Business
Genasys Inc. Reports Fiscal Third Quarter 2022 Financial Results
Quarterly Revenue Up 12% Year-Over-Year Growth Investment Gaining Traction with New Contract Wins and Increase in Software Revenue SAN DIEGO, Aug. 11, 2022
About this update from Genasys Inc.
[{"type":"text","content":"Quarterly Revenue Up 12% Year-Over-Year Growth Investment Gaining Traction with New Contract Wins and Increase in Software Revenue SAN DIEGO, Aug. 11, 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 third quarter ended June 30, 2022. Richard S. Danforth, Chief Executive Officer of Genasys, Inc., commented, \"Revenue in the fiscal third quarter increased by 12% year-over-year to $14.2 million. Software-as-a-service (SaaS) revenue from North America in the third quarter was 144% higher than Q4 of fiscal year 2021, the first full quarter that included Zonehaven, reflecting the momentum of our SaaS offerings. In the quarter, Zonehaven expanded into Colorado and Oregon and added another California county. Contracts for Genasys Emergency Management (GEM) services were signed in California, Georgia, Indiana, Kentucky, Missouri, New Jersey, New York, Oklahoma, Texas and Washington. Nine-month revenues from our mass notification hardware integrated with GEM software increased 425% to $8.4 million, compared with $1.6 million in the first nine months of fiscal 2021. GEM, IMNS and Zonehaven are proving to be excellent solutions for cross-selling and upselling as we continue to expand our geographic footprint with these products in North America and throughout the world. Revenue for the first nine months of the fiscal year was $38 million, up 19% from the first nine months of fiscal 2021. We finished the quarter with $30 million of backlog, an increase of $6.0 million sequentially. “In fiscal year 2021, we made the strategic decision to invest globally in our SaaS critical communications platform to support our future growth. We continue to add personnel and other resources essential to executing our SaaS growth strategy. Importantly, the investments related to our growth initiatives continue to be self-funded. Cash flow provided by operating activities in the third quarter was $2.5 million, further strengthening our balance sheet with the capital to fund our growth investments.\" Outlook Mr. Danforth concluded, “Based on our $30.0 million quarter-end backlog and current supply chain visibility, we reaffirm our outlook for another year of record revenue.\" Fiscal Third Quarter 2022 Fi...