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Swift Navigation Works with STMicroelectronics to Launch End-to-End GNSS Solution for Automotive Autonomy
GlobeNewswire News Room· 2025-03-03 05:30
Core Insights - Swift Navigation and STMicroelectronics have collaborated to create an end-to-end GNSS solution aimed at enhancing automotive safety and autonomy, combining Swift's Skylark® Precise Positioning Service with ST's Teseo VI GNSS chipset [1][2][5] Group 1: Joint Solution Features - The joint solution addresses challenges faced by autonomous systems, such as reliance on perception sensors that can fail in adverse weather and the high costs associated with integrating various components [2] - It provides automotive OEMs and Tier 1 suppliers with a streamlined GNSS platform that reduces system costs and accelerates deployment timelines [2][5] Group 2: Skylark® Precise Positioning Service - Skylark is designed for mass market adoption of high-precision GNSS, enabling applications in autonomous driving, robotics, precision logistics, and V2X communication [3] - It is the first real-time, cloud-based service certified to meet ISO 26262:2018 functional safety standards, offering high-integrity positioning at a lower cost compared to traditional solutions [3] Group 3: Teseo VI GNSS Chipset - The Teseo VI chipset features a quad-frequency, multi-constellation receiver and is built on a dual-core Arm® Cortex® M7 processor, enhancing tracking capabilities and resistance to jamming and spoofing [4] - It is optimized to work with Swift's Starling® Positioning Engine, integrating wheel odometry and IMU sensor data with Skylark's GNSS corrections for improved performance in real-world conditions [5] Group 4: Industry Impact and Future Prospects - The collaboration aims to accelerate innovation in autonomous vehicles by providing a solution that meets current safety standards while being adaptable to future regulatory changes [5][6] - Swift Navigation's technology is already powering over 10 million ADAS-enabled and autonomous vehicles globally, indicating strong market trust and adoption [7]
Genasys (GNSS) - 2025 Q1 - Earnings Call Transcript
2025-02-12 00:34
Financial Data and Key Metrics Changes - In Q1 fiscal 2025, Genasys reported significant revenue growth, with recurring software revenue increasing by 69% year-over-year and total software revenue growing by 64% year-over-year [26] - Hardware revenue also saw a substantial increase of 57% year-over-year [27] - Gross profit margin improved to 45.8%, up nearly 12 percentage points compared to the same period last year [27] - The operating loss for the quarter was $5.9 million, an improvement from the $7.2 million loss in the prior year [29] - GAAP net loss was $4.1 million, compared to a net loss of $6.7 million in the first quarter of fiscal 2024 [30] - Cash, cash equivalents, and marketable securities totaled $13.9 million as of December 31, 2024, up from $13.1 million at the end of the previous fiscal year [30] Business Line Data and Key Metrics Changes - The Genasys Protect platform was highlighted for its effectiveness during the January wildfires in Southern California, facilitating timely evacuations and communication [14][16] - The Puerto Rico project is progressing, with the first deposit of approximately $8 million received, followed by a second deposit of $2 million [19][31] - The company expects to record initial revenues from the Puerto Rico project in the second fiscal quarter [20] Market Data and Key Metrics Changes - International law enforcement demand for traditional LRAD products is rebounding towards pre-COVID levels, expanding the opportunity pipeline [22] - The company received a follow-on order for mobile communication trailers for the U.S. Army, indicating robust demand from the Department of Defense [23] Company Strategy and Development Direction - Genasys aims to leverage its technological advancements in public safety and emergency management, as demonstrated during the recent wildfires [12][18] - The company is focused on expanding its software offerings and improving visibility and predictability in its revenue streams [24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the fiscal year 2025, anticipating continued improvement in both hardware and software business segments [21] - The company is preparing for potential challenges in the supply chain but remains confident in its ability to manage through them [55] - The outlook for the Puerto Rico project is positive, with expectations for steady revenue contributions as the project progresses [35] Other Important Information - Genasys is actively participating in upcoming investor conferences, including the A.G.P. Virtual Tech Conference and the annual ROTH Conference [74] Q&A Session Summary Question: Clarification on deployment timeframes in Puerto Rico - Management indicated that the first group of dams will be the most challenging, with subsequent groups beginning in parallel [39] Question: Cash receipts for the fourth group of dams - Management stated it is unlikely to see cash receipts for the fourth group by fiscal year-end [41] Question: Opportunities in the acoustic market post-wildfires - Management noted a significant increase in inbound inquiries and opportunities for LRAD and software solutions following the fires [43] Question: Backlog after the first quarter - The backlog was reported at $40 million in hardware [47] Question: Competition in the market - Management has not observed an increase in competition despite the heightened visibility of the market [49] Question: Supply chain issues and impact of administration changes - Management acknowledged ongoing supply chain issues but is managing through them, and anticipates a positive impact from increased defense spending under the new administration [55] Question: Inbound opportunities from the Genasys Protect system - Management indicated that quantifying the opportunity will be clearer in the next quarter as they assess the demand from various counties [66] Question: Timeline for the CROWS program - Management expects more clarity on the timeline for the CROWS program in the coming months [69]
