 2023-2024 Accredited Investor\nNotes”), and warrants exercisable into one ordinary share for each ordinary share issuable to the Investors upon the conversion\nof the principal amount of the First 2023-2024 Accredited Investor Notes, assuming conversion on the respective issuance dates of the\nNotes (the “First 2023-2024 Accredited Investor Warrants”).\n\n \n\nThe aggregate principal amount of the\nFirst 2023-2024 Accredited Investor Notes was convertible into the Company’s ordinary shares at a rate of the lower of (i) $375,000\nand (ii) the product of 75% multiplied by the arithmetic average of the volume-weighted average price of the ordinary shares in the five\n(5) trading days prior to the date of conversion, provided that such conversion rate would not be lower than $225,000. The First 2023-2024\nAccredited Investor Notes did not bear interest and were repayable on the three-month anniversary of their issuance, subject to earlier\nconversion by the First 2023-2024 Accredited Investors. The First 2023-2024 Accredited Investors had the right to convert the First 2023-2024\nAccredited Investor Notes, in whole or in part, at any time following their issuance.\n\n \n\nThe First 2023-2024 Accredited Investor\nNotes were subsequently fully converted by the First 2023-2024 Accredited Investors.\n\n \n\nIn February 2025, the Company and the\nFirst 2023-2024 Accredited Investors agreed to amend the terms of the First 2023-2024 Accredited Investor SPAs and the First 2023-2024\nAccredited Investor Warrants. Pursuant to the amended terms, the exercise price of each of the First 2023-2024 Accredited Investor Warrants\nwas changed to a unified exercise price of $150,000 per share and the Company issued to the First 2023-2024 Accredited Investors additional\nwarrants exercisable into 11 ordinary shares at an exercise price of $150,000 per\nshare and 9 ordinary shares.\n\n \n\n4.*Second 2023-2024 Accredited Investor Financing Transaction*\n\n \n\nIn March 2024, the Company entered\ninto Securities Purchase Agreements (the “Second 2023-2024 Accredited Investor SPAs”) providing for the sale by the Company\nto certain accredited investors (the “Second 2023-2024 Accredited Investors” and together with the First 2023-2024 Accredited\nInvestors, the “2023-2024 Accredited Investors”), in unregistered private transactions, of convertible notes with an aggregate\nprincipal amount of $550,000 (the “Second 2023-2024 Accredited Investor Notes”), and warrants exercisable into 1 ordinary\nshare for each ordinary share issuable to the Investors upon the conversion of the principal amount of the Second 2023-2024 Accredited\nInvestor Notes, assuming conversion on the respective issuance dates of the Notes (the “Second 2023-2024 Accredited Investor Warrants”).\n\n \n\nThe aggregate principal amount of the\nSecond 2023-2024 Accredited Investor Notes is convertible into the Company’s ordinary shares at a rate equal to the arithmetic average\nof the volume-weighted average price of the ordinary shares in the five (5) trading days prior to the date of conversion, provided that\nsuch conversion rate would not be lower than $225,000. The Second 2023-2024 Accredited Investor Notes do not bear interest and are repayable\non March 14, 2027, subject to earlier conversion by the Second 2023-2024 Accredited Investors. The Second 2023-2024 Accredited Investors\nhave the right to convert the Second 2023-2024 Accredited Investor Notes, in whole or in part, at any time following their issuance.\n\n \n\nF-47\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 17 –**\n**FINANCIAL LIABILITIES (Cont.)**\n\n \n\nPursuant to the First 2023-2024 Accredited\nInvestor SPAs, the Company issued First 2023-2024 Accredited Investor Warrants which are exercisable into 1 ordinary share. The First\n2023-2024 Accredited Investor Warrants are exercisable until January 1, 2027, for an exercise price equal to the closing price of the\nordinary shares as of the respective issuance dates of the First 2023-2024 Accredited Investor Warrants and have a weighted average exercise\nprice of $3,495,000. Pursuant to the Second 2023-2024 Accredited Investor SPAs, we issued Second 2023-2024 Accredited Investor Warrants\nwhich were exercisable into 1 ordinary share. The Second 2023-2024 Accredited Investor Warrants were exercisable until September 14, 2025,\nfor an exercise price of $225,000. The exercise of the 2023-2024 Accredited Investor Warrants will be limited to the extent that, upon\ntheir exercise, a 2023-2024 Accredited Investor and its affiliates would in the aggregate beneficially own more than 4.99% of our ordinary\nshares.\n\n \n\nIn February 2025, the Company and the\nFirst 2023-2024 Accredited Investors agreed to amend the terms of the First 2023-2024 Accredited Investor SPAs and the First 2023-2024\nAccredited Investor Warrants. Pursuant to the amended terms, the exercise price of each of the First 2023-2024 Accredited Investor Warrants\nwas changed to a unified exercise price of $150,000 per share and the Company also issued an additional warrant exercisable into 11 ordinary\nshares at an exercise price of $150,000 per share. In addition, the Company issued\n9 ordinary shares to the First 2023-2024 Accredited Investors.\n\n \n\nIn addition, in February 2025, the\nCompany and the Second 2023-2024 Accredited Investors agreed to amend the terms of the Second 2023-2024 Accredited Investor SPAs, the\nSecond 2023-2024 Accredited Investor Notes and the Second 2023-2024 Accredited Investor Warrants. Pursuant to the amended terms, the exercise\nprice of each of the First 2023-2024 Accredited Investor Warrants was changed to a unified exercise price of $172,500 per share, and the\nCompany issued to the Second 2023-2024 Accredited Investors additional warrants exercisable into 11 ordinary shares at\nan exercise price of $150,000 per share, and the conversion price of each of the Second 2023-2024 Accredited Investor Notes\nwas changed to a unified conversion price of $171,300 per share.\n\n \n\nThe Second 2023-2024 Accredited Investors\nwere subsequently fully converted by the Second 2023-2024 Accredited Investors.\n\n \n\n5.*March-November 2024 Financing and Restructure*\n\n \n\nIn March-November 2024, the Company\nsold to an accredited investor (the “March-November 2024 Investor”), in a series of unregistered private transactions, notes\n(the “March-November 2024 Notes”) with an aggregate principal amount of $11,000 thousand, and warrants (the “March-November\n2024 Warrants”) pursuant to a Securities Purchase Agreement entered into with the March-November 2024 Investor (the “March-November\n2024 Purchase Agreement”). The Company’s acquisition of QPoint’s shares that were not held by the Company to complete\nownership of 100% of QPoint shares was partially funded by proceeds the Company received pursuant to the March-November 2024 Purchase\nAgreement.\n\n \n\nF-48\n\n \n\n** **\n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 17 –**\n**FINANCIAL LIABILITIES (Cont.)**\n\n \n\nThe loan amount under the March-November\n2024 Notes was repayable by the Company on (a) November 29, 2024 with respect to $1,000 thousand of the principal amount and (b) with\nrespect to the remaining $10,000 thousand, the earlier of (i) August 10, 2024 with respect to $4,000 thousand of the principal amount\nand September 24, 2024 with respect to $6,000 thousand of the principal amount, or (ii) five (5) business days following\nthe closing of a financing in the Company of at least $25,000 thousand. The principal amount under the March-November 2024 Notes carries\na variable interest rate based on the date of repayment as follows: (a) with respect to $8,000 thousand of the principal amount, (i) for\nthe principal amount repaid on or prior to May 12, 2024, 7%, (ii) for the principal amount repaid following May 12, 2024 and on or prior\nto June 12, 2024, a rate between 7% and 8.5% of such principal amount computed by adding to 7% the result obtained by multiplying 1.5\nby the quotient of the number of days elapsed in such period until (and including) the repayment date divided by the number of days in\nsuch period, and (iii) for the principal amount repaid following June 12, 2024, 8.5% of such principal amount plus 15% per annum, on the\nbasis of the actual number of days elapsed commencing from the date following June 12, 2024 and ending on the repayment date; (b) with\nrespect to $2,000 thousand of the principal amount, (i) for the principal amount repaid on or prior to September 24, 2024, 10%, and (ii)\nfor the principal amount repaid following September 24, 2024, 10% of such principal amount plus 15% per annum, on the basis of the actual\nnumber of days elapsed commencing from the date following September 24, 2024 and ending on the repayment date; and (c) with respect to\n$2,000 thousand of the principal amount, (i) for the principal amount repaid on or prior to November 29, 2024, 8.5% of such principal\namount, and (ii) for the principal amount repaid following November 29, 2024, 8.5% of such principal amount plus 15% per annum, on the\nbasis of the actual number of days elapsed commencing from the date following November 29, 2024 and ending on the repayment date.\n\n \n\nIf the March-November 2024 Notes are\nnot repaid prior to the applicable maturity date, the March-November 2024 Investor may convert the applicable portion of the outstanding\nloan amount into the Company’s ordinary shares at a rate equal to the arithmetic average of the closing price of the ordinary shares\nin the five (5) trading days prior to the date of conversion, provided that such conversion rate shall not be lower than $75,000. The\nloan amount is secured by a pledge on the shares of the QPoint group. Additionally, for so long as the loan amount under the March-November\n2024 Notes is outstanding, the Company has undertaken to cause the QPoint group to adopt a dividend policy and designate dividend proceeds\nfor the repayment of the loan amount.\n\n \n\nThe March-November 2024 Warrants issued under the March-November 2024\nPurchase Agreement were exercisable as follows: (i) March-November 2024 Warrants exercisable into 29 ordinary shares were exercisable\nat an exercise price equal to $105,000 per share until March 12, 2027, (ii) March-November 2024 Warrants exercisable into 7 ordinary shares\nwere exercisable at an exercise price equal to $75,000 per share until April 3, 2027, (iii) March-November 2024 Warrants exercisable into\n13 ordinary shares were exercisable at an exercise price equal to $105,000 per share until June 26, 2027, (iv) March-November 2024 Warrants\nexercisable into 1 ordinary shares were exercisable at an exercise price equal to $75,000 per share until June 26, 2027, and (v) March-November\n2024 Warrants exercisable into 10 ordinary shares were exercisable at an exercise price equal to $82,500 per share until June 26, 2027.\n\n \n\nThe conversion of the March-November\n2024 Notes and the exercise of the March-November 2024 Warrants will be limited to the extent that, upon the conversion or exercise, the\nMarch-November 2024 Investor and its affiliates would in aggregate beneficially own more than 4.99% of the ordinary shares.\n\n \n\nOn February 17, 2025, the Company\nand the March-November 2024 Investor agreed to amend the terms of the March-November 2024 Notes and the March-November 2024 Warrants.\nPursuant to the amended terms, the maturity date of each of the March-November 2024 Notes, having an aggregate principal amount of $11\nmillion (plus accrued interest), was extended to August 16, 2025. Additionally, per the amendment terms, in the event the notes are not\npaid or converted in full by April 1, 2025, from and after April 1, 2025, the current interest rate of the notes will increase from 15%\nper annum to 20% per annum.\n\n** **\n\nF-49\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 17 –**\n**FINANCIAL LIABILITIES (Cont.)**\n\n \n\nPursuant to the amendment, the exercise\nprice of each of the March-November 2024 Warrants was changed to a unified exercise price of NIS 266,550 (being the NIS equivalent of\n$75,000 per share based on the last published exchange rate published by the Bank of Israel on the date of the amendment) and the term\nof the March-November 2024 Warrants was extended to a unified end date of February 17, 2030. The Company also issued to the March-November\n2024 Investor an additional warrant exercisable into 13 ordinary shares at an exercise price\nof $75,000 per share and a pre-funded warrant exercisable into 66 ordinary shares, in each case until February 17, 2030, and\nin each, the exercise of the new warrants will\nbe limited to the extent that, upon the exercise of the new warrants, the March-November 2024 Investor would\nnot beneficially own more than 4.99% of our outstanding ordinary shares.\n\n \n\nAdditionally, pursuant to the amended\nterms, the March-November 2024 Investor agreed to sell all or a signification portion of the notes to a third party who will convert the\nnotes and attempt to sell the resulting conversion shares. The March-November 2024 Investor agreed by no later than April 2, 2025, to\ninform the Company in writing of the amount of proceeds the March-November 2024 Investor irrevocably received from the sale of such conversion\nshares by the third party, in which case the Company shall be deemed to have repaid the principal and accrued interest under the converted\nnotes in the amount equal to the sale proceeds. In the event that the sale proceeds are lower than the aggregate principal and accrued\ninterest under the converted notes thereon, the Company agreed to issue to the March-November 2024 Investor a convertible note in the\nprincipal amount equal to such shortfall amount (and if the sale proceeds (and any repayments from the Company) are less than $6.5 million,\nalso the interest that would have accrued on the converted notes in accordance with their terms had they not been converted).\n\n \n\nThe new note would have an interest\nrate of 20% per annum, commencing retroactively from the date of conversion of the converted notes, and a maturity date of August 16,\n2025, and otherwise the same terms and conditions as the converted notes. In the event that, at April 2, 2025, the March-November 2024\nInvestor holds unsold conversion shares, then warrants held by the March-November 2024 Investor will be exercised for an equivalent number\nof ordinary shares pursuant to the terms thereof and such conversion shares will be deemed to be issued pursuant to such exercise in lieu\nof the issuance of new ordinary shares.\n\n \n\nOn August 16, 2025, the Company entered\ninto a Fifth Amendment to the Securities Purchase Agreement with the March-November 2024 Investor that: (i) extended the maturity date\nof all convertible notes of the Company in the aggregate principal amount of $11,000,000 for an additional six months from August 16,\n2025 to February 16, 2026; (ii) implemented compound interest, whereby interest now accrues on previously accrued interest commencing\nfrom the amendment date; and (iii) facilitated the introduction of Seven Knots, LLC, which has undertaken to purchase the convertible\nnotes from the March-November 2024 Investor, pursuant to a separate note purchase and assignment agreement dated August 20, 2025. The\namendment maintains all other existing terms and conditions of the notes, including the Company’s obligation to repay the principal\namount plus all accrued interest.\n\n \n\nThe debt restructuring of the June 2025\nloan was treated as extinguishment as of the August 2025 transition date, resulting in finance expenses of $12,291,435.\n\n \n\nF-50\n\n \n\n** **\n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 17 –**\n**FINANCIAL LIABILITIES (Cont.)**\n\n \n\nOn August 20, 2025, the March-November\n2024 Investor entered into a Note Purchase and Assignment Agreement with Seven Knots, LLC for the sale of all outstanding convertible\nnotes for a purchase price of $14,054,165, representing the principal amount plus accrued interest through August 31, 2025, with adjustments\nfor additional interest thereafter. Seven Knots is required to purchase at least $6,000,000 of the notes within 60 days and the remaining\nbalance within 90 days from the agreement date. If Seven Knots fails to meet these payment milestones,\nthe Fifth Amendment automatically terminates. On August 18, 2025, prior to the purchase agreement, the March-November 2024 Investor converted\n$1,500,000 of the June 26, 2024 note at a conversion price of $45,000 per share, resulting in the issuance of 33 ordinary shares directly\nto Seven Knots, LLC. This conversion amount counts toward the initial $6,000,000 purchase requirement. Once Seven Knots completes the\nfull purchase, the Company’s repayment obligations to the March-November 2024 Investor will be considered fully satisfied; however,\nthese milestones were not met in full and therefore the Fifth Amendment automatically terminated, putting us in breach of the March-November\n2024 Notes.\n\n \n\nTo compensate Seven Knots for its undertakings\nto Mr. Gottdiener in the note purchase and assignment agreement, we issued to the purchaser a convertible note in the principal amount\nof $1,500,000. The note bears no interest and matures on August 20, 2026 by way of conversion into ordinary shares. The note is also convertible,\nin whole or in part, at the option of the holder at any time. The conversion price is the lower of (i) $45,000and (ii) 95% of the lowest\nVWAP of the Ordinary Shares during the five consecutive trading day period ending and including the Trading Day immediately preceding\nthe delivery or deemed delivery of the applicable Conversion Notice, subject to the Nasdaq floor price. The holder is also entitled to\nredeem all or portion of the note in cash from the holder’s pro rata portion of 33% of the proceeds received by the Company pursuant to\nan equity line of credit or at-the-market offering, at a price of 110% of the amount being redeemed. The holder is subject to a beneficial\nownership limitation of 4.99%.\n\n \n\nOn September 17, 2025, the Company\nentered into a Master Exchange Agreement (the “Exchange Agreement”) with the Exchange Accredited Investor, which undertook\nin August 2025 to purchase the convertible notes issued to the March-November 2024 Investor. On the same date, the Exchange Accredited\nInvestor entered into a Note Purchase Agreement with AGP to purchase AGP’s note having a principal amount (plus accrued interest)\nof $2,248 thousand for a purchase price of $750 thousand. Pursuant to the Exchange Agreement, the Exchange Accredited Investor has the\nright to exchange all or a portion of its notes for new notes, which have substantially the same terms and conditions as the Amended Notes.\nAfter giving effect to applicable original issue discount, under the terms of the Exchange Agreement, up to $16,420 thousand aggregate\nprincipal amount of outstanding notes are exchangeable for up to $19,840 thousand aggregate principal amount of new notes under the Exchange\nAgreement. Astor has an option to purchase from the Exchange Accredited Investor, up to one-half of the new notes issued pursuant to the\nExchange Agreement and Keystone has an option to purchase from the Exchange Accredited Investor, up to 25% of the new notes issued pursuant\nto the Exchange Agreement.\n\n \n\nThe note bears no interest and matures\non the second anniversary from the issuance of each note. The note is also convertible, in whole or in part, at the option of the holder\nat any time. The conversion price of (i) $43,200 or (ii) 90% (or 80% in case of default) of the lowest VWAP of the Ordinary Shares during\nthe twenty consecutive trading day period ending and including the trading day immediately preceding the delivery or deemed delivery of\nthe applicable conversion notice, subject to the Nasdaq floor price. The holder is subject to a beneficial ownership limitation of 4.99%.\n\n \n\nAs of December 31, 2025, notes in the\naggregate principal amount of $9,004 thousand have been exchanged under the Exchange Agreement for Amended Notes in the aggregate principal\namount of $11,063 thousand.\n\n \n\nAs of December 31, 2025, a total amount\nof $6,662,682 was converted into 361 ordinary shares.\n\n \n\nF-51\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 17 –**\n**FINANCIAL LIABILITIES (Cont.)**\n\n \n\nOn June 4, 2026, the Company and the\nMarch-November 2024 Investor entered into a Sixth Amendment to the Securities Purchase Agreement. For more information, see Note 28.\n\n \n\n6.*J.J. Astor Financing*\n\n \n\nIn December 2024, the Company entered\ninto a Loan Agreement with J.J. Astor & Co. (“Astor”) pursuant to which Astor agreed to loan the Company $2,200 thousand\nin consideration for a promissory note in the principal amount of $2,750 thousand (the “December 2024 Convertible Note”).\nAfter fees and expenses, the net proceeds of the loan were $2,087 thousand. The December 2024 Convertible Note is payable in 40 weekly\ninstallments of $68,750 each in cash or registered ordinary shares, at the Company’s election. The December 2024 Convertible Note\nwill not accrue interest (unless there is an event of default).\n\n \n\nThe Company is entitled to prepay the\nDecember 2024 Convertible Note at any time, with declining discounts for prepayment within 30, 60 or 90 days. Upon an event of default,\nthe outstanding principal amount will increase to 110% of the outstanding principal amount, plus interest thereon at the rate of 16% per\nannum. The December 2024 Convertible Note will be convertible by Astor following an event of default.\n\n \n\nThe conversion price of the December\n2024 Convertible Note is 80% of the average of the four lowest VWAP prices for the 20 trading days prior to conversion but not lower than\nthe 20% of the average of the four lowest VWAP prices for the 20 trading days prior to the closing date. To the extent that the conversion\nprice is lower than such minimum price, the Company will be required to pay a make-whole payment.\n\n \n\nOne-half of the net proceeds of the\namount the Company raises in any subsequent equity financing of less than $5 million will be required to be used to prepay the December\n2024 Convertible Note, and all of larger equity financings will be required to be used to prepay the December 2024 Convertible Note.\n\n \n\nThe Company agreed to issue to Astor\na five-year warrant to purchase 8 ordinary shares at an exercise price of $127,500 per share (the “December 2024 Warrant”),\nsubject to adjustment in certain circumstances, including dilutive issuances. The Company undertook to register the shares issuable upon\nconversion of the December 2024 Convertible Note and upon exercise of December 2024 Warrant on our registration statement on Form F-1.\nIf there is no such registration statement in effect, the holder of the December 2024 Warrant will be entitled to exercise on a cashless\nbasis. On January 13, 2025, Astor assigned the December 2024 Warrant to Wolverine Flagship Fund Trading Limited, which now holds the rights\nunder the December 2024 Warrant. The December 2024 Convertible Note and December 2024 Warrant are subject to\na limitation that prohibits ownership of more than 4.99% our outstanding share capital at any time.\n\n \n\nF-52\n\n \n\n** **\n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 17 –**\n**FINANCIAL LIABILITIES (Cont.)**\n\n \n\nEach of the Company’s subsidiaries\nagreed to guarantee the December 2024 Convertible Note and the Company and each of its subsidiaries agreed to grant a subordinated pledge\nover its assets to secure the December 2024 Convertible Note, each to become effective following an event of default and receipt of consent\nfrom our senior lenders. Failure to obtain such consents will be deemed an event of default under the December 2024 Convertible Note.\n\n \n\nOn May 28, 2025, the Company amended\nthe Loan Agreement with Astor to add an additional loan in the amount of $1,560 thousand, which was evidenced by a $1,854 thousand convertible\npromissory note payable in 40 weekly installments of $46 thousand each (the “May 2025 Convertible Note”). After fees and expenses,\nthe net proceeds of this loan were approximately $1,478 thousand. The Company agreed that Astor would hold back $927 thousand from the\nproceeds to ensure the payment of weekly installments. The May 2025 Convertible Note matures on March 30, 2026, and has terms substantially\nsimilar to the December 2024 Convertible Note. The Company also issued to Astor a warrant to purchase 42 ordinary shares at $37,500 per\nshare on terms substantially similar to the December 2024 Warrant. On July 16, 2025, Astor assigned the warrant to Wolverine Flagship\nFund Trading Limited, which now holds the rights thereunder.\n\n \n\nIn connection with the issuance of\nthe May 2025 Convertible Note, Astor agreed to waive the default under the December 2024 Convertible Note caused by the Company’s\nfailure to pay some of the weekly installments. As a result of the default, the principal amount under the December 2024 Convertible Note\nwas increased by 10%, the interest rate during the period in which the default was continuing was increased to 16% per year, compounded\nmonthly, and the December 2024 Convertible Note became convertible at the option of the holder thereof.\n\n \n\nAs of the date of this Annual Report,\nthe Company has paid an aggregated amount of $840,000 and Astor has converted the principal amount of $2,165,497 of the December 2024\nConvertible Note into the Company’s ordinary shares, pursuant to which conversions the Company has issued 98 ordinary shares.\n\n \n\n7.*Claymore Capital Financings*\n\n \n\nIn August 2024, the Company entered\ninto Securities Purchase Agreements with multiple private investors to raise gross proceeds of approximately $3.3 million in exchange\nfor the issuance of convertible notes (the “August 2024 Notes”) with an aggregate principal amount of approximately $4,000\nthousand and warrants to acquire an aggregate of approximately 313 ordinary shares of the Company. The August 2024 Notes are unsecured,\nhave a term of two years and do not accrue interest. They are convertible into ordinary shares of the Company at any time at the option\nof the holder of each note at a price equal to the lower of $105,000.00 or the price per share of which the Company sells shares to a\nthird party, but in no event less than $75,000. The August 2024 Warrants are exercisable for a period of three years at an exercise price\nof $150,000 per share. Claymore Capital PTY Ltd. (“Claymore”) served as the placement agent for this transaction and received\na fee of approximately $233 thousand in cash and a warrant to purchase approximately 7 ordinary shares of the Company on terms substantially\nsimilar to the terms of the August 2024 Warrants. The Company entered into a consulting agreement with the placement agent for an initial\nperiod of three months, during which the placement agent was paid a fee of $15,000 per month.\n\n \n\nF-53\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 17 –**\n**FINANCIAL LIABILITIES (Cont.)**\n\n \n\nIn August 2024,\nClaymore agreed to extend a loan to the Company in the amount of $500 thousand with interest at the rate of 10% of the principal amount\nuntil it was subsequently repaid in August 2024. In November 2024, Claymore agreed to extend a loan of an additional $200 thousand with\ninterest at the cumulative rate of 20% of the principal amount until it was subsequently repaid in December 2024. In November 2024, Claymore\nagreed to extend a loan of an additional $500,000 at the cumulative rate of 45% of the principal amount until it was subsequently repaid\nin February 2025.\n\n \n\nIn November and December 2024, Claymore\nand investors introduced by Claymore made follow-on investments on the terms of the August 2024 financing in the aggregate amount of $1,150,000\nin exchange for convertible notes with an aggregate principal amount of $1,391,500 and warrants to purchase an aggregate of 10 ordinary\nshares. The convertible notes are unsecured, have a term of two years and do not accrue interest. They are convertible into ordinary shares\nof the Company at any time at the option of the holder of each note at a price of $150,000. The warrants to purchase an aggregate of 10\nordinary shares are exercisable for a period of three years at an exercise price of $107,145 per share. Claymore’s placement fees\nfor the foregoing follow-on investments amounted to $77,000 in cash, 7 ordinary shares and a warrant to purchase 2 ordinary shares on\nthe same terms of the investors’ warrants. The Company extended the consulting agreement with the placement agent for a period of\n12 months, during which the placement agent will be paid a fee of $15,000 per month.\n\n \n\nIn December 2024, Claymore and investors\nintroduced by Claymore loaned us an aggregate of $1,262,500 in exchange for notes with an aggregate principal amount of $1,402,778 and\nwarrants to purchase an aggregate of 8 ordinary shares. The notes are unsecured, and do not accrue interest. However, in the event that\nthe note has not been repaid by the maturity date, interest will accrue at a rate of 5% per month. The notes are repayable at the earlier\nof (i) the six-month anniversary of the issuance of the note or (ii) five business days following the closing of a financing of at least\n$10,000,000 or the sale of our QPoint subsidiary. If the notes are not repaid by the maturity date, they will be convertible at a conversion\nprice of $75,000. The notes provide that if the notes are not repaid by March 31, 2025, the holders thereof will be entitled to receive\ncollateral to secure the notes. The warrants to purchase an aggregate of 8 ordinary shares are exercisable for a period of three years\nat an exercise price of $75,000 per share. Claymore’s placement fees for the foregoing loan amounted to $77,875 in cash, and a warrant\nto purchase 8 ordinary shares on the same terms of the investors’ warrants.\n\n \n\nIn January and February\n2025, Claymore and investors introduced by Claymore made follow-on investments on the terms of the August 2024 financing in the aggregate\namount of $1,467,000 in exchange for convertible notes with an aggregate principal amount of $1,775,070 and warrants to purchase an aggregate\nof 13 ordinary shares.\n\n \n\nThe convertible notes are unsecured,\nhave a term of two years and do not accrue interest. They are convertible into ordinary shares of the Company at any time at the option\nof the holder of each note at a price of $75,000. The warrants to purchase an aggregate of 13 ordinary shares are exercisable for a period\nof three years at an exercise price of $107,145 per share. Claymore’s placement fees for the foregoing follow-on investments amounted\nto $102,690 in cash, 9 ordinary shares and a warrant to purchase 3 ordinary shares on the same terms of the investors’ warrants.\n\n \n\nIn February 2025, Claymore agreed to\nextend a loan to the Company in the amount of $255,000 with interest at the rate of 19% of the principal amount and a maturity date of\nApril 18, 2025. Claymore received pre-funded warrants to purchase 1 ordinary share as fees for the foregoing loan. Claymore agreed to\nextend the repayment of the loan until May 18, 2025, in exchange for an additional pre-funded warrant to purchase 1 ordinary share.\n\n \n\nF-54\n\n \n\n** **\n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 17 –**\n**FINANCIAL LIABILITIES (Cont.)**\n\n \n\nIn March 2025, Claymore investors agreed\nto extend a loan to the Company with a principal amount of $200,000 and a face value of $300,000 until it was subsequently repaid in March\n2025. Claymore received pre-funded warrant to purchase 1 ordinary share as fees for the foregoing loan.\n\n \n\nIn April 2025, Claymore made follow-on investments on the terms of\nthe August 2024 financing in the aggregate amount of $928,000 in exchange for convertible notes with an aggregate principal amount of\n$1,122,880 and warrants to purchase an aggregate of 8 ordinary shares. The convertible notes are unsecured, have a term of two years and\ndo not accrue interest. They are convertible into ordinary shares of the Company at any time at the option of the holder of each note\nat a price of $105,000, subject to adjustment in certain circumstances, including dilutive issuances, but no lower than $75,000. The warrants\nto purchase an aggregate of 8 ordinary shares are exercisable for a period of three years at an exercise price of $150,000 per share.\nIn the event that the conversion price of the note is reduced, the exercise price of the warrant will be reduced proportionately. Claymore’s\nplacement fees for the foregoing follow-on investments amounted to $64,960 in cash, pre-funded warrant to purchase 22 ordinary shares\nand a warrant to purchase 6 ordinary shares on the same terms of the investors’ warrants. The Company extended the consulting agreement\nwith the placement agent for an additional period of 12 months, until October 31, 2026, during which the placement agent will be paid\na fee of $20,000 per month.\n\n \n\nIn June 2025, we issued to Claymore\na convertible note with a principal amount of $2,760,000 and a pre-funded warrant to purchase an aggregate of 20 ordinary shares in consideration\nfor investments in multiple installments in the aggregate amount of $2,400,000. The convertible note is unsecured, has a term of five\nyears, does not accrue interest and is not prepayable without consent of the holder. It is convertible into ordinary shares of the Company\nat any time at the option of the holder at a price of $45,000, subject to adjustment in certain circumstances, including dilutive issuances.\nIn case of a default, the holder of the note will be entitled to receive collateral in the amount of the outstanding principal amount.\n\n \n\nIn July 2025, we issued a convertible\nnote to an investor introduced by Claymore, with a principal amount of $1,150,000 in consideration for an investment of $1,000,000, on\nterms substantially similar to the note issued to Claymore in June 2025 described above. Claymore received pre-funded warrants to purchase\n13 ordinary shares as fees for the foregoing loan.\n\n \n\nIn August 2025, we issued to Claymore\na convertible note with a principal amount of $575,000 and a pre-funded warrant to purchase an aggregate of 6 ordinary shares in consideration\nof an agreement to invest an aggregate amount of $500,000. The convertible note is unsecured, has a term of five years, does not accrue\ninterest and is not prepayable without consent of the holder. It is convertible into ordinary shares of the Company at any time at the\noption of the holder at a price of $45,000, subject to adjustment in certain circumstances, including dilutive issuances. In case of a\ndefault, the holder of the note will be entitled to receive collateral in the amount of the outstanding principal amount.\n\n \n\nThe conversion of the notes and warrants\nissued in the foregoing financings are limited to the extent that, upon conversion or exercise, the holder and its affiliates would in\nthe aggregate beneficially own more than 4.99% of the Company’s outstanding ordinary shares. The Company has undertaken to register\nthe resale of the ordinary shares underlying such notes and warrants on a registration statement with the SEC.\n\n \n\nF-55\n\n \n\n** **\n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 17 –**\n**FINANCIAL LIABILITIES (Cont.)**\n\n \n\nAs of the date of this Annual Report,\nClaymore and several investors introduced by Claymore, converted an aggregate principal amount of $10.8 million of the notes issued to\nthem into our ordinary shares, pursuant to which conversions we have issued 280 ordinary shares.\n\n \n\nAdditionally, in July 2025 and August\n2025, we entered into subscription agreements with an investor, Oozi Cats, whose investment was arranged by Claymore, for the purchase\nof an aggregate of 32 ordinary shares at $45,000 per share, for total proceeds of $1.5 million. Specifically, 16 shares were purchased\nin July 2025 for $750,000 and 16 shares were purchased in August 2025 for $750,000. Mr. Cats is subject to a 5% beneficial ownership limitation.\nConcurrently with these investments, we issued pre-funded warrants to Claymore to purchase an aggregate of 37 ordinary shares (18 ordinary\nshares in July 2025 and 18 ordinary shares in August 2025). Both pre-funded warrant series expire five years from their respective issuance\ndates (or upon an exit transaction if earlier) and are subject to a 4.99% beneficial ownership limitation.\n\n \n\nAs of December 31, 2025, the accredited\ninvestor introduced by Claymore converted the principal amount of $500 thousand of the notes issued to him into ordinary shares, pursuant\nto which conversions the Company issued 33 ordinary shares. In addition, Claymore has exercised its prefunded warrants into 13 ordinary\nshares.\n\n \n\nIn August 2025, the Company issued\nClaymore a convertible note with a principal amount of $575 thousand and a prefunded warrant to purchase 6 ordinary shares in consideration\nfor $500 thousand. The convertible note is unsecured, has a term of five years, does not accrue interest and is not prepayable without\nconsent of the holder. It is convertible into ordinary shares of the Company at any time at the option of the holder at a price of $45,000\nper share, subject to adjustment in certain circumstances, including dilutive issuances. In case of a default, the holder of the note\nwill be entitled to receive collateral in aggregated amount equal to the outstanding principal amount.\n\n \n\nAs of December 31, 2025, Claymore exercised\nprefunded warrants into 6 ordinary shares.\n\n \n\nIn November 2025, the Company issued\nto Claymore 100 prefunded warrants in exchange for the cancellation of prior agreements with the Company regarding marketing services\nand a price adjustment to the convertible note issued to Claymore.\n\n \n\nIn November 2025, the Company entered\ninto an amendment of a March 2025 loan with Claymore Capital and two investors who were introduced by Claymore, with respect to the March\n2025 loan provided by the two investors. Pursuant to the amendment, the $140,000 loan was repaid through the issuance of 9 ordinary shares\nto the lenders.\n\n \n\nThe loans described above include conversion\noptions. According to IAS 32, the conversion options are classified as financial liability, as the conversion rate does not comply with\nthe fixed-to-fixed requirements since the conversion ratio to ordinary share is not fixed and depends on the share price of the Company.\n\n \n\nThe instrument as a whole constitutes\na hybrid contract that include non-derivative host contract (“the loan”) and embedded derivative (the conversion option).\n\n \n\nF-56\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 17 –**\n**FINANCIAL LIABILITIES (Cont.)**\n\n \n\n8.*Julestar Financing*\n\n \n\nOn February 4, 2025, the Company entered\ninto a Loan Agreement with Julestar LLC, a New York limited liability company (“Julestar”), pursuant to which Julestar loaned\nthe Company $2,650 thousand in consideration for a promissory note in the principal amount of $3,118 thousand (the “Julestar Note”).\nThe principal amount, and interest thereon, was required to be repaid in 40 weekly installments over the 10-month term of the loan. The\nJulestar Note accrued interest at a rate of 10% per annum. To secure the repayment of the Julestar Note, the Company undertook to grant\na subordinated pledge over the shares of certain of its subsidiaries, subject to the consent of a senior lender within 60 days, however\nthis consent was not obtained.\n\n \n\nThe Loan Agreement included the issuance\nof five-year warrants to purchase 35 ordinary shares, subject to downward adjustment in the number of underlying shares in the event of\nearly repayment of the Note in full or upward adjustment in the event the Julestar Note is not repaid in full within 90 days of the issuance\ndate. The exercise price of the warrants is $75,000 per share, subject to adjustment in certain circumstances, including dilutive issuances.\nThe warrants are subject to a limitation that prohibits ownership of more than 4.99% of Company’s outstanding share capital at any\ntime.\n\n \n\nThe Company undertook to register the\nshares issuable upon the exercise of the Julestar warrants with the Securities and Exchange Commission on a Form F-1 or Form F-3.\n\n \n\nSince the Company did not repay the\nloan within 90 days, as of May 5, 2025, the Company amended the warrants to increase the number of shares issuable thereunder by an additional\n113 shares at an exercise price of $75,000 per share, subject to adjustment in certain circumstances, including dilutive issuances. The\nCompany repaid $1,300 thousand owing under the Julestar Note in 2025.\n\n \n\nAs a result of the issuance of the Julestar\nwarrants, the exercise price of the warrant to purchase 35 ordinary shares issued in an earlier financing transaction on December 30,\n2024 automatically decreased from $127,500 to $75,000 per share.\n\n \n\nIn June 2026, the Company repaid $1.35\nmillion to Julestar.\n\n \n\n9.*March 2025 Notes*\n\n \n\nOn March 27, 2025, the Company completed\nthe issuance of a series of notes (the “March 2025 Notes”) to certain investors, including Keystone Capital Partners, LLC\nas the lead investor (“Keystone” and collectively with the other investors, the “March 2025 Note Investors”),\nin an aggregate principal amount of $1,625,000 and original issue discount of $325,000, for an aggregate purchase price of $1,300,000.\nThe March 2025 Notes originally matured on December 11, 2025, did not bear interest, and included a prepayment option at a premium of\n125%. In addition, the Company was required to use the cash proceeds deriving from a financing in which it receives proceeds of at least\n$10 million to repay the March 2025 Notes.\n\n \n\nThe March 2025 Note Investors had the\nright to convert the principal amount into ordinary shares of the Company upon the occurrence of a subsequent\nequity financing pursuant to which the Company receives at least $5 million, subject to certain conditions.\n\n \n\nF-57\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 17 –**\n**FINANCIAL LIABILITIES (Cont.)**\n\n \n\nThe conversion of the March 2025 Notes\nwas limited to the extent that, upon their conversion, a March 2025 Note Investor and its affiliates would in aggregate beneficially own\nmore than 4.99% of the Company’s outstanding share capital at any time. The March 2025 Notes were exchanged with the June 2025 SPA,\nwhich thereafter were replaced with the August 2025 Financing described herein.\n\n \n\n10.*ELOC Transaction*\n\n \n\nConcurrently with the investment by\nthe March 2025 Note Investors described above, the Company entered into an Ordinary Shares Purchase Agreement (the “ELOC Purchase\nAgreement”) with Keystone, pursuant to which the Company has the right to sell to Keystone up to an aggregate of $50 million\nof newly issued ordinary shares (the “ELOC Shares”).