| From: Savant | 2/12/2024 5:08:13 PM | | | | | | Shares of Genasys jumped after the company was awarded a critical infrastructure project for the building of emergency warning systems at 37 dams in Puerto Rico.
The stock was up 22% at $1.90 in early training. Shares are still down 6.4% from where they started the year.
The provider of communications hardware and software solutions said Monday morning that the Puerto Rico Electric Power Authority awarded the project, with full funding from the U.S. Federal Emergency Management Agency.
Genasys expects to recognize $60 million to $70 million in revenue over the duration of the project, which is expected to take about 18 months to complete. |
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| From: Savant | 3/26/2024 11:33:08 AM | | | | | | Genasys Partners in European Union-Funded Project to Revolutionize Public Warning
Project AWARE Developing Solution to Receive and Process Galileo Emergency Warning Satellite Service Messages
SAN DIEGO, March 26, 2024 (GLOBE NEWSWIRE) -- Genasys Inc. (NASDAQ: GNSS), the global leader in protective communications systems and solutions, today announced that it is a partner in Project AWARE, a project funded under the European Union's Horizon Europe Programme (Grant Agreement No. 101082555) that goes beyond smartphone-based alerting by developing a solution that will extend the reception and processing of Galileo Emergency Warning Satellite Service (EWSS) public safety warnings into display panels, indoor warning systems, and acoustic devices.
In the next few years, the European Commission will launch the Galileo EWSS, which will utilize a constellation of medium earth orbit satellites to alert people in the event of natural or man-made hazards. The Project AWARE solution will be integrated in fixed devices, including display panels, speakers, long-range acoustic devices (Genasys Protect ACOUSTICS) and other connected devices which can alert citizens via audio, video, and text alert messages even when telecommunications networks are disrupted or down.
Genasys CEO Richard Danforth said, "By making ACOUSTICS EWSS-capable, civil protection authorities can ensure public safety alerts reach individuals who may not have access to their mobile devices or during telecommunications service disruptions. Genasys' experience in innovating satellite-connected speaker systems that broadcast audible voice messages with exceptional clarity qualified us to partner in this consortium. Genasys Protect ALERT will be used to conduct an end-to-end Project AWARE demonstration with the Republic of Slovenia Administration for Civil Protection and Disaster Relief, a customer and consortium member. With the frequency and scope of disasters ever increasing, Genasys' participation in Project AWARE and our extensive experience in designing and building software and hardware emergency warning solutions, perfectly position us to support the growing need of regional and national governments to enhance access to Public Warning Systems (PWS)."
Project AWARE brings together eight partners from four countries with the necessary knowledge, expertise, and technical capacity to extend the capabilities of Galileo EWSS. Telespazio France and the European Emergency Number Association (EENA) have experience in the design and deployment of public safety services, FDC is a secure Global Navigation Satellite System solutions provider, and Centre National d'Etudes Spatiales (CNES), the French space agency, is the future operator of the Galileo EWSS service center. JCDecaux and Genasys are PWS equipment providers and solution integrators. The Republic of Slovenia Administration for Civil Protection and Disaster Relief will host one of the demonstrations planned at the end of the project. Last but not least, the University of Strasbourg will study and demonstrate synergies between the Galileo EWSS and the Copernicus Emergency Management Service.
About Genasys Inc.