Genasys (GNSS) Reports Q1 Loss, Tops Revenue Estimates
ZACKS· 2025-02-11 23:16
Company Performance - Genasys reported a quarterly loss of $0.09 per share, better than the Zacks Consensus Estimate of a loss of $0.16, and an improvement from a loss of $0.15 per share a year ago [1] - The quarterly report represents an earnings surprise of 43.75%, contrasting with a previous quarter where the company reported a larger loss than expected [2] - Revenues for the quarter ended December 2024 were $6.94 million, exceeding the Zacks Consensus Estimate by 5.26% and up from $4.36 million year-over-year [3] Stock Performance - Genasys shares have increased by approximately 12.3% since the beginning of the year, outperforming the S&P 500's gain of 3.1% [4] - The current consensus EPS estimate for the upcoming quarter is -$0.11 on revenues of $9.71 million, and for the current fiscal year, it is -$0.27 on revenues of $55.65 million [8] Industry Outlook - Genasys operates within the Consumer Services - Miscellaneous industry, which is currently ranked in the bottom 10% of over 250 Zacks industries [9] - The performance of Genasys may be influenced by the overall outlook of the industry, as research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [9]
Genasys (GNSS) - 2025 Q1 - Quarterly Report
2025-02-11 22:04
Financial Performance - Revenues for the first quarter of fiscal 2025 were $6,940, an increase from $4,361 in the first quarter of fiscal 2024, with software revenue of $2,313 increasing by $898 and hardware revenue of $4,627 increasing by $1,681 over the prior year quarter[178]. - The company reported a net loss of $4,078 for the first quarter of fiscal 2025, or $(0.09) per share, compared to a net loss of $6,724, or $(0.15) per share, for the same quarter in the prior year[178]. - Total revenues increased by $2,579, or 59%, to $6,940,000 for the three months ended December 31, 2024, compared to $4,361,000 for the same period in 2023[194]. - Gross profit rose by $1,699, or 115%, to $3,178,000, with gross profit as a percentage of sales increasing due to a favorable mix of higher hardware and software revenue[197][198]. - Adjusted EBITDA for Q4 2024 was $(4,813) thousand, an improvement from $(6,055) thousand in Q4 2023, reflecting a reduction in net loss and improved operational performance[207]. Revenue Breakdown - Product sales accounted for $4,144,000, representing 59.7% of total revenue, while contract and other revenues were $2,796,000, or 40.3% of total revenue[194]. - Software segment revenue increased by $898 thousand, or 63.5%, compared to the prior year, driven by a 69% increase in recurring revenue[210]. - Hardware segment revenue rose by $1,681 thousand, or 57.1%, attributed to a higher backlog at the start of the fiscal year[211]. - International revenue surged by 209.2% to $2,279,000, while U.S. revenue increased by 28.6% to $4,661,000[194]. Expenses and Cash Flow - Operating expenses in the quarter ended December 31, 2024, increased by 4.7% to $9,119 compared to $8,709 in the same period in the prior year[178]. - Research and development expenses increased by $94, or 4%, totaling $2,285,000, reflecting an increase in engineering resources[202]. - The company used $19,454 of cash in fiscal 2024 due to delays in hardware orders and continued investment in software[179]. - Cash and cash equivalents as of December 31, 2024, were $8,469 thousand, up from $4,945 thousand as of September 30, 2024[212]. - Net cash provided by operating activities was $947 thousand for the three months ended December 31, 2024, a significant recovery from $(5,729) thousand in the same period last year[215]. - Net cash provided by investing activities was $2,633 thousand, primarily due to maturities of investments in marketable securities[218]. Contracts and Agreements - The company secured a three-year, $3.35 million follow-on maintenance agreement for LRAD systems deployed by the Indian Navy[177]. - A new, larger multiyear program for Long Range Acoustic Devices was approved by Congress in late March 2024, with revenues anticipated to begin after the current fiscal year[179]. - The company anticipates a majority of revenue from a contract of up to $75,000 to engineer, procure, and build an Early Warning System for Puerto Rico will be realized in fiscal years 2025 and 2026[179]. Strategic Investments and Market Position - The company continues to invest in the Genasys Protect software platform, with significant wins in multiple counties including Los Angeles County[179]. - The company plans to continue pursuing domestic and international business opportunities, particularly in government and law enforcement sectors[186]. - The company is investing in enhancing its Genasys Protect platform to meet the needs of target markets and is pursuing certifications for government contracts[187][188]. - The company has a history of delivering innovative products and solutions for mission-critical situations, pioneering the acoustic hailing device market since 2002[158]. Challenges and Risks - The company is facing inflationary pressures, including increased costs from suppliers and logistics, which may impact future gross margins if not offset by price adjustments[190]. - The company anticipates additional expenditures for tooling and equipment during the remainder of fiscal year 2025[218]. Deferred Revenue and Accounts Receivable - The company had aggregate deferred revenue of $3,192,000 for extended warranty obligations and software support agreements as of December 31, 2024[196]. - The company had accounts receivable of $3,017 thousand as of December 31, 2024, which can vary significantly based on sales volume and timing of shipments[217]. Operating Losses - Operating loss in the software segment decreased by $1,325 thousand, or 32.2%, due to increased revenue and lower operating expenses[210]. - Operating loss in the hardware segment increased by $36 thousand, or 1.2%, despite higher revenue due to increased professional services expenses[211].
