Business
Allot Announces First Quarter 2022 Financial Results
HOD HASHARON, Israel , May 17, 2022 /PRNewswire/ -- Allot Ltd. (NASDAQ: ALLT) (TASE: ALLT), a leading global provider of innovative network intelligence and
About this update from Allot Ltd.
[{"type":"text","content":"HOD HASHARON, Israel , May 17, 2022 /PRNewswire/ -- Allot Ltd. (NASDAQ: ALLT) (TASE: ALLT), a leading global provider of innovative network intelligence and security solutions for service providers and enterprises worldwide, today announced its unaudited first quarter 2022 financial results.\n First Quarter 2022 Financial Highlights\nFirst quarter revenues were $31.9 million, up 2% year-over-year;Gross margin on a non-GAAP basis was 70%;GAAP operating loss was $5.7 million and non-GAAP operating loss was $3 million;GAAP net loss was $6.1 million and non-GAAP net loss was $3.5 million.Financial Outlook\nFor 2022, management expects:\nRevenues to be between $135-140 million;Additional recurring security deals to be executed, providing incremental MAR** of more than $180 million (note amended MAR definition adopting a more conservative approach referring to applicable customer segments only);December 2022 total ARR* including SECaaS ARR* and Support & Maintenance ARR* to be between $53-$55 million, representing approximately 15% year-over-year growth versus 2021 at the midpoint;December 2022 SECaaS ARR* to be at least $12 million;Recurring security revenue to be at least $7 million.Management Comment\nErez Antebi, President & CEO of Allot, commented: \"While our first quarter results met our expectations, during the last few months, we faced headwinds as a result of delays in SECaaS service launches, the war in Europe and negative foreign exchange rates fluctuation. As a result, we have adjusted our forecast for the year to reflect a delay in adoption. Looking at the number of CSPs interested in SECaaS services and the growing need for such a protection, we plan to continue our investments and remain confident in our strategic direction and our long-term success.\"\nQ1 2022 Financial Results Summary\nTotal revenues for the first quarter of 2022 were $31.9 million, an increase of 2% compared to $31.2 million in the first quarter of 2021.\nGross profit on a GAAP basis for the first quarter of 2022 was $22.1 million (gross margin of 69.3%), a 2% improvement compared with $21.6 million (gross margin of 69.2%) in the first quarter of 2021.\nGross profit on a non-GAAP basis for the first quarter of 2022 was $22.4 million (gross margin of 70.3%), a 3% improvement compared with $21.9 million (gross margin of 70.1%) in the first quarter of ...