Business
Genasys Inc. Reports Fiscal Fourth Quarter and Full Year 2022 Financial Results
Annual Revenue Up 15% to $54.0 Million SaaS Platform Gaining Momentum on Strategic Investments SAN DIEGO, Nov. 30, 2022 (GLOBE NEWSWIRE) -- Genasys Inc.
About this update from Genasys Inc.
[{"type":"text","content":"Annual Revenue Up 15% to $54.0 Million SaaS Platform Gaining Momentum on Strategic Investments SAN DIEGO, Nov. 30, 2022 (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 fourth quarter and full year ended September 30, 2022. Richard S. Danforth, Chief Executive Officer of Genasys Inc., commented, \"Fiscal 2022 was an exceptional year. We delivered 15% growth in revenue and a positive Adjusted EBITDA while accelerating our strategic shift towards a higher-margin, recurring revenue model. The investments we are making in software sales and support led to key contract wins, fueled expansion in existing markets, and paved the way for entry into new markets and geographies. Our software-as-a-service (SaaS) products team expanded our unified critical communications platform into 7 countries, 19 states, and 21 California counties. “We self-funded more than $9.0 million in SaaS platform investments and still generated positive cash from operations for the year,” added Mr. Danforth. “These investments are creating a strong economic engine to meet the growing demand for critical communications systems. After repurchasing approximately $1 million in company stock in open market transactions, we ended the year with no debt and $19.9 million in cash, cash equivalents, and marketable securities. The cash generating power of our core business and the strength of our balance sheet continue to provide us with the resources and flexibility to execute our long-term growth strategy.\" Business Outlook Commenting on the outlook for fiscal year 2023, Mr. Danforth stated, “We anticipate continued revenue growth in fiscal 2023. While our hardware business will start from a lower backlog than the previous year, due mainly to international hardware orders anticipated in fiscal 2022 moving into fiscal 2023, the carryover of expected orders, stronger international sales, continuing AHD deliveries to the U.S. Military, and increasing software services sales are expected to augment fiscal 2023 bookings and backlog. Further, we are building a strong base of annual recurring revenue from our software business and anticipate it will represent a larger portion of our revenue in fiscal 2023. \"Last year we discus...