Business
SuperCom Reports Third Quarter 2021 Financial Results
TEL AVIV, Israel, Nov. 11, 2021 /PRNewswire/ -- SuperCom (NASDAQ: SPCB), a global provider of secured solutions for the e-Government, IoT and Cybersecurity
About this update from Supercom, Ltd.
[{"type":"text","content":"TEL AVIV, Israel, Nov. 11, 2021 /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 September 30, 2021 (\"Q3 2021\"). \nThird Quarter 2021 Financial Highlights (Compared to the average results of third and fourth quarter 20201):\nRevenue increased to $3,108 million from $2,487 million Gross margin increased to 34.9% from 27.3%. Cash and cash equivalents at end of Q3 2021 was $6.3 million Working Capital at end Q3 2021 was $23.9 million Recent Business Highlights:\nOn July 2021, launched a new project in California, USA valued at up to $4 million over up to 5 years to provide Juvenile programming and rehabilitation services. Won new project with probation department in California, USA valued at up to $1 million, providing rehabilitation services with an emphasis on employment services for women supporting those reentering the community from periods of incarceration. Project is expected to launch before the end of 2021. Won and launched new project in California, USA valued at up to $240,000 per year, providing Juvenile Programing and Rehabilitative Services for out of custody juvenile programming. Won $3.6 million national electronic monitoring project in Finland, through a competitive national RFP process, and scoring highly by offering SuperCom's proprietary PureSecurity Electronic Monitoring Suite. Experienced an increase in market activity in SuperCom's IOT segment, resulting in new proposal submissions, RFPs and interest in SuperCom's proprietary IOT segment technology and service offerings in Europe and the USA. Opened a new office in Kentucky, with new sales, sales support and tech support resources tailored to SuperCom's unique offerings for the USA market. Launched new HR programs to attract top talent and are actively recruiting and building world class engineering teams to build SuperCom's next generation tracking and monitoring products. Released new generations and capabilities to SuperCom's smartphone-based monitoring products and solutions including support for new OS and mobile phone architectures Revenue in the USA continued to grow and revenues in Africa continued to decline, consistent with SuperCom's business plan to shift focus from Africa to the USA and Europe.Management Commenta...