Q3 2024 Genasys Inc Earnings Call Transcript
Key Points
- Genasys Inc (GNSS) is set to receive $75 million in revenue from the fully funded Puerto Rico Dam project by FEMA, with cash inflows preceding revenue recognition.
- The company's software business is experiencing significant growth, with recurring revenues up 138% year-over-year and ARR reaching $7.6 million, a 135% increase.
- International hardware bookings have increased by 117% year-over-year for the first three quarters of fiscal 2024, indicating a strong recovery post-COVID.
- Genasys Inc (GNSS) has secured several years of significant hardware revenues from the Puerto Rico Dam project and the US Army CROWS-AHD Program, totaling over $200 million.
- The company is seeing strong customer growth in its CONNECT and LRAD hardware sales, with law enforcement hardware bookings nearly 50% higher than the fiscal 2023 total.
- Revenues for the third quarter were $7.2 million, a decrease of 50% compared to the prior year's third quarter, primarily due to lower hardware revenue.
- The company reported a GAAP operating loss of $5.4 million for the third fiscal quarter, compared to a loss of $1.4 million in the same quarter last year.
- Adjusted EBITDA was negative $4.3 million, a decline from last year's negative $0.4 million, due to lower hardware revenues and higher operating expenses.
- Hardware revenue decreased by 62% to $5.1 million in the third quarter, despite an 8% year-over-year increase in hardware sales excluding the Army Program of Record.
- Genasys Inc (GNSS) started fiscal 2024 with an exceptionally low hardware backlog, impacting revenue recognition and financial performance.
Good day, ladies and gentlemen, and welcome to the Genasys Inc. Fiscal Third Quarter 2024 Conference Call. All lines have been placed on a listen-only mode and the floor will be open for questions and comments following the presentation. (Operator Instructions)
At this time, it is my pleasure to turn the floor over to your host, Brian Alger, SVP of Investor Relations and Corporate Development. Welcome, Brian. The floor is yours.
Thank you, and good afternoon, everyone. Welcome to Genasys' third quarter fiscal 2024 fiscal financial results conference call I'm Brian Alger, SVP of Investor Relations and Corporate Development for Genasys.
The earnings release should be hitting momentarily. For those of you looking for the financials, you can reference our 10-Q, which is already on file at the SEC website under EDGAR under the company's ticker. We'll be discussing the results on the call and hopefully the earnings release will hit momentarily.
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