Business
Allot Announces Third Quarter 2022 Financial Results
HOD HASHARON, Israel, Nov. 15, 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, Nov. 15, 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 third quarter 2022 financial results.\n Third Quarter 2022 Financial Highlights\nThird quarter revenues were $25.0 million compared with $38.2 million in the third quarter of last year;Gross margin on a non-GAAP basis was 67%;GAAP operating loss was $13.1 million and non-GAAP operating loss was $10.8 million;GAAP net loss was $12.9 million and non-GAAP net loss was $10.6 million.Financial Outlook\nFor the fourth quarter and full year of 2022, management reiterates its guidance expectations as follows:\nMaintaining guidance for full year revenues of $125 million to $130 million, with expectations that full year revenues will trend toward the lower end of the range;Additional recurring security deals to be executed, providing incremental MAR** of approximately $180 million for the full year;Continues to expect additional recurring security deals to be executed, providing incremental MAR** of more than $180 million for the full year;Continues to expect December 2022 total ARR* including SECaaS ARR* and Support & Maintenance ARR* to be between $50-52 million,Continues to expect December 2022 SECaaS ARR* to be approximately $9 million;Continues to expect recurring security revenue to be approximately $7 million for 2022.Management Comment\nErez Antebi, President & CEO of Allot, commented, \"While our third quarter ended as we had expected, we are obviously striving to achieve much more in the future. I am very proud that Verizon selected Allot to enable network-based security services for their SMB customers. I believe that this decision by Verizon proves that network-based security is becoming a significant part of the offering for operators.\"\nContinued Mr. Antebi, \"We remain committed to reach profitability for the full year 2024. This will be achieved via revenue growth, mainly through the SECaaS business, but also through tight expense control. We also expect our loss in 2023 to be significantly lower than in 2022. I continue to strongly believe in the potential for our SECaaS solution for protecting consumers as well as its ability to bring Allot into a new era of growth and ...