/C O R R E C T I O N -- Senstar Technologies Corporation/
In the news release,
Senstar Technologies Corporation Reports Fourth Quarter and Full Year 2023 Financial Results
Full Year 2023 Business Summary:
(Full year 2023 results compared to the comparable twelve-month period of 2022, except as mentioned.)
- Revenue of
$32.8 million with gross margin of 58% versus$35.6 million with gross margin of 61% - Net loss of
($1.3) million versus net income of$3.8 million ; EBITDA loss of$(0.3) million compared with positive EBITDA of$2.9 million - Ended 2023 with a cash balance of
$14.8 million and no debt, on par with the cash balance as ofDecember 31, 2022 , of$14.9 million - Successful launch of MultiSensor™, a groundbreaking AI-based intrusion detection system
Fourth Quarter 2023 Business Summary:
( Fourth quarter 2023 results compared to the comparable three-month period of 2022, except as mentioned.)
- Revenue of
$8.9 million with gross margin of 57% versus$9.9 million with gross margin of 57% - Net income of
$0.4 million versus net income of$3.5 million ; EBITDA of$0.5 million versus EBITDA of$1.2 million - Wins in key verticals drove growth in EMEA, APAC and LATAM in the quarter
Mr.
Full Year 2023 Financial Results Summary
Revenue for 2023 was
Gross profit was
Operating expenses were
Operating loss for 2023 was
Financial expense of
Loss from continuing operations was
Net loss in 2023 was
EBITDA from continuing operations for 2023 was a loss of
Fourth Quarter 2023 Financial Results Summary
Revenue for the fourth quarter of 2023 was
Operating expenses were
Operating income for the fourth quarter of 2023 was
Financial income was
Net income in the fourth quarter of 2023 was
EBITDA for the fourth quarter of 2023 was
Cash and cash equivalents and short term bank deposits of
Earnings Conference Call Information:
The Company will host a conference call later today,
Toll Free: 1-877-407-9716
Toll/International: 1-201-493-6779
The conference call will also be available via a live webcast at https://viavid.webcasts.com/starthere.jsp?ei=1663568&tp_key=3083d07165.
Toll Free: 1-844-512-2921
Toll/International: 1-412-317-6671
Replay Pin Number: 13745466
About
With innovative perimeter intrusion detection systems (including fence sensors, buried sensors, and above ground sensors), intelligent video-management, video analytics, and access control,
Cautionary Statement Regarding Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (
For more information: |
IR Contact: |
Senstar Technologies Corporation |
Hayden IR |
Alicia Kelly, |
|
Chief Financial Officer |
Managing Director |
|
+1-541-904-5075 |
-- Tables follow –
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(All numbers except EPS expressed in thousands of US$) |
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Three Months
Ended |
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Full Year
Ended |
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|
2023 |
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2022 |
% change |
|
2023 |
|
2022 |
% change |
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Revenue |
8,937 |
|
9,910 |
(10) |
|
32,792 |
|
35,558 |
(8) |
||
Cost of revenue |
3,877 |
|
4,300 |
(10) |
|
13,944 |
|
14,056 |
(1) |
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Gross profit |
5,060 |
|
5,610 |
(10) |
|
18,848 |
|
21,502 |
(12) |
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Operating expenses: |
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|
|
|
|
|
|
|
|
||
Research and development, net |
896 |
|
817 |
10 |
|
4,005 |
|
4,032 |
(1) |
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Selling and marketing |
2,479 |
|
2,337 |
6 |
|
9,954 |
|
9,008 |
11 |
||
General and administrative |
1,423 |
|
1,539 |
(8) |
|
6,154 |
|
6,978 |
(12) |
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Total operating expenses |
4,798 |
|
4,693 |
2 |
|
20,113 |
|
20,018 |
(0) |
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|
|
|
|
|
|
|
|
|
|
||
Operating income (loss) |
262 |
|
917 |
|
|
(1,265) |
|
1,484 |
|
||
Financial income (expenses), net |
34 |
|
277 |
|
|
(64) |
|
141 |
|
||
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|
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|
|
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|
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Income (loss) before income taxes |
296 |
|
1,194 |
|
|
(1,329) |
|
1,625 |
|
||
|
|
|
|
|
|
|
|
|
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Taxes on income (tax benefits) |
(137) |
|
(2,257) |
|
|
(40) |
|
(2,404) |
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||
|
|
|
|
|
|
|
|
|
|
||
Income (loss) from continuing operations |
433 |
|
3,451 |
|
|
(1,289) |
|
4,029 |
|
||
Loss from discontinued operations, net |
- |
|
- |
|
|
- |
|
(198) |
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|
|
|
|
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Net income (loss) attributable to |
433 |
|
3,451 |
|
|
(1,289) |
|
3,831 |
|
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Basic and diluted net income (loss) per share from continuing operations |
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|
( |
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Basic and diluted net loss per share from discontinued operations, net |
- |
|
- |
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|
- |
|
( |
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|
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Basic and diluted net income (loss) per share |
|
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( |
