Business
Senstar Technologies Reports First Quarter 2023 Financial Results
RAMAT GAN, Israel, June 6, 2023 /PRNewswire/ -- Senstar Technologies (NASDAQ: SNT), a leading international provider of comprehensive physical, video and
About this update from Senstar Technologies Corporation
[{"type":"text","content":"RAMAT GAN, Israel, June 6, 2023 /PRNewswire/ -- Senstar Technologies (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 months ended March 31, 2023. Management will hold an investors' conference call later today (at 10 a.m. Eastern Time) to discuss the results.\nBusiness Highlights:\nAchieved double-digit, year-over-year revenue growth in the U.S in Q1 2023 primarily in the corrections market, one of the Company's four target market verticals.Awarded a new strategic project in Europe in one of our four key vertical markets.Appointed Fabien Haubert as Interim Chief Executive Officer.Mr. Fabien Haubert, Interim Chief Executive Officer of Senstar Technologies, stated, \"Our first quarter financial results are in-line with our expectations and reflect the seasonality of our business. Gross margin of 56% of revenue this quarter reflects product mix as compared to the same period last year, while the modest increase in operating expenses was the result of investments that we made in the first quarter in sales and marketing and new product launches to drive future growth. We are advancing several new business opportunities that have the potential to scale our business in our targeted verticals of energy, utilities, corrections and logistics.\"\nMr. Fabien Haubert continued, \"Our primary objective is to expand our market share within our focus high-value verticals with the goal of maintaining gross margin above the industry average. We are developing next-generation sensors and differentiated products that align directly with market demand. Importantly, the vertical markets we are targeting seek high-value solutions and present attractive growth opportunities where Senstar already has an established presence and brand recognition. We are increasingly encouraged by the opportunities for growth in 2023 and beyond and our ability to capture new market share.\"\nFirst Quarter 2023 Results Summary\nRevenue for the first quarter of 2023 was $6.4 million, a decrease of 5.0% compared with $6.8 million in the first quarter of 2022. First quarter gross profit was $3.6 million, or 55.7% of revenue, compared with $4.5 million, or 65.8% of revenue, in the year ago quarter. The decrease in gross margin was primarily d...