Business
Genasys Inc. Reports Fiscal Third Quarter 2024 Financial Results
SAN DIEGO, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Genasys Inc. (NASDAQ: GNSS), the leader in Protective Communications, today announced financial results for the
About this update from Genasys Inc.
[{"type":"text","content":"SAN DIEGO, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Genasys Inc. (NASDAQ: GNSS), the leader in Protective Communications, today announced financial results for the Company’s fiscal third quarter ended June 30, 2024. Richard S. Danforth, Chief Executive Officer of Genasys, Inc., commented, “Genasys is making positive progress across each of its end markets. The large, announced projects with PREPA and the US Army provide long-term confidence in our hardware business. The recent improvement in international bookings also lends confidence that the broader hardware business is stabilizing.” Mr. Danforth continued, “As has been the case all year, our software business continues to track in line with our aggressive expectations. Our coverage area in California continues to expand and we are also gaining traction in several western states. Additionally, we are beginning to realize broader synergies between our software and hardware businesses in both the law enforcement and critical infrastructure protection industry segments, as is best illustrated by the Early Warning System we will be installing in Puerto Rico.” Fiscal 3Q 2024 Financial Summary Revenue of $7.2 million, versus $14.3 million in 3Q 2023GAAP operating loss of ($5.4) million, versus ($1.4) million in 3Q 2023GAAP net loss of ($6.7) million versus ($1.4) million in 3Q 2023GAAP net loss per share ($0.15) versus ($0.04) in 3Q 2023 Adjusted EBITDA of ($4.3) million, versus ($0.4) million in 3Q 2023 Business Highlights Received Financial Oversight & Management Board (FOMB) for Puerto Rico approval for the $75 million dam project with PREPA on June 28thIncreased market share and realized synergies with Law Enforcement customers leveraging Genasys CONNECT and LRAD solutions across the United StatesExpanded Genasys Protect coverage in California with the activation of Genasys EVAC in San Diego County and the recent multi-year contract with Santa Barbara CountyAnnounced improving international sales with recent orders from Europe, Asia and the Middle EastCompleted reconstitution of Board of Directors, providing greater expertise and oversight for the direction the Company is heading Business Outlook With the final approval from the FOMB for Puerto Rico, we remain on track to begin the implementation phase of the project later this summer. As we stated in May, we expect the project in Pue...