\n\n \n\nAs consideration for Keystone’s\ncommitment to purchase ELOC Shares upon the terms of and subject to satisfaction of the conditions set forth in the ELOC Purchase Agreement,\nthe Company agreed to issue to Keystone a note in a principal amount of $1,000,000 and an additional commitment note on May 28, 2025,\nin the principal amount of $1,500,000, each of which does not bear interest and has a maturity date of December 11, 2025 and November\n28, 2026, respectively (the “Commitment Notes”). The Commitment Note is due by way of conversion into the Company’s\nshares based on the closing share price of the Company’s shares on the date immediately prior to the maturity date, provided that\nin each case the applicable conversion price shall not be lower than twenty percent (20%) of the closing sale price of the Company’s\nshares on the issuance date of the Commitment Note. The Commitment Note can be converted prior to the maturity date by either the Company\nor Keystone at any time following the earlier of (i) the date on which the shares issuable upon conversion are registered under a registration\nstatement filed with the SEC or (ii) September 11, 2025. In the event of a conversion prior to the maturity date, the number of Company\nshares to be issued upon the conversion of the Commitment Note will be based on the closing share price on the day prior to the issuance\nof the conversion notice provided that the closing sale price on the day prior to the issuance of the conversion notice is not lower than\n10% as compared to the closing sale price on the date immediately prior thereto. The conversion of the Commitment Note will be limited\nto the extent that, upon its conversion, Keystone and its affiliates would in aggregate beneficially own more than 4.99% of the Company’s\noutstanding share capital at any time.\n\n \n\nIn addition, in connection with the\nELOC Purchase Agreement, the Company and Keystone entered into a Registration Rights Agreement pursuant to which the Company undertook\nto register with the SEC the shares issuable upon conversion of the Commitment Note and the ELOC Shares that the Company has the right\nto sell to Keystone.\n\n \n\nThe Company does not have a right to\ncommence any sales of ELOC Shares to Keystone under the ELOC Purchase Agreement before a registration statement of such shares is declared\neffective by the SEC and the final form of prospectus is filed with the SEC (the “Commencement Date”). Following such date,\nthe Company will control the timing and amount of any sales of ELOC Shares to Keystone. Actual sales of shares of ELOC Shares to Keystone\nunder the ELOC Purchase Agreement will depend on a variety of factors to be determined by the Company from time to time, including, among\nothers, market conditions, the trading price of the ELOC Shares and determinations by the Company as to the appropriate sources of funding\nfor the Company and its operations. The Company is obligated to use 33% proceeds from the sale of ELOC Shares to repay the principal amount\nunder the March 2025 Notes.\n\n \n\nAs of December 31, 2025, an amount\nof $1,600,000 was converted into 107 shares.\n\n \n\nF-58\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 17 –**\n**FINANCIAL LIABILITIES (Cont.)**\n\n \n\nUnder the ELOC Purchase Agreement,\non any business day on which the closing sale price of the Company’s shares is equal to or greater than $0.05 (the “Fixed\nPurchase Date”), the Company may direct Keystone to purchase shares (a “Fixed Purchase”) at a purchase price equal\nto 95% of the lesser of (i) the daily volume-weighted average price (the “VWAP”) of the Company’s shares for the five\n(5) trading days immediately preceding the applicable fixed purchase date and (ii) the lowest sale price on the applicable Fixed Purchase\nDate, provided, that Keystone’s committed obligation under any single Fixed Purchase shall not exceed $50,000.\n\n \n\nIn addition to Fixed Purchases, on\nany business day on which the Company has directed Keystone to purchase the maximum allowable Fixed Purchase amount, the Company may also\ndirect Keystone to purchase additional shares on the trading day immediately following the purchase date for such Fixed Purchase (the\n“VWAP Purchase Date” and such purchase, a “VWAP Purchase”) at a purchase price equal to 90% of the lesser of (i)\nthe closing sale price of the Company’s shares on the applicable VWAP Purchase Date and (ii) the VWAP during the period on the applicable\nVWAP Purchase Date beginning at the opening of trading and ending on the earlier of (1) close of trading, (2) the time at which the trading\nvolume of the Company’s shares on Nasdaq has reached the number of shares to be sold in the VWAP Purchase divided by 30%, and (3)\nthe time at which the sale price of the Company’s shares on Nasdaq is 75% of the closing sale price on the date on which the Company\ndirects Keystone to make a VWAP Purchase (such period, the “VWAP Purchase Period”), provided, that Keystone’s committed\nobligation under any single VWAP Purchase shall not exceed the lesser of (a) 300% of the number of shares sold in the corresponding Fixed\nPurchase and (b) 30% of the trading volume of the VWAP Purchase Period.\n\n \n\nIn addition, on a VWAP Purchase Date,\nthe Company may also direct Keystone to purchase on such day, an additional number of shares (an “Additional VWAP Purchase”)\nat a purchase price equal to 90% of the lesser of (i) the VWAP beginning at the completion of any prior VWAP Purchases and the last Additional\nVWAP Purchase, as applicable, and ending on the earlier of (1) close of trading, (2) the time at which the trading volume of the Company’s\nshares on Nasdaq has reached the number of shares to be sold in the Additional VWAP Purchase divided by 30%, and (3) the time at which\nthe sale price of the Company’s shares on Nasdaq is 75% of the closing sale price on the date on which the Company directs Keystone\nto make an Additional VWAP Purchase (such period, the “Additional VWAP Purchase Period”), and (ii) the lowest sale price on\nsuch day, provided, that Keystone’s committed obligation under any single Additional VWAP Purchase shall not exceed the lesser of\n(a) 300% of the number of shares sold in the Fixed Purchase that corresponded to the VWAP Purchase corresponding to the Additional VWAP\nPurchase and (b) 30% of the trading volume of the Additional VWAP Purchase Period.\n\n \n\nKeystone’s aggregate committed\nobligation under a VWAP Purchase and all Additional VWAP Purchases for a particular VWAP Purchase Date shall not exceed $1,000 thousand\nin the aggregate.\n\n \n\nThe ELOC Purchase Agreement provides\nthat the Company may not issue or sell any shares under the ELOC Purchase Agreement if the issuance or sale of such shares would result\nin Keystone and its affiliates beneficially owning more than 4.99% of the Company’s outstanding share capital at any time.\n\n \n\nF-59\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 17 –**\n**FINANCIAL LIABILITIES (Cont.)**\n\n \n\n11.*Agile Capital Loan*\n\n \n\nOn April 29, 2025, the Company entered\ninto a Business Loan and Security Agreement with Agile Capital Funding, LLC, as collateral agent, Agile Lending, LLC, as lead lender,\nand other lenders (the “Agile Loan”). The Agile Loan provided for a $2,000 thousand term loan, including a $200 thousand administrative\nagent fee, resulting in net proceeds to the Company of $1,800 thousand. The total repayment obligation under the Agile Loan, inclusive\nof interest and fees, was $2,980 thousand. The Agile Loan matured 30 weeks following the effective date, with weekly repayment installments\nscheduled throughout the term which has not yet been fully satisfied. Interest accrued from the effective date until paid in full, with\na default rate of 5% above the applicable rate upon an event of default.\n\n \n\nThe Company agreed to secure the Agile\nLoan by a continuing security interest in substantially all of the Company’s property, rights and assets, including accounts, equipment,\ninventory, intellectual property and the shares held by the Company in HUB Cyber Security, Inc. and BlackSwan Technologies, Inc. The Agile\nLoan contains customary affirmative and negative covenants, including limitations on the disposition of business or property and changes\nin key management. Events of default include payment defaults, breaches of covenants, material adverse changes, insolvency, and judgments\nin excess of $50 thousand.\n\n \n\nIn October 2025, the Company applied\n$1,500 thousand of the proceeds of the closing under the August 2025 SPA (see below) to repay a portion of the Agile Loan. The cancellation\nof an additional $750 thousand of indebtedness owed under the Agile Loan was treated as part of the consideration for Amended Notes issued\nat the second additional closing under the August 2025 SPA on October 15, 2025. In November 2025, the remaining balance of the Agile Loan\nin the amount of $575 thousand was sold by Agile Lending, LLC to another investor and exchanged pursuant to a separate exchange agreement\nwith the Company for an Amended Note in the principal amount of $767 thousand. As of December 31, 2025, the Agile Loan has been fully\nrepaid.\n\n \n\n12.*June 2025 SPA*\n\n \n\nOn June 30, 2025, the Company entered\ninto a securities purchase agreement (the “June 2025 SPA”) providing for the issuance of subordinated convertible notes (the\n“June 2025 Notes”) to certain accredited investors, including Keystone, in the aggregate original principal amount of $6,719\nthousand. At the closing, the Company received an aggregate purchase price of $3,625 thousand in cash and the exchange of the notes that\nthe Company issued previously to investors in March and April 2025 in the aggregate principal amount of $2,187 thousand. The June 2025\nNotes issued in consideration for cash were issued with a 20% original issue discount, and the June 2025 Notes issued in consideration\nfor our outstanding notes were issued on a dollar-for-dollar basis. Out of the June 2025 Notes $6,000 thousand were subsequently exchanged\nfor new notes issued under the August 2025 SPA. As of December 31, 2025, a total amount of $3,625 thousand was received in cash.\n\n \n\n13.*July 2025 Warrants*\n\n \n\nIn July 2025, the Company agreed to\nre-issue warrants to purchase an aggregate of 166 ordinary shares to investors who participated in our financing in April 2022 of ordinary\nshares and warrants. In light of subsequent market price changes and the Company’s multiple reverse share splits between February\n2023 and March 2025, the warrants were re-issued in July 2025 with adjusted pricing and quantity terms to compensate investors for all\ncumulative effects. As of August 31, 2025, such warrants to purchase an aggregate of 154 ordinary\nshares have been issued. The warrants are exercisable for cash at a price of $120,000 per share and expire on January 14, 2027.\n\n \n\nF-60\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 17 –**\n**FINANCIAL LIABILITIES (Cont.)**\n\n \n\nMost of the warrants are subject to early expiration if\nthey are not exercised within 14 days after the market price of the ordinary shares equals or exceeds $120,000 per share for ten trading\ndays in a period of 20 consecutive trading days.\n\n \n\n14.*August 2025 SPA*\n\n \n\nOn August 27, 2025, the Company entered\ninto a securities purchase agreement (the “August 2025 SPA”) providing for the issuance of subordinated convertible notes\n(the “August 2025 Notes”) to certain accredited investors, including Keystone, in the aggregate original principal amount\nof up to $20,000 thousand to be issued in multiple closings. Closings under the August 2025 SPA can be held over a period of one year\nat the election of Keystone.\n\n \n\nThe notes issued in June 2025 (see\nNote 17(12)) resulted in aggregate cash proceeds of $3,625,000 and in the exchange of notes issued by the Company in March and April 2025\nin the aggregate principal amount of $2,187,500.\n\n \n\nAt the initial closing of the August\n2025 SPA, the Company issued August 2025 Notes in the aggregate original principal amount of $7,850,000 for an aggregate purchase price\nof $7,000,000 in cash and in the exchange of the notes that the Company issued previously to investors in June 2025. In addition, the\nCompany issued warrants to purchase 90 ordinary shares.\n\n \n\nIn the first additional closing under the August 2025 SPA, held on\nSeptember 4, 2025, the Company issued and sold Amended Notes in the aggregate principal amount of $2,968,750 and warrants to purchase\nan aggregate of 34 ordinary shares, in consideration for cash payments in the aggregate amount of $2,375,000, under the same terms as\nthe initial closing.\n\n \n\nThe August 2025 Notes mature on August\n27, 2027 and bear interest at 4% per annum, payable quarterly in ordinary shares under certain equity conditions (including the effectiveness\nof a resale registration statement) or, at the Company’s option, in cash. Late payments accrue interest at an additional premium\nof 8% per year. No scheduled amortization payments are required.\n\n \n\nThe August 2025 Notes are subordinated\nto existing senior indebtedness not to exceed $25 million in aggregate. They contain various restrictive covenants, including limitations\non dividends, incurrence of indebtedness, certain subsequent equity placements, asset sales and certain variable rate transactions.\n\n \n\nThe August 2025 Notes are convertible\ninto ordinary shares at the option of the holders at an initial conversion price of $43,200 per share, subject to anti-dilution adjustments\nfor certain dilutive issuances. Holders may elect an alternate conversion price at the lower of the fixed conversion price or 95% of lowest\nVWAP during the five days up to and including the date of conversion, subject to a $15,000 floor price. If such conversion price is lower\nthan the floor price, the Company would be required to pay the balance in cash.\n\n \n\nThe August 2025 Notes contain several\nmandatory and optional redemption provisions. Holders also have optional redemption rights in respect of financings pursuant to equity\nlines of credit and at-the-market offerings, allowing them to require redemption of up to their pro-rata portion of 30% of net proceeds\nfrom eligible transactions at a 110% of the redemption amount. Holders also have the right to exchange their August 2025 Notes for the\nsecurities issued in a subsequent placement, at a 10% discount. The Company has the right to redeem all a portion of the August 2025 Notes,\nfrom time to time, at 120% of the conversion amount.\n\n \n\nOn October 15, 2025, the Company and\ncertain accredited investors, including Keystone, entered into Amendment No. 1 to the August 2025 SPA increasing the aggregate principal\namount of notes issuable thereunder to $35,000,000, adding additional investors and amending the form of note as described below (the\n“Amended Note”).\n\n \n\nIn the second additional closing under\nthe August 2025 SPA, held on October 16, 2025, the Company issued and sold Amended Notes in the aggregate principal amount of $20,525,625\nand warrants to purchase an aggregate of 237 ordinary shares, in consideration for (i) cash payments in the aggregate amount of $7,250,000\nwith the principal amount of $10,019,374, (ii) the partial exchange of August 2025 Notes in the aggregate principal amount of $9,568,751\n(at a 10% discount) and (iii) the exchange of $750,000 owed under the Company’s Business Loan and Security Agreement (the “Agile\nLoan”) with Agile Capital Funding, LLC (as Collateral Agent) and Agile Lending, LLC (as Lead Lender), dated April 29, 2025, with\na new principal amount of $937,500.\n\n \n\nOn December 31, 2025, the Company held\nan additional closing under the August 2025 SPA in the aggregate principal amount of $1,250 thousand, for an aggregate purchase price\nof $1,000 thousand and warrants to purchase an aggregate of 14 ordinary shares. On December 31, 2025, the Company and certain accredited\ninvestors, including Keystone, entered into Amendment No. 2 to the August 2025 SPA, increasing the aggregate principal amount of notes\nissuable thereunder to $47,250,000.\n\n \n\nAs of December 31, 2025, a total amount of $11,625 thousand was received\nin cash and $1,500 thousand were converted into 100 ordinary shares.\n\n \n\nF-61\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 17 –**\n**FINANCIAL LIABILITIES (Cont.)**\n\n \n\nThe Amended Notes have a term of two\nyears from the date of issuance thereof. They do not bear interest, except during the pendency of an event of default, in which case the\nrate will be 9% per year. Late payments accrue interest at an additional premium of 8% per year. Commencing approximately 30 days after\nthe effectiveness of the Company’s Form F-1 for an equity line of credit, the Company will be required to repay a pro rata portion\nof the principal and interest accrued thereon on the first trading day of each calendar month, in cash or shares (subject to equity conditions)\nat its election.\n\n \n\nThe Amended Notes are subordinated to\nexisting senior indebtedness not to exceed $25 million in aggregate. They contain various restrictive covenants, including limitations\non dividends, incurrence of indebtedness, certain subsequent equity placements, asset sales and certain variable rate transactions.\n\n \n\nThe Amended Notes are convertible into\nordinary shares at the option of the holders at an initial conversion price of $43,200 per share, subject to anti-dilution adjustments\nfor certain dilutive issuances. Holders may elect an alternate conversion price at the lower of the fixed conversion price or 90% of lowest\nVWAP during the 20 days up to and including the date of conversion, subject to a $15,000 floor price (or 20% of the Nasdaq minimum price\nif there’s an event of default). If such conversion price is lower than the floor price, the Company would be required to pay the balance\nin cash.\n\n \n\nThe Amended Notes contain several mandatory\nand optional redemption provisions. Holders also have optional redemption rights in respect of financings pursuant to equity lines of\ncredit and at-the-market offerings, allowing them to require redemption of up to their pro-rata portion of 30% of net proceeds from eligible\ntransactions at a 110% of the redemption amount. Holders also have the right to exchange their Amended Notes for the securities issued\nin a subsequent placement, at a 10% discount. The Company has the right to redeem all a portion of the Amended Notes, from time to time,\nat 120% of the conversion amount.\n\n \n\nIn change of control transactions (with\ncontrol defined based on a 50% threshold), holders may require redemption at 115% of the conversion amount. Holders also have participation\nrights in future financings, with the right to purchase their pro-rata portion of 30% of any subsequent placement exceeding $5,000,000\nin the aggregate.\n\n \n\nUpon events of default (including registration\nstatement failures, trading suspensions, conversion failures, or material breaches), holders may require redemption at 120% of the conversion\namount. Upon any bankruptcy event of default, the Company must immediately pay all outstanding amounts multiplied by a 120% redemption\npremium without requiring notice or demand from holders.\n\n \n\nF-62\n\n \n\n** **\n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 17 –**\n**FINANCIAL LIABILITIES (Cont.)**\n\n \n\nThe August 2025 Warrants have an initial\nexercise price of $54,000 per share, subject to decrease on days 30, 60 and 90 following the issuance date to 20% below the prevailing\nmarket price at that time and to anti-dilution adjustments for certain dilutive issuances. The August 2025 Warrants have a term of three\nyears. Cashless exercise is permitted after six months if a resale registration statement is not effective. In connection with a “fundamental\ntransaction,” the holder has the right to exchange its warrant for a similar warrant in the successor entity or cash pursuant to\na Black-Scholes formula. Upon an event of default, the holder has the right to redeem its warrant for cash based on a Black-Scholes formula.\n\n \n\nThe August 2025 Notes, the Amended Notes\nand the August 2025 Warrants are subject to a beneficial ownership limitation of 4.99% (subject to increase to 9.99% with 61-day notice\nand shareholder approval) to prevent any holder from exceeding this threshold. We are required to reserve 200% of the shares issuable\nupon conversion of all August 2025 Notes, Amended Notes and August 2025 Warrants at the applicable conversion price or exercise price.\n\n \n\nConcurrently with the entry into the\nAugust 2025 SPA, we entered into a registration rights agreement, whereby we undertook to file with the SEC a Form F-1 registration statement\nwithin 45 days from the initial closing in order to register for resale the shares issuable upon the conversion and/or exercise of the\nAugust 2025 Notes and August 2025 Warrants and the Placement Agent Warrant (as defined below) and to use our reasonable best efforts to\ncause the registration statement to be effective within 90 days from the initial closing (or 120 days in the event of a full SEC review).\nThe same rights apply with respect to the shares issuable upon conversion of the Amended Notes. The registration rights agreement provides\nfor liquidated damages for certain defaults equal to 1% of the original principal amount of the August 2025 Notes for each 30-day period\nuntil the default is cured, up to an aggregate of 10% thereof. The registration rights agreement contains other customary terms and conditions,\nincluding indemnification obligations.