Nubeva Technologies Ltd (NBVA) AI Stock Analysis

• Market Cap: C$10.53M
• Dividend Yield: N/A
• Average Volume (3M): 13.64K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.84
• Revenue Growth: -69.94%
• EPS Growth: -281.40%
• Country: CA
• Employees: N/A
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): >-0.01
• Shares Outstanding: 70,173,780
• 10 Day Avg. Volume: 7,559
• 30 Day Avg. Volume: 13,643
• PEG Ratio: 0.00
• Price to Book (P/B): 1.41
• Price to Sales (P/S): 8.62
• P/FCF Ratio: -8.52
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: C$0.15 ▼(-17.78% Downside)

The score is primarily held back by weak financial performance—deep losses and negative operating/free cash flow—despite strong recent revenue growth and a low-debt balance sheet. Technicals are mildly supportive (price above short/intermediate moving averages with neutral RSI), but valuation is constrained by a negative P/E and no dividend support.

Positive Factors

Revenue growth momentum

Sustained TTM revenue growth of +38% indicates accelerating customer adoption of core decrypt-and-inspect capabilities. For an infrastructure security vendor, durable top-line expansion supports scale economies and product-market validation if the company converts growth into repeatable, recurring revenue over the next several quarters.

Conservative leverage and balance sheet

Very low debt relative to equity meaningfully reduces refinancing and bankruptcy risk, giving management flexibility to invest in product and go-to-market activities. For a cash-burning software infrastructure company, a conservative capital structure extends runway and lowers solvency risk during scale-up periods.

Strategic product position vs encrypted traffic

Nubeva’s core technology enabling inspection of encrypted TLS/SSL sessions targets a structural security need as encryption proliferates. That capability creates stickiness with downstream security tooling and positions the company in a durable niche where enterprises require inline visibility, supporting long-term demand if integration and performance remain strong.

Negative Factors

Deep negative profitability

Substantially negative margins and recurring net losses show the business has not yet achieved profitable unit economics. Without sustained margin improvement, losses will continue to erode equity and constrain reinvestment capacity, making long-term viability dependent on either rapid operational leverage or continued external funding.

Negative cash flow and shrinking FCF

Persistent negative operating and free cash flow, with FCF contracting, lengthens the path to self-funding and limits organic investment in sales, support, and R&D. For an infrastructure software firm needing to scale enterprise sales, ongoing cash burn increases dependence on external capital and raises execution risk over the medium term.

Weak returns and uneven revenue trend

Negative return on equity and a year where revenue fell while losses persisted indicate inconsistent growth and poor capital efficiency. This suggests the company has not yet converted product traction into reliable, scalable profits, elevating the risk that current growth is volatile rather than a sustained structural trend.

Nubeva Technologies Ltd Business Overview & Revenue Model

Company Description

Nubeva Technologies Ltd (NBVA) is a technology company specializing in cybersecurity solutions, specifically focused on providing visibility and security for cloud environments. The company operates within the software sector, offering a range of products that enhance network security by enabling users to monitor and secure their cloud-based applications and services. Nubeva's core products include advanced network detection and response tools that help organizations mitigate threats and ensure compliance in increasingly complex cloud architectures.

How the Company Makes Money

Nubeva Technologies generates revenue primarily through the sale of its software solutions and subscription-based services. The company's revenue model includes licensing fees from its software products, which are often offered on a subscription basis, allowing customers to access continuous updates and support. Additionally, Nubeva may engage in strategic partnerships with cloud service providers and other technology firms to enhance its market reach and product offerings, thereby increasing its customer base and, consequently, its revenue streams. The company may also derive income from professional services related to the implementation and customization of its security solutions for enterprise clients.

Nubeva Technologies Ltd Financial Statement Overview

Summary

Despite strong TTM revenue growth (+38%), fundamentals are weak: deeply negative profitability (net margin -163%, EBIT margin -190%), a TTM net loss (-$0.71M), and negative operating/free cash flow (OCF -$0.55M, FCF -$0.56M). The main offset is a conservatively levered balance sheet (debt-to-equity ~0.5%), but returns remain poor (ROE ~-21%).

Income Statement

TTM (Trailing-Twelve-Months) revenue grew strongly (+38.0%), but profitability remains weak: net income was -$0.71M and margins were deeply negative (net margin -163%, EBIT margin -190%). The last annual period (2025) also showed losses on lower revenue versus 2024, highlighting an uneven top-line trend and limited operating leverage despite near-100% gross margin.

Balance Sheet

The balance sheet is conservatively levered with very low debt relative to equity (debt-to-equity ~0.5% in TTM (Trailing-Twelve-Months)), which reduces financial risk. However, recurring losses are translating into weak returns for shareholders (TTM return on equity about -21%), indicating the company is not currently generating adequate earnings power from its equity base.

Cash Flow

Cash generation is a key pressure point: TTM (Trailing-Twelve-Months) operating cash flow was -$0.55M and free cash flow was -$0.56M, with free cash flow declining (~-27% growth). While free cash flow roughly tracked net loss (free cash flow to net income ~1.02), the business is still consuming cash, extending the path to self-funding operations.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2020
Income Statement
Total Revenue	530.62K	1.79M	2.07M	235.64K	157.71K
Gross Profit	530.62K	1.79M	2.07M	235.64K	157.71K
EBITDA	-600.36K	184.06K	-1.60M	-3.25M	-3.78M
Net Income	-641.64K	-1.36K	-1.71M	-3.27M	-3.78M
Balance Sheet
Total Assets	3.64M	4.45M	4.07M	4.40M	2.28M
Cash, Cash Equivalents and Short-Term Investments	3.09M	3.64M	3.62M	3.99M	1.90M
Total Debt	14.39K	35.80K	30.14K	25.91K	336.64K
Total Liabilities	404.05K	625.03K	414.75K	272.82K	940.19K
Stockholders Equity	3.24M	3.82M	3.65M	4.13M	1.34M
Cash Flow
Free Cash Flow	-537.07K	-63.83K	-350.03K	-2.57M	-3.20M
Operating Cash Flow	-530.57K	-61.24K	-345.76K	-2.56M	-3.20M
Investing Cash Flow	-6.49K	-2.59K	-4.26K	-4.62K	0.00
Financing Cash Flow	-12.33K	102.06K	-1.04K	4.27M	338.30K

Nubeva Technologies Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.18
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:NBVA, the sentiment is Negative. The current price of 0.18 is above the 20-day moving average (MA) of 0.17, above the 50-day MA of 0.18, and above the 200-day MA of 0.13, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 38.99 is Neutral, neither overbought nor oversold. The STOCH value of 15.00 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:NBVA.

Nubeva Technologies Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BB	65 Neutral	C$2.86B	197.97	2.88%	―	-9.05%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
STC	56 Neutral	C$209.44M	-28.67	-2.18%	―	-4.34%	31.52%
NBVA	47 Neutral	C$10.53M	-11.19	-24.65%	―	-69.94%	-281.40%
ICS	46 Neutral	C$104.71M	―	―	―	―	―
PLUR	45 Neutral	C$14.17M	-1.47	―	―	17.18%	79.56%
MTLO	41 Neutral	C$5.84M	-0.44	―	―	-13.42%	-126.00%