Business
Allot Announces Second Quarter 2024 Financial Results
HOD HASHARON, Israel, Aug. 27, 2024 /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, Aug. 27, 2024 /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 financial results for the second quarter of 2024.\n\nFinancial Highlights for the Second Quarter\nRevenues were $22.2 million, stable compared with that of the prior quarter;Non-GAAP gross margin was 70.6%;Security as a Service (SECaaS) revenues continued to grow, increasing 54% year-over-year to $3.7 million;June 2024 SECaaS ARR* was $14.6 million;Operating loss improved significantly year over year: declining 84% to $3.4 million on a GAAP basis and 95% to $1 million on a non-GAAP basis;Operating cash flow was positive for the first time in three years, coming in at $1.2 million;Net cash** increased by $0.6 million during the quarter;Financial Outlook\nFor the second half of 2024, management expects non-GAAP operating profit at around breakeven and the net cash position to not decrease.\nFull year SECaaS revenue and SECaaS ARR* are expected to continue experiencing accelerated growth at around 50% year-over-year.\nManagement Comment\nEyal Harari, CEO of Allot commented, \"We have made significant progress improving our operational efficiency and stabilizing the business, and we are very pleased to have returned to positive operating cash flow for the first time in three years. At the same time, we continue investing in our long-term growth engine, SECaaS.\n\"During the quarter, we demonstrated solid execution. We won new customers in both Allot Smart and Allot Secure, and we closed expansion contracts with existing customers. We have a strong and broad pipeline of opportunities, and we are making progress in converting that pipeline into orders.\n\"In my first few months at Allot, I have been meeting our customers and employees, looking for ways to leverage our strong assets and deep technological capabilities to better serve all our stakeholders. We are formulating a strategic plan to drive long-term profitable growth, and I look forward to realizing Allot's strong potential.\"\nQ2 2024 Financial Results Summary\nTotal revenues for the second quarter of 2024 were $22.2 million, a 12% decrease compared to $25 million in the second quarter of 2023.\nGross profit on a GAAP basis ...