Business
Genasys Inc. Reports Fiscal Fourth Quarter and Fiscal Year 2023 Financial Results
Genasys Protect Software Gaining Momentum SAN DIEGO, Dec. 07, 2023 (GLOBE NEWSWIRE) -- Genasys Inc. (NASDAQ: GNSS), the leader in Protective Communications,
About this update from Genasys Inc.
[{"type":"text","content":"Genasys Protect Software Gaining Momentum\nSAN DIEGO, Dec. 07, 2023 (GLOBE NEWSWIRE) -- Genasys Inc. (NASDAQ: GNSS), the leader in Protective Communications, today announced financial results for the Company’s fiscal fourth quarter and full year ended September 30, 2023. Richard S. Danforth, Chief Executive Officer of Genasys, Inc., commented, “As we announced in mid- September, our pipeline of hardware and software business continues to grow rapidly. This week’s announcements include some of the business that we had expected in the September quarter. We expect that we will book each of the forecasted hardware orders that shifted out of our fiscal 2023. In the fourth quarter of fiscal 2023, recurring revenues in our software business were up 43% year over year and 21% sequentially. Based on current contracting activity, the addition of Evertel Technologies, and partnerships with Tablet Command and Ladris, we now expect fiscal 2024 software revenue growth in excess of 100% year over year.” Mr. Danforth continued, “The steady growth and expansion of our recurring software revenue is gaining momentum. Evertel, now branded Genasys Protect CONNECT, is already delivering strong synergies across our existing customer base. The integration with Tablet Command and added performance and functionality of Ladris expands the use cases and value of the Genasys Protect platform. Combined with our category-defining ACOUSTICS offerings, Genasys is rapidly expanding the differentiation of Protective Communications versus legacy mass notification solutions. The differentiation of Genasys Protect continues to displace incumbents and win the business that is already generating a rapidly growing Annual Recurring Revenue (ARR).” Fiscal 4Q 2023 Financial Summary Revenue of $10.7 million, versus $16.0 million in 4Q 2022GAAP operating loss of ($2.6) million, versus ($12.8) million in 4Q 2022. Adjusted EBITDA of ($1.7) million, versus $1.6 million in 4Q 2022. GAAP net loss of ($10.1) million versus ($13.8) million in 4Q 2022. GAAP net loss per share ($0.27) versus ($0.38) in 4Q 2022. Adjusted net loss of ($2.7) million vs. ($0.7) million in 4Q 2022. Adjusted net loss per share of ($0.07) vs. ($0.02) per share in 4Q 2022 Fiscal 2023 Financial Summary Revenue of $46.7 million, versus $54.0 million in fiscal 2022GAAP operating loss of ($11.0) million, versus...