'Functional Unemployment' Rises; Black, Hispanic Workers Take Biggest Hit, Says Ludwig Institute
WASHINGTON, Aug. 13, 2025 /PRNewswire/ — Prospects for workers seeking jobs paying above poverty wages worsened in July, particularly for Black and Hispanic earners, according to the latest report from the Ludwig Institute for Shared Economic Prosperity (LISEP).
LISEP's July True Rate of Unemployment (TRU) report—a measure of the functionally unemployed, defined as the jobless plus those seeking, but unable to find, full-time employment and those in poverty-wage jobs—increased 0.6 percentage points, from 24.1% to 24.7%, in contrast with the Bureau of Labor Statistics official rate, which increased only 0.1 percentage points to 4.2%. The functional unemployment rate has now remained at 24% or higher for six consecutive months, which marks a higher level than at the end of 2024.
Additional signs of weakness in the labor market include a rise in the True Rate of Unemployment Out of the Population—a measure of functional unemployment for the entire working age population—reflecting a decline in labor force participation, both month-over-month and year-over-year. In addition, the TRU for prime-age workers (25-54) increased by 0.4 percentage points, from 17.3% to 17.7%.
'With good-paying job opportunities waning, low- and middle-income households continue to feel the pressure on multiple fronts—from stubborn inflation to the rising cost of basic necessities, ultimately eroding wage growth,' said LISEP Chair Gene Ludwig. 'Meanwhile, economic policymakers have been slow to react, and it all comes down to headline statistics that do not accurately reflect what's going on in the lives of working Americans.'
The 0.6 percentage point increase in the national functional unemployment rate was driven by an increase in the TRU for Black and Hispanic workers, with both posting their highest levels since 2021. The rate for Black workers rose a full percentage point, to 28.9%, while the TRU for Hispanic workers increased 1.7 percentage points, to 29.5%. The rate for White workers remained steady, dropping 0.1 percentage points, to 22.6%. Year-over-year, the TRU has worsened for Black and Hispanic workers but improved for White workers.
By gender, the TRU increased for men by 1 percentage point, to 20.6%, while the rate for women remained stable with a 0.1 percentage point improvement, falling to 29.5%
'Often our TRU reports will indicate winners and losers for any given month, but for June, there are really no winners,' Ludwig said. 'Low- and middle-income workers and their families continue to struggle, with this recent rise in functional unemployment adding an additional strain. Further erosion is unsustainable'
About TRULISEP issued the white paper 'Measuring Better: Development of 'True Rate of Unemployment' Data as the Basis for Social and Economic Policy' upon announcing the new statistical measure in October 2020. The paper and methodology can be viewed here. LISEP issues TRU one to two weeks following the release of the BLS unemployment report, which occurs on the first Friday of each month. The most recent TRU and supporting data are available on the LISEP website at https://www.lisep.org/tru.
About LISEPThe Ludwig Institute for Shared Economic Prosperity (LISEP) was created in 2019 by Ludwig and his wife, Dr. Carol Ludwig. The mission of LISEP is to improve the economic well-being of middle- and lower-income Americans through research and education. LISEP's original economic research includes new indicators for unemployment, earnings, and cost of living. These metrics aim to provide policymakers and the public with a more transparent view of the economic situation of all Americans, particularly low- and middle-income households, compared with misleading headline statistics. On X: @LISEP_org.
About Gene LudwigIn addition to his role as LISEP chair, Gene Ludwig is a managing partner of Canapi LLC, a financial technology venture fund. He is the founder and CEO of Ludwig Advisors, which counsels financial firms on critical matters. Ludwig is also the founder of the Promontory family of companies. He is the former vice chairman and senior control officer of Bankers Trust New York Corp. and served as the U.S. Comptroller of the Currency from 1993 to 1998. He is also author of the book The Vanishing American Dream, which investigates the economic challenges facing low- and middle-income Americans. His forthcoming book, The Mismeasurement of America, will be published in September 2025 and is available for pre-order wherever books are sold. On X: @geneludwig.
CONTACT: Jim Gardner press@lisep.org (573) 680-1822
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Exceptionally strong 73% year-over-year growth in SECaaS ARR; raising full year guidance HOD HASHARON, Israel, Aug. 14, 2025 /PRNewswire/ — Allot Ltd. (NASDAQ: ALLT) (TASE: ALLT), a leading global provider of innovative network intelligence and security solutions for service providers and enterprises worldwide, today announced its unaudited financial results for the second quarter 2025. Financial Highlights for the Second Quarter of 2025 Revenues of $24.1 million, up 9% year-over-year with SECaaS representing 27% of overall revenue; June 2025 SECaaS ARR* of $25.2 million, up 73% year-over-year; GAAP operating loss of $0.4 million versus $3.4 million operating loss last year; Non-GAAP operating profit of $1.2 million versus an operating loss of $1.0 million in Q2 2024; Strong positive operating cash flow of $4.4 million, compared to $1.2 million in Q2 2024; Management Comment Eyal Harari, CEO of Allot, commented, 'We are very pleased with our strong Q2 financial results, which benefitted from exceptional SECaaS performance. SECaaS ARR was up 73% year-over-year, and SECaaS revenue exceeded 25% of our overall revenue. This strong SECaaS performance drove our overall company revenue growth to 9% year-over-year and supported our improvement in profitability.' Continued Mr. Harari, 'Our recent agreements illustrate the growing traction of our cyber-security offering. Verizon Business's new mobile offering, which includes our SECaaS service, is gaining significant traction among end-customers and is already contributing meaningfully to our strong SECaaS revenue growth. 'As we announced in July, we won a landmark deal valued in the tens of millions of dollars with a tier-1 EMEA telecom operator. The multi-year agreement is one of Allot's largest ever customer wins to-date and is particularly strategic as it demonstrates the value of our unique technological advantages and core expertise for major telco players in two key areas: cyber security and network intelligence.' Concluded Mr. Harari, 'In light of our accelerated SECaaS growth, improved visibility, and high level of backlog, we are introducing full year 2025 revenue guidance of $98-102 million, positioning us for a year of profitable growth. Furthermore, we are increasing our 2025 SECaaS ARR year-over-year growth expectations to a range of 55-60%.' Second Quarter 2025 Financial Results Summary Total revenues for the second quarter of 2025 were $24.1 million, a 9% increase year-over-year compared with $22.2 million in the second quarter of 2024. Gross profit on a GAAP basis for the second quarter of 2025 was $17.3 million (gross margin of 72.1%), a 14% increase compared with $15.2 million (gross margin of 68.5%) in the second quarter of 2024. Gross profit on a non-GAAP basis for the second quarter of 2025 was $17.6 million (gross margin of 73.4%), a 13% increase compared with $15.7 million (gross margin of 70.6%) in the second quarter of 2024. Operating loss on a GAAP basis for the second quarter of 2025 was $0.4 million, compared with an operating loss of $3.4 million in the second quarter of 2024. Operating income on a non-GAAP basis for the second quarter of 2025 was $1.2 million, compared with an operating loss of $1.0 million in the second quarter of 2024. Net loss on a GAAP basis for the second quarter of 2025 was $1.7 million, or $0.04 per share, an improvement compared to the net loss of $3.4 million, or $0.09 per share, in the second quarter of 2024. Net income on a non-GAAP basis for the second quarter of 2025 was $1.5 million, or $0.03 profit per diluted share, compared to the non-GAAP net loss of $0.8 million, or $0.02 loss per basic share, in the second quarter of 2024. Operating cash flow generated in the quarter was $4.4 million. Net cash and cash equivalents, bank deposits, restricted deposits and investments as of June 30, 2025, totaled $72 million, an increase of $13 million versus $59 million cash and cash equivalents, bank deposits, restricted deposits and investment as of December 31, 2024. As of June 30, 2025, the company has no debt. During the quarter, Allot closed a public offering of $46 million, out of which $40 million in gross proceeds were received during the second quarter and an additional $6 million in gross proceeds were received following the close of the quarter. The Company used the net proceeds to repay $31.4 million in convertible debt and the balance for general corporate purposes. Conference Call & Webcast: The Allot management team will host a conference call to discuss its second quarter 2025 earnings results today, August 14, 2025 at 9:00 am ET, 4:00 pm Israel time. To access the conference call, please dial one of the following numbers: US: 1-888-668-9141, UK: 0-800-917-5108, Israel: +972-3-918-0644 A live webcast and, following the end of the call, an archive of the conference call, will be accessible on the Allot website at: About Allot Allot Ltd. (NASDAQ: ALLT) (TASE: ALLT) is a provider of leading innovative network intelligence and security solutions for service providers and enterprises worldwide, enhancing value to their customers. Our solutions are deployed globally for network and application analytics, traffic control and shaping, network-based security services, and more. Allot's multi-service platforms are deployed by over 500 mobile, fixed, and cloud service providers and over 1,000 enterprises. Our industry-leading network-based security as a service solution is already used by many millions of subscribers globally. Allot. See. Control. Secure. For more information, visit Performance Metrics * SECaaS ARR – measures the current annual recurring SECaaS revenues, which is calculated based on estimated revenues for the month of June 2025 and multiplied by 12. GAAP to Non-GAAP Reconciliation: The difference between GAAP and non-GAAP revenues is related to the acquisitions made by the Company and represents revenues adjusted for the impact of the fair value adjustment to acquired deferred revenue related to purchase accounting. Non-GAAP net income is defined as GAAP net income after including deferred revenues related to the fair value adjustment resulting from purchase accounting and excluding stock-based compensation expenses, amortization of acquisition-related intangible assets, deferred tax asset adjustment and changes in taxes-related items. These non-GAAP measures should be considered in addition to, and not as a substitute for, comparable GAAP measures. The non-GAAP results and a full reconciliation between GAAP and non-GAAP results is provided in the accompanying Table 2. The Company provides these non-GAAP financial measures because it believes they present a better measure of the Company's core business and management uses the non-GAAP measures internally to evaluate the Company's ongoing performance. Accordingly, the Company believes they are useful to investors in enhancing an understanding of the Company's operating performance. Safe Harbor Statement This release contains forward-looking statements, which express the current beliefs and expectations of Company management. Such statements involve a number of known and unknown risks and uncertainties that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements set forth in such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: our accounts receivables, including our ability to collect outstanding accounts and assess their collectability on a quarterly basis; our ability to meet expectations with respect to our financial guidance and outlook; our ability to compete successfully with other companies offering competing technologies; the loss of one or more significant customers; consolidation of, and strategic alliances by, our competitors; government regulation; the timing of completion of key project milestones which impact the timing of our revenue recognition; lower demand for key value-added services; our ability to keep pace with advances in technology and to add new features and value-added services; managing lengthy sales cycles; operational risks associated with large projects; our dependence on fourth party channel partners for a material portion of our revenues; and other factors discussed under the heading 'Risk Factors' in the Company's annual report on Form 20-F filed with the Securities and Exchange Commission. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Investor Relations Contact: Public Relations Contact: EK Global Investor Relations Seth Greenberg, Allot Ltd Ehud Helft +972 54 922 2294 +1 212 378 8040 sgreenberg@ allot@ TABLE – 1 ALLOT LTD. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (U.S. dollars in thousands, except share and per share data) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 (Unaudited) (Unaudited) Revenues $ 24,051 $ 22,164 $ 47,201 $ 44,054 Cost of revenues 6,721 6,989 13,823 13,781 Gross profit 17,330 15,175 33,378 30,273 Operating expenses: Research and development costs, net 7,261 7,326 13,252 14,475 Sales and marketing 7,261 7,911 14,599 15,701 General and administrative 3,215 3,304 6,643 6,206 Total operating expenses 17,737 18,541 34,494 36,382 Operating loss (407) (3,366) (1,116) (6,109) Loss from extinguishment (1,410) – (1,410) – Other income 100 – 100 – Financial income, net 359 489 1,033 1,029 Loss before income tax expenses (1,358) (2,877) (1,393) (5,080) Income tax expenses 332 479 628 786 Net loss $ (1,690) $ (3,356) $ (2,021) $ (5,866) Basic net loss per share $ (0.04) $ (0.09) $ (0.05) $ (0.16) Diluted net loss per share $ (0.04) $ (0.09) $ (0.05) $ (0.16) Weighted average number of shares used in computing basic net loss per share 4,01,40,875 3,87,12,407 3,99,44,413 3,85,62,065 Weighted average number of shares used in computing diluted net loss per share 4,01,40,875 3,87,12,407 3,99,44,413 3,85,62,065 TABLE – 2 ALLOT LTD. AND ITS SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS (U.S. dollars in thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 (Unaudited) (Unaudited) GAAP cost of revenues $ 6,721 $ 6,989 $ 13,823 $ 13,781 Share-based compensation (1) (160) (324) (254) (478) Amortization of intangible assets (2) (152) (152) (305) (304) Non-GAAP cost of revenues $ 6,409 $ 6,513 $ 13,264 $ 12,999 GAAP gross profit $ 17,330 $ 15,175 $ 33,378 $ 30,273 Gross profit adjustments 312 476 559 782 Non-GAAP gross profit $ 17,642 $ 15,651 $ 33,937 $ 31,055 GAAP operating expenses $ 17,737 $ 18,541 $ 34,494 $ 36,382 Share-based compensation (1) (1,289) (1,863) (2,176) (3,069) Non-GAAP operating expenses $ 16,448 $ 16,678 $ 32,318 $ 33,313 GAAP Loss from extinguishment $ (1,410) $ – $ (1,410) $ – Loss from extinguishment 1,410 – 1,410 – Non-GAAP Loss from extinguishment $ – $ – $ – $ – GAAP financial and other income $ 359 $ 489 $ 1,033 $ 1,029 Exchange rate differences* 104 110 43 204 Non-GAAP Financial and other income $ 463 $ 599 $ 1,076 $ 1,233 GAAP taxes on income $ 332 $ 479 $ 628 $ 786 Changes in tax related items (25) (133) (70) (177) Non-GAAP taxes on income $ 307 $ 346 $ 558 $ 609 GAAP Net profit (Loss) $ (1,690) $ (3,356) $ (2,021) $ (5,866) Share-based compensation (1) 1,449 2,187 2,430 3,547 Amortization of intangible assets (2) 152 152 305 304 Loss from extinguishment 1,410 – 1,410 – Exchange rate differences* 104 110 43 204 Changes in tax related items 25 133 70 177 Non-GAAP Net income (loss) $ 1,450 $ (774) $ 2,237 $ (1,634) GAAP Loss per share (diluted) $ (0.04) $ (0.09) $ (0.05) $ (0.16) Share-based compensation 0.03 0.06 0.06 0.10 Amortization of intangible assets 0.01 0.01 0.01 0.01 Loss from extinguishment 0.03 – 0.03 – Non-GAAP Net income (Loss) per share (diluted) $ 0.03 $ (0.02) $ 0.05 $ (0.05) – Weighted average number of shares used in computing GAAP diluted net income (loss) per share 4,01,40,875 3,87,12,407 3,99,44,413 3,85,62,065 Weighted average number of shares used in computing non-GAAP diluted net income (loss) per share 4,37,94,580 3,87,12,407 4,37,50,663 3,85,62,065 * Financial income or expenses related to exchange rate differences in connection with revaluation of assets and liabilities in non-dollar denominated currencies. TABLE – 2 cont. ALLOT LTD. AND ITS SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS (U.S. dollars in thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 (Unaudited) (Unaudited) (1) Share-based compensation: Cost of revenues $ 160 $ 324 $ 254 $ 478 Research and development costs, net 380 787 622 1,285 Sales and marketing 466 792 771 1,235 General and administrative 443 284 783 549 $ 1,449 $ 2,187 $ 2,430 $ 3,547 (2) Amortization of intangible assets Cost of revenues $ 152 $ 152 $ 305 $ 304 Sales and marketing $ 152 $ 152 $ 305 $ 304 TABLE – 3 ALLOT LTD. AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (U.S. dollars in thousands) June 30, December 31, 2025 2024 (Unaudited) (Audited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 26,943 $ 16,142 Restricted deposit 501 904 Short-term bank deposits 11,050 15,250 Available-for-sale marketable securities 11,518 26,470 Trade receivables, net (net of allowance for credit losses of $22,392 and $25,306 on June 30, 2025 and December 31, 2024 , respectively) 20,135 16,482 Other receivables and prepaid expenses 8,641 6,317 Inventories 8,505 8,611 Total current assets 87,293 90,176 NON-CURRENT ASSETS: Severance pay fund $ 243 $ 464 Restricted deposit 329 279 Available-for-sