Business
SuperCom Reports Full Year 2021 Financial Results
Revenue Increased to $12.3 million; Gross Profit Increased to 50.6%; Cash & Restricted Cash increased to $4.6 million TEL AVIV, Israel, March 31, 2022
About this update from Supercom, Ltd.
[{"type":"text","content":"Revenue Increased to $12.3 million; Gross Profit Increased to 50.6%; Cash & Restricted Cash increased to $4.6 million\nTEL AVIV, Israel, March 31, 2022 /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 ended December 31, 2021. \nTwelve-Months Ended December 31, 2021, Financial Highlights (Compared to the Prior Year Period)\nRevenue increased by 4% to $12.3 million in 2021, from $11.8 million last year, representing the first year of revenue increase since 2017 as significant progress is achieved on the transition from the legacy business to the IOT tracking business.Gross margin increased to 50.6% in 2021 from 47.4% last year.Cash and cash equivalents and restricted cash increased to $4.6 million from $4.0 million last year.Operating loss in 2021 reached $6.7 million compared with a $3.7 million loss in 2020, driven mainly by $4.4 million of one-time expenses in 2021 pertaining to the legacy business.EBITDA decreased to $2.1 million in 2021 compared to $2.8 million in 2020.Working Capital at the end of 2021 increased significantly to $20.5 million from $5.3 million in 2020, due to investment in new equipment manufacturing, settlements of old payables, and securing of new longer-term financing with preferable terms.Non-GAAP EPS of $(0.07) compared to $(0.09) in last year.Fourth Quarter Ended December 31, 2021, Financial Highlights (Compared to the average results of third and fourth quarter 20201):\nRevenue increased to $3.0 million from $2.5 millionGross margin increased to 54.8% from 27.3%Operating loss reached $4.6 million compared to a $2.3 million loss, driven mainly by $3.7 million of one-time expenses in 2021 pertaining to the legacy identification business.EBITDA increased to approx. $600 thousand from approx. $100 thousandNon-GAAP EPS of $(0.01)Select announcements in past year and recent months:\nIn March 2022, the Company was awarded by the Ministry of Justice and Administration of Croatia the first full-scale electronic monitoring contract in the country.In March 2022, the Company raised $4.65 million in a registered direct offering with a single accredited institutional investor, providing additional liquidity to execute the Company's business plan.In July 2021, launched a new project in Ca...