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Genasys Inc. (GNSS) has filed its annual report on Form 10-K for the fiscal year ended September 30, 2024 filing.
The filing details Genasys' operations as a global provider of Protective Communications solutions, including its Genasys Protect software platform and Long Range Acoustic Device (LRAD) products. The company operates in two segments: Hardware and Software.
Revenues for the fiscal year 2024 were $24,008,000, a decrease from $46,663,000 in the previous year. The decrease was primarily due to lower hardware sales, partially offset by an increase in software revenue.
The company reported a net loss of $31,730,000 for the fiscal year 2024, compared to a net loss of $18,396,000 in the previous year. The increase in net loss was attributed to decreased revenue and increased operating expenses.
Genasys completed the acquisition of Evertel Technologies, LLC, a provider of a secure collaboration platform for public safety, for a total consideration of $4,637,000. The acquisition added $2,923,000 to goodwill.
The company entered into a $15,000,000 term loan agreement with a maturity date of May 13, 2026. The loan is secured by substantially all of the company's assets and includes financial covenants.
Genasys' cash and cash equivalents as of September 30, 2024, were $4,945,000, with an additional $7,945,000 in short-term marketable securities.
The company continues to focus on expanding its market presence and enhancing its product offerings, including the integration of acquired technologies and development of new solutions.
Genasys is subject to various risks, including reliance on a limited number of customers, potential supply chain disruptions, and competition in the mass notification market.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Genasys Inc. annual 10-K report dated December 13, 2024. To report an error, please email earnings@qz.com.