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Genasys Inc. Reports Fiscal Fourth Quarter and Fiscal Year 2024 Financial Results
Record Fiscal 2024 Bookings of $111 Million Starting Fiscal 2025 with 12-month Backlog of $40 Million SAN DIEGO--(BUSINESS WIRE)-- Genasys Inc. (NASDAQ:
About this update from Genasys Inc.
[{"type":"text","content":"\nRecord Fiscal 2024 Bookings of $111 Million\n\n\nStarting Fiscal 2025 with 12-month Backlog of $40 Million\n\n\n SAN DIEGO--(BUSINESS WIRE)--\nGenasys Inc. (NASDAQ: GNSS), the leader in Protective Communications Solutions and Systems, today announced financial results for the Company’s fiscal fourth quarter and full year ended September 30, 2024.\n\n\nRichard S. Danforth, Chief Executive Officer of Genasys, Inc., commented, “Looking back, fiscal year 2024 was a challenging year from a financial perspective. With the completion of the prior program of record with the US Army and poor bookings in fiscal 2023, we started 2024 with less than $7 million of total backlog. Though we were able to book and bill just over $17 million within the fiscal year, the revenue and subsequent margins throughout 2024 were well below expectations.”\n\n\nDanforth continued, “Fiscal 2024 did have a number of important positive milestones that now set the Company up for substantial growth in 2025 and beyond. The Puerto Rico dam contract for $75 million is far and away the most significant. However, even excluding the contract with PREPA, bookings in fiscal 2024 were the highest recorded, excluding the prior program of record with the US Army. This is due to the improving software bookings, as well as a pronounced rebound in both International and Law Enforcement hardware bookings. As we enter fiscal 2025, our backlog is $40 million, supported by a starting ARR of $8.3 million, and approval on the first three of seven groups of dams in Puerto Rico. With initial Cash deposits already received from PREPA, Genasys is poised to deliver the best top line performance in its history.”\n\n\nFiscal 4Q 2024 Financial Summary\n\n\n\nRevenue of $6.7 million, versus $10.7 million in the fiscal 2023 fourth quarter\n\n\n\nGAAP operating loss of ($7.1) million, versus ($2.6) million in the fiscal 2023 fourth quarter\n\n\n\nAdjusted EBITDA of ($6.0) million, versus ($1.7) million in the fiscal 2023 fourth quarter\n\n\n\nGAAP net loss of ($11.4) million versus ($10.1) million in the fiscal 2023 fourth quarter. GAAP net loss per share ($0.26) versus ($0.27) in the fiscal 2023 fourth quarter\n\n\n\nFiscal 2024 Financial Summary\n\n\n\nRevenue of $24.0 million, versus $46.7 million in fiscal 2023\n\n\n\nGAAP operating loss of ($26.7) million, versus ($11.0) million in fis...