Business
Genasys Inc. Reports Fiscal Third Quarter 2023 Financial Results
Genasys Protect Re-Brand and Launch Underway SAN DIEGO, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Genasys Inc. (NASDAQ: GNSS), the leader in Protective Communications
About this update from Genasys Inc.
[{"type":"text","content":"Genasys Protect Re-Brand and Launch Underway\nSAN DIEGO, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Genasys Inc. (NASDAQ: GNSS), the leader in Protective Communications solutions, today announced financial results for the Company’s fiscal third quarter ended June 30, 2023. Richard S. Danforth, Chief Executive Officer of Genasys, Inc., commented, “As expected, revenues for the June quarter improved versus the second quarter and were in line with the year-ago quarter. Adjusted EBITDA improved sequentially but was lower year over year, reflecting the ongoing investment in Genasys Protect. With recurring revenue up 47% year over year, and year-to-date software bookings up 180%, I am more confident than ever in our strategic investment in diversifying our business.” Mr. Danforth continued, “The steady growth and expansion of our recurring software revenue footprint is gaining momentum. Recent competitive wins in Colorado, Texas, and the East Coast of the United States further demonstrate the value we are delivering with Genasys Protect™. Based on existing orders and orders currently in contracting, we have secured over $5 million of ARR, up 100% year over year. We anticipate that the rebranding launch commenced earlier this week, combined with the rollout of new Genasys Protect sales and marketing initiatives this fall, will further accelerate software ARR and revenue growth next fiscal year.” Fiscal 3Q 2023 Financial Highlights Revenue of $14.3 million, versus $14.2 million in 3Q 2022GAAP operating loss of ($1.5) million, versus, ($0.6) million in 3Q 2022. Adjusted EBITDA loss of ($0.4) million, versus profit of $0.4 million in 3Q 2022. GAAP net loss per share of ($0.04) versus ($0.02) in 3Q 2022. Business Highlights Executed branding relaunch, with an updated website, go to market, and product UI.Expanded coverage to 16% of Colorado with Boulder County’s adoption of Genasys Protect.Selected for first statewide contract for Genasys Protect.Awarded protective communications contract in a large East Coast city, displacing a keycompetitor Received $10.7 million follow-on AHD program of record order from U.S. Army Business Outlook Software bookings are tracking ahead of internal expectations. Recent competitive wins and our brand relaunch earlier this week provide added confidence in our solutions and go-to-market approach. While our hardware pi...