Business
SuperCom Reports 51% Annual Revenue Growth, Non-GAAP EPS of $0.47 and 5-Year-Record EBITDA of $4.8 million for Full Year 2023
FY 2023: 5-year-record Revenues $26.6 million; EBITDA Growth of 2350%Q4 2023: Revenues $5.7 million; EBITDA $1.1 million; Non-GAAP EPS of $0.15 TEL AVIV,
About this update from Supercom, Ltd.
[{"type":"text","content":"FY 2023: 5-year-record Revenues $26.6 million; EBITDA Growth of 2350%Q4 2023: Revenues $5.7 million; EBITDA $1.1 million; Non-GAAP EPS of $0.15\nTEL AVIV, Israel , April 22, 2024 /PRNewswire/ -- SuperCom (NASDAQ: SPCB), a global provider of secured solutions for the e-Government, IoT, and Cybersecurity sectors, today reported results for the twelve months and fourth quarter, ended December 31, 2023.\n\nFinancial Highlights for Twelve-Months Ended December 31, 2023 (Compared to the Prior Year Period)\nAnnual Revenue increased by 51% to $26.6 million from $17.6 million, marking a third consecutive year of revenue growthRevenue from European countries increased by 85% to $17.7 million from $9.6 millionIoT Segment Revenue increased by 52% to $23.8 million from $15.6 millionGross profit increased by 60% to $10.2 million from $6.4 millionNet Loss in 2023 improved to a ($4.0) million loss from a ($7.5) million Net LossNon-GAAP Net Profit in 2023 improved to a $3.2 million profit compared to a ($2.3) million Net LossEBITDA increased 2350% to $4.8 million from $0.2 millionNon-GAAP EPS improved to $0.47 compared to $(0.61)Cash, and cash equivalents and restricted cash, at end of 2023 increased to $5.6 million from $4.5 millionFinancial Highlights for Fourth Quarter 2023 Ended December 31, 2023 (Compared to the Fourth Quarter of 2022)\nRevenue increased 11% to $5.7 million from $5.1 millionGross profit increased 44% to $2.3 million from $1.6 millionGross margin increased to 41.4% from 32%.Net Loss of ($1.6) million loss from ($0.1) million LossEBITDA increased 43% to $1.1 million from $0.8 millionWorking Capital at end of 2023 increased to $23.1 million from $21.1 millionBusiness Highlights:\nSuperCom, through its wholly owned subsidiary, LCA, won new project in California valued at up to $2.0 million to provide a comprehensive jail-based program focusing on re-entry services for adult inmates.LCA secured new EM contract in California with an established California services provider in the judicial sector, displacing an incumbent competitor.SuperCom won new project in Canada with a renowned Canadian industry partner in the tracking solutions sector.SuperCom received a third order of $3.4 million from Romania's Ministry of Interior, which was delivered in the fourth quarter of 2023.SuperCom won and launched a $3 million contract to deliver ...