Business
Genasys Inc. Reports Fiscal Second Quarter 2022 Financial Results
Quarterly Revenue Grew 17% New Contract Wins and Growth Investment Advance Software Business SAN DIEGO, May 09, 2022 (GLOBE NEWSWIRE) -- Genasys Inc. (NASDAQ:
About this update from Genasys Inc.
[{"type":"text","content":"Quarterly Revenue Grew 17% New Contract Wins and Growth Investment Advance Software Business SAN DIEGO, May 09, 2022 (GLOBE NEWSWIRE) -- Genasys Inc. (NASDAQ: GNSS), the global leader in critical communications systems and solutions that help protect and keep people safe, today announced financial results for the Company’s fiscal second quarter ended March 31, 2022. Richard S. Danforth, Chief Executive Officer of Genasys, Inc., commented, \"Revenue in the fiscal second quarter increased by 17% with gross margin improving to 52.9% compared with the same period last year. This narrowed our net loss sequentially, delivering positive adjusted EBITDA for the quarter. Fiscal first half revenue was $23.8 million, up 23% from the first half of fiscal 2021. We finished the quarter with $23.9 million of backlog, an increase of 73% from March 31, 2021. \"We generated additional momentum in our software business by signing ten software contracts in the fiscal second quarter, including an award to power the country of Slovenia's public warning system. Momentum continues to grow in the current quarter with our first government customers in Colorado, Oregon and Kentucky. Our software and integrated mass notifications solutions now help safeguard more than 43 million people in several countries and states.\" Mr. Danforth continued, \"Recently, we announced the formal release of the new LRAD 950NXT and an order from the Spanish Navy. There is a worldwide market for this product and more orders are expected this fiscal year. The strong performance and high-margin contribution of LRAD hardware serves as an economic engine to fuel the expansion of our software business.\" Outlook Mr. Danforth concluded, “We are reaffirming our fiscal 2022 outlook of another year of record revenue, largely based on our quarter-end backlog of $23.9 million and supported by our current supply chain visibility and rapidly growing business pipeline.\" Fiscal Second Quarter 2022 Financial Summary Fiscal second quarter revenue was $13.2 million, an increase of 17%, compared with $11.3 million in the prior year quarter largely due to increased LRAD and IMNS revenue. Gross profit margin was 52.9%, an increase of 640 basis points, compared with 46.5% in the second quarter of fiscal 2021. The increase in gross profit margin was largely due to higher sales volume and mix. Oper...