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Weighted average number of shares used in computing |
23,309,987 |
|
23,309,987 |
|
|
23,309,987 |
|
23,308,001 |
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Weighted average number of shares used in computing |
23,309,987 |
|
23,309,987 |
|
|
23,309,987 |
|
23,309,976 |
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(All numbers except EPS expressed in thousands of US$) |
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Three Months
Ended |
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Full Year
Ended |
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|
2023 % |
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2022 % |
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|
2023 % |
|
2022 % |
|
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|
|
|
|
|
|
|
|
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Gross margin |
56.6 |
|
56.6 |
|
|
57.5 |
|
60.5 |
|
Research and development, net as a % of revenues |
10.0 |
|
8.2 |
|
|
12.2 |
|
11.3 |
|
Selling and marketing as a % of revenues |
27.7 |
|
23.6 |
|
|
30.4 |
|
25.3 |
|
General and administrative as a % of revenues |
15.9 |
|
15.5 |
|
|
18.8 |
|
19.6 |
|
Operating margin |
2.9 |
|
9.3 |
|
|
- |
|
4.2 |
|
Net margin from continuing operations |
4.8 |
|
34.8 |
|
|
- |
|
11.3 |
|
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RECONCILIATION OF EBITDA FROM CONTINUING OPERATION TO INCOME (LOSS) FROM CONTINUING OPERATION |
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(All numbers expressed in thousands of US$) |
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Three Months
Ended |
|
|
Full Year
Ended |
||||
|
2023 |
|
2022 |
|
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
GAAP income (loss) from continuing operations |
433 |
|
3,451 |
|
|
(1,289) |
|
4,029 |
Less: |
|
|
|
|
|
|
|
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Financial income (expenses), net |
34 |
|
277 |
|
|
(64) |
|
141 |
Taxes on income (tax benefits) |
(137) |
|
(2,257) |
|
|
(40) |
|
(2,404) |
Depreciation and amortization |
(188) |
|
(325) |
|
|
(917) |
|
(1,430) |
EBITDA from continuing operations |
450 |
|
1,242 |
|
|
(348) |
|
2,914 |
|
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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
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(All numbers expressed in thousands of US$) |
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|
2023 |
|
2022 |
CURRENT ASSETS: |
|
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|
Cash and cash equivalents |
|
|
|
Short-term bank deposits |
116 |
|
110 |
Restricted cash and deposits |
6 |
|
5 |
Trade receivables, net |
9,545 |
|
9,973 |
Unbilled accounts receivable |
240 |
|
350 |
Other accounts receivable and prepaid expenses |
2,448 |
|
1,441 |
Inventories |
7,178 |
|
8,443 |
|
|
|
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Total current assets |
34,339 |
|
35,259 |
|
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Long term ASSETS: |
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|
|
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Deferred tax assets |
1,525 |
|
1,981 |
Operating lease right-of-use assets |
842 |
|
987 |
|
|
|
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Total long-term assets |
2,367 |
|
2,968 |
|
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PROPERTY AND EQUIPMENT, NET |
1,589 |
|
1,651 |
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|
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INTANGIBLE ASSETS, NET |
881 |
|
1,142 |
|
|
|
|
|
11,090 |
|
10,866 |
|
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Total assets |
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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
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(All numbers expressed in thousands of US$) |
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|
2023 |
|
2022 |
|
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CURRENT LIABILITIES: |
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Trade payables |
|
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|
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Customer advances |
187 |
|
239 |
|
Deferred revenues |
2,878 |
|
2,866 |
|
Other accounts payable and accrued expenses |
5,052 |
|
4,877 |
|
Short-term operating lease liabilities |
297 |
|
248 |
|
|
|
|
|
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Total current liabilities |
10,064 |
|
10,638 |
|
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LONG-TERM LIABILITIES: |
|
|
|
|
Deferred revenues |
1,415 |
|
1,463 |
|
Deferred tax liabilities |
606 |
|
865 |
|
Accrued severance pay |
296 |
|
330 |
|
Long-term operating lease liabilities |
580 |
|
757 |
|
Other long-term liabilities |
113 |
|
146 |
|
|
|
|
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Total long-term liabilities |
3,010 |
|
3,561 |
|
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SHAREHOLDERS' EQUITY |
|
|
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Share Capital: Ordinary shares of |
|
|
|
|
|
Authorized: 39,748,000 shares at |
6,799 |
|
6,799 |
Additional paid-in capital |
30,521 |
|
30,503 |
|
Accumulated other comprehensive income (loss) |
24 |
|
(758) |
|
Foreign currency translation adjustments (stand-alone financial statements) |
9,648 |
|
9,654 |
|
Accumulated deficit |
(9,800) |
|
(8,511) |
|
|
|
|
|
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TOTAL SHAREHOLDERS' EQUITY |
37,192 |
|
37,687 |
|
|
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
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