Genasys (GNSS) - 2025 Q1 - Quarterly Results
2025-02-11 21:10
Financial Performance - Revenue for fiscal Q1 2025 was $6.9 million, a 59.1% increase from $4.4 million in Q1 2024[5] - GAAP net loss for the quarter was ($4.1) million, or ($0.09) per share, compared to a net loss of ($6.7) million, or ($0.15) per share in Q1 2024[10] - Adjusted EBITDA for Q1 2025 was ($4.8) million, an improvement from ($6.1) million in Q1 2024[11] - Gross profit margin improved to 45.8%, up from 33.9% in Q1 2024[8] - Operating expenses for Q1 2025 were $9.1 million, slightly up from $8.7 million in Q1 2024[9] Revenue Breakdown - Software revenue increased by 63.5% year-over-year, while hardware revenue increased by 57.1%[7] - Quarterly recurring revenue within software increased by 68.7% year-over-year[7] Cash and Assets - Cash, cash equivalents, and marketable securities totaled $13.9 million as of December 31, 2024, compared to $13.1 million as of September 30, 2024[12] Project and Backlog - The company received over $10 million in cash deposits for the first two approved groups of Puerto Rico dams[5] - The backlog entering fiscal 2025 is approximately $40 million, primarily tied to the Puerto Rico project[6]
Genasys (GNSS) - 2024 Q4 - Annual Report
2024-12-13 20:36
Financial Performance - Revenues decreased by $22,655, or 48.6%, in fiscal year 2024, with hardware revenue down $26,196 and software revenue up $3,541 compared to fiscal year 2023[111]. - Gross profit for fiscal year 2024 was $10,189, a decrease of $11,573 from the prior year, resulting in a gross margin of 42.4%, down from 46.6%[113]. - The net loss for fiscal year 2024 was $31,730, an increase of $13,334 compared to the net loss of $18,396 in fiscal year 2023[114]. - Adjusted EBITDA for fiscal year 2024 was $(22,135), compared to $(6,786) in fiscal year 2023, indicating a significant decline in core operating performance[114]. - Operating loss was $11,818 in fiscal year 2024, compared to operating income of $3,240 in fiscal year 2023, attributed to decreased revenue and increased expenses[117]. Revenue Recognition and Accounting Policies - Revenue recognition is based on ASC 606, which outlines a five-step model for recognizing revenue from contracts with customers[106]. - Product revenue is recognized when products are tendered to a carrier for delivery, marking the point when the customer obtains control[107]. - Warranty and maintenance revenues are recognized on a straight-line basis over the warranty period, with other services recognized upon completion[108]. - The company has identified critical accounting policies that significantly impact its financial results, including revenue recognition and inventory valuation[106]. Expenses and Costs - Selling, general and administrative expenses increased by $2,640, or 10.7%, primarily due to higher legal expenses and costs associated with the acquisition of Evertel[113]. - Research and development expenses rose by $1,517, or 18.7%, attributed to an increase in engineering staff and Evertel software development activities[113]. - Other expense, net, increased by $5,409, primarily due to professional service expenses related to a secured term loan agreement[113]. Cash Flow and Financing Activities - Net cash used in operating activities was $19,454 for the year ended September 30, 2024, primarily due to a net loss of $31,730[120]. - Net cash used in investing activities was $8,666, mainly due to $16,206 in purchases of marketable securities and $908 for the Evertel acquisition[120]. - Net cash provided by financing activities was $23,873, driven by $13,698 in net proceeds from a Term Loan and $10,449 from a stock offering[121]. - The company completed a public offering of 5,750,000 shares at $2.00 per share, generating gross proceeds of approximately $11,500[117]. - The company has a share buyback program authorized for up to $5,000, extended through December 31, 2024[118]. Assets and Liabilities - As of September 30, 2024, the company established a full valuation allowance for deferred tax assets, indicating it is not likely to be realized[109]. - The fair value of the term loan and warrant liabilities is measured at each reporting date, with changes recognized in other income (expense)[109]. - The company accounts for business combinations using the acquisition method, recording assets and liabilities at fair value as of the acquisition date[109]. - As of September 30, 2024, the company had aggregate deferred revenue and prepayments from customers of $5,618, reflecting uneven order receipts due to government