\n\n \n\nThe debt restructuring of the June 2025\nloan was treated as extinguishment as of the August 2025 transition date, resulting in finance expenses of $14,020,338.\n\n \n\nRodman & Renshaw LLC acted as sole\nplacement agent for the offering. The fees of the placement agent consisted of a total of $300,000 in cash and the issuance of a warrant\nto purchase an aggregate of 1 ordinary share on the same terms and conditions as the warrants issued to investors in the offering, except\nfor the potential adjustment of the exercise price on days 30, 60 and 90.\n\n \n\n15.*Warrant Term Extension*\n\n \n\nThe Company has outstanding warrants\nto purchase 1 ordinary share exercisable at NIS 167,427,000 (approximately $55,809,000 per share), which were issued in connection with\na private financing in February 2022 (the “2022 Warrants”). The 2022 Warrants currently trade on the Nasdaq Capital Market\nunder the symbol “HUBCZ.” The 2022 Warrants were scheduled to expire on August 22, 2025. To allow additional time for the\n2022 Warrants to be exercised and to potentially generate future cash proceeds to the Company, on August 11, 2025, the Company extended\nthe expiration date of the 2022 Warrants to August 22, 2027.\n\n \n\nF-63\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 17 –**\n**FINANCIAL LIABILITIES (Cont.)**\n\n \n\n16.*Settlements with 2023 PIPE Investors*\n\n \n\nOn January 16, 2023, we entered into\na loan agreement with A-Labs Finance and Advisory Ltd. (“A-Labs”), pursuant to which A-Labs agreed to issue us a $1,000,000\nprincipal amount note for gross proceeds of $900,000 (the “A-Labs Loan”). The principal amount A-Labs Loan is due to be repaid\nin one repayment on January 16, 2026 (the Maturity Date”) (36 months from the execution of the A-Labs Loan). The A-Labs Loan bears\ninterest at 12% per annum and interest became payable quarterly commencing on April 1, 2023 until the Maturity Date. Overdue payments\nwill accrue interest in arrears at the rate of 18% per annum from the relevant payment date until such payment is made. In addition, we\npaid A-Labs the sum of $4.2 million between July 2021 and March 2023 as consulting fees under a financial advisory services agreement\nentered into July 2021 (the “A-Labs Agreement”) and we issued to A-Labs warrants to purchase 27 of our ordinary shares. Additionally,\nin March 2023, a total of $2.2 million that was owed to A-Labs pursuant to the A-Labs Agreement was converted into our ordinary shares\nat a conversion price of $1,500,000 per ordinary share. This conversion of amounts we owed to A-Labs under the A-Labs Agreement, was effected\nto partially satisfy the commitment that A-Labs made to us to purchase $20 million of our ordinary shares in the private placement in\nconnection with the closing of our business combination with Mount Rainier Acquisition Corp., a Delaware special purpose acquisition company,\nin 2023 (the “PIPE Financing”). In December 2022, we amended the A-Labs Agreement to provide that for each financing\ntransaction closed, in addition to paying a commission to A-Labs in cash, we would be required to issue warrants to purchase ordinary\nshares in an amount equal to the cash consideration that would otherwise be payable under the financial advisory services agreement divided\nby 4.81, which warrants shall be exercisable for 4 years and at an exercise price of NIS 72,150 (regardless of the price per share paid\nby investors in the relevant financing transaction). Additionally, we committed to provide compensation under the A-Labs Agreement for\nall investors with whom we would enter into a financing transaction prior to our shares being listed for trading on the Nasdaq regardless\nof whether such investors were introduced to the Company by A-Labs. In each of September 2022 and January 2023, we paid to A-Labs an additional\ncommission of $50,000 in exchange for extra services provided by A-Labs over the course of certain fund raising efforts and loan issuances.\nAdditionally, as part of the Shayna Loans, we paid to A-Labs commissions totaling $140,000 for services provided as part of the fund raising\nefforts. The term of the A-Labs Agreement was for 12 months following the execution in July 2021, provided that the A-Labs Agreement will\nautomatically renew for additional 12 month terms unless either party provides written notice to the other party of its intention not\nto renew at least 30 days prior to the end of such initial 12 month term or any renewed terms. Additionally, the A-Labs Agreement may\nbe terminated by either party upon a minimum of 30 days prior written notice. In August 2023, we received from A-Labs a waiver of the\nretainer fees for the services. Nevertheless, as of the date of this Annual Report, there remain unpaid fees of $3,298,000 under the A-Labs\nAgreement.\n\n \n\nOn November 6, 2025, the Company entered\ninto a settlement agreement with each of A-Labs, MOFO Holdings LLC and Viserion Ltd. (the “PIPE Investors”), which had entered\ninto subscription agreements with the Company to invest an aggregate of $50 million in the PIPE Financing. After all the other closing\nconditions for the business combination were met, we decided to proceed with the closing despite not having received the funds payable\nunder the Subscription Agreements from the PIPE Investors. The signing of the settlement agreements followed a mediation process, which\nwas approved by the Company’s Audit Committee and Board of Directors, and by the Company’s shareholders on December 16, 2025.\nAccording to the settlement agreement, taking into account the parties’ respective claims and the various agreements between them,\nno funds or other form of consideration shall be paid or transferred from the PIPE Investors to the Company, and the Company shall not\npay any funds or any other form of consideration to any of the PIPE Investors, all in exchange for full and absolute waivers by the parties toward each other (including\nshareholders, officers, directors parent and subsidiaries thereof, and anyone acting on behalf of any of them).\n\n \n\nF-64\n\n \n\n \n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 17 –**\n**FINANCIAL LIABILITIES (Cont.)**\n\n \n\nAdditionally, according to the settlement,\nthe Company will repay to A-Labs the amount outstanding in connection with a secured loan extended by A-Labs to the Company on January\n17, 2023 in the amount of $900,000, which with original issuance discount and accrued interest amounts to $1,800,000. The repayment will\nbe in the form of ordinary shares of the Company based on the lowest closing price of the ordinary shares on Nasdaq during the five trading\ndays preceding the date of the shareholders’ approval, which was on December 16, 2025. The shares will be subject to the following\nlock-up periods: 40% of the shares will be restricted for a period of 40 days, 30% will be restricted for a period of 70 days, 25% will\nbe restricted for a period of 100 days and 5% will be restricted for a period of 130 days. The 5% tranche will be subject to a one-time\nupward or downward adjustment to the extent that the sum of (i) the proceeds from the sale of shares by A-Labs and (ii) the current market\nvalue of the shares held by A-Labs are less than or greater than $1,800,000, respectively. A-Labs must make reasonable commercial efforts\nto maximize the consideration it receives for the sale of shares. The sale of shares by A-Labs on Nasdaq on any trading day may not exceed\n5% of the current day’s trading volume of the ordinary shares thereon.\n\n \n\nIn April 2026, the Company received\na letter addressed to our directors from counsel to A-Labs, demanding that we pay the $1,800,000 plus interest. In May 2026, the Company’s\ncounsel responded by rejecting all allegations raised by A-Labs in their letter.\n\nIn addition, on April 16, 2026, an application was filed against the Company to hold it liable for a judgment awarded against A-Labs in\nfavor of Teshua Ltd., based on the alleged amount of $1,800,000. The Company explained that it was unable to realize the shares due to\nan attachment imposed on A-Labs and/or its representatives, and that, in any event, at present the matter does not concern the amount\nalleged by A-Labs, but rather shares whose value is substantially lower. A hearing on this matter is scheduled for July 21, 2026.\n\n \n\nSeparately, on February 27, 2026, DC\nRainier SPV LLC, the former sponsor of Mount Rainier Acquisition Corp., filed a complaint against the Company and A-Labs in the Supreme\nCourt of the State of New York alleging, among other things, that the Company and A-Labs misrepresented the existence of approximately\n$50 million of PIPE financing commitments in connection with the Mount Rainier business combination, and on April 28, 2026, the plaintiff\nfiled a motion for entry of a default judgment against the Company seeking not less than $5,080,027, plus interest, fees and costs. For\nmore information, see Note 28.\n\n \n\n17.*Consulting agreements:*\n\n \n\nIn October 2025, the Company reached\na settlement with Mr. Moshe Bergman, who assisted the Company with obtaining the investment from the March-November 2024 Investor, with\nrespect to a requested service fee of $550,000. Pursuant to the settlement, the Company agreed to pay $100,000 in cash and issue 16 ordinary\nshares.\n\n \n\nOn July 10, 2025, the Company entered\ninto a share purchase agreement with the BlackSwan investor referenced in Note 4(6), for the purchase of 16 shares for a total consideration\nof $750,000, at a price of $45,000 per share.\n\n \n\nOn August 6, 2025, the Company entered\ninto an additional share purchase agreement with the BlackSwan investor referenced in Note 4(6), for the purchase of 16 shares for a total\nconsideration of $750,000 at a price of $45,000 per share.\n\n \n\nF-65\n\n \n\n** **\n\n**HUB CYBER SECURITY LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 17 –**\n**FINANCIAL LIABILITIES (Cont.)**\n\n \n\nIn November 2025, the Company entered\ninto a consulting agreement with Pey Capital PTE Ltd. pursuant to which Pey undertook to provide the Company with consulting and management\nservices related to the Company’s development, production, potential future launch and promotion of one or more utility tokens,\nas well as advice related to the fintech market, blockchain currency and related matters. The agreement has a term of three years, and\nthe consulting fee consists of 66 ordinary shares, subject to reverse vesting in 36 equal monthly tranches.\n\n \n\n \nc.\nWarrants Liabilities\n\n \n\nIn February 2023, at the effective\ntime of the Reverse Recapitalization (the “Effective Time”), each unit of RNER (a “RNER Unit”) issued and outstanding\nimmediately prior to the Effective Time automatically detached and the holder of each such RNER Unit became deemed to hold one share of\nRNER common stock (each a “RNER Share”) and one warrant of RNER entitling the holder to purchase three-fourths of one RNER\nShare per warrant at a price of $1,725,000 per whole share (exercisable only for whole shares) (each, a “RNER Warrant”).\n\n  \n\nIn addition, each RNER Share issued\nand outstanding immediately prior to the Effective Time automatically converted into the right to receive 0.0899 (pre-reverse split of\n1:15, 1;50, 1:20) ordinary shares, and each RNER Warrant issued and outstanding immediately prior to the Effective Time converted into\nthe right to receive 0.0899 (pre-reverse split of 1:15, 1;50, 1:20) warrants of the Company (a “New Warrant”) subject to downward\nadjustment to the next whole number in case of fractions of warrants.\n\n \n\nA total of 10 New Warrants to purchase\n160,438 (pre-reverse split of 1:15, 1;50, 1:20) ordinary shares of the Company were issued to holders of the RNER warrants, of which 5,359\n(pre-reverse split of 1:15, 1;50, 1:20) warrants are private warrants and the remaining 155,078 warrants are public warrants. As a result\nof the conversion into the New Warrants, as well as the reverse share splits at a ratio of 1:10 that were effected in each of December\n2023 and in March 2025, the exercise price increased to $1,280 per each share (pre-reverse split of 1:15, 1;50, 1:20).\n\n \n\nThe warrants were classified as financial\nliability and measured at fair value as of the issuance date. After the initial recognition, at each period end date, the warrants measured\nat fair value and all changes in fair value are recognized through profit or loss.\n\n \n\nThrough December 31, 2025, no warrants\nwere exercised into ordinary shares of the Company.\n\n \n\nd.Fair Value measurements\n\n \n\nThe carrying amounts of cash and cash equivalents,\nrestricted cash, restricted bank deposit, trade receivables, other account receivables, inventories, other short term loans, trade payables,\nother payables and other long term loans approximate their fair values due to the short-term maturities of such instruments.\n\n \n\nF-66\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 17 –**\n**FINANCIAL\nLIABILITIES (Cont.)**\n\n \n\nThe\nfollowing table presents information about the Company’s liabilities that are measured at fair value on a recurring basis and indicates\nthe fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:\n\n \n\n  \nDecember 31,\n\n2024 \n\n  \nLevel 1  \nLevel 3 \n\n  \n   \n  \n\nPublic warrants \n 583  \n \n-\n \n\nPrivate warrants \n \n-\n  \n 13,301 \n\nConversion component of convertible loans \n \n-\n  \n 5,141 \n\nTotal \n 583  \n 18,442 \n\n \n\n  \nDecember 31,\n\n2025 \n\n  \nLevel 1  \nLevel 3 \n\n  \n   \n  \n\nPublic warrants \n 29  \n \n-\n \n\nPrivate warrants \n \n-\n  \n 2,655 \n\nConversion component of convertible loans \n \n-\n  \n 282 \n\nConvertible loans measured whole at fair value \n    \n 57,756 \n\nTotal \n 29  \n 60,693 \n\n \n\nThe\nCompany classifies its public warrants as Level 1 based on quoted market price in active markets.\n\n \n\nThe\nCompany measures the fair value of private warrants by the Black-Scholes model, which are classified as Level 3.\n\n** **\n\nAs\nof December 31, 2025, and December 31, 2024, the Company did not have any instrument measures at fair value, which was classified as\nLevel 2.\n\n \n\nThe\nCompany measures the fair value of Conversion component of convertible loans and warrants by using Black-Scholes and Monte Carlo simulation\nmodels. All of those components are classified, as Level 3, due to the use of unobservable inputs.\n\n \n\n**The\nkey inputs into the Black-Scholes models for the private warrants were as follows:**\n\n \n\n2024\nAccredited Investors – Black and Scholes on warrants\n\n \n\n  \n\n**December 31,\n2025**\n \n\nRisk- free interest rate \n 3.48%\n\nExpected term (years) \n 0.62-0.63 \n\nExpected volatility \n 135.88-136.37%\n\nExercise price \n 75,000-172,500 \n\nUnderlying share price \n 5,820 \n\n \n\nF-67\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 17 –**\n**FINANCIAL LIABILITIES\n(Cont.)**\n\n \n\nThe\nkey inputs into the Black-Scholes or Monte Carlo simulation models for the Conversion component of convertible loans were as follows:\n\n \n\nShayna\nLoan Agreements - Black Scholes on warrants\n\n \n\n  \nDecember 31,\n2025 \n\nRisk- free interest rate \n 3.67%\n\nExpected term (years) \n 0.25 \n\nExpected volatility \n 135.70%\n\nExercise price \n 135,000 \n\nUnderlying share price \n 5,820 \n\n \n\nLind\nAgreement - Black Scholes on warrants\n\n \n\n  \nDecember 31,\n2025 \n\nRisk- free interest rate \n 3.52%\n\nExpected term (years) \n 2.65 \n\nExpected volatility \n 154.39%\n\nExercise price \n 75,000 \n\nUnderlying share price \n 5,820 \n\n \n\n2024\nAccreditor Investors Loan - Conversion component\n\n \n\n  \n\n**December 31,****2025**\n \n\nRisk- free interest rate \n 3.750%\n\nExpected term (years) \n 0.13 \n\nExpected volatility \n 145.74%\n\nUnderlying share price \n 5,820 \n\n \n\nF-68\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 17 –**\n**FINANCIAL LIABILITIES\n(Cont.)**\n\n \n\nMarch-November 2024 Notes - Black Scholes on warrants\n\n \n\n  \nDecember 31,\n2025 \n\nRisk- free interest rate \n 3.65%\n\nExpected term (years) \n 4.13 \n\nExpected volatility \n 154.81%\n\nExercise price \n 75,000 \n\nUnderlying share price \n 5,820 \n\n \n\nClaymore\nConvertible Loan - Black Scholes on warrants\n\n \n\n  \nDecember 31,\n2025 \n\nRisk- free interest rate \n 3.471-3.495%\n\nExpected term (years) \n 1.06-2.31 \n\nExpected volatility \n 144.30-157.00%\n\nExercise price \n 21,430-75,000 \n\nUnderlying share price \n 5,820 \n\n** **\n\nClaymore\nConvertible Loan - Black Scholes - Conversion component\n\n \n\n  \nDecember 31,\n2025 \n\nRisk- free interest rate \n 3.50-3.84%\n\nExpected term (years) \n 0.63-5.00 \n\nExpected volatility \n 136.07-157.88%\n\nExercise price \n 15,000-75,000 \n\nUnderlying share price \n 5,820 \n\n** **\n\nClaymore\nConvertible Loan - Monte Carlo - Conversion component \n\n \n\n  \nDecember 31,\n2025 \n\nRisk- free interest rate \n 3.48%\n\nExpected term (years) \n 1-1.06 \n\nExpected volatility \n 152-156%\n\nUnderlying share price \n 5,820 \n\n** **\n\nF-69\n\n \n\n** **\n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 17** –\n**FINANCIAL LIABILITIES\n(Cont.)**\n\n \n\nJJ\nAstor Convertible Loan - Black Scholes on warrants\n\n \n\n \n \n\n**December 31,\n2025**\n\n \n\nRisk- free interest rate\n \n \n3.64-3.68\n%\n\nExpected term (years)\n \n \n4-4.41\n \n\nExpected volatility\n \n \n154.81\n%\n\nExercise price\n \n \n37,050-127,490\n \n\nUnderlying share price\n \n \n5,820\n \n\n \n\nJulestar - Black Scholes on warrants\n\n \n\n  \n\n**December 31,**\n\n**2025**\n \n\nRisk-free interest rate \n 3.649%-3.671% \n\nExpected term (years) \n 4.1-4.35 \n\nExpected volatility \n 154.81%\n\nExercise price \n 15,000-28,500 \n\nUnderlying share price \n 5,820 \n\n \n\nCanadian warrants - Black Scholes on\nwarrants\n\n \n\n  \n**December\n31,\n2025**  \n\nRisk-free interest rate \n 3.480%-3.990 % \n\nExpected term (years) \n 1.03-1.5   \n\nExpected volatility \n 149.93%-156.67 % \n\nExercise price \n 120,000 \n\nUnderlying share price \n  5,820-42,000   \n\n \n\n**Monte\nCarlo Simulations – convertible loan valuations measured whole at fair value:**\n\n \n\n**Claymore December 2024 and January 2025**\n\n \n\n  \nDecember 31,\n2025 \n\nRisk-free interest rate \n 3.48%\n\nExpected term (years) \n 1.00-1.06 \n\nExpected volatility \n 151.86%-155.80%\n\nExercise price \n 75,000-643,200 \n\nUnderlying share price \n 5,820 \n\n** **\n\n**Seven\nKnots**\n\n \n\n  \n \n**August 20, 2025 –**\n\n**December 31, 2025**\n \n\nRisk-free interest rate \n 3.47%-3.90%\n\nExpected term (years) \n 1.00-2.00 \n\nExpected volatility \n        146.13%-159.66%\n\nExercise price \n 7,500-45,000 \n\nUnderlying share price \n 5,820-37,498 \n\n \n\n**Make-Whole**\n\n \n\n  \n\n**December\n31,\n2025**\n \n\nRisk-free interest rate \n 3.47%\n\nExpected term (years) \n 2.00 \n\nExpected volatility \n 147.45%\n\nExercise price \n 15,000-43,200 \n\nUnderlying share price \n 5,820 \n\n \n\n**Keystone**\n\n \n\n  \n \n**August 27, 2025 –**\n\n**December 31, 2025**\n \n\nRisk-free interest rate \n 3.41%-3.59%\n\nExpected term (years) \n 1.00-3.00 \n\nExpected volatility \n        143.89%-159.89%\n\nExercise price \n 6,900-54,000 \n\nUnderlying share price \n 5,820-32,848 \n\n \n\nF-70\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 17** –\n**FINANCIAL LIABILITIES\n(Cont.)**\n\n** **\n\n**ELOC**\n\n \n\n  \n\n**December 31,**\n\n**2025**\n \n\nRisk-free interest rate \n 3.50%\n\nExpected term (years) \n 0.91 \n\nExpected volatility \n 145.10%\n\nExercise price \n 7,400 \n\nUnderlying share price \n 5,820 \n\n** **\n\n**March-November\n2024 Notes**\n\n \n\n  \n\n**December 31,\n2025**\n \n\nRisk-free interest rate \n 3.75%\n\nExpected term (years) \n 0.13 \n\nExpected volatility \n 145.74%\n\nExercise price \n 75,000 \n\nUnderlying share price \n 5,820 \n\n** **\n\n**JJ\nAstor convertible loan**\n\n \n\n  \n \n**August 4, 2025 –**\n\n**December 31, 2025**\n \n\nRisk-free interest rate \n 3.67%-4.05%\n\nExpected term (years) \n 0.25-0.66 \n\nExpected volatility \n 135.39%-168.21%\n\nUnderlying share price \n 5,820-35,848 \n\n** **\n\n**Rodman\n& Renshaw August warrants 31.12.25**- Monte Carlo on warrants\n\n \n\n  \n\n**December 31,\n2025**\n \n\nRisk-free interest rate \n 3.52%\n\nExpected term (years) \n 2.66 \n\nExpected volatility \n 154.32%\n\nExercise price \n 6,900-54,000 \n\nUnderlying share price \n 5,820 \n\n \n\nThe\nfollowing table presents the changes in the fair value of liabilities:\n\n \n\n  \n\n**Public**\n\n**Warrants**\n  \n\n**Private**\n\n**Warrants**\n  \n\n**Conversion**\n\n**Component**\n  \nConvertible loan measured whole at fair value  \nTotal \n\n  \n   \n   \n   \n   \n  \n\nFair value as of December 31, 2024 \n$583  \n$13,301  \n$5,141  \n \n-\n  \n$19,025 \n\nIssuance of conversion component related to the convertible loans \n \n-\n  \n \n-\n  \n$2,909  \n \n-\n  \n$2,909 \n\nIssuance of warrants related to the convertible loans \n \n-\n  \n$17,717  \n \n-\n  \n \n-\n  \n$17,717 \n\nExercise of warrants \n \n-\n  \n$(5,561) \n \n-\n  \n \n-\n  \n$(5,561)\n\nClassification of warrant liability to equity \n \n-\n  \n$(10,529) \n \n-\n  \n \n-\n  \n$(10,529)\n\nConversion of convertible loans into ordinary shares \n \n-\n  \n \n-\n  \n$(6,297) \n$(14,572) \n$(20,869)\n\nIssuance of Convertible loan measured whole at fair value \n \n-\n  \n \n-\n  \n \n-\n  \n$44,960  \n$44,960 \n\nChange in fair value \n$(556) \n$(13,311) \n$(1,811) \n$24,981  \n$9,303 \n\nAdjustments arising from translating financial statements from functional currency to presentation currency \n 2  \n$1,038  \n$340  \n$2,387  \n$3,767 \n\nBalance as of December 31, 2025 \n$29  \n$2,655  \n$282  \n$57,756  \n$60,722 \n\n \n\nF-71\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 18** –\n**FINANCIAL INSTRUMENTS**\n\n** **\n\n \na.