Business
SuperCom Reports Record Profit with 183% QoQ Net Income Growth and EPS of $0.06 for Q2 2024
Revenue of $7.5 million; Record Net Income of $2.2 million; Positive Operating Cash Flow of $2 million TEL AVIV, Israel, Aug. 15, 2024 /PRNewswire/ --
About this update from Supercom, Ltd.
[{"type":"text","content":"Revenue of $7.5 million; Record Net Income of $2.2 million; Positive Operating Cash Flow of $2 million\nTEL AVIV, Israel, Aug. 15, 2024 /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 June 30, 2024. \n\nSecond Quarter Ended June 30, 2024, Financial Highlights (Compared to the Second Quarter of 2023)\nRevenue was $7.5 million compared to $7.7 million.Gross Profit surged by 65.2% to $3.7 million from $2.3 million.Gross Profit margin expanded by 20.4% percentage points to 49.6% from 29.2%.Net Income improved by $3.3 million to $2.2 million from Net Loss of ($1.1) million.Net Income margin surged to 29% from (13.6%).Cash Flows from Operating Activities increased by $5.3 million to positive $2 million from negative ($3.3 million).EPS improved by $0.27 to $0.06 from Negative EPS of ($0.21).Non-GAAP Net Income surged 874% to $3.3 million from $0.33 million.Non-GAAP EPS improved to $0.09 from $0.07.EBITDA increased by 83% to $1.6 million from $0.9 million.First Half Ended June 30, 2024, Financial Highlights (Compared to the First Half of 2023)\nRevenue was $14.4 million compared to $14.1 million. Gross profit increased by 95.7% to $7.5 million from $3.8 million.Gross Profit margin nearly doubled to 52.3% from 27.2%.Operating Income improved by $2.8 million to $1.1 million from Operating Loss of ($1.7) million.Net Income improved by $5.6 million to $3.0 million from Net Loss of ($2.6) million.Net Income margin improved to 20.6% from (18.3%).Non-GAAP Net Income surged $4.5 million to $4.6 million from $0.1 millionNon-GAAP EPS improved to $0.17 from Non-GAAP EPS of $0.02.EBITDA improved by 182% to $3.6 million from $1.3 million.Recent Business Highlights:\nThe company has received new orders totaling over $11.0 million from European governments. These orders are expected to be delivered by the end of 2024, further solidifying SuperCom's leadership in the public safety sector across Europe.The company raised $2.9 million in gross proceeds in a registered direct offering in Q2 2024, providing additional capital to execute the company's business plan.SuperCom, through its wholly owned subsidiary, LCA, secured a new North California contract to provide housing and evidence-based case management services to you...