$Genasys (GNSS.US)$ NEWS Genasys Announces $15 Million Two-Y...
NEWS
Genasys Announces $15 Million Two-Year Term Loan Agreement
Genasys Inc. (NASDAQ: GNSS), the leader in Protective Communications, announced its fiscal second quarter 2024 results ended March 31, 2024. The company reported revenue of $5.7 million, a significant decrease from $11.2 million in 2Q 2023. GAAP net loss widened to $6.9 million from $3.4 million the previous year. Software revenue grew by 104%, whereas hardware revenue fell by 61%. The Puerto Rico dam project was expanded to $75 million. Genasys also secured a $15 million two-year term loan and is optimistic about future projects, despite lower-than-expected hardware revenues for fiscal 2024.
Positive
Expansion of Puerto Rico dam project to $75 million.
Software revenue increased by 104% YoY.
Recurring software revenue grew by 123% YoY.
Secured a $15 million two-year term loan.
Positive long-term outlook for the CROWS 16 program.
Negative
Revenue decreased by 48.8% YoY to $5.7 million.
GAAP net loss widened to $6.9 million from $3.4 million YoY.
Gross profit margin dropped to 37.9% from 43.9% YoY.
Hardware revenue fell by 61% YoY.
Operating expenses increased to $9.2 million from $8.3 million YoY.
GAAP net loss per share was $0.16, compared to $0.09 in 2Q 2023.
Cash, cash equivalents, and marketable securities decreased to $6.6 million from $10.1 million.
Adjusted EBITDA was ($5.7) million, compared to ($2.3) million in prior year.
Positive
Expansion of Puerto Rico dam project to $75 million.
Software revenue increased by 104% YoY.
Recurring software revenue grew by 123% YoY.
Secured a $15 million two-year term loan.
Positive long-term outlook for the CROWS 16 program.
Negative
Revenue decreased by 48.8% YoY to $5.7 million.
GAAP net loss widened to $6.9 million from $3.4 million YoY.
Gross profit margin dropped to 37.9% from 43.9% YoY.
Hardware revenue fell by 61% YoY.
Operating expenses increased to $9.2 million from $8.3 million YoY.
GAAP net loss per share was $0.16, compared to $0.09 in 2Q 2023.
Cash, cash equivalents, and marketable securities decreased to $6.6 million from $10.1 million.
Adjusted EBITDA was ($5.7) million, compared to ($2.3) million in prior year.
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