\nFinancial assets:\n\n \n\nFinancial\nassets at amortized cost:\n\n \n\n  \nDecember 31, \n\n  \n2025  \n2024 \n\n  \nUSD in thousands \n\nTrade receivable and other assets \n 13,659  \n 14,789 \n\nRestricted cash and bank deposit \n 681  \n 388 \n\nTotal current assets \n 14,340  \n 15,177 \n\nLong-term deposit \n 216  \n 165 \n\nTotal non-current assets \n 216  \n 165 \n\n \n\n  b. Other financial liabilities:\n\n \n\nOther financial liabilities at amortized cost: \n   \n  \n\nShort-term loans (1) \n 13,983  \n 13,534 \n\nConvertible loans \n 1,626  \n 24,763 \n\nTrade payables \n 9,825  \n 8,200 \n\nOther accounts payable \n 43,168  \n 39,474 \n\nLiabilities for government grants \n 557  \n 442 \n\nTotal other financial liabilities at amortized cost \n 69,159  \n 86,413 \n\n  \n    \n   \n\nTotal current liabilities \n 68,890  \n 86,240 \n\nTotal non-current liabilities \n 269  \n 173 \n\n \n\n(1) The interest rate is Prime (Bank of Israel intrabank plus 1.5%) + 0.7%-4.85%.\n\n \n\n \nc.\nFinancial risk management objectives and policies:\n\n \n\nThe\nCompany’s principal financial liabilities, other than derivatives, are comprised of loans and borrowings, receivables and financial\nguarantee contracts. The main purpose of these financial liabilities is to finance the Company’s operations and to provide guarantees\nto support its operations. The Company’s principal financial assets include cash and short-term deposits that derive directly from\nfinancing rounds and convertible loans.\n\n \n\nThe\nCompany is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the management of these\nrisks. All risk management activities are carried out by specialist teams that have the appropriate skills, experience and supervision.\nIt is the Company’s policy that no trading in derivatives for speculative purposes may be undertaken by its employees.\n\n \n\n \nd.\nFinancial risks factors:\n\n \n\nThe\nGroup’s activities expose it to various financial risks such as market risks (foreign currency risk, interest risk and price risk),\ncredit risk and liquidity risk. The Group’s comprehensive risk management plan focuses on activities that reduce to a minimum any\npossible adverse effects on the Group’s financial performance.\n\n \n\nF-72\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 18 –**\n**FINANCIAL INSTRUMENTS\n(Cont.)**\n\n \n\nRisk\nmanagement is performed by the Company’s chief executive officer.\n\n \n\n \n1)\nExchange rate risk:\n\n \n\nThough\nthe Group operates internationally, its operations are primarily located in Israel and the majority of its expenses are denominated NIS.\nIt is therefore exposed to exchange rate risk arising from exposure to various foreign currencies, mainly the USD and the Euro. Exchange\nrate risk arises from future commercial contracts, recognized assets and liabilities that are denominated in a foreign currency other\nthan the functional currency and net investments in foreign operations.\n\n \n\nIn\naddition, the Company’s financial results are reported in USD, and changes in the exchange rate between the USD and local currencies\nin those countries in which the Company operates (primarily the NIS) may affect the results of its operations. The USD cost of the Company’s\noperations in countries other than the United States, is negatively influenced by revaluation of the USD against other currencies.\n\n \n\n \n2)\nCredit risk:\n\n \n\nAs\nof December 31, 2025, cash and cash equivalents amounted to $1,763 thousand. The entire cash and cash equivalents are invested with high\nquality financial institutions. The Company and its subsidiaries monitor customer debts on an ongoing basis and include specific allowances\nfor doubtful accounts which adequately reflect the loss inherent in debts whose collection is doubtful as per the estimate of the Company\nand the subsidiaries.\n\n \n\n \n3)\nLiquidity risk:\n\n \n\nThe\nGroup’s objective is to maintain a balance between continuity of funding and flexibility through the use of overdrafts and loans\n(see also Note 1c).\n\n \n\n \n4)\nInterest rate risk:\n\n \n\nInterest\nrate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market\ninterest rates.\n\n \n\nThe\nCompany’s exposure to the risk of changes in market interest rates relates primarily to the Company’s long-term liabilities\nwith floating interest. This risk is of primary focus to the Company given its current dependency on debt financing and the ability to\nobtain future debt financing. The Company manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans\n(see also note 1c).\n\n \n\n \ne.\nFair value:\n\n \n\nThe\ncarrying amount of cash and cash equivalent, trade receivables net, other accounts receivable, short-term bank loans, Trade payables\nand other accounts payable approximates their fair value.\n\n \n\nF-73\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 19 –**\n**NET EMPLOYEE DEFINED\nBENEFIT LIABILITIES**\n\n** **\n\nEmployee\nbenefits consist of post-employment benefits and other long-term benefits.\n\n \n\nPost-employment\nbenefits:\n\n \n\nAccording\nto the labor laws and Severance Pay Law in Israel, the Company is required to pay compensation to an employee upon dismissal or retirement\nor to make current contributions in defined contribution plans pursuant to Section 14 to the Severance Pay Law, as specified below. The\nCompany’s liability is accounted for as a post-employment benefit. The computation of the Company’s employee benefit liability\nis made according to the current employment contract based on the employee’s salary and employment term which establish the entitlement\nto receive the compensation.\n\n \n\nThe\npost-employment employee benefits are normally financed by contributions classified as defined benefit plan or as defined contribution\nplan, as detailed below.\n\n \n\n \na.\nDefined contribution plans:\n\n \n\nSection\n14 to the Severance Pay Law, 1963 applies to part of the compensation payments, pursuant to which the fixed contributions paid by the\nGroup into severance pay funds and/or policies of insurance companies release the Group from any additional liability to employees for\nwhom said contributions were made. These contributions and contributions for benefits represent defined contribution plans.\n\n \n\n  \n\n**Year ended**\n\n**December 31,**\n \n\n  \n2025  \n2024 \n\n  \nUSD in thousands \n\n  \n    \n   \n\nExpenses in respect of defined contribution plans \n 1,641  \n 1,632 \n\n \n\n \nb.\nDefined benefit plans:\n\n \n\nThe\nGroup accounts for that part of the payment of compensation that is not covered by contributions in defined contribution plans, as above,\nas a defined benefit plan for which an employee benefit liability is recognized and for which the Group deposits amount in central severance\npay funds or accrue for such provision (when the deposits are not made on time) in qualifying insurance policies.\n\n \n\nF-74\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 19 –**\n**NET EMPLOYEE DEFINED\nBENEFIT LIABILITIES (Cont.)**\n\n \n\n  c. Changes in the defined benefit obligation and fair value of plan assets\n\n \n\n**2025**\n\n \n\n** **** **\n\n**Expenses\nrecognized in profit or loss**\n** **** **\n\n**Gain\n(loss) from remeasurement**\n\n**in\nother comprehensive income**\n** **** **\n\n**Contributions**\n** **** **\n** **** **\n\n  \n\n**Balance**\n\n**as\nof**\n\n**January 1,**\n\n**2025**\n  \n\n**Current**\n\n**service**\n\n**cost**\n  \n\n**Net**\n\n**interest**\n\n**expense**\n  \n\n**Past**\n\n**service**\n\n**cost\nand**\n\n**effect\nof**\n\n**settlements**\n  \n\n**Total**\n\n**expense**\n\n**recognized**\n\n**in\nprofit**\n\n**or\nloss**\n\n**for\nthe**\n\n**period**\n  \n\n**Payments**\n\n**from\nthe**\n\n**plan**\n  \n\n**Return**\n\n**on\nplan**\n\n**assets**\n\n**(excluding**\n\n**amounts**\n\n**included**\n\n**in\nnet**\n\n**interest**\n\n**expenses)**\n  \n\n**Actuarial**\n\n**gain\n(loss)**\n\n**arising**\n\n**from**\n\n**changes\nin**\n\n**demographic**\n\n**assumptions**\n  \n\n**Actuarial**\n\n**gain\n(loss)**\n\n**arising**\n\n**from**\n\n**changes\nin**\n\n**financial**\n\n**assumptions**\n  \n\n**Actuarial**\n\n**gain\n(loss)**\n\n**arising**\n\n**from**\n\n**experience**\n\n**adjustments**\n  \n\n**Total**\n\n**effect**\n\n**on\nother**\n\n**comprehensive**\n\n**income**\n\n**for\nthe**\n\n**period**\n  \n\n**Effect\nof**\n\n**changes\nin**\n\n**foreign**\n\n**exchange**\n\n**rates**\n  \n\n**by**\n\n**employer**\n  \n\n**by**\n\n**plan’s**\n\n**participants**\n  \n\n**Balance**\n\n**as\nof**\n\n**December 31,**\n\n**2025**\n \n\n  \nUSD\nin thousands \n\nDefined\nbenefit obligation \n 2,876  \n 101  \n 138  \n -  \n 239  \n (899) \n -  \n            -  \n 27  \n (58) \n (32) \n (692) \n -  \n         -  \n 2,539 \n\nFair\nvalue of plan assets \n (2,225) \n -  \n (109) \n 31  \n (79) \n 623  \n (14) \n -  \n -  \n -  \n (14) \n (423)  \n (107) \n -  \n (2,085)\n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nNet\ndefined benefit liability (asset) \n 651  \n 101  \n 29  \n 31  \n 160  \n (277) \n (14) \n -  \n 27  \n (58) \n (46) \n 269 \n (107) \n -  \n 454 \n\n \n\n**2024**\n\n \n\n** **** **\n\n**Expenses\nrecognized in profit or loss**\n** **** **\n\n**Gain\n(loss) from remeasurement**\n\n**in\nother comprehensive income**\n** **** **\n\n**Contributions**\n** **** **\n** **** **\n\n  \n\n**Balance**\n\n**as\nof**\n\n**January 1,**\n\n**2024**\n  \n\n**Current**\n\n**service**\n\n**cost**\n  \n\n**Net**\n\n**interest**\n\n**expense**\n  \n\n**Past**\n\n**service**\n\n**cost\nand**\n\n**effect\nof**\n\n**settlements**\n  \n\n**Total**\n\n**expense**\n\n**recognized**\n\n**in\nprofit**\n\n**or\nloss**\n\n**for\nthe**\n\n**period**\n  \n\n**Payments**\n\n**from\nthe**\n\n**plan**\n  \n\n**Return**\n\n**on\nplan**\n\n**assets**\n\n**(excluding**\n\n**amounts**\n\n**included**\n\n**in\nnet**\n\n**interest**\n\n**expenses)**\n  \n\n**Actuarial**\n\n**gain\n(loss)**\n\n**arising**\n\n**from**\n\n**changes\nin**\n\n**demographic**\n\n**assumptions**\n  \n\n**Actuarial**\n\n**gain\n(loss)**\n\n**arising**\n\n**from**\n\n**changes\nin**\n\n**financial**\n\n**assumptions**\n  \n\n**Actuarial**\n\n**gain\n(loss)**\n\n**arising**\n\n**from**\n\n**experience**\n\n**adjustments**\n  \n\n**Total**\n\n**effect**\n\n**on\nother**\n\n**comprehensive**\n\n**income**\n\n**for\nthe**\n\n**period**\n  \n\n**Effect\nof**\n\n**changes\nin**\n\n**foreign**\n\n**exchange**\n\n**rates**\n  \n\n**by**\n\n**employer**\n  \n\n**by**\n\n**plan’s**\n\n**participants**\n  \n\n**Balance**\n\n**as\nof**\n\n**December 31,**\n\n**2024**\n \n\n  \nUSD\nin thousands \n\nDefined benefit obligation \n 3,135  \n 126  \n 150  \n \n-\n  \n 276  \n (537) \n \n-\n  \n \n      -\n  \n (13) \n 36  \n 23  \n (21) \n \n-\n  \n \n      -\n  \n 2,876 \n\nFair value of plan assets \n (2,266) \n \n-\n  \n (108) \n 28  \n (80) \n 424  \n (191) \n \n-\n  \n \n-\n  \n \n-\n  \n (191) \n 13 \n (125) \n \n-\n  \n (2,225)\n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nNet defined benefit liability (asset) \n 869  \n 126  \n 42  \n 28  \n 196  \n (113) \n (191) \n \n-\n  \n (13) \n 36  \n (168) \n (8) \n (125) \n \n-\n  \n 651 \n\n \n\nF-75\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 19 –**\n**NET EMPLOYEE DEFINED\nBENEFIT LIABILITIES (Cont.)**\n\n \n\n \nd.\n\nThe principal assumptions underlying the defined benefit plans:\n\n \n\n  \n2025  \n2024 \n\n  \n% \n\n  \n   \n  \n\nDiscount rate (1) \n \n4.75-4.8\n  \n 5.32 \n\nExpected rate of salary increase \n 2.5  \n 3.18 \n\n \n\n(1) The discount rate is based on high-quality CPI-linked corporate bonds.\n\n \n\n  e. Amount, timing and uncertainty of future cash flows:\n\n \n\n  \n\n**Change in**\n\n**defined**\n\n**benefit**\n\n**obligation**\n \n\n  \nUSD in thousands \n\nDecember 31, 2025 \n  \n\n  \n  \n\nSensitivity test for changes in the expected rate of salary increase: \n  \n\n  \n  \n\nThe change as a result of: \n  \n\n1% salary increase \n (175)\n\n1% salary decrease \n 138 \n\n  \n   \n\nSensitivity test for changes in the discount rate of the plan assets and liability: \n   \n\n  \n   \n\nThe change as a result of: \n   \n\n1% increase in discount rate \n 145 \n\n1% decrease in discount rate \n (183)\n\n \n\nF-76\n\n \n\n** **\n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 20 –**\n**EQUITY**\n\n** **\n\n  a. Composition of share capital:\n\n \n\n   December 31, 2025   December 31, 2024 \n\n   Authorized  \n**Issued and**\n\n**outstanding**\n   Authorized  \n**Issued and**\n\n**outstanding**\n \n\n   Number of shares in thousands \n\nOrdinary shares with no par value   66,667    2    6,667    0.23 \n\n \n\nEffective\nMarch 28, 2025, the Company’s shares were reverse split in a ratio of 1:10. Effective January 14, 2026, the Company’s shares\nwere reverse split in a ratio of 1:15. Effective March 31, 2026, the Company’s shares were reverse split in a ratio of 1:50. Effective\nJune 5, 2026, the Company’s shares were reverse split in a ratio of 1:20. As a result, all ordinary shares, options for shares,\nwarrants to purchase ordinary shares, exercise price and net loss per share amounts were adjusted retroactively for all periods presented\nin these consolidated financial statements as if the stock split had been in effect as of the date of these consolidated financial statements. \n\n \n\n \nb.\nMovement in share capital:\n\n \n\n  i. Issued and outstanding share capital:\n\n \n\n  \n\n**Number of**\n\n**shares of no**\n\n**par value**\n \n\n  \nin thousands \n\n  \n  \n\nBalance as of January 1, 2025 \n 0.23 \n\nIssuance of shares \n 1.77 \n\nExercise of options and warrants \n \n-\n \n\n  \n   \n\nBalance as of December 31, 2025 \n 2 \n\n \n\n \nii.\nShares issued:\n\n \n\n  1.\nAGP\n\n \n\nDuring January and February 2025, AGP converted an aggregated amount of $500 thousand into 6 ordinary shares pursuant to the terms of the Amended Note described in Note 3(1).\n\n \n\n  2. 2023-2024 Accredited Investor\n\n     \n\n   \nDuring March 2025, certain Accredit Investors converted an aggregated\namount of $550 thousand into 3 ordinary shares, pursuant to the Accredit Investor Notes described in Note 3(2). In February 2025, the\n2023–2024 accredited investor group received a benefit consisting of 17 warrants and 8 ordinary shares as a result of early conversions\nof their convertible loans.\n\n \n\nF-77\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 20 –**\n**EQUITY (Cont.)**\n\n \n\n \n3.\nLind\n\n \n\nDuring\nFebruary 2025, Lind exercised Lind Warrants using the cashless exercise formula to purchase 24 ordinary shares at an exercise price of\n$60,000, pursuant to the Lind SPA described in Note 3(b).\n\n \n\n \n4.\nClaymore\n\n \n\nDuring 2025, Claymore investors converted\nan aggregated amount of $10,524 thousand into 273 ordinary shares.\n\n \n\nPursuant to a settlement agreement\nbetween the Company and two of its creditors, pursuant to which Claymore undertook to settle outstanding debt on behalf of the Company,\nClaymore converted an aggregate amount of $13,414 thousand into 288 ordinary shares and converted prefunded warrants into 7 ordinary\nshares.\n\n \n\n \n5.\nCreditor Settlement Agreement\n\n \n\nPursuant\nto a debt settlement agreement with one of BlackSwan’s investors and creditors, a convertible loan in the principal amount of $1.54\nmillion and 41 warrants were converted and exercised, respectively into 61 ordinary shares of the Company.\n\n \n\n  6.\nConsulting Agreement\n\n \n\nDuring 2025, consultants were issued an aggregate of 170 ordinary shares,\npursuant to consulting agreements. Expenses in the aggregate amount of $2,877 thousand were recorded under sales and marketing expenses.\n\n \n\n  7.\nPrefunded Warrants\n\n \n\nAs part of the Company’s debt settlements\nwith two of its creditors, in which Claymore participated, and in connection with both convertible and non-convertible loans provided\nby Claymore during the first half of 2025, Claymore received 234 prefunded warrants, out of which 176 were exercised for ordinary shares.\n\n \n\nDuring 2025, the March-November 2024 Investor converted 63 prefunded\nwarrants into 63 ordinary shares.\n\n \n\n  8.\nMarch-November 2024 Investor and Seven Knots\n\n \n\nDuring 2025, the March-November 2024 Investor converted $1,500 thousand of convertible loan principal into 33 shares.\n\n \n\n  9.\nExchange note\n\n \n\nDuring 2025, the exchange note investors converted $6,662 thousand\nof convertible loan principal into 361 shares.\n\n \n\n  10.\nAugust 2025 SPA\n\n \n\nDuring 2025, the August 2025 SPA investors converted $1,500 thousand of convertible loan principal into 100 shares.\n\n \n\nF-78\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 20 –**\n**EQUITY (Cont.)**\n\n \n\n \n11.\n\nShare-based compensation to key management\n\n \n\nDuring 2025, members of the Company’s key management received\nan aggregate of 33 ordinary shares, as part of their compensation. Expenses in the amount of $2,953 thousand were recorded under general\nand administrative and research and development expenses.\n\n     \n\n  12. Conversion\nof loans\n\n     \n\n  During\n2025, investor loans in the amount of $275 thousand was converted into ordinary shares.\n\n     \n\n  13. Oozi\nCats Subscription Agreement\n\n     \n\n    During\n2025, Oozi Cats received 33 ordinary shares at a purchase price of $45,000 per share for a total consideration of $1,500 thousand, pursuant\nto the terms of the subscription agreement.\n\n     \n\n  14. ELOC\n\n     \n\n    As\nof December 31, 2025, an amount of $1,600,000 under the ELOC loan was converted into 107 shares.\n\n     \n\n  15. JJ\nAstor\n\n     \n\n    As of December 31, 2025, JJ Astor converted a principal amount of $2,165,497 under the December 2024 convertible note into 98 ordinary shares.\n\n \n\n  16. Reclassification of warrants from liability to equity\n\n     \n\n   \nIn February 2025, the terms of the warrants previously issued to the\nMarch-November 2024 Investor in connection with four investment tranches completed during 2024 were amended. Pursuant to the amendment,\nthe exercise price of all such warrants, which are exercisable for an aggregate of 86 ordinary shares, was modified to a unified exercise\nprice of NIS 266,550 per share, and the cashless exercise feature was removed. As a result of the amendment, the warrants were reclassified\nfrom liabilities to equity. As of the date of reclassification, the fair value of the warrants was $10,529 thousand. For additional information,\nsee Note 3.\n\n \n\nF-79\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 20 –**\n**EQUITY (Cont.)**\n\n \n\n \nc.\nTreasury shares - Company\nshares held by the Company:\n\n \n\nThe\ninterests of the Company in the Company’s shares are as follows:\n\n \n\n  \nDecember 31, \n\n  \n2025  \n2024 \n\n  \n% \n\n  \n    \n   \n\n% of issued and outstanding share capital \n 0.05  \n 0.24 \n\n \n\n \nd.\nCapital management in the\nCompany:\n\n \n\nThe\nCompany’s capital management objectives are:\n\n \n\n \n1.\nTo preserve the Group’s\nability to ensure business continuity thereby creating a return for the shareholders, investors and other interested parties.\n\n \n\n \n2.\nTo ensure adequate return\nfor the shareholders by pricing of products and services that is adjusted to the level of risk in the Group’s business activity.\n\n \n\nThe\nCompany manages its capital structure and makes adjustments to it in light of changes in economic conditions and risk characteristics\nof its activity and its current and future liquidity constraints. To maintain or adjust the required capital structure, the Company may\napply various measures such as adjust the dividend payment to shareholders, raise capital by way of issue of shares, capital purchases\nfrom shareholders and disposal of assets to reduce its debts.\n\n \n\nF-80\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS **\n\n \n\n**NOTE 21 –**\n**SHARE-BASED PAYMENT**\n\n \n\n \na.\nExpenses recognized in\nthe financial statements:\n\n** **\n\nThe\nexpense recognized in the financial statements for services received from employees and officers is shown in the following table:\n\n \n\n  \nYear ended December 31, \n\n  \n2025  \n2024  \n2023 \n\n  \nUSD in thousands \n\n  \n  \n\nEquity-settled share-based payment plans \n 3,189  \n 2,070  \n 7,115 \n\n \n\n \nb.\nGrants of options to employees\nand interested parties:\n\n \n\nAs part of the business combination\nagreement described in Note 1b above, on June 21, 2021, the Company granted 11 share options to senior officers, employees and consultants\nof the Company and to an investment bank assisting the transaction.\n\n \n\n \nc.\n2021 Employee Stock Option\nPlan:\n\n \n\nThe Company has authorized through\nits 2021 Employee Stock Option Plan (the “Plan”), an available pool of ordinary shares of the Company from which to grant\noptions and RSUs to officers, directors, advisors, management and other key employees. As of December 31, 2025, there were 13,559 ordinary\nshares reserved and available for issuance under the Plan (after adjustment for the 1:15 reverse split effected on January 15, 2026,\nthe 1:50 reverse split effected on April 20, 2026 and the 1:20 reverse split effected on June 5, 2026). The options granted generally\nhave a four-year vesting period and expire ten years after the date of the grant, subject to the terms set forth in the Plan. Options\ngranted under the Plan that are cancelled or forfeited before expiration become available for future grant.