Financial Performance - Revenue for Q1 2024 was $7.5 million, a 17% increase compared to $6.4 million in Q1 2023 [11][15] - Gross profit for Q1 2024 was $4.5 million, representing a gross margin of 59.6%, up from 55.7% in Q1 2023 [11][14][15] - Net loss for Q1 2024 was ($0.7) million, or ($0.03) per share, compared to ($1.9) million, or ($0.08) per share, in Q1 2023 [11][14][17] - EBITDA for Q1 2024 was $114,000, a significant improvement from negative EBITDA of ($1.4) million in Q1 2023 [8][14] Balance Sheet and Cash Position - Cash and cash equivalents plus short-term bank deposits totaled $15.8 million as of March 31, 2024, up from $14.9 million at December 31, 2023 [14][18] - Total current assets were $32.6 million as of March 31, 2024, compared to $34.3 million at December 31, 2023 [4] - Total liabilities decreased to $12.2 million as of March 31, 2024, from $13.1 million at December 31, 2023 [2] Operational Highlights - Operating expenses decreased by 15% to $4.6 million in Q1 2024 compared to $5.3 million in Q1 2023, driven by corporate structure streamlining and resource realignment [11][26] - Research and development expenses decreased by 6% to $982,000 in Q1 2024, representing 13.1% of revenue, down from 16.1% in Q1 2023 [11] - Selling and marketing expenses decreased by 14% to $2.1 million in Q1 2024, representing 27.9% of revenue, down from 38.0% in Q1 2023 [11] Strategic Developments - The company completed its redomiciliation process to Canada and appointed a seasoned Canadian executive team [14][25] - Preparations for the launch of MultiSensor, a new AI-based intrusion detection system, are progressing according to schedule with anticipated sales beginning in fall 2024 [15] - The company is focusing on continuous improvement across key metrics for the remainder of 2024 [25]
Senstar Technologies Corporation Reports First Quarter 2024 Financial Results