Genasys (GNSS) - 2024 Q4 - Annual Results

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]