\n\n \n\n \nd.\nMovement of share options\nduring the year:\n\n \n\nThe\nfollowing table presents the changes in the number of share options and the weighted average exercise prices of share options: \n\n \n\n  \n2025  \n2024 \n\n  \n\n**Number of**\n\n**options**\n  \n\n**Weighted**\n\n**average**\n\n**exercise**\n\n**price**\n  \n\n**Number of**\n\n**options**\n  \n\n**Weighted**\n\n**average**\n\n**exercise**\n\n**price**\n \n\n  \n   \n   \n   \n  \n\nShare options outstanding at beginning of year \n \n-\n  \n 426,000  \n 2  \n 1,506,000 \n\nShare options granted during the year \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n \n\nShare options exercised during the year \n \n-\n  \n \n-\n  \n \n-\n  \n 7,500 \n\nShare options forfeited during the year \n \n-\n  \n \n-\n  \n \n-\n  \n 6,000 \n\nShare options expired during the year \n \n-\n  \n 1,205,000  \n \n-\n  \n 2,476,500 \n\n  \n    \n    \n    \n   \n\nShare options outstanding at end of year \n \n-\n  \n 933,532  \n \n-\n  \n 426,000 \n\n  \n    \n    \n    \n   \n\nShare options exercisable at end of year \n \n-\n  \n 1  \n \n-\n  \n 378,000 \n\n \n\nEach\noption is exercisable into one ordinary share of no par value.\n\n \n\nF-81\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 21 –**\n**SHARE-BASED PAYMENT\n(Cont.)**\n\n \n\nA\nsummary of the status of RSUs under the Plan as of December 31, 2025 and changes during the relevant period ended on that date is\npresented below:\n\n \n\n  \n\n**Number of**\n\n**RSU**\n \n\n  \n  \n\nOutstanding at beginning of year* \n 1 \n\nGranted \n 451 \n\nVested \n (12)\n\nForfeited and cancelled \n (9)\n\n  \n   \n\nOutstanding at end of year \n 431 \n\n \n\n* This includes shares granted with performance obligations which were not fulfilled as of December 31, 2025.\n\n \n\nThe\ntotal equity-based compensation expense related to all of the Company’s equity-based awards recognized for the years ended December 31,\n2025, 2024 and 2023, was comprised as follows:\n\n** **\n\n  \nYear ended December 31, \n\n  \n2025  \n2024  \n2023 \n\n  \n   \n   \n  \n\nCost of revenues \n \n-\n  \n \n-\n  \n 35 \n\nResearch and development expenses \n 163  \n (11) \n 3,010 \n\nSales and marketing expenses \n 85  \n (32) \n 211 \n\nGeneral and administrative expenses \n 2,941  \n 2,113  \n 3,859 \n\n  \n    \n    \n   \n\nTotal share-based payment \n 3,189  \n 2,070  \n 7,115 \n\n \n\nF-82\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 22 –**\n**COMMITMENTS, GUARANTEES,\nCHARGES AND CONTINGENT LIABILITIES**\n\n** **\n\nLegal\nProceedings\n\n \n\nFrom\ntime to time, the Company is and may be subject to various legal proceedings, contingencies and claims that arise in the course of business,\nincluding some claims from current or former employees and directors, as well as governmental and other regulatory investigations and\nproceedings.\n\n \n\nThere\nis no pending litigation or proceeding against any of the Company’s officers or directors as to which indemnification is currently\nbeing sought, and, except as described below, the Company is not aware of any pending or threatened litigation, the outcome of which,\nthe Company believes, if determined adversely to the Company, would individually or taken together have a material adverse effect on\nits business, operating results, cash flows or financial condition or may result in claims for indemnification by any office holder.\nDefending such proceedings is costly and can impose a significant burden on management and employees. The results of any current or future\nlitigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on the Company because\nof defense and settlement costs, diversion of management resources and other factors.\n\n \n\nSet\nforth below is a brief summary of the material litigation and other proceedings the Company is currently facing:\n\n \n\n1.\nInsurance reimbursement claim – In May 2018, Rotem Amfert Negev Ltd. filed an insurance reimbursement claim against the Company and approximately 15 other defendants in the Tel Aviv District Court for damages caused by a fire at plaintiff’s factory. The plaintiff filed evidence on November 24, 2025 and the Company filed its evidence on June 30, 2026. A mediation procedure was approved by the parties and was scheduled for July 14, 2026 and July 30, 2026.\n\n \n\nAt\nthis stage, based on the assessment of legal counsel, no provision was recorded in respect of this claim.\n\n \n\n2. Contract Tender Litigation – In March 2022, a motion to certify a class action was filed against the Company in connection with the alleged delayed disclosure of the cancellation of a contract tender. Following various procedural developments, including mediation attempts that did not result in a settlement, on February 18, 2026, the court partially granted the motion for certification with respect to certain allegations while dismissing the majority of the claims. On April 19, 2026, the plaintiff filed an amended statement of claim seeking damages of approximately NIS 5.4 million (approximately $1.69 million). On May 28, 2026, the Company filed a motion seeking reconsideration of the partial class action certification and the plaintiff filed its response on July 1, 2026. A hearing on this motion is scheduled for November 4, 2026.\n\n \n\nAs\nof the date of this Annual Report, a provision in the amount of $784 thousand was recorded by the Company.\n\n \n\n3.PIPE Financing Litigation – In March 2023, a motion for class action certification was filed against the Company and other respondents, alleging misleading disclosures regarding irrevocable investment commitments in connection with the PIPE Financing. The applicant seeks to represent shareholders who purchased the Company’s ordinary shares between March 2022 and February 23, 2023, claiming aggregate damages exceeding NIS 2.5 million. The proceedings remain at the class certification stage. During 2024, certain respondents and claims were dismissed or withdrawn following the Court’s recommendations. During 2025 and 2026, the parties continued with evidentiary and pre-trial proceedings, including discovery-related motions. As of the date of this Annual Report, the certification motion remains pending, and the litigation is ongoing.\n\n \n\nAt\nthis stage, it is not possible to assess the prospects of the certification motion being granted.\n\n \n\nF-83\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 22 –**\n**COMMITMENTS, GUARANTEES,\nCHARGES AND CONTINGENT LIABILITIES (Cont.)**\n\n \n\n4.\nY.H. Lahav Financial Advisors – On June 4, 2024, Y.H. Lahav Financial\nAdvisors filed claims with the Tel Aviv District Court against BlackSwan Technologies, Inc. and Cognitive Systems Ltd., which subsequently\nbecame subsidiaries of the Company, and directors thereof. The claims allege breaches of a loan agreement and seek damages totaling approximately\n$2 million. On July 3, 2025, the parties filed a joint motion to suspend proceedings in order to transfer the case to mediation. However,\nas the mediation failed, court proceedings resumed. On March 19, 2026, the plaintiff filed an ex parte motion to impose attachments against\nthe individual defendants (not BlackSwan and the Company) and the motion was partially approved with regards to some individual defendants\non May 19, 2026. On May 25, 2026, the court approved a motion by the plaintiff to amend the statement of claim and add the Company as\na party to the proceedings. The Company is required to file its statement of defense by July 25, 2026.\n\n \n\nBased\non the assessment of legal counsel, no provision was recognized in the financial statements in accordance with IAS 37, as a liability\nwas already recorded as a loan.\n\n \n\n5.Tufin – Tufin Software Technologies Ltd. (“Tufin”) filed a claim in the Tel Aviv Magistrates Court against Comsec Ltd. (a Company subsidiary) and the Company for NIS 1,891,799 in unpaid debt. While settlement discussions were ongoing, on September 4, 2024, Tufin filed a motion for judgment on grounds that the respondents had not submitted their defense. The Company is currently in discussions with Tufin to make a payment schedule and settle this matter outside of court.\n\n \n\n6.The Phoenix Insurance Company Ltd. v. Hub TLV – On February 20, 2025, a claim was filed against Hub Cyber Security TLV Ltd. (“HUB TLV”) for NIS 165,496 in unpaid social benefits for employees insured by the Phoenix Insurance Company Ltd. The payments were subsequently made, and the claim was dismissed on January 31, 2026.\n\n \n\n7.Fortinet – Fortinet Inc. (the “Seller”), which sold software products to a Company affiliate (the “Affiliate”), sued the Company in October 2025 to enforce a February 2023 guaranty. The Seller alleges that the Company unconditionally and irrevocably guaranteed full and prompt payment of all the Affiliate’s unpaid obligations and agreed to indemnify the Seller for enforcement costs. The Seller alleges the Affiliate is in default on more than $3 million in invoices due between February 13 and May 1, 2023, and that the Company is liable for these unpaid invoices. The parties have agreed to extend the deadline for the Company to answer the complaint while discussing potential settlement.\n\n \n\nThe full amount of the claim, including\nthe interest component, has been recorded in the Company’s financial statements under trade payables and other payables.\n\n \n\n8.Tandu – On November 27, 2025, Tandu Technologies and Security Systems Ltd. filed a claim against Hub TLV for NIS 3,957,254, alleging breach of contract by the Company. As the claim concerns the Company and not HUB TLV, Hub TLV filed a motion to dismiss on January 11, 2026. On January 19, 2026, the parties agreed that the claim would be amended with the Company reserving all rights under the motion to dismiss, and the court approved this understanding on January 21, 2026. On February 11, 2026, Tandu filed the amended claim. The Company filed its statement of defense on June 14, 2026, arguing that the claim should be dismissed in its entirety, as it directly contradicts the contractual understandings between the parties.\n\n \n\nAt\nthis preliminary stage, based on the assessment of legal counsel, no provision was recorded in respect of this claim.\n\n \n\nF-84\n\n \n\n** **\n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 22 –**\n**COMMITMENTS, GUARANTEES,\nCHARGES AND CONTINGENT LIABILITIES (Cont.)**\n\n \n\n9.Class\nAction Suit – This case consolidates into one securities class action the complaints\nfiled in the cases styled Efrat Investments LLC et al. v. Hub Cyber Security Ltd., and Green\nv. Hub Cyber Security Ltd. f/k/a Hub Cyber Security (Israel) Ltd., et al. This action names\nthe Company and current and former officers and directors of the Company (including Eyal\nMoshe, Hugo Goldman, Uzi Moscovich, Zeev Zell, Moshe Raines, Manish Agarwal, and Moti Franko,\n“Individual Defendants”) as defendants (collectively, “Class Action Defendants”).\nCertain shareholders — individuals and entities that purchased or otherwise acquired\nCompany securities pursuant to and/or traceable to the offering materials issued in connection\nwith the Business Combination — have alleged that the Class Action Defendants made\nmaterial misstatements and omissions in the offering materials issued in connection with\nthe Business Combination. The shareholders have alleged that the offering materials incorrectly\nstated that Hub Cyber Security (Israel) Ltd. had secured a committed financing arrangement,\ncontained material misstatements and omissions concerning the Company’s internal controls\nand misuse of Company funds, and contained materially misleading information concerning the\nCompany’s product. The shareholders seek damages from the Class Action Defendants and/or\ntender their shares to Class Action Defendants for recovery of the consideration paid therefor.\nThe Company is defending itself vigorously and has moved to dismiss the action on the grounds\nthat the shareholders lack standing to sue and have failed to make a claim against the Company.\nThe motion to dismiss was partially granted by the Court and while some claims were dismissed,\nthe bulk of plaintiff’s allegations have survived and so the case has moved forward\ninto discovery.\n\n \n\nThe\nparties entered mediation on September 3, 2025. Following the mediation, the parties reached an agreement in principle to resolve the\nclass action in an amount of $11,000 thousand. The settlement represents a full and final resolution of the claims asserted in the class\naction without any admission of liability by the Company or the Individual Defendants. The settlement remains subject to court approval\nand related administrative processes, after which the funds will be distributed to eligible class members in accordance with a court-approved\nplan of allocation. The parties signed a Term Sheet on October 9, 2025, and thereafter notified the court of the settlement.\n\n \n\nOn\nDecember 9, 2025, the shareholders filed a motion for (i) preliminary approval of the class action settlement, (ii) certification of\nthe settlement class, and (iii) approval of notice to the settlement class, together with the Stipulation and Agreement of Settlement\n(the “Settlement”). On December 10, 2025, the court granted the motion and preliminarily approved the Settlement as fair\nand reasonable. At a hearing held on June 29, 2026, the court indicated that the settlement will be approved, but asked Plaintiffs’\ncounsel to provide supplemental information regarding the breakdown/division of fees between the Plaintiffs’ law firms. The Company\nanticipates that the Court will formally approve the settlement thereafter. As of the date of this Annual Report, a provision in the\namount of $11,000 thousand was recorded by the Company.\n\n \n\n10.Former\nemployees have filed the following claims:\n\n \n\n(a)On April 2, 2025, a former employee of Blackswan Germany filed a claim for protection against unfair dismissal before the Labor Court of Giessen, Germany, arguing that the termination notice is invalid, and claimed EUR 116,883 in damages for various employment matters. A default judgment was issued against BlackSwan Germany on June 30, 2025, following non-appearance, and the subsidiary filed a timely objection on August 12, 2025. On September 10, 2025, Blackswan issued another termination notice. On March 3, 2026, Blackswan Germany notified the court about the commencement of insolvency proceedings. By notice dated March 3, 2026, the court suspended proceedings without setting a new hearing date for the duration of insolvency proceedings. The plaintiff has sought provisional enforcement of the default judgment and obtained a garnishment and transfer order directed at one of the Company’s clients.\n\n \n\nF-85\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 22 –**\n**COMMITMENTS, GUARANTEES,\nCHARGES AND CONTINGENT LIABILITIES (Cont.)**\n\n \n\nIn\nseparate proceedings regarding the same former employee before the Labor Court of Giessen, a partial default judgment was issued on December\n2, 2024, followed by a final default judgment on March 12, 2025, both final and binding. Blackswan was ordered to pay salary claims for\nJune 2023 through November 2024 in the amount of EUR 225,000, plus interest on EUR 12,500 per month from the respective due dates. The\nplaintiff was also granted health insurance contributions for December 2022 through November 2024 in the amount of EUR 24,934, plus interest.\nThe plaintiff has enforced these claims by obtaining a garnishment and transfer order directed at one of the Company’s clients.\nBlackswan is examining options to challenge or defend against the enforcement measures.\n\n \n\nAt this preliminary stage, based on the assessment of legal counsel,\nthe Company is unable to assess the chances of these lawsuits being successful or assess the actual exposure to the Company.\n\n \n\n(b)On\nApril 19, 2025, another former employee of Blackswan Germany filed a claim for protection\nagainst unfair dismissal before the Labor Court of Mönchengladbach, Germany, arguing\nthat the termination notice is invalid. A hearing took place on January 19, 2026. The court\nlargely dismissed the claim; Blackswan was solely ordered to provide the claimant with a\nqualified interim reference covering the nature and duration of employment as well as performance\nand conduct, and to issue an electronic copy of the wage tax certificate for calendar year\n2024. However, due to the opening of insolvency proceedings over Blackswan Germany’s\nassets, the judgment will not become final for the time being. Blackswan informed the court\nabout the insolvency proceedings on March 23, 2026.\n\n \n\nIn\nseparate proceedings regarding the same employee before the Labor Court of Mönchengladbach, a partial default judgment was issued\non December 12, 2024, followed by a further partial default and final judgment on February 25, 2025, both final and binding. The former\nemployee asserted salary claims for June 2023 through November 2024 in the amount of EUR 280,857, plus interest on EUR 15,603 per month\nfrom the respective due dates. The plaintiff was also awarded health insurance contributions for June 2023 through November 2024 in the\namount of EUR 8,097, plus interest on EUR 450 per month accruing from the respective due dates. The plaintiff has enforced these claims\nby obtaining a garnishment and transfer order directed at one of the Company’s clients. Blackswan is examining options to challenge\nor defend against the enforcement measures.\n\n \n\nAt this preliminary stage, based on the assessment of legal counsel,\nthe Company is unable to assess the chances of these lawsuits being successful or assess the actual exposure to the Company.\n\n \n\n(c)Two former employees of affiliates of the Company, QPoint Technologies Ltd (“QPoint”) and Sensecom Consulting and Projects Management Ltd. (“Sensecom”), filed a claim against QPoint, Sensecom and against the Company on May 18, 2026, in the total amount of NIS 1,105,978, alleging they are entitled to payments for bonuses and for redemption of vacation days. The Company is currently studying the claim. At this stage, it is not possible to assess the chances of success for this claim or the actual exposure to the Company.\n\n \n\nF-86\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 22 –**\n**COMMITMENTS, GUARANTEES,\nCHARGES AND CONTINGENT LIABILITIES (Cont.)**\n\n \n\n11.Following\nthe findings of the internal investigation of the Company’s Special Committee in 2023,\nthe Company filed claims against two former employees, which were settled in one agreement:\n\n \n\n(a)In June 2023 and February 2024, the Company initiated legal proceedings in the Tel Aviv Labor Court against its former Chief of Staff and VP of Human Resources, Ms. Ayelet Bitan, seeking a declaratory judgment for the recovery of accrued severance funds. In July 2024, the defendant filed a counterclaim seeking approximately NIS 1.27 million, alleging unlawful termination, gender discrimination, and workplace bullying. The counterclaim includes demands for the release of severance funds, six months’ notice pay, and various compensatory damages for reputational harm and bad faith dismissal. The Company filed its statement of defense in November 2024, disputing the merits of all allegations.\n\n   \n\n(b)On November 11, 2023, the Company filed a claim in the Tel Aviv Labor Court against Mr. Eyal Moshe, a former CEO of the Company, seeking a declaratory judgment and an order to release severance pay funds accumulated in provident funds back to the employer. On February 18, 2024, the former employee filed his statement of defense. On June 4, 2024, the Company submitted a request to the Court to consolidate the claims against Mr. Moshe and Ms. Bitan.\n\n \n\nOn\nSeptember 7, 2025, the parties to both of the foregoing claims entered into a settlement agreement, which was approved by the Court.\nAccording to the settlement, as consideration for each party’s release of all claims and without the Company admitting to any of\nMs. Bitan’s or Mr. Moshe’s allegations or agreeing to any of their demands, the Company (a) released all funds deposited\nby the Company on behalf of the former employees, including but not limited to severance pay contributions and (b) paid Ms. Bitan, in\nlieu of notice and as a supplement to severance pay, a retirement grant in the amount of NIS 250,000, payable in three equal monthly\ninstallments commencing on November 10, 2025. The Company recorded a provision in the amount of the settlement.\n\n \n\n12.Israel\nSecurities Authority and Israel Tax Authority Investigation – In September 2024, the\nIsrael Securities Authority and Israel Tax Authority conducted a search of the Company’s\noffice in the context of investigating former and current officers in connection with suspicions\nregarding violations of securities, penal and tax laws. To the Company’s best knowledge,\nthe suspicions are related to the subject matter of the Internal Investigation. In addition,\nin April 2025, investigators from the Israeli Tax Authority visited the offices of the Company.\nTo the Company’s best knowledge, said visit related to developments in the investigation\nrelated to the actions of a former Financial Controller of the Company, which were also addressed\nin the Internal Investigation conducted by the Company. According to a letter provided to\nthe Company in January 2026 by the Israel Securities Authority, the investigation has been\nconcluded and the investigation file has been transferred to the Tel Aviv District Attorney’s\nOffice (Taxation and Economic Crimes) for resolution.