Business
Allot Announces First Quarter 2020 Financial Results
Q1 2020 revenue grew by 16% year-over-year Reconfirms 2020 revenue guidance between $135-140 million HOD HASHARON, Israel, May 12, 2020 /PRNewswire/ -- Allot
About this update from Allot Ltd.
[{"type":"text","content":"Q1 2020 revenue grew by 16% year-over-year\n Reconfirms 2020 revenue guidance between $135-140 million\n\n\nHOD HASHARON, Israel, May 12, 2020 /PRNewswire/ -- Allot Ltd. (NASDAQ: ALLT) (TASE: ALLT), a leading global provider of innovative network intelligence and security solutions for communication service providers and enterprises worldwide, today announced its unaudited first quarter 2020 financial results.\nHighlights\nFirst quarter revenues were $29.3 million, up 16% year-over-year; Non-GAAP gross margin increased to 74.8% compared to 72.4% in the first quarter of 2019 and GAAP gross margin increased to 74.0% compared to 71.2% in the first quarter of 2019; Non-GAAP net loss of $0.4 million and GAAP net loss $1.7 million, both significantly improved from non-GAAP net loss of $1.9 million and GAAP net loss of $3.3 million in the first quarter of 2019; Cash and investments at the end of the first quarter totaled $110.7 million compared to $117.6 million at year-end 2019; Two additional recurring security revenue deals signed with new operators during the first quarterFinancial Outlook\nManagement reiterates its prior issued guidance, with expectations for full year 2020 revenues to grow to between $135-140 million, representing accelerated double-digit growth. In addition, expectations are that second quarter revenue will exceed those reported for the first quarter of 2020; Management continues to expect to return to profitability on a quarterly basis before year-end; Management continues to expect to close additional Recurring Security Revenue deals in 2020 and reiterates that the MAR* (maximum annual revenue potential of concluded transactions) of new deals expected to be signed in 2020 should exceed $140 millionManagement Comment\nErez Antebi, President & CEO of Allot, commented: \"We are pleased with our first quarter results. We grew revenues by 16% year-over-year, while improving margins and continuing our advance toward profitability.\"\nContinued Mr. Antebi, \"COVID-19 is presenting Allot with both challenges and opportunities. Operators worldwide are seeing growth in demand for bandwidth of up to 40%, as well as an increase in cyber attacks on consumers and SMBs. While some operators are delaying tasks they consider less critical, we see overall demand for Allot products and services at similar levels to what we saw b...