Business
Allot Announces Second Quarter 2020 Financial Results
Q2 2020 revenue grew by 23% year-over-year Reconfirms 2020 revenue guidance between $135-140 million HOD HASHARON, Israel, Aug. 4, 2020 /PRNewswire/ -- Allot
About this update from Allot Ltd.
[{"type":"text","content":"Q2 2020 revenue grew by 23% year-over-year\n Reconfirms 2020 revenue guidance between $135-140 million\n\n\nHOD HASHARON, Israel, Aug. 4, 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 second quarter 2020 financial results.\nHighlights of the Second Quarter\nSecond quarter revenues were $32.8 million, up 23% year-over-year; Non-GAAP gross margin increased to 70.7%, up from 69.8% in the second quarter of 2019; GAAP gross margin increased to 70.0%, up from 68.7% in the second quarter of 2019; Non-GAAP net loss of $2.4 million and GAAP net loss $3.6 million; Net loss includes a $1.5 million doubtful debt expense from a system integrator in Latin America experiencing financial difficulties; Since the May 2020 first quarter earnings call, two recurring security revenue expansion deals were signed with existing customersFinancial Outlook\nManagement reiterates its prior-issued guidance, with expectations for full year 2020 revenues to be between $135 - $140 million, representing accelerated double-digit growth over those of 2019. In addition, management expects that third quarter revenue will exceed those reported for the second quarter of 2020; Management continues to expect to be profitable in the fourth quarter this year; 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 million.Management Comment\nErez Antebi, President & CEO of Allot, commented: \"We are very pleased with our performance in the second quarter. We grew revenues 23% year-over-year, while improving gross margins and continuing our advance to profitability.\" \nContinued Mr. Antebi, \"COVID-19 continues to present Allot with both challenges and opportunities. While it is taking longer to close deals and the absence of travel is challenging business development activities, we are continuing to work towards meeting our goals and are on track to achieving our original 2020 plan. I believe that in the long-term, the growing need for successful connectivity and the increased amount of threats c...