Core Insights - Senstar Technologies Corporation reported a 9% increase in full-year 2024 revenue to $35.8 million, driven by demand for sophisticated security solutions in key vertical markets [3][13] - The company achieved a net income of $2.6 million in 2024, a significant turnaround from a net loss of $1.3 million in 2023, reflecting improved profitability and operational efficiencies [5][13] - The CEO highlighted strong performance in 2024, with growth attributed to key verticals and enhanced sales efficiency, alongside operational streamlining and cost management [2][4] Full Year 2024 Financial Results - Revenue for 2024 was $35.8 million, up from $32.8 million in 2023, marking a 9% increase [3] - Gross profit increased to $22.9 million, representing 64.1% of revenue, compared to $18.8 million or 57.5% of revenue in 2023 [4][13] - Operating expenses decreased by 5.4% to $19.0 million from $20.1 million in the previous year, primarily due to cost management measures [4] - Operating income improved to $3.9 million from an operating loss of $1.3 million in 2023 [5] - EBITDA for 2024 was $4.6 million, a significant improvement from an EBITDA loss of $0.3 million in 2023 [6][13] Fourth Quarter 2024 Financial Results - Fourth quarter revenue was $10.2 million, a 14.5% increase from $8.9 million in the same quarter of 2023 [7][13] - Gross profit for the fourth quarter was $6.6 million, or 64.5% of revenue, compared to $5.1 million or 56.6% in the prior year [7][13] - Operating income for the fourth quarter was $1.5 million, up from $0.3 million in the year-ago period [9] - Net income for the fourth quarter was $1.6 million, or $0.07 per share, compared to $0.4 million, or $0.02 per share in the fourth quarter of 2023 [9][13] Cash Position and Balance Sheet - As of December 31, 2024, cash and cash equivalents totaled $20.6 million, up from $14.9 million in 2023 [6][21] - The company reported no debt as of the end of 2024 [13] - Total assets increased to $52.1 million from $50.3 million in 2023 [21][24]
Senstar Technologies Corporation Reports Fourth Quarter and Full Year 2024 Financial Results