Business
SuperCom Reports First Quarter 2022 Financial Results
Revenue of $3 million; Gross Profit of 43.6%; Cash & Restricted Cash of $6.6 million TEL AVIV, Israel, May 12, 2022 /PRNewswire/ -- SuperCom (NASDAQ: SPCB), a
About this update from Supercom, Ltd.
[{"type":"text","content":"Revenue of $3 million; Gross Profit of 43.6%; Cash & Restricted Cash of $6.6 million\n TEL AVIV, Israel, May 12, 2022 /PRNewswire/ -- SuperCom (NASDAQ: SPCB), a global provider of secured solutions for the e-Government, IoT, and Cybersecurity sectors, today reported results for the three months ended March 31, 2022. \n \nFirst Quarter Ended March 31, 2022, Financial Highlights (Compared to the First Quarter of 2021)\nRevenue increased to $3.05 million from $3.03 million last year. Additional progress was achieved on replacing revenue decline from the legacy business with new revenues from the IoT business. Gross margin of 43.3% compared to 55.3%, reflecting also transitional costs associated with deployment of new IOT projects ahead of recurring revenue streams. Research and Development expense of $0.86 million compared to $0.66 million. Sales and Marketing expenses of $0.7 million compared to $0.37 million, reflecting support in the Company's new proactive growth strategy. EBITDA of -$0.3 million compared to $0.6 million, reflecting an increase of investment in R&D by 30% and an increase of 90% in sales and marketing. Cash and cash equivalents and restricted cash increased to $6.6 million compared to $4.6 million at the end of 2021. Working Capital increased to $23.4 million from $20.5 million at the end of 2021. Non-GAAP EPS of -$0.04.Recent Business Highlights:\nWon and launched Croatia's first full-scale electronic monitoring project in the country and will deploy SuperCom's PureSecurity Electronic Monitoring Suite. The project was formally awarded earlier this year through a formal bid process by Croatia's Ministry of Justice and Administration. Raised $4.65 million in gross proceeds in a registered direct offering with a single accredited institutional investor, providing additional capital to execute the Company's business plan. Secured a new governmental electronic monitoring contract in Wyoming. The contracting agency is an Adult and Juvenile Probation Agency and plans to use SuperCom's PureTrack GPS smartphone products to monitor their caseload for location compliance. Secured a new governmental electronic monitoring contract in Idaho. The contracting agency is a Juvenile Probation Office and will use SuperCom's PureTrack GPS smartphone products to monitor their caseload for location compliance. Secured a new electroni...