budget cycles[112]. - Cash and cash equivalents as of September 30, 2024, were $4,945, down from $8,665 as of September 30, 2023[117]. - As of September 30, 2024, the company had $7,945 in short-term marketable securities, up from $1,481 in the previous year[117]. - The principal of the Term Loan is $15,000, payable upon maturity on May 13, 2026, with compliance to all financial covenants as of September 30, 2024[118]. Market and Operational Challenges - The company has been impacted by price increases from suppliers and logistics, as well as inflationary factors such as increased salary, labor, and overhead costs[106]. - The company regularly reviews and adjusts sales prices to offset inflationary impacts, which may affect future gross margins and operating expenses[106]. - Hardware segment revenue decreased by $26,196, or 61.1%, compared to the prior fiscal year, primarily due to the completion of a U.S. Army program[117]. - Hardware segment revenue for fiscal year 2024 was $16,668, a decrease of $26,196, or 61.1%, from $42,864 in fiscal year 2023[116]. - Software segment revenue increased by $3,541, or 93.2%, driven by a 114.4% rise in recurring revenue, despite a 20.4% decrease in professional services revenue[116].
Genasys (GNSS) - 2024 Q4 - Annual Results
2024-12-09 21:10
Financial Performance - Revenue for fiscal Q4 2024 was $6.7 million, a decrease of 37.0% from $10.7 million in the same quarter of fiscal 2023[4] - Total revenue for fiscal 2024 was $24.0 million, down from $46.7 million in fiscal 2023, with hardware revenue decreasing by 61.1%[5][14] - Revenues for the three months ended September 30, 2024, were $6,741 million, a decrease from $10,700 million for the same period in 2023, representing a decline of 37.3%[29] - Net loss for the three months ended September 30, 2024, was $11,386 million, compared to a net loss of $10,062 million for the same period in 2023, indicating an increase in losses of 13.1%[29] - GAAP net loss for fiscal Q4 2024 was ($11.4) million, or ($0.26) per share, compared to a net loss of ($10.1) million, or ($0.27) per share in the prior year[12] - Net loss per common share for the three months ended September 30, 2024, was $(0.26), slightly improved from $(0.27) for the same period in 2023[29] Operating Expenses - Operating expenses for fiscal 2024 were $36.9 million, an increase of $4.2 million from $32.7 million in fiscal 2023[16] - Total operating expenses increased to $9,881 million for the three months ended September 30, 2024, from $7,948 million in the same period of 2023, reflecting a rise of 24.3%[29] - Research and development expenses rose to $2,427 million for the three months ended September 30, 2024, compared to $1,770 million for the same period in 2023, an increase of 37.0%[29] - Selling, general and administrative expenses increased to $7,454 million for the three months ended September 30, 2024, from $6,178 million in the same period of 2023, a rise of 20.6%[29] Profitability Metrics - The gross profit margin for fiscal Q4 2024 was 40.8%, down from 49.6% in the same quarter of fiscal 2023[10] - Gross profit margin decreased to 40.8% for the three months ended September 30, 2024, compared to 49.6% for the same period in 2023[29] - Adjusted EBITDA for the three months ended September 30, 2024, was $(6,013) million, worsening from $(1,686) million in the same period of 2023[29] - Loss from operations for the three months ended September 30, 2024, was $(7,132) million, compared to $(2,639) million for the same period in 2023, reflecting a significant increase in operational losses[29] Bookings and Contracts - Fiscal 2024 bookings reached a record $111 million, with a starting backlog of $40 million for fiscal 2025[2] - Genasys has secured a $75 million contract for an Early Warning System for 37 dams in Puerto Rico, with initial cash deposits already received[3][7] - The company expects substantial growth in fiscal 2025 hardware revenues driven by the substantial award from Puerto Rico[8] Cash and Securities - Cash, cash equivalents, and marketable securities totaled $13.1 million as of September 30, 2024, compared to $10.1 million a year earlier[18] Share Information - Weighted average common shares outstanding increased to 44,598 million for the three months ended September 30, 2024, from 37,190 million in the same period of 2023[29]
Coda Octopus Group Announces that it has recently received an order for fifteen of its new generation F280® GNSS Aided Inertial Navigation Systems (“GNSS Aided INS”) for Contract Value of $576,000
GlobeNewswire News Room· 2024-11-12 12:00
