Senstar Technologies Corporation Reports First Quarter 2024 Financial Results
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First Quarter 2024 Business Summary:
(First quarter 2024 results for the three months ended
- Revenue of
$7.5 million with gross margin of 59.6% versus revenue of$6.4 million with gross margin of 55.7% - Net loss of
($0.7) million versus a net loss of($1.9) million ; positive EBITDA of$114,000 versus negative EBITDA of($1.4) million - Cash and short term bank deposits balance of
$15.8 million and no debt as ofMarch 31, 2024 - Completed redomiciliation process to
Canada and appointed leadership to the seasoned Canadian executive team
Mr.
First Quarter 2024 Financial Results Summary
Revenue for the first quarter of 2024 was
Operating expenses were
Operating loss for the first quarter of 2024 was (
Financial income was
Net loss in the first quarter of 2024 was
EBITDA for the first quarter of 2024 was
Cash and cash equivalents and short term bank deposits of
Earnings Conference Call Information:
The Company will host a conference call later today,
Toll Free: 1-877-407-9716
Toll/International: 1-201-493-6779
The conference call will also be available via a live webcast at https://viavid.webcasts.com/starthere.jsp?ei=1675416&tp_key=db811a0661.
Toll Free: 1-844-512-2921
Toll/International: 1-412-317-6671
Replay Pin Number: 13747073
About
With innovative perimeter intrusion detection systems (including fence sensors, buried sensors, and above ground sensors), intelligent video-management, video analytics, and access control,
Cautionary Statement Regarding Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (
For more information:
Senstar Technologies Corporation
Alicia Kelly,
Chief Financial Officer
Alicia.Kelly@senstar.com
IR Contact:
Hayden IR
Kim Rogers,
Managing Director
Kim@HaydenIR.com
+1-541-904-5075
-- Tables follow –
SENSTAR TECHNOLOGIES CORPORATION UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (All numbers except EPS expressed in thousands of US$) |
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Three Months
Ended |
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|
2024 |
|
2023 |
% change |
Revenue |
7,511 |
|
6,445 |
17 |
Cost of revenue |
3,032 |
|
2,852 |
6 |
|
|
|
|
|
Gross profit |
4,479 |
|
3,593 |
25 |
Operating expenses: |
|
|
|
|
Research and development, net |
982 |
|
1,040 |
(6) |
Selling and marketing |
2,095 |
|
2,446 |
(14) |
General and administrative |
1,475 |
|
1,840 |
(20) |
Total operating expenses |
4,552 |
|
5,326 |
(15) |
|
|
|
|
|
Operating loss |
(73) |
|
(1,733) |
|
Financial income, net |
54 |
|
40 |
|
|
|
|
|
|
Income (loss) before income taxes |
(19) |
|
(1,693) |
|
|
|
|
|
|
Taxes on income |
727 |
|
182 |
|
|
|
|
|
|
Net loss attributable to |
(746) |
|
(1,875) |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss per share |
( |
|
( |
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in computing basic |
23,309,987 |
|
23,309,987 |
|
SENSTAR TECHNOLOGIES CORPORATION UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (All numbers except EPS expressed in thousands of US$) |
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Three Months
Ended |
|
|
2024 % |
2023 % |
|
|
|
Gross margin |
59.6 |
55.7 |
Research and development, net as a % of revenues |
13.1 |
16.1 |
Selling and marketing as a % of revenues |
27.9 |
38.0 |
General and administrative as a % of revenues |
19.6 |
28.5 |
Operating margin |
- |
- |
Net margin |
- |
- |
SENSTAR TECHNOLOGIES CORPORATION RECONCILIATION OF EBITDA TO NET INCOME (LOSS) (All numbers expressed in thousands of US$)
|
||
|
Three Months
Ended |
|
|
2024 |
2023 |
|
|
|
GAAP net loss |
(746) |
(1,875) |
Less: |
|
|
Financial income, net |
54 |
40 |
Taxes on income |
727 |
182 |
Depreciation and amortization |
(187) |
(323) |
EBITDA |
114 |
(1,410) |
SENSTAR TECHNOLOGIES CORPORATION UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All numbers expressed in thousands of US$) |
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|
|
|
|
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|
2024 |
|
2023 |
CURRENT ASSETS: |
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|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
Short-term bank deposits |
114 |
|
116 |
Restricted cash and deposits |
5 |
|
6 |
Trade receivables, net |
7,179 |
|
9,545 |
Unbilled accounts receivable |
217 |
|
240 |
Other accounts receivable and prepaid expenses |
2,785 |
|
2,448 |
Inventories |
6,569 |
|
7,178 |
|
|
|
|
Total current assets |
32,587 |
|
34,339 |
|
|
|
|
LONG TERM ASSETS: |
|
|
|
|
|
|
|
Deferred tax assets |
1,494 |
|
1,525 |
Operating lease right-of-use assets |
729 |
|
842 |
|
|
|
|
Total long-term assets |
2,223 |
|
2,367 |
|
|
|
|
PROPERTY AND EQUIPMENT, NET |
1,528 |
|
1,589 |
|
|
|
|
INTANGIBLE ASSETS, NET |
766 |
|
881 |
|
|
|
|
|
10,864 |
|
11,090 |
|
|
|
|
TOTAL ASSETS |
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SENSTAR TECHNOLOGIES CORPORATION UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All numbers expressed in thousands of US$) |
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|
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|
2024 |
|
2023 |
|
|
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CURRENT LIABILITIES: |
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|
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|
|
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|
Trade payables |
|
|
|
Customer advances |
182 |
|
187 |
Deferred revenues |
2,680 |
|
2,878 |
Other accounts payable and accrued expenses |
5,050 |
|
5,052 |
Short-term operating lease liabilities |
258 |
|
297 |
|
|
|
|
Total current liabilities |
9,431 |
|
10,064 |
|
|
|
|
LONG-TERM LIABILITIES: |
|
|
|
Deferred revenues |
1,273 |
|
1,415 |
Deferred tax liabilities |
602 |
|
606 |
Accrued severance pay |
292 |
|
296 |
Long-term operating lease liabilities |
504 |
|
580 |
Other long-term liabilities |
101 |
|
113 |
|
|
|
|
Total long-term liabilities |
2,772 |
|
3,010 |
|
|
|
|
|
|
|
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TOTAL SHAREHOLDERS' EQUITY |
35,765 |
|
37,192 |
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
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