\n\n \n\n13.\nThe law firm of Amit Pollak Matalon filed a claim on April 23, 2025, for NIS 441,624 in unpaid legal fees for services to BlackSwan Technologies, Inc. On July 21, 2025, the court approved a settlement requiring the Company to pay NIS 461,624 (including expenses) to dismiss the claim, which has been paid. The Company has recognized a provision in its financial statements in respect of this matter.\n\n \n\n14. A claim was filed against BlackSwan Technologies, Inc. by 8 Allocate OU in a U.S. court on April 4, 2024, for $178,738. The case resulted in a default judgment of $148,348 on January 29, 2024. On November 10, 2025, the plaintiff sought court permission to file subpoenas and restraining notices against the Company and its affiliates to compel production of documents or assets belonging to BlackSwan, which would be used to satisfy the judgment. On November 28, 2025, a lien was placed on the bank account of a Company subsidiary. On December 10, 2025, the Company paid the judgment in full and the lien was released.\n\n \n\n15.\nYuval Lev – On February 8, 2023, Mr. Yuval Lev filed a motion in the Tel Aviv District Court seeking discovery as a preliminary proceeding prior to submitting a motion to certify a derivative action. The motion focused on the release of Clover Wolf Capital from the PIPE investment that had been expected to close concurrently with the Business Combination Agreement in February 2023, and includes allegations regarding A-Labs, which held a significant stake in the Company and entered into a voting agreement with other shareholders (allegedly forming a control group), and that one investor acted as the Company’s investment banker, while one of its shareholders and managers serves as a director and chief executive officer of the Company. The motion alleged that these actions demonstrate a breach of the duties of care and loyalty imposed on the Company’s officers and directors, as well as an alleged basis for pursuing legal action against third parties. On January 26, 2026, a pre-trial hearing was held, and the court instructed the parties to confer regarding certain sections of the motion for discovery of documents and to update the court on their discussions. The deadline to update the court has been extended until August 2, 2026.\n\n \n\n16.\nOn August 11, 2023, the Kaufbeuren Tax Office filed a petition to open insolvency proceedings against BlackSwan Technologies GmbH (“BlackSwan Germany”) on the grounds of outstanding tax arrears. On October 6, 2023, AOK Bayern, Kaufbeuren, filed a similar petition to commence insolvency proceedings against BlackSwan Germany on the grounds of outstanding social security contributions. By order dated November 17, 2025, the Local Court of Kempten rejected insolvency proceedings for insufficiency of assets and ordered the dissolution of BlackSwan Germany. This order was published in the Commercial Register in December 2025, and the Commercial Register notified the intended compulsory deletion of BlackSwan Germany by letter dated February 5, 2026. BlackSwan Germany appealed, and the appeal was approved by the insolvency court on February 24, 2026. The compulsory deletion of BlackSwan Germany was averted and regular insolvency proceedings were commenced, which can be concluded by settling outstanding liabilities, thereby restoring BlackSwan Germany to regular standing (option 1) or by all creditors registering their claims with the insolvency table and the company being liquidated after the completion of the insolvency proceedings (option 2). As no direct or indirect liquidity injection from the Company’s shareholders is expected, option 2 will be pursued.\n\n \n\n \n\n \n\nF-87\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 23 –**\n**INVESTMENTS IN SUBSIDIARIES**\n\n** **\n\n \na.\nInvestment in ALD Software:\n\n \n\nOn\nDecember 28, 2007, the Company entered into an agreement with ALD Software whereby on January 1, 2008, the Company transferred and sold\nto ALD Software the software department operation. The Company holds 98.63% of ALD Software.\n\n \n\n \nb.\nInvestment in QPoint:\n\n \n\nOn\nJuly 1, 2010, the Company completed the acquisition of 46.52% of the issued and outstanding shares of QPoint. In April 2024, the Company\nacquired the remaining shares of QPoint and now holds 100% of QPoint.\n\n \n\nThe\nCompany and QPoint are party to a services agreement, pursuant to which the Company provides QPoint with various services such as comprehensive\naccounting, marketing, management, administration and office maintenance, in consideration for a management fee of 3% of QPoint’s\nannual turnover. This agreement remains in effect as long as the Company holds 25% of QPoint’s share capital.\n\n \n\nOn\nApril 3, 2024 the Company acquired the shares of QPoint that it did not yet own at that time, constituting 53.5% of QPoint’s outstanding\nshares for NIS 25,000,000 in cash. Following this acquisition, the Company holds 100% of QPoint.\n\n \n\n \nd.\nComsec Vendor Settlement\n \n\n \n\nIn\n2024, Comsec and the Company entered into a settlement agreement with a vendor, whose debt was also covered by a guarantee by the Company,\npursuant to which the vendor received an amount of NIS 13,656 thousand. \n\n \n\n \ne.\nBlackSwan Merger:\n\n \n\nOn\nJanuary 27, 2025, the Company completed an Agreement and Plan of Merger with BST, pursuant to which BST merged with and into a wholly-owned\nsubsidiary of the Company.\n\n \n\nAs\nof December 31, 2025, the Company completed the sale of four BST subsidiaries located in Sri Lanka, Poland, Israel, and the United Kingdom,\nwhich were previously classified as held for sale in accordance with IFRS 5.\n\n \n\nAs\nof December 31, 2025, the Company recorded a full impairment loss on the technology asset acquired in the BST acquisition. See Note 11.\n\n \n\nF-88\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 24 –**\n**ADDITIONAL INFORMATION\nTO PROFIT OR LOSS ITEMS**\n\n \n\n  \nYear ended December 31, \n\n  \n2025  \n2024  \n2023 \n\n  \nUSD in thousands \n\n  \n   \n   \n  \n\na. Cost of revenue: \n   \n   \n  \n\nSalaries and related expenses \n 21,850  \n 19,790  \n 28,098 \n\nSubcontractors and consultants \n 2,942  \n 3,879  \n 8,359 \n\nDepreciation, amortization and impairment \n \n-\n  \n \n-\n  \n 4,757 \n\nMaterial \n \n-\n  \n 48  \n \n-\n \n\nImpairment expenses \n \n-\n  \n \n-\n  \n \n-\n \n\nOther \n 1,580  \n 798  \n 693 \n\n  \n 26,372  \n 24,515  \n 41,907 \n\n  \n    \n    \n   \n\nb. Research and development expenses, net: \n    \n    \n   \n\n  \n    \n    \n   \n\nSalaries and related expenses \n 2,329  \n 1,994  \n 6,879 \n\nOther \n 416  \n 8  \n 298 \n\n  \n    \n    \n   \n\n  \n 2,745  \n 2,002  \n 7,177 \n\nLess – government grants \n \n-\n  \n \n \n  \n (1,291)\n\n  \n 2,745  \n 2,002  \n 5,886 \n\n  \n    \n    \n   \n\nc. Sales and marketing expenses: \n    \n    \n   \n\n  \n    \n    \n   \n\nSalaries and related expenses \n 3,018  \n 2,732  \n 4,239 \n\nAdvertising and public relations \n 6,132  \n 54  \n 236 \n\nDepreciation, amortization and impairment \n 919  \n 1,030  \n 6,026 \n\nOther \n 131  \n 366  \n 193 \n\n  \n 10,200  \n 4,182  \n 10,694 \n\n  \n    \n    \n   \n\nd. General and administrative expenses: \n    \n    \n   \n\n  \n    \n    \n   \n\nSalaries and related expenses \n 8,950  \n 6,369  \n 8,409 \n\nDepreciation and amortization \n 1,224  \n 1,111  \n 1,463 \n\nOffice Maintenance \n 715  \n 1,600  \n 1,392 \n\nConsulting \n 4,745  \n 5,741  \n 16,716 \n\nProfessional services \n 1,879  \n 5,799  \n 3,486 \n\nImpairment expenses \n 43,554  \n 572  \n 10,643 \n\nInsurance \n 1,616  \n 1,983  \n 1,622 \n\nOther \n 4,041  \n 1,730  \n 5,441 \n\n  \n 66,724  \n 24,905  \n 49,172 \n\n** **\n\nF-89\n\n \n\n** **\n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 24 –**\n**ADDITIONAL INFORMATION\nTO PROFIT OR LOSS ITEMS (Cont.)**\n\n** **\n\n  \nYear ended December 31, \n\n  \n2025  \n2024  \n2023 \n\n  \nUSD in thousands \n\ne. Other expenses, net: \n   \n   \n  \n\nGovernmental grants income \n \n-\n  \n (173) \n (1,159)\n\nLoss on disposal of assets \n 170  \n 354  \n \n-\n \n\nGain from disposal of liabilities \n (4,263) \n \n \n  \n \n \n \n\nELOC \n \n-\n  \n \n-\n  \n 1,570 \n\nRNER listing expenses \n \n-\n  \n \n-\n  \n 12,312 \n\n  \n (4,094) \n 181  \n 12,723 \n\n  \n    \n    \n   \n\nf. Finance income and expenses: \n    \n    \n   \n\nFinance income: \n    \n    \n   \n\n  \n    \n    \n   \n\nGain from exchange rate differences \n \n-\n  \n \n-\n  \n 271 \n\nChanges in fair value of financial instruments \n 1,902  \n 1,672  \n \n-\n \n\nInterest income \n 325  \n 548  \n 213 \n\n  \n 2,227  \n 2,220  \n 484 \n\nFinance expenses: \n    \n    \n   \n\nLoss from exchange rate differences \n 3,129  \n 391  \n \n-\n \n\nBank fees \n 167  \n 286  \n 109 \n\nChanges in fair value of financial instruments \n 24,981  \n \n-\n  \n 247 \n\nInterest expenses \n 20,971  \n 11,909  \n 6,838 \n\n  \n 49,248  \n 12,586  \n 7,194 \n\n** **\n\nF-90\n\n \n\n** **\n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS **\n\n \n\n**NOTE 25 –**\n**TAXES ON INCOME**\n\n** **\n\n \nA.\nTax rates applicable to\nthe Group companies:\n\n \n\nThe\nIsraeli corporate tax rate has been 23% since 2018.\n\n \n\nA\nCompany is taxable on its real capital gains at the corporate income tax rate in the year of sale.\n\n \n\n \nB.\nPrincipal tax rates applicable\nto subsidiaries resident outside of Israel:\n\n \n\nCompany\nincorporated in the United States – Federal tax rate of 21%.\n\n \n\nCompany\nincorporated in the Netherland – The statutory corporate income tax rate in the Netherlands is 19% on annual taxable income of\nup to EUR 200 thousand and 25% on annual taxable income exceeding EUR 200 thousand.\n\n \n\n \nC.\nFinal tax assessments:\n\n \n\nThe\nCompany and its subsidiaries had tax assessments through the 2020 tax year, which are deemed final.\n\n \n\n \nD.\nCarry forward tax losses:\n\n \n\nThe\nCompany has business losses that can be carried forward totaling approximately $243,547 thousand. The Company did not create deferred\ntaxes in respect of these business losses and other temporary differences as it does not expect to generate taxable income in the foreseeable\nfuture.\n\n \n\nF-91\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 25 –**\n**TAXES ON INCOME (Cont.)**\n\n \n\n \nE.\nDeferred taxes:\n\n \n\nComposition\nand movement in deferred taxes:\n\n \n\n  \n\n**In non-current**\n\n**liabilities (1)**\n  \n\n**In non-current**\n\n**assets (1)**\n \n\n  \nUSD in thousands \n\n  \n   \n  \n\nBalance as of January 1, 2024 \n (1,575) \n 1,459 \n\n  \n    \n   \n\nCharged to profit or loss \n 404  \n (368)\n\nAdjustments arising from translating financial statements from functional currency to presentation currency \n 14  \n (13)\n\n  \n    \n   \n\nBalance as of December 31, 2024 \n (1,157) \n 1,078 \n\n  \n    \n   \n\nCharged to profit or loss \n 1,170  \n (1,002)\n\nAdjustments arising from translating financial statements from functional currency to presentation currency \n (71) \n 75 \n\n  \n    \n   \n\nBalance as of December 31, 2025 \n (60) \n 151 \n\n  \n    \n   \n\nAs shown on balance sheet: \n (60) \n 151 \n\n \n\n(1) The deferred taxes are computed at a tax rate of 23%.\n\n  \n\nF-92\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 25 –**\n**TAXES ON INCOME (Cont.)**\n\n \n\n  F. Taxes on income included in profit or loss:\n\n \n\n  \nYear ended December 31, \n\n  \n2025  \n2024  \n2023 \n\n  \nUSD in thousands \n\n  \n   \n   \n  \n\nCurrent taxes \n 195  \n 276  \n 210 \n\nDeferred taxes \n (168) \n (37) \n (39)\n\nTax previous years \n 715  \n 318  \n \n-\n \n\n  \n 743  \n 557  \n 171 \n\n \n\n \nG.\nTheoretical tax:\n\n \n\nThe\nreconciliation between the tax expense, assuming that all the income and expenses, gains and losses in profit or loss were taxed at the\nstatutory tax rate and the taxes on income recorded in profit or loss, is as follows:\n\n \n\n  \nYear ended December 31, \n\n  \n2025  \n2024  \n2023 \n\n  \nUSD in thousands \n\n  \n   \n   \n  \n\nLoss before taxes on income \n (117,306) \n (36,589) \n (84,435)*\n\n  \n    \n    \n   \n\nStatutory tax rate \n 23% \n 23% \n 23%\n\n  \n    \n    \n   \n\nTax computed at the statutory tax rate \n (26,980) \n (8,415) \n (19,420)\n\n  \n    \n    \n   \n\nIncrease (decrease) in taxes on income resulting from the following factors: \n    \n    \n   \n\nAdjustment of deferred tax balances relating to prior years \n (54) \n (37) \n \n-\n \n\nDifferent tax rate applicable to foreign subsidiary \n (44) \n (4) \n (2)\n\nUtilization of carryforward losses for which no deferred taxes were computed in the past \n \n-\n  \n (31) \n (98)\n\nOther losses and temporary differences for which no deferred taxes were computed \n 15,513  \n 7,380  \n 19,026 \n\nNon-deductible expenses for tax purposes \n 888  \n 853  \n \n-\n \n\nNon-deductible impairment of intangible \n 10,737  \n \n-\n  \n \n-\n \n\nTax previous years \n 702  \n 318  \n \n-\n \n\nOther, net \n (19) \n 493  \n 665 \n\n  \n    \n    \n   \n\nTaxes on income \n 743  \n 557  \n 171 \n\n \n\n* Comparative figures including the discontinued operation results.\n\n \n\nF-93\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 26 –**\n**BALANCES AND TRANSACTIONS\nWITH INTERESTED AND RELATED PARTIES**\n\n \n\n  a. Balances with interested and related parties:\n\n** **\n\n**December\n31, 2025**\n\n \n\n  \n\n**For**\n\n**details see**\n  \nDirectors  \n\n**Key**\n\n**management**\n\n**personnel**\n \n\n  \nNote  \nUSD in thousands \n\n  \n   \n   \n  \n\nOther accounts payable \n 15  \n 753  \n 533 \n\nLoan \n -  \n 24  \n \n-\n \n\n** **\n\n**December\n31, 2024**\n\n \n\n  \n\n**For**\n\n**details see**\n  \nDirectors  \n\n**Key**\n\n**management**\n\n**personnel**\n \n\n  \nNote  \nUSD in thousands \n\n  \n   \n   \n  \n\nOther accounts payable \n 15  \n 725  \n 33 \n\nLoan \n -  \n 66  \n \n-\n \n\n \n\nBST\nLoan\n\n \n\nThe\nCompany entered into a Loan and Security Agreement with BST, with an effective date of December 4, 2023 (the “BST Loan Agreement”),\npursuant to which the Company was entitled to make cash advances to BST, at its sole discretion, until June 30, 2024, in an aggregate\nprincipal amount of up to $6,000,000.\n\n \n\nThe\nprincipal under the BST Loan Agreement accrues interest at a fixed rate per annum equal to 15% and is repayable on January 1, 2025, provided\nthat BST has the right to prepay any outstanding loan amounts upon at least two days prior notice. Upon the occurrence of certain customary\nevents of default, any outstanding loan amounts are immediately repayable and overdue obligation will carry interest at a fixed rate\nper annum equal to 18%.\n\n \n\nAs\nsecurity for BST’s obligations under the BST Loan Agreement, each of BST and its subsidiary, BlackSwan Technologies GmbH (“BST\nGermany”), granted the Company a first ranking fixed charge and pledge in all of the rights and interests of BST, BST Germany and\ntheir subsidiaries (i) under any agreements entered into by any of them following the effective date of the BST Loan Agreement and any\nrights to receive proceeds thereunder and (ii) in any intellectual property.\n\n \n\nOn\nJanuary 27, 2025, BST became a wholly owned subsidiary of the Company. As a result, the loan is now an intercompany balance. While the\noriginal repayment terms remain in place, the arrangement no longer affects our consolidated liquidity position in the same way as an\nexternal loan would.\n\n \n\nF-94\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 26 –**\n**BALANCES AND TRANSACTIONS\nWITH INTERESTED AND RELATED PARTIES (Cont.)**\n\n** **\n\n  b. Salaries and benefits to interested and related parties: (4)\n\n \n\n  \nYear ended December 31, \n\n  \n2025  \n2024  \n2023 \n\n  \nUSD in thousands \n\nCost of sales, research and development expenses, sales and marketing expenses and general and administrative expenses, net: \n   \n   \n  \n\nSalary and related benefits to CEO and director employed by the Company including cost of share-based payment (1) \n 1,247  \n 592  \n 132 \n\nSalary and related benefits of senior management and fees of directors not employed by the Company including cost of share-based payment \n 3,374  \n 625  \n 566 \n\nSalary and related benefits to former Interim CEO and former CEO including cost of share-based payment (2) \n 328  \n 476  \n 811 \n\nSalary and related benefits to the former Chief of Staff and Vice President of Human Resources including cost of share-based payment (3) \n \n-\n  \n \n-\n  \n 28 \n\n  \n 4,949  \n 1,693  \n 1,537 \n\n \n\n(1)\nRelates to the cost of employment of Mr. Noah Hershkovitz, a member of the Company’s Board of Directors from October 3, 2023 to March 31, 2026, and Chief Executive Officer of the Company from December 4, 2023, to March 31, 2026.\n\n \n\nMr. Hershcoviz holds 9.99% of one of the Company’s former service\nproviders, A-Labs. Therefore, during his tenure as a member of the Board of Directors and as Chief Executive Officer, any decision regarding\nA-Labs transactions required special approval as a related party transaction. In addition, Mr. Hershcoviz also served as a director in\nBST and therefore decisions regarding BST prior to the BST merger also required special approval as a related party transaction.\n\n \n\n(2)\nRelates\nto the cost of compensation and employment of Mr. Uzi Moskowitz, a member of the Company’s Board of Directors and the Company’s\nInterim Chief Executive Officer from February 2, 2023 until December 4, 2023; also relates to Mr. Eyal Moshe, a former member of the\nCompany’s Board of Directors and the Company’s chief executive officer until February 2, 2023, excluding any misappropriates\nexpenses. Mr. Moshe’s employment with the Company was terminated for cause, effective July 24, 2023, in connection with these unauthorized\nexpenses.\n\n \n\n(3) Relates to the cost of employment of Ms. Ayelet Bitan, former Chief of Staff and Vice President of Human Resources in the Company and the spouse of Mr. Eyal Moshe, excluding any allegedly misappropriated expenses as detailed in Note 22. Ms. Bitan resigned in February 2023.\n\n \n\nF-95\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 26 –**\n**BALANCES AND TRANSACTIONS\nWITH INTERESTED AND RELATED PARTIES (Cont.)**\n\n \n\n  c. Transactions with interested and related parties:\n\n** **\n\n**Year\nended December 31, 2025**\n\n** **\n\n  \n\n**Controlling**\n\n**shareholder**\n  \n\n**Key**\n\n**management**\n\n**personnel**\n  \n\n**Other**\n\n**interested**\n\n**and**\n\n**related parties**\n  \nTotal \n\n  \nUSD in thousands \n\n  \n   \n   \n   \n  \n\nGeneral and administrative expenses \n \n    -\n  \n 1,575  \n    2,327  \n 3,902 \n\n  \n \n-\n  \n 1,575  \n 2,327  \n 3,902 \n\n \n\n**Year\nended December 31, 2024**\n\n** **\n\n  \n\n**Controlling**\n\n**shareholder**\n  \n\n**Key**\n\n**management**\n\n**personnel**\n  \n\n**Other**\n\n**interested**\n\n**and**\n\n**related parties**\n  \nTotal \n\n  \nUSD in thousands \n\n  \n   \n   \n   \n  \n\nGeneral and administrative expenses \n \n    -\n  \n 1,068  \n      625  \n 1,693 \n\n  \n \n-\n  \n 1,068  \n 625  \n 1,693 \n\n \n\nF-96\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 27 –**\n**SEGMENTS**\n\n \n\n \na.\nBusiness segments – chief reporting:\n\n \n\nThe\noperating segments are identified on the basis of information that is reviewed by the chief operating decision maker (“CODM”)\nto make decisions about resources to be allocated and assess its performance. Accordingly, for management purposes, the Group is organized\ninto two operating segments based on the products and services of the business units and has operating segments as follows.\n\n \n\n \n1.\nProduct and Technology\nSegment – the Company develops and markets integrated cybersecurity hardware/software solutions that allow organizations to\nprotect their RAM or confidential computing data to create a reliable work environment. The Company offers data and cybersecurity\nand system security and reliability solutions and related services such as consulting, planning, training, integrating and ongoing\nservicing of cybersecurity, risk management, system quality, reliability and security projects and fully managed corporate cybersecurity\nservices. The Company recently expanded its data security services into Trust Rails, the framework that allows institutions to enforce\ncontrol, auditability, and compliance across interactions between systems.\n\n \n\n \n2.\nProfessional Services Segment\n– the Company offers data and cybersecurity and system security and reliability solutions and related services such as consulting,\nplanning, training, integrating and ongoing servicing of cybersecurity, risk management, system quality, reliability and security\nprojects and fully managed corporate cybersecurity services.\n\n \n\nThese\nsegments share unified product development, operations, and administrative resources.\n\n \n\nRevenues\nand part of the expenses are allocated directly to business segments whereas joint expenses are not allocated to segments. The assets\nand liabilities that are not allocated consist of joint operational assets and liabilities that are shared by the various operating segments.\nThe Company deems it is impractical to separate them. Segment asset and liability performances and segment income (loss) are estimated\nbased on the operating income (loss) presented in the financial statements.