Business
Genasys Inc. Reports Fiscal Fourth Quarter and Full Year 2021 Financial Results
Achieves Record Revenue of $47 Million and Backlog of $36 Million SAN DIEGO, Nov. 22, 2021 (GLOBE NEWSWIRE) -- Genasys Inc. (NASDAQ: GNSS), the global leader
About this update from Genasys Inc.
[{"type":"text","content":"Achieves Record Revenue of $47 Million and Backlog of $36 Million\nSAN DIEGO, Nov. 22, 2021 (GLOBE NEWSWIRE) -- Genasys Inc. (NASDAQ: GNSS), the global leader in critical communications systems and solutions that help protect and keep people safe, today announced record fiscal fourth quarter and fiscal year revenue and record fiscal year backlog in its financial results for the fiscal year ended September 30, 2021. “Our fiscal year 2021 was a year of solid performance with a significant level of investment to position us for future growth in our emerging Software as a Service (SaaS) business,” said Richard S. Danforth, Chief Executive Officer of Genasys, Inc. “Our fiscal fourth quarter revenue grew by 8% to $15.0 million, and full-year revenue grew 9% to $47.0 million, continuing our track record of revenue growth over the past five years. We ended the fiscal year with a record backlog of $36.1 million, up 217% from fiscal year 2020, a solid balance sheet, and no debt, positioning Genasys for continued growth.” “We have seen a resoundingly positive reaction to our SaaS solutions, as evidenced by the announced contract awards in fiscal year 2021,” Mr. Danforth continued. “In the past 12 months, the Genasys SaaS platform was launched in the United States, Canada, and Mexico to provide life-saving information for more than ten million people. We now are pursuing a wide range of global opportunities across multiple industry sectors and are excited about the growth that lies ahead for our business.” Mr. Danforth concluded, “With our strategic investments over the past 18 months, including the acquisitions of Zonehaven™ and Amika Mobile, Genasys has created the industry’s only unified hardware and software Critical Communications platform. As a result, we are evolving from a pure hardware business towards an increasingly SaaS model. As we execute our strategy, we will make key investments in staffing and resources that will increase our operating expenses in fiscal year 2022. These investments in growth are expected to materially shift our revenue mix to a higher SaaS contribution with SaaS bookings anticipated to grow year-over-year by more than 50%.” Business Outlook Commenting on the outlook for fiscal year 2022, Mr. Danforth stated, “We anticipate fiscal 2022 will be another year of record revenue. Operating expenses are forecast ...