Business
Allot Announces Third Quarter 2020 Financial Results
Q3 2020 revenue grew by 26% year-over-year Reconfirms 2020 revenue guidance between $135-140 million HOD HASHARON, Israel, Nov. 4, 2020 /PRNewswire/ -- Allot
About this update from Allot Ltd.
[{"type":"text","content":"Q3 2020 revenue grew by 26% year-over-year\n Reconfirms 2020 revenue guidance between $135-140 million\n\n\nHOD HASHARON, Israel, Nov. 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 third quarter 2020 financial results.\n\n \n \n \n \n \n \n\n \nHighlights of the third quarter\nThird quarter revenues were $34.8 million, up 26% year-over-year; Non-GAAP operating loss reduced to $1.0 million compared with operating loss of $2.2 million in the third quarter of last year; GAAP operating loss of $2.5 million compared with $2.2 million in the third quarter of last year; Non-GAAP net loss reduced to $1.2 million compared with non-GAAP net loss of $1.9 million in the third quarter of last year; GAAP net loss of $2.4 million compared with $2.1 million in the third quarter of last year.Financial 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. 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 happy with the strong continued growth and solid performance we have shown throughout 2020. While the challenging business environment caused by COVID-19 continues to result in some delays in signing new contracts, we expect our revenues to continue to grow in the fourth quarter as well. In addition, we are very encouraged by the growing number of operators who see the need to provide consumers and SMBs with the zero touch clientless security solutions that Allot offers.\"\nThird quarter 2020 Financial Results Summary\nTotal revenues for the third quarter of 2020 were $34.8 million, an increase of 26% compared to $27.6 million in the third quarter of 2019. \nGross profit on a GAAP basis for the third quarter of 2020 was $23.7 million (gross margin ...