Core Viewpoint - Coda Octopus Group, Inc. has received an order for fifteen F280® GNSS Aided INS systems valued at approximately $576,000 for a foreign Navy Program, indicating strong demand for its advanced marine technology products [1][2]. Company Overview - Coda Octopus Group, Inc. is a leading supplier in the underwater/subsea market, providing a range of hardware and software solutions, including proprietary real-time 4D/5D/6D imaging sonars and diving technology [3]. - The company was founded in 1994 and has established itself as a key player in underwater imaging and diving technology, with applications in various sectors including defense and commercial markets [3]. Product Details - The F280 Series® GNSS Aided INS systems are designed to deliver high accuracy in positioning and motion data, crucial for marine surveying and measurement [2]. - The F180 Series®, the predecessor to the F280 Series®, historically contributed up to 10% of the Products Business annual revenue, showcasing the legacy and reliability of the company's motion products [2]. - The recently launched Diver Augmented Vision Display (DAVD) system integrates sonar technology, enhancing diving operations by providing critical information in zero visibility conditions [4]. Business Model - Coda Octopus Group includes two defense engineering businesses, Coda Octopus Martech Ltd and Coda Octopus Colmek, which supply sub-assemblies for mission-critical programs, allowing for potential repeat orders throughout the program's lifecycle [5].
Maui Emergency Management Agency Awards Genasys Multi-Year Contract for Emergency Alert and AI-Powered Traffic Management Solutions
GlobeNewswire News Room· 2024-11-01 10:00
Core Viewpoint - Genasys Inc. has been awarded a four-year contract by the Maui Emergency Management Agency (MEMA) to provide advanced emergency management solutions, Genasys EVAC and TRAFFIC AI, aimed at enhancing public safety and disaster preparedness in Maui following recent wildfires [1][2]. Group 1: Contract and Implementation - The contract with MEMA represents a significant advancement in disaster preparedness and emergency management for Maui County [2]. - Deployment of EVAC and TRAFFIC AI is expected to begin in January 2025, following a review by first responder agencies [5]. - The collaboration is set to last for four years, focusing on enhancing the island's emergency management infrastructure [9]. Group 2: Technology and Features - Genasys EVAC is designed to provide real-time information during emergencies, enabling emergency managers to implement optimized evacuation plans and deliver targeted notifications [3][6]. - TRAFFIC AI offers real-time traffic data and analytics, facilitating effective coordination of evacuations [4]. - The Genasys Protect mobile app allows citizens to receive location-based notifications, enhancing situational awareness during emergencies [3]. Group 3: Benefits and Future Plans - The integration of EVAC and TRAFFIC AI is expected to significantly improve public safety by providing timely updates and ensuring effective communication during emergencies [6][7]. - Genasys and MEMA plan to explore additional technological advancements to further enhance emergency management capabilities [9]. - Ongoing support from Genasys will include training and technical assistance to maximize the effectiveness of the systems [10].
Genasys Receives ACOUSTICS Order from Alabama-Coushatta Tribe of Texas
GlobeNewswire News Room· 2024-09-05 12:15
Core Insights - Genasys Inc. has received an order from the Alabama-Coushatta Tribe of Texas for ACOUSTICS systems aimed at enhancing public safety on its reservation [1][2] - The Genasys Protect platform has expanded its coverage to 39 states and secured significant orders from various regions, indicating strong business growth [2] Company Overview - Genasys Inc. is recognized as the global leader in Protective Communications, providing a comprehensive portfolio of preparedness, response, and analytics software and systems [3] - The company has been protecting people and saving lives for over 40 years, covering more than 70 million individuals across over 100 countries [3] Product and Service Details - The ACOUSTICS installations will include features such as satellite connectivity, solar power, and battery backup to ensure reliable emergency communication [2] - Genasys Protect is a full suite of tools for critical infrastructure protection and emergency management, offering integrated hardware and software solutions for real-time alerts and notifications [2]