Business
Allot Announces Q1 2023 Financial Results
HOD HASHARON, Israel, May 16, 2023 /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 16, 2023 /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 2023 financial results.\nQ1 Financial Highlights\nFirst quarter revenues were $21.1 million;SECaaS revenues were $2.3 million; March 2023 SECaaS ARR* was $9.3 million;First quarter GAAP operating loss was $11.9 million, and non-GAAP operating loss was $8.2 million;Q1 GAAP net loss was $11.4 million, and non-GAAP net loss was $7.7 million;Financial Outlook\nLooking ahead, management reiterates its financial expectations as follows:\nFull year 2023 revenues of $110 million to $120 million (of which SECaaS revenues are expected to be between $11 million and $13 million);Full year 2023 operating loss and net negative cash flow of between $15 million and $20 million;December 2023 total ARR*, including SECaaS ARR* and Support & Maintenance ARR*, is expected to be between $56 million and $63 million;Reiterates expectations to be profitable in 2024;Management Comment\nErez Antebi, President & CEO of Allot, commented, \"In light of continued challenging economic conditions and our lower revenues, we have been continuously working to reduce our expenses. We remain committed to our target of reaching profitability in 2024 through the growth of the SECaaS business, combined with tight expense control. We believe that our strategy of transforming our business towards a recurring SECaaS revenue model will drive sustainable profitable growth and long-term shareholder value.\"\nQ1 2023 Financial Results Summary\nTotal revenues for the first quarter of 2023 were $21.1 million, a decrease of 34% compared to $31.9 million in the first quarter of 2022.\nGross profit on a GAAP basis for the first quarter of 2023 was $13.5 million (gross margin of 63.8%), a 39% decline compared with $22.1 million (gross margin of 69.3%) in the first quarter of 2022.\nGross profit on a non-GAAP basis for the first quarter of 2023 was $14.2 million (gross margin of 67.2%), a 37% decline compared with $22.4 million (gross margin of 70.3%) in the first quarter of 2022. The gross margin level in the current quarter was impacted by product mix and the lower revenue level.\nNet loss on a GAAP basis for the firs...