The following is a summary of the Genasys Inc. (GNSS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Genasys reported Q1 2024 revenues of $4.4 million, a 58% decrease over the previous year.

• Software revenue increased by 57% to $1.4 million, with recurring software revenues rising 85% year-over-year.

• Hardware revenue fell by 72% to $2.9 million.

• Gross profit margin was 34%, a fall of 12 percentage points from the previous year's quarter.

• Operating expenses for the quarter were $8.7 million, up 5% year-over-year.

• GAAP operating loss amounted to $7.2 million, with an Adjusted EBITDA of negative $6.1 million. Cash, cash equivalents, and marketable securities totalled $13.6 million as of December 31, 2023.

Business Progress:

• Genasys' business has been gaining momentum, with the transition to a balanced hardware-software company well underway.

• Despite lower quarterly revenues, hardware bookings matched Q1 averages, rising nearly 90% from the prior year's quarter.

• Recurring software revenue grew by 85% year-over-year, contributing to the total Annual Recurring Revenue (ARR) of $5 million for Q1.

• Genasys expects software revenues to at least double in fiscal 2024, with hardware revenues rebounding to nearly fiscal 2022 levels.

• Expansion and growth opportunities are seen both domestically and internationally due to the growing need for protective communications globally.

More details: Genasys IR

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