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Genasys Inc. Reports Fiscal First Quarter 2023 Financial Results
Strong Fiscal Q1 SaaS Bookings Position Company for Significant SaaS Revenue Growth SAN DIEGO, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Genasys Inc. (NASDAQ: GNSS),
About this update from Genasys Inc.
[{"type":"text","content":"Strong Fiscal Q1 SaaS Bookings Position Company for Significant SaaS Revenue Growth\nSAN DIEGO, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Genasys Inc. (NASDAQ: GNSS), the global leader in critical communications systems and solutions that help keep people safe, today announced financial results for the Company’s fiscal first quarter ended December 31, 2022. Richard S. Danforth, Chief Executive Officer of Genasys, Inc., commented, \"We are off to a strong start in fiscal year 2023 with our largest SaaS bookings quarter to date. Our software business continues to gain momentum, as evidenced by the $6.1 million in SaaS bookings in the fiscal first quarter. The strong bookings were driven by contracts from Aramco and the California counties of San Diego, Riverside, San Mateo and Monterey. These results, along with our rapidly growing SaaS pipeline further reinforce our strategy of investing in software development, sales, marketing, and customer support. The addition of the world’s largest integrated oil and gas company and large California counties to our global automobile manufacturing and regional critical infrastructure customer base elevates our SaaS profile and demonstrates our ability to successfully close, cross-sell, and support large enterprise and public safety clients. \"Our International results were also robust in the quarter, as our strategy to regionalize business development by establishing sales offices, in APAC, Europe, and the Middle East has proven successful,\" continued Mr. Danforth. \"During the fiscal first quarter, 50% of bookings were international, with APAC revenue more than doubling year-over-year as the entire region emerged from COVID-related lockdowns. With the world economy picking up, we are seeing pipeline growth across all of our international sales regions. We expect strong fiscal year bookings in APAC, Europe, and the Middle East, driven primarily by hardware orders, as well as a developing pipeline of SaaS opportunities.\" Mr. Danforth added, \"In what is typically our slowest quarter, fiscal first quarter revenue was $10.5 million, in-line with our expectations. As per our usual pattern, we anticipate sequential quarterly revenue to increase in the fiscal second quarter and then strengthen in the fiscal third and fourth quarters, putting us on solid footing for a seventh consecutive year of revenue g...