Business
Senstar Technologies Corporation
Reports Second Quarter 2024 Financial Results Business momentum remains strong; Senstar MultiSensor fully launched for sale Continued focus on optimizing
About this update from Senstar Technologies Corporation
[{"type":"text","content":"Reports Second Quarter 2024 Financial Results \n \nBusiness momentum remains strong; Senstar MultiSensor fully launched for sale\nContinued focus on optimizing working capital and delivering positive cash from operations\nOTTAWA, ON, Aug. 26, 2024 /PRNewswire/ -- Senstar Technologies Corporation (NASDAQ: SNT), a leading international provider of comprehensive physical, video and access control security products and solutions, today announced its financial results for the three and six months ended June 30, 2024. Management will hold an investors' conference call later today (at 5 p.m. Eastern Time) to discuss the results.\n\n \n \nSecond Quarter 2024 Summary: \n(Results for the three months ended June 30, 2024 compared to the three-months ended June 30, 2023.)\nRevenue of $8.3 million with gross margin of 63.2% versus revenue of $8.4 million with gross margin of 60.7%Operating expenses declined by 9.1% to $4.6 million versus $5.0 million in 2023Net income of $493,000 versus $275,000EBITDA of $846,000 versus $290,000Cash balance increased to $15.1 million, with no debt, as of June 30, 2024Mr. Fabien Haubert, CEO of Senstar Technologies, stated, \"We are encouraged by the strong order momentum in the first half of 2024. Second quarter revenue of $8.3 million was on par with the prior year quarter, reflecting typical order timing variability. Our gross margin reached 63.2%, the highest in eight quarters, thanks to the cost realignments and price adjustments we made last year, which also improved our operating margin. As a result, net income rose to $493,000 and EBITDA margin increased to 10.2% of revenue. Our balance sheet strengthened with higher cash reserves and reduced inventory, enhancing our working capital.\"\nMr. Haubert continued, \"We delivered solid growth in our four key verticals, which rose 5% in the second quarter and 14% year-to-date. In terms of product development, we are thrilled to announce that our latest innovation, the MultiSensor, is now available for sale and generating substantial market interest. The MultiSensor represents a critical growth driver in our four verticals and opens the potential to address largervolume markets.\"\nSecond Quarter 2024 Financial Results Summary\nRevenue for the second quarter of 2024 was $8.3 million, a decrease of 1.6% compared with $8.4 million in the second quarter of 2023....