Genasys Inc. (NASDAQ: GNSS) is the global leader in Protective Communications Solutions and Systems, designed around one premise: ensuring organizations and public safety agencies are "Ready when it matters(TM)." The company provides the Genasys Protect platform, the most comprehensive portfolio of preparedness, response, and analytics software and systems, as well as Genasys Long Range Acoustic Devices (LRAD(R) ) that deliver directed, audible voice messages with intelligible vocal clarity from close range to 5,500 meters. Genasys serves state and local governmental agencies, and education (SLED); enterprise organizations in critical sectors such as oil and gas, utilities, manufacturing, and automotive; and federal governments and the military. Genasys Protective Communications Solutions have diverse applications, including emergency warning and mass notification for public safety, critical event management for enterprise companies, de-escalation for defense and law enforcement, and automated detection of real-time threats like active shooters and severe weather. Protecting people and saving lives for over 40 years, Genasys covers more than 70 Million people in over 100 countries worldwide, including more than 500 U.S. cities, counties and states. For more information, visit genasys.com. |
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| From: Savant | 5/15/2024 1:38:45 PM | | | | | | Genasys Receives $2.7 Million U.S. Navy Order for LRAD Maritime Systems
SAN DIEGO, May 15, 2024 (GLOBE NEWSWIRE) -- Genasys Inc. (NASDAQ: GNSS), the global leader in Protective Communications, today announced a $2.7 million LRAD systems order from the U.S. Navy (Navy). The order is part of the Navy's ongoing replacement of first generation LRADs with new, upgraded long range communication LRAD 1000Xi systems.
"LRAD systems have enhanced Navy ships' over-the-water communications and self-protection for more than 20 years," said Richard Danforth, Chief Executive Officer of Genasys. "LRAD provides operators more time and distance to determine the intent of potential threats not responding to radio calls and to initiate and scale escalation of force (EOF) protocols accordingly."
Mr. Danforth continued, "In addition to the more than 4,000 LRAD systems deployed with the U.S. Military, thirty-one (31) international Navies and Coast Guards are using LRADs for a variety of missions including establishing vessel exclusion zones and restricted areas, port and harbor security, search and rescue, boarding and interdiction operations, and ship self-defense."
Featuring rugged military construction for reliable operation in extreme maritime conditions, the LRAD 1000Xi delivers audible hails, notifications, warnings and commands that are clearly heard and understood over wind, engine and background noise. LRAD's ultra-intelligible voice messages and attention-commanding alert tones ensure communication from close range out to 3,000 meters (about 1.9 miles) to determine intent, de-escalate dangerous situations and save lives. |
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| From: Savant | 5/15/2024 1:41:04 PM | | | | | | Genasys Inc. Reports Fiscal Second Quarter 2024 Financial Results
Increased Scope in Puerto Rico Expands Opportunity to $75 million
CROWS 16 Program Established
SAN DIEGO, May 14, 2024 (GLOBE NEWSWIRE) -- Genasys Inc. (NASDAQ: GNSS), the leader in Protective Communications, today announced financial results for the Company's fiscal second quarter ended March 31, 2024.
Richard S. Danforth, Chief Executive Officer of Genasys, Inc., commented, "Genasys is finally turning the corner. The previously announced project in Puerto Rico has been expanded to $75 million and the final terms and conditions are expected to be completed before the end of our fiscal third quarter. Additionally, the CROWS 16 program, which is included in the U.S. 2024 DoD budget, provides further confidence and visibility into Genasys' LRAD business for years to come."
Mr. Danforth continued, "Bookings activity in our Software business continues to track in line with our aggressive expectations. Not only does our footprint in California continue to expand but we are also seeing broader adoption with Genasys software being utilized in 39 states, The outlook for the hardware business is outstanding, and the recurring revenues of the software business rapidly growing. We are more confident in the long-term health of our business than we have ever been."
Fiscal 2Q 2024 Financial Summary
-- Revenue of $5.7 million, versus $11.2 million in 2Q 2023 -- GAAP operating loss of ($6.9) million, versus ($3.4) million in 2Q 2023. -- GAAP net loss of ($6.9) million versus ($3.4) million in 2Q 2023. GAAP net loss per share ($0.16) versus ($0.09) in 2Q 2023. -- Adjusted EBITDA of ($5.7) million, versus ($2.3) million in 2Q 2023.
Business Highlights
-- Expanded project value of previously announced Early Warning System (EWS) for 37 dams on the island of Puerto Rico to approximately $75 million. -- Fortified balance sheet through $15 million, two-year term loan agreement. Loan agreement calls for non-amortizing quarterly interest payments, with pre-payment optionality. -- Expanded our Board of Directors with two independent directors with extensive understanding of the public sector markets for emergency planning, management and response.