\n\n \n\nBelow\nis data relating to business segments:\n\n \n\n  \nYear ended December 31, 2025 \n\n  \n\n**Professional**\n\n**services**\n  \n\n**Products**\n\n**and**\n\n**technology**\n  \nUnallocated  \nTotal \n\n  \nUSD in thousands \n\n  \n   \n   \n   \n  \n\nRevenues from external customers \n 30,223  \n 1,439  \n \n   -\n  \n 31,662 \n\n  \n    \n    \n    \n   \n\nTotal revenues \n 30,223  \n 1,439  \n \n-\n  \n 31,662 \n\n  \n    \n    \n    \n   \n\nSegment results (operating loss) \n (58,625) \n (11,660) \n \n-\n  \n (70,285)\n\n  \n    \n    \n    \n   \n\nFinance expenses, net \n    \n    \n    \n (47,021)\n\n  \n    \n    \n    \n   \n\nLoss before taxes on income \n    \n    \n    \n (117,306)\n\n \n\nF-97\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 27 –**\n**SEGMENTS (Cont.)**\n\n \n\n  \nYear ended December 31, 2024 \n\n  \n\n**Professional**\n\n**services**\n  \n\n**Products**\n\n**and**\n\n**technology**\n  \nUnallocated  \nTotal \n\n  \nUSD in thousands \n\n  \n   \n   \n   \n  \n\nRevenues from external customers \n 28,523  \n 1,039  \n \n    -\n  \n 29,562 \n\n  \n    \n    \n    \n   \n\nTotal revenues \n 28,523  \n 1,039  \n \n-\n  \n 29,562 \n\n  \n    \n    \n    \n   \n\nSegment results (operating loss) \n (17,086) \n (9,137) \n \n-\n  \n (26,223)\n\n  \n    \n    \n    \n   \n\nFinance expenses, net \n    \n    \n    \n (10,366)\n\n  \n    \n    \n    \n   \n\nLoss before taxes on income \n    \n    \n    \n (36,589)\n\n \n\n  \nYear ended December 31, 2023 \n\n  \n\n**Professional**\n\n**services**\n  \n\n**Products**\n\n**and**\n\n**technology**\n  \nUnallocated  \nTotal \n\n  \nUSD in thousands \n\n  \n   \n   \n   \n  \n\nRevenues from external customers \n 41,589  \n 1,068  \n \n  -\n  \n 42,657 \n\n  \n    \n    \n    \n   \n\nTotal revenues \n 41,589  \n 1,068  \n \n-\n  \n 42,657 \n\n  \n    \n    \n    \n   \n\nSegment results (operating loss) \n (30,690) \n (33,153) \n (13,882) \n (77,725)\n\n  \n    \n    \n    \n   \n\nFinance expenses, net \n    \n    \n    \n (6,710)\n\n  \n    \n    \n    \n   \n\nLoss before taxes on income \n    \n    \n    \n (84,435)\n\n \n\n \nb.\nGeographical segments:\n\n \n\nBelow\nis revenue by country, based on customer location, geographical segments were not analyzed due to immateriality (most of the Company\nrevenues and the carrying amounts of non-current assets are in the Company’s country of domicile (Israel)):\n\n \n\n**Year\nended December 31, 2025**\n\n** **\n\n  \nIsrael  \nAmerica  \nEurope  \nAsia Pacific  \nTotal \n\n  \nUSD in thousands \n\n  \n    \n    \n    \n    \n   \n\nRevenues \n 28,141  \n 234  \n 2,855  \n 432  \n 31,662 \n\n** **\n\nMain\ncustomers:\n\n \n\n  \n**Year ended**\n\n**December 31, 2025**\n \n\n   USD in thousands \n\nTurnover with main customers (1):    \n\nCustomer A      2,982 \n\nCustomer B   2,189 \n\n      \n\n    5,171 \n\n** **\n\n(1)Customers\nin the Professional Services segment.\n\n** **\n\nF-98\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 27 –**\n**SEGMENTS (Cont.)**\n\n** **\n\n  \n**% of**\n\n**total sales**\n \n\n     \n\nCustomer A   9.42%\n\nCustomer B   6.91%\n\n    16.33%\n\n** **\n\n**Year\nended December 31, 2024**\n\n** **\n\n  \nIsrael  \nAmerica  \nEurope  \nAsia Pacific  \nTotal \n\n  \nUSD in thousands \n\n  \n    \n    \n    \n    \n   \n\nRevenues \n 27,808  \n 699  \n 1,055  \n \n-\n  \n 29,562 \n\n** **\n\nMain\ncustomers:\n\n** **\n\n  \n\n**Year ended**\n\n**December 31,**\n\n**2024**\n \n\n  \n\n**USD**\n\n**in thousands**\n \n\nTurnover with main customers (1): \n  \n\nCustomer A \n   2,373 \n\nCustomer B \n 2,104 \n\n  \n   \n\n  \n 4,477 \n\n \n\n(1)\nCustomers in the Professional Services segment.\n\n** **\n\n  \n\n**% of**\n\n**total sales**\n \n\n  \n  \n\nCustomer A \n 8.02%\n\nCustomer B \n 7.11%\n\n  \n 15.13%\n\n \n\n**Year\nended December 31, 2023**\n\n** **\n\n  \nIsrael  \nAmerica  \nEurope  \nAsia Pacific  \nTotal \n\n  \nUSD in thousands \n\n  \n   \n   \n   \n   \n  \n\nRevenues \n 40,364  \n 334  \n 1,669  \n 290  \n 42,657 \n\n** **\n\nMain\ncustomers:\n\n** **\n\n  \n\n**Year ended**\n\n**December 31,**\n\n**2024**\n \n\n  \n\n**USD**\n\n**in thousands**\n \n\nTurnover with main customers (1): \n   \n\nCustomer A \n  7,602 \n\nCustomer B \n 4,726 \n\n  \n   \n\n  \n 12,328 \n\n \n\n(1)Customers\nin the Professional Services segment.\n\n** **\n\n  \n\n**% of**\n\n**total sales**\n \n\n  \n  \n\nCustomer A \n 17.82%\n\nCustomer B \n 11.08%\n\n  \n 28.9%\n\n** **\n\nF-99\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE 28 –**\n**EVENTS AFTER THE REPORTING\nDATE**\n\n** **\n\n1.\nMake-whole\n\n \n\nBetween\nNovember 2025 and January 2026, certain convertible note holders converted a portion of their notes at a conversion price of $50, which\nwas higher than the applicable conversion price under the respective share purchase agreement, entitling those note holders to a cash\npayment (the “Alternate Conversion Floor Amount”). The Alternate Conversion Floor Amount was calculated based on the difference\nbetween the market value of the ordinary shares issuable pursuant to the applicable conversion price formula according to the terms of\nthe applicable convertible note, and the market value of the ordinary shares actually issued at the conversion price of $50.\n\n \n\nThe Company and the note holders entered into\nexchange agreements in January and February 2026, pursuant to which, among other things, the Company and the note holders exchanged their\nexisting notes for a new note with a principal amount equals to the full Alternate Conversion Floor Amount (the “Make-Whole Notes”).\nThe Make-Whole Notes are substantially similar to their existing notes.\n\n \n\nThe\ntotal amounts converted under the foregoing conversion price limitation were $3,325, $3,788 and $2,500 thousand and the aggregate principal\namounts issued under Make-Whole Notes were $771, $2,887 and $728 thousand under the Exchange Agreement, the August 2025 SPA and Commitment\nNote, respectively. In addition, the following principal amounts to be issued are $775 thousand under the Exchange Agreement.\n\n \n\n2.\nELOC\n\n \n\nAs\nof January 2026, the full amount of the ELOC loan from March 2025 was converted into 60 shares.\n\n \n\n3.\nExchange note\n\n \n\nFrom\nJanuary 1, 2026 until May 15, 2026, additional notes in the aggregate principal amount of $6,800 thousand have been exchanged under the\nExchange Agreement for Amended Notes in the aggregate principal amount of $10,073 thousand.\n\n** **\n\nOn\nJune 4, 2026, the Company and the March-November 2024 Investor entered into a Sixth Amendment to the Securities Purchase Agreement. Pursuant\nto this amendment, the Company issued a Secured Convertible Note (the “June 2026 Note”) in the original principal amount\nof $5,556,000 in exchange for a cash investment in the same amount. This investment followed sales of notes in multiple installments\nfrom the March-November 2024 Investor to Seven Knots, LLC pursuant to their Note Purchase and Assignment Agreement, dated August 20,\n2025. Such agreement was amended on June 3, 2026 to accommodate additional note purchases from time to time up to an aggregate principal\namount of $8,000,000. The June 2026 Note bears interest at 20% per annum, computed on a 360-day basis and including interest on\ninterest. The Note is secured *pari passu* by the same Charged Assets that secure existing outstanding notes under the\nSecurities Purchase Agreement. The outstanding principal and accrued interest are due and payable on the earlier of (i) June 11, 2026,\nor (ii) five business days following the closing of a sale by the Company of QPoint Technologies Ltd. Commencing June 11, 2026, the holder\nis entitled to demand repayment of all or a portion of the June 2026 Note upon two business days’ notice. The holder may convert\nany portion of the outstanding loan amount into Ordinary Shares at a price equal to the arithmetic average of the Closing Sale Prices\nof the Ordinary Shares for the five Trading Days prior to the conversion date, subject to a floor price of $0.71 per share. Conversion\nis subject to a beneficial ownership limitation of 4.99%. From June 3, 2026 to June 30, 2026, the Company raised aggregate proceeds of\n$4,706,304 in private placements from accredited investors in exchange for convertible notes in the aggregate principal amount of $5,882,880,\nrepresenting a 20% original issue discount. The convertible notes were issued under the Exchange Agreement and have a maturity date of\ntwo years from their respective dates of issuance.\n\n \n\n4.\nAugust 2025 Amended Note\n\n \n\nIn\nJanuary and February 2026, additional notes in the aggregate principal amount of $4,687 thousand have been issued and a total amount\nof $3,750 thousand was received in cash during 2026. \n\n \n\nF-100\n\n \n\n** **\n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE\n28**–\n**EVENTS AFTER THE REPORTING\nDATE (Cont.)**\n\n \n\n5.\nConsulting Agreements\n\n \n\nIn\nFebruary 2026, the Company engaged a consultant to provide marketing and capital markets services and continued strategic support.\nIn consideration, the Company issued 33 pre-funded warrants as equity-based compensation in lieu of cash. As of the date of\nthis Annual Report, all pre-funded warrants were converted into ordinary shares.\n\n \n\nIn\nFebruary 2026, the Company engaged a consultant to provide advisory services relating to mining and resource transactions in support\nof the Company’s strategic asset initiatives. Pursuant to the approved terms, the Company agreed to issue 100 ordinary shares upon\nexecution of the engagement and an additional 100 ordinary shares upon successful completion of an applicable asset transaction.\n\n \n\n6.\nCapital Markets and Strategic Advisory Agreement\n\n \n\nIn\nJanuary 2026, the Company issued a convertible promissory note to Hybrid Financial Ltd. (“Hybrid”) to formalize and satisfy\noutstanding accounts payable obligations of $250,000 for prior investor relations and corporate marketing services rendered. The note,\ndated January 21, 2026, carries a principal face value of approximately $305,000, which reflects a 7% original issue discount. The note\nis non-interest bearing.\n\n \n\n7.\nLegal proceedings\n\n \n\nOn\nFebruary 27, 2026, DC Rainier SPV LLC, the former sponsor of Mount Rainier Acquisition Corp., commenced an action against the\nCompany and A-Labs Finance & Advisory Ltd. in the Supreme Court of the State of New York, County of New York, alleging fraud and\nrelated claims in connection with the February 2023 de-SPAC merger between Mount Rainier Acquisition Corp. and the Company’s\npredecessor entity. The plaintiff alleges, among other things, that (i) the Company and A-Labs misrepresented the existence of\napproximately $50 million of purportedly “irrevocable” private investment in public equity (PIPE) financing commitments\n(including approximately $10 million purportedly committed by A-Labs itself) prior to the closing of the de-SPAC merger, none of\nwhich was funded, and (ii) the Company concealed misappropriation of Company funds by the Company’s former Chief Executive\nOfficer and the misuse of Company credit cards by a former controller, as well as the existence of material weaknesses in the\nCompany’s internal control over financial reporting for the years ended December 31, 2021, and 2022. The plaintiff seeks\ndamages of not less than $5,080,027, plus interest, attorneys’ fees and costs. Plaintiff has filed a motion for default\njudgment, which the Company plans to oppose, asserting that service has not been properly made.\n\n \n\nOn May 26, 2026, a claim was filed against Hub\nCyber Security TLV Ltd for NIS 242,762 in unpaid social benefits for its employees insured by Meitav Provident Funds and Pension Ltd.\nThe Company has since paid these social benefits and is applying to the court to remove the claim.\n\n \n\nOn March 31, 2026, a claim was filed with the municipal court in Herzliya,\nIsrael, in the amount of NIS 173,379 by a former service provider for fees it is allegedly entitled to for its assistance to the Company\nin human resources matters, At this stage, the Company is assessing the claim. There is a provision for the amount of this claim.\n\n \n\nOn June 30, 2026, a notice was received by the Company regarding a\nclaim by a former service provider, by means of a fixed-sum claim procedure before the Israeli Enforcement and Collection Authority, in\nthe amount of NIS 83,941. At this stage, the Company is assessing the claim. There is a provision for the amount of this claim.\n\n \n\n8.\nCEO and Management Changes\n\n \n\nOn\nMarch 31, 2026, Noah Hershcoviz resigned from his position as Chief Executive Officer and a member of the Board of Directors, effective\nimmediately. Renah Persofsky, the Company’s Chairperson of the Board, has taken on a greater role in HUB’s management while\nthe Company seeks a replacement for Mr. Hershcoviz. During May and June of 2026, four more of the Company’s executive management\ndeparted: Shai Schiller (Head of Strategy), Nachman Geva (Chief Technology Officer), Paul Parisi (Chief Revenue Officer) and John Rogers\n(President of the Americas Region).\n\n \n\n9.\nJulestar\n\n \n\nIn\nJune 2026, the Company repaid $1.35 million to Julestar, in connection with the Julestar Loan Agreement dated February 4, 2025.\n\n \n\nF-101\n\n \n\n \n\n**HUB\nCYBER SECURITY LTD.**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**NOTE\n28** –\n**EVENTS AFTER THE REPORTING\nDATE (Cont.)**\n\n** **\n\n10.\nAcquisition of Evofem Convertible Notes and Purchase Rights; Issuance of Securities\n\n \n\nOn\nJune 26, 2026, the Company entered into securities purchase agreements (each, a “Purchase Agreement” and, collectively, the\n“Purchase Agreements”) with certain holders (each, a “Seller” and, collectively, the “Sellers”) of\nsenior subordinated convertible notes (the “Evofem Notes”) of Evofem Biosciences, Inc., a Delaware corporation (“Evofem”),\nand of certain purchase rights to acquire securities of Evofem (the “Purchase Rights”). Pursuant to the Purchase Agreements,\nthe Company agreed to purchase from the Sellers all of their respective Evofem Notes and Purchase Rights, free and clear of liens, in\nexchange solely for the issuance of equity securities of the Company as described below.\n\n \n\nThe\nEvofem Notes acquired by the Company consist of Evofem’s senior subordinated convertible notes governed by a common form of note\n(the “SSN Notes” and the “Aditxt Notes”), comprising the exchanged senior subordinated convertible notes originally\nissued between December 2022 and September 2023 and restructured effective December 1, 2023 (maturing December 1, 2026), together with\nsenior subordinated convertible notes issued in the same form maturing April 8, 2028 and June 26, 2028. The Evofem Notes are junior subordinated\nobligations of Evofem (subordinated in right of cash payment to Evofem’s senior secured notes and other senior debt obligations\nof Evofem), bear interest at 8% per annum compounding monthly (payable at maturity), and are convertible, at the holder’s election,\ninto shares of Evofem common stock at a conversion price of $0.0154 per share (subject to customary adjustment for stock splits, stock\ndividends, recapitalizations and similar events), subject to a 4.99% or 9.99% beneficial ownership limitation. Based on the aggregate\noutstanding balance of the Evofem Notes acquired by the Company (approximately $5,373,556), the Evofem Notes would be convertible into\napproximately 348,932,233 shares of Evofem common stock, without factoring in the beneficial ownership limitation. The Purchase Rights\nacquired by the Company are exercisable for Evofem common stock at the same $0.0154 per share price and, based on the aggregate amount\nof the Purchase Rights acquired (approximately $10,153,890), would be exercisable into approximately 659,343,507 shares of Evofem common\nstock. In the aggregate, the Evofem Notes and Purchase Rights acquired by the Company would be convertible into, and exercisable for,\napproximately 1,008,275,740 shares of Evofem common stock (in each case before giving effect to any beneficial-ownership limitations\nand Evofem’s available authorized common stock), which if fully converted and exercised, will give the Company an 88% ownership\nof Evofem based on the current outstanding shares (or 14% on a fully diluted basis, assuming full issuance of all potential shares issuable\nfor all convertible instruments outstanding).\n\n \n\nThe\naggregate purchase price payable by the Company for the Evofem Notes and Purchase Rights was approximately $49,331,891 (the “Purchase\nPrice”), payable solely in ordinary shares of the Company, no par value, and/or pre-funded warrants to purchase ordinary shares\n(the “Pre-Funded Warrants” and, together with the ordinary shares issued as consideration, the “Consideration Shares”),\nand not in cash. The number of Consideration Shares issuable to each Seller is equal to such Seller’s portion of the Purchase Price\ndivided by $1.560 per share, the closing price of the Ordinary Shares on the Nasdaq Stock Market on June 24, 2026. As aggregate consideration\nunder the Purchase Agreements, the Company issued 31,623,000 Consideration Shares (including the ordinary shares issuable upon exercise\nof the Pre-Funded Warrants).\n\n \n\nPursuant\nto the Purchase Agreements, the Consideration Shares were issued as ordinary shares except to the extent that such issuance would cause\na Seller, together with its affiliates and any persons acting in concert with it, to beneficially own or hold in excess of 4.99% of the\nCompany’s outstanding ordinary shares after giving effect to the issuance (the “Beneficial Ownership Limitation”),\nin which case the portion that would otherwise exceed the Beneficial Ownership Limitation was issued in the form of Pre-Funded Warrants.\nAccordingly, at the closing the Company issued an aggregate of 1,794,901 Ordinary Shares and issued Pre-Funded Warrants exercisable for\nan aggregate of 29,828,099 Ordinary Shares. The number of ordinary shares issued to any individual Seller was limited so that such Seller\nwould not exceed the Beneficial Ownership Limitation (a maximum of 225,417 Ordinary Shares per Seller, based on 4,291,960 Ordinary Shares\noutstanding immediately prior to the issuance), with the balance of such Seller’s Consideration Shares issued in the form of Pre-Funded\nWarrants. Certain Sellers whose existing beneficial ownership already equaled or exceeded 4.99% received all of their Consideration Shares\nin the form of Pre-Funded Warrants.\n\n \n\nEach\nPre-Funded Warrant has an exercise price of $0.001 per Ordinary Share, may be exercised on a cash or cashless basis, and is not exercisable\nto the extent the holder would exceed the Beneficial Ownership Limitation.\n\n \n\nF-102\n\n \n\n3-918-6066\n+972\nInternational Financial Reporting Standards\n\nShares and per share amounts have been retroactively adjusted to reflect the reverse share splits as described in note 20a.\n\nDebt Settlement and Breach of Terms (Comsec Group):\n\nOn December 19, 2024, Comsec entered into a debt settlement agreement with Mizrahi Tefahot Bank (the “Settlement Agreement”). The Settlement Agreement consolidated various outstanding credit facilities into a single unified debt amounting to NIS 23,034 thousand (approximately $6,234 thousand). Pursuant to the settlement agreement, the parties agreed that the outstanding debt amount of NIS 23 million will be repaid over 24 months with quarterly installments, commencing on June 30, 2025. Interest will accrue at a rate of Prime (Bank of Israel intrabank plus 1.5%) plus 3.25%.\n\nAs of December 31, 2025, the remaining principal amount is NIS 14,598 thousand ($4,576 thousand). As of December 31, 2025, the Group has not met the payment obligations or certain other conditions set forth in the Settlement Agreement. Although the agreement originally provided for a multi-year repayment schedule, the breach of terms grants the lender the contractual right to demand immediate repayment of the entire outstanding balance.\n\nConsequently, in accordance with accounting standards, the Group classified the entire balance of the consolidated loan as current liabilities in the Consolidated Statement of Financial Position.\n\nThe following loans, which were outstanding prior to the settlement date, were incorporated into the consolidated debt facility:\n\n1. Loan (July 6, 2020): Originally NIS 5,000 thousand ($1,452 thousand), bearing interest of Prime + 1.5%.\n\n2. Loan (September 1, 2021): Originally NIS 980 thousand ($309 thousand), bearing interest of Prime + 1.5%.\n\n3. Loan (September 1, 2021): Originally NIS 6,000 thousand ($1,934 thousand), bearing interest of Prime + 1.95%.\n\n4. On-call Loans: Aggregate principal amount of NIS 34,106 thousand, bearing interest of 8.1%.\nFollowing the merger with BST on January 27, 2025, BST had two outstanding loans.\n\n1. On August 9, 2022, BlackSwan received a loan from Yossi Lahav Consultants, with an original principal amount of $1,500 thousand. The loan bears accrued fixed interest of $750 thousand. BlackSwan did not meet the repayment terms of this loan. On June 4, 2024, Yossi Lahav Consultants filed a claim against BlackSwan and others for failure to meet the repayment terms and for related damages. For further details, see Note 22(6).\n\n2. On September 8, 2022, BlackSwan received a loan from A-Labs Consultants with an original principal amount of $200 thousand. The loan bears, bearing accrued interest of approximately 2.42%. As of the date of this Annual Report, this loan has not yet been 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