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Genasys Inc. (GNSS-3.61%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing details financial results for the quarter, noting a revenue increase to $6,940,000 from $4,361,000 in the same quarter of the previous year. This growth is attributed to higher hardware and software sales.
Gross profit for the quarter was $3,178,000, up from $1,479,000 in the previous year. The increase is due to a favorable mix of higher-margin software revenue and increased hardware sales.
Operating expenses rose to $9,119,000 from $8,709,000, primarily due to increased professional services and insurance expenses.
The company reported a net loss of $4,078,000 for the quarter, compared to a net loss of $6,724,000 in the previous year. The improvement is primarily due to increased revenue and gross profit.
Cash provided by operating activities was $947,000, while cash provided by investing activities was $2,633,000, primarily from the maturities of marketable securities.
Genasys Inc. continues to focus on expanding its Protective Communications solutions, including the Genasys Protect software platform and Long Range Acoustic Device products.
The company secured significant contracts, including a four-year contract with the Maui Emergency Management Agency and a three-year follow-on maintenance agreement with the Indian Navy.
The filing also notes the completion of a $15,000,000 term loan and a public offering of 5,750,000 shares of common stock, raising $11,500,000 in gross proceeds.
Genasys Inc. anticipates future growth from its newly awarded contracts and continued investment in its software platform, with expectations for increased revenue and cash generation in fiscal years 2025 and 2026.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Genasys Inc. quarterly 10-Q report dated February 11, 2025. To report an error, please email earnings@qz.com.