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Genasys (GNSS) - 2024 Q4 - Annual Results
GNSSGenasys (GNSS)2024-12-09 21:10

Financial Performance - Revenue for fiscal Q4 2024 was 6.7million,adecreaseof37.06.7 million, a decrease of 37.0% from 10.7 million in the same quarter of fiscal 2023[4] - Total revenue for fiscal 2024 was 24.0million,downfrom24.0 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 6,741million,adecreasefrom6,741 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 11,386million,comparedtoanetlossof11,386 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(11.4) million, or (0.26) per share, compared to a net loss of (10.1)million,or(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),slightlyimprovedfrom(0.26), slightly improved from (0.27) for the same period in 2023[29] Operating Expenses - Operating expenses for fiscal 2024 were 36.9million,anincreaseof36.9 million, an increase of 4.2 million from 32.7millioninfiscal2023[16]−Totaloperatingexpensesincreasedto32.7 million in fiscal 2023[16] - Total operating expenses increased to 9,881 million for the three months ended September 30, 2024, from 7,948millioninthesameperiodof2023,reflectingariseof24.37,948 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 1,770millionforthesameperiodin2023,anincreaseof37.01,770 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 6,178millioninthesameperiodof2023,ariseof20.66,178 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)millioninthesameperiodof2023[29]−LossfromoperationsforthethreemonthsendedSeptember30,2024,was(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)millionforthesameperiodin2023,reflectingasignificantincreaseinoperationallosses[29]BookingsandContracts−Fiscal2024bookingsreachedarecord(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 40millionforfiscal2025[2]−Genasyshassecureda40 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 13.1millionasofSeptember30,2024,comparedto13.1 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]