Business
SuperCom Reports Year-over-Year Revenue Growth of 102% for the Third Quarter 2022
Reports Q3 Revenue of $6.3 million and Gross Profit of $2.1 million, approximately double compared to the third quarter of last year, and swing to Positive
About this update from Supercom, Ltd.
[{"type":"text","content":"Reports Q3 Revenue of $6.3 million and Gross Profit of $2.1 million, approximately double compared to the third quarter of last year, and swing to Positive EBITDA of $0.4 million\nTEL AVIV, Israel, Oct. 26, 2022 /PRNewswire/ -- SuperCom (NASDAQ: SPCB), a global provider of secured solutions for the e-Government, IoT, and Cybersecurity sectors, today reported results for the third quarter of 2022, ended September 30, 2022.\n \nThird Quarter Financial Highlights Ended September 30, 2022 (Compared to the Third Quarter of 2021)\nRevenue increased 102% to $6.3 million from $3.1 million in the third quarter of last year and increased 97% from $3.2 million in the second quarter of 2022.Gross Profit increased 96% to $2.1 million compared to $ 1.1 million last year.Research and Development expenses increased 52% to $0.96 million compared to $0.63 million, reflecting increased investment to enhance existing solutions and to accelerate development of new products in the IoT and Cyber Security sectors.Sales and Marketing expenses were $0.65 million compared to $0.46 million, reflecting investment in a proactive sales strategy to expand SuperCom's footprint in the European and North American markets.Non-GAAP Operating Income increased by $415,000 to positive $230,000 from an Operating Loss of ($185,000) last year.Positive EBITDA of $0.41 million compared to negative EBITDA of ($0.05) million last year, reflecting the benefits of deployment of new IoT projects and operating leverage.Non-GAAP EPS was ($0.02) compared to ($0.03).Cash and cash equivalents and restricted cash were $3.1 million on September 30, 2022, compared to $4.6 million at the end of 2021.Recent Business Highlights:\nWon and launched a $33 million national EM project in Romania, the largest new European EM project awarded in the industry this year. With a focus on domestic violence, the project is expected to help protect up to 15,000 families per month over a six year period and includes the deployment of SuperCom's PureSecurity Electronic Monitoring (EM) Suite for Domestic Violence monitoring, GPS Tracking of offenders, and a home detention monitoring program.Won a new $1.7 million contract with an existing customer of the e-Government division.Signed second and third new GPS monitoring contracts in Idaho with two County Juvenile Departments, which will use SuperCom's PureT...