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Genasys Inc. Reports Fiscal Second Quarter 2023 Financial Results
Second Half Growth in Hardware and Software to Drive Positive Adjusted EBITDA SAN DIEGO, May 08, 2023 (GLOBE NEWSWIRE) -- Genasys Inc. (NASDAQ: GNSS), the
About this update from Genasys Inc.
[{"type":"text","content":"Second Half Growth in Hardware and Software to Drive Positive Adjusted EBITDA\nSAN DIEGO, May 08, 2023 (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 second quarter ended March 31, 2023. Richard S. Danforth, Chief Executive Officer of Genasys, Inc., commented, “As expected, financial results for the March quarter were similar to our fiscal first quarter, with slight sequential improvement in revenues and adjusted EBITDA. Based on our pipeline and bookings, we expect to see growth resume and accelerate in the second half of this fiscal year. Steady growth in our Software revenue should be augmented by improved Hardware bookings and revenue, particularly from international customers.” Mr. Danforth continued, “Through our continuing SaaS business investment, we are bringing to market a unified communications platform, “Genasys Protect™”, that includes the integration of incident management, evacuation and response planning, and omnichannel notification. Genasys Protect addresses a much larger scope of multi-hazard enterprise and public safety crises, with a complete and unified architecture. We anticipate that this unified product combined with the rollout of new Genasys Protect sales and marketing initiatives this summer will further accelerate software revenue growth next fiscal year.” Fiscal 2Q 2023 Financial Highlights Revenue of $11.2 million, versus $13.2 million in 2Q 2022GAAP operating loss of ($3.4) million, versus, ($0.5) million in 2Q 2022. Adjusted EBITDA loss of ($2.3) million, versus profit of $0.9 million in 2Q 2022. GAAP net loss per share of ($0.09) versus ($0.01) in 2Q 2022. $12.5 million in cash, cash equivalents and marketable securities, and no debt Business Highlights Expanded relationship with San Diego County to include new multi-year Zonehaven contract, completing the full Genasys Protect platform. San Diego County joins Riverside County, Marin County, Alameda County and other jurisdictions in full Genasys Protect platform adoption.Announced an Integrated Mass Notification System (IMNS) with a large outdoor tourist destination.Awarded multi-year contract to provide critical notifications to Aramco, one the world’s largest Industrial companies.Assisted fi...