Business Outlook
Over the past several weeks, we have had numerous constructive conversations with our Puerto Rican customer, PREPA. As a result of those conversations, we now expect the project in Puerto Rico to generate approximately $75 million in revenue to Genasys. The timing of revenue recognition is not yet clear, however the Company expects to receive an initial award payment, in addition to the return of the $3.5 million bid bond shortly after signing the final terms and conditions of the contract. Design approval and equipment installation is expected to be broken down into seven separate groups of dams, each with their own Emergency Operations Center (EOC). While the initial RFP contemplated completion of all installations within 240 days of the total project approval, the revised approach of sequentially approving and installing groups of dams could extend beyond the end of fiscal 2025.
Regardless of precise timing, the project in Puerto Rico is expected to generate substantial EBITDA and cash. Importantly, by breaking down the project into distinct groups, the cash for deposits, installation, and final approvals is expected to flow consistently over the duration of the project. This approach is expected to lead to overall better margins in our hardware business as overhead absorption should be more distributed, especially as the CROWS 16 program ramps up.
Today's announced financing is expected to provide adequate resources to enable Genasys to continue growing its software business, while ramping production and deliveries to our hardware customers. Profits from the Puerto Rico dam project and future CROWS 16 deliveries are expected to not only enable timely repayment of the debt obligation, but also strengthen the Company's balance sheet.
Entering fiscal 2024, we expected a very back end loaded year from a revenue standpoint, given the exceptionally low initial backlog. Though the US DoD budget was passed at the end of March, we have yet to see related funding and subsequent purchase orders flow to Genasys. While funding and orders are still considered likely to progress, and we are very confident that CROWS 16 and the Puerto Rico dam project will drive substantial revenues in fiscal 2025 and beyond, we no longer expect fiscal 2024 hardware revenues to meet prior forecasts. Software revenues are still expected to grow sequentially with ARR at least doubling year over year at fiscal year end.
Fiscal 2Q 2024 Financial Review
Fiscal Second quarter revenue was $5.7 million, a decrease of 48.8% from $11.2 million in the prior year's quarter. Software revenue increased 104% while hardware revenue decreased 61%, compared with the fiscal 2023 second quarter. Within software, quarterly recurring revenue increased 123% year over year, and ARR finished the quarter at $6.5 million.
Gross profit margin was 37.9%, compared with 43.9% in the second quarter of fiscal 2023. The drop in gross profit is primarily attributable to lower hardware revenue in this year's quarter and the related reduction in overhead absorption. Software gross margins were lower year on year due to extraordinary event driven costs incurred in the quarter.
Operating expenses of $9.2 million increased from $8.3 million in fiscal 2Q 2023. Selling, general and administrative expenses increased 10% from $6.1 million in the prior year to $6.6 million in the quarter ended March 31, 2024. Research and development expenses increased 11% year over year to $2.5 million primarily due to the acquisition of Evertel and efforts to increase the features and functionality of our software offerings.
GAAP net loss in the quarter was ($6.9) million, or ($0.16) per share, compared with a GAAP net loss of ($3.4) million, or ($0.09) per share, in the second quarter of fiscal 2023.
Excluding other income and expense, net income tax expense (benefit), depreciation, stock-based compensation and amortization of intangibles, Adjusted EBITDA was ($5.7) million for the second quarter of fiscal 2024, compared with ($2.3) million for the prior fiscal year period.
Cash, cash equivalents and marketable securities totaled $6.6 million as of March 31, 2023, compared with $10.1 million as of September 30, 2023. Not included is the $3.5 million Bid Bond that is reflected in Prepaid Expenses.
We include in this press release the non-GAAP operational metrics of adjusted EBITDA, which we believe provide helpful information to investors with respect to evaluating the Company's performance. Adjusted EBITDA represents our net loss before other income and expense, net, income tax expense (benefit), depreciation and amortization expense and stock-based compensation. We do not consider these items to be indicative of our core operating performance. The items that are non-cash include depreciation and amortization expense and stock-based compensation. Adjusted EBITDA is a measure used by management to understand and evaluate our core operating performance and trends and to generate future operating plans, make strategic decisions regarding allocation of capital and invest in initiatives that are focused on cultivating new markets for our solutions. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA facilitates comparisons of our operating performance on a period-to-period basis.
Webcast and Conference Call Details
Management will host a conference call to discuss the financial results for the second quarter of fiscal year 2024 this afternoon at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time. To access the conference call, dial toll-free (888) 390-3967, or international at (862) 298-0702. A webcast will also be available at the following link: webcaster4.com.
Questions to management may be submitted before the call by emailing them to: ir@genasys.com. A replay of the webcast will be available approximately four hours after the presentation on the page of the Company's website.
About Genasys Inc.
Genasys Inc. (NASDAQ: GNSS) is the global leader in Protective Communications Solutions and Systems, designed around one premise: ensuring organizations and public safety agencies are "Ready when it matters(TM)". The Company provides the Genasys Protect platform, the most comprehensive portfolio of preparedness, response, and analytics software and systems, as well as Genasys Long Range Acoustic Devices(R) (LRAD(R) ) that deliver directed, audible voice messages with exceptional vocal clarity from close range to 5,500 meters. Genasys serves state and local governmental agencies, and education (SLED); enterprise organizations in critical sectors such as oil and gas, utilities, manufacturing, and automotive; and federal governments and the military. Genasys Protective Communications Solutions have diverse applications, including emergency warning and mass notification for public safety, critical event management for enterprise companies, de-escalation for defense and law enforcement, and automated detection of real-time threats like active shooters and severe weather. Today, Genasys protects over 70 million people globally and is used in more than 100 countries, including more than 500 cities, counties, and states in the U.S. For more information, visit genasys.com.
Forward-Looking Statements
Except for historical information contained herein, the matters discussed are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. You should not place undue reliance on these statements. We base these statements on particular assumptions that we have made in light of our industry experience, the stage of product and market development as well as our perception of historical trends, current market conditions, current economic data, expected future developments and other factors that we believe are appropriate under the circumstances. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those suggested in any forward-looking statement. The risks and uncertainties in these forward-looking statements include without limitation the business impact of geopolitical conflicts, epidemics or pandemics, and other causes that may affect our supply chain, and other risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control. Risks and uncertainties are identified and discussed in our filings with the Securities and Exchange Commission. These forward-looking statements are based on information and management's expectations as of the date hereof. Future results may differ materially from our current expectations. For more information regarding other potential risks and uncertainties, see the "Risk Factors" section of the Company's Form 10-K for the fiscal year ended September 30, 2023. Genasys Inc. disclaims any intent or obligation to publicly update or revise forward-looking statements, except as otherwise specifically stated.
Investor Relations Contacts
Brian Alger, CFA
SVP, IR and Corporate Development
ir@genasys.com
(858) 676-0582
Genasys Inc. Condensed Consolidated Balance Sheets (Unaudited - in thousands) March 31, September 30, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 3,544 $ 8,665 Short-term marketable securities 3,011 1,481 Restricted cash - 758 Accounts receivable, net 2,820 5,952 Inventories, net 6,564 6,501 Prepaid expenses and other 6,324 1,851 ------- ----------- Total current assets 22,263 25,208 Long-term restricted cash 346 96 Property and equipment, net 1,483 1,551 Goodwill 13,251 10,282 Intangible assets, net 9,743 8,427 Operating lease right of use asset 3,507 3,886 Prepaid expenses and other - noncurrent 439 455 Total assets $ 51,032 $ 49,905 ======= =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,597 $ 2,785 Accrued liabilities 8,308 7,466 Operating lease liabilities, current portion 1,027 1,008 ------- ----------- Total current liabilities 11,932 11,259 ------- ----------- Other liabilities, noncurrent 445 551 Operating lease liabilities, noncurrent 3,773 4,283 ------- ----------- Total liabilities 16,150 16,093 ------- ----------- Total stockholders' equity 34,882 33,812 ------- ----------- Total liabilities and stockholders' equity $ 51,032 $ 49,905 ======= =========== Genasys Inc. Condensed Consolidated Statements of Operations (Unaudited - in thousands, except per share amounts) Three months ended Six months ended March 31, March 31, 2024 2023 2024 2023 (unaudited) (unaudited) (unaudited) (unaudited) --------------- --------------- --------------- --------------- Revenues $ 5,739 $ 11,213 $ 10,100 $ 21,700 Cost of revenues 3,562 6,288 6,444 11,943 ------- ------- ------- ------- Gross profit 2,177 4,925 3,656 9,757 ------- ------- ------- ------- 37.9% 43.9% 36.2% 45.0% Operating expenses: Selling, general and administrative 6,640 6,054 13,158 12,439 Research and development 2,531 2,281 4,722 4,216 ------- ------- ------- ------- Total operating expenses 9,171 8,335 17,880 16,655 ------- ------- ------- ------- Loss from operations (6,994) (3,410) (14,224) (6,898) Other income and expense, net 51 15 128 (4) ------- ------- ------- ------- Loss before income taxes (6,943) (3,395) (14,096) (6,902) Income tax (benefit) expense (5) 8 (434) 8 ------- ------- ------- ------- Net loss $ (6,938) $ (3,403) $ (13,662) $ (6,910) ======= ======= ======= ======= Net loss per common share: Basic $ (0.16) $ (0.09) $ (0.31) $ (0.19) ======= ======= ======= ======= Weighted average common shares outstanding: Basic 44,248 36,817 44,027 36,756 ======= ======= ======= ======= Reconciliation of GAAP measures to non-GAAP measures Net loss $ (6,938) $ (3,403) $ (13,662) $ (6,910) Other income and expense, net (51) (15) (128) 4 Income tax (benefit) expense (5) 8 (434) 8 Depreciation and amortization 731 639 1,460 1,282 Stock based compensation 524 513 970 933 ------- ------- ------- ------- Adjusted EBITDA $ (5,739) $ (2,258) $ (11,794) $ (4,683) ======= ======= ======= ======= |
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| From: Savant | 5/23/2024 10:46:47 AM | | | | | | Genasys Announces Director Resignation Due to New Employment Requirements
SAN DIEGO, May 21, 2024 (GLOBE NEWSWIRE) -- Genasys Inc. (NASDAQ: GNSS), the global leader in protective communications, today announced that Scott Anchin, a member of its Board of Directors and Audit Committee Chair, has notified the Company that he has entered into a new employment agreement with a multi-national investment firm which requires him to resign from all outside Board roles. As a result, Mr. Anchin has informed the Company that he will resign from its Board of Directors effective May 31st.
Reflecting, Mr. Anchin said "Over my past 8 years with Genasys, it has been my honor to collaborate and work with the executive team and my
fellow Board members. When I joined Genasys' Board of Directors, the Company was focused solely on LRADs. Under Richard's leadership, we developed our SaaS platform, acquired four companies, and expanded our product offerings. The Company is now in its strongest position ever, with a software business on track to more than double and a hardware business that, based on recent wins, is well positioned to reach levels never seen before. I look forward to seeing Genasys' success unfold."
Genasys CEO, Richard Danforth commented, "Scott has been an integral part of our Board and we value his leadership and advice. His engagement with the Company has been consistently professional, highly constructive and always focused on the interests of the shareholders that he represents. We wish him success in the next chapter of his career."
Genasys has engaged Egon Zehnder, a global leadership advisory firm to assist the Board in identifying candidates to replace Mr. Anchin on the Board of Directors. |
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| From: Savant | 7/17/2024 2:33:37 PM | | | | | | GENASYS PROTECT & LRADCoverage and Communication in Severe WeatherKeep the public informed and safe during rapidly evolving severe weather events with Genasys’ quick and adaptable protective communications solutions. Broadcast life-saving voice instructions over long distances with outdoor warning sirens. Send critical safety alerts to targeted zones in the path of danger. Align with a common operating picture and communicate securely across agencies during life-threatening weather. Prepare your community to face extreme heat waves, thunderstorms, hailstorms, tornadoes and more with Genasys.
a lot more at link
Severe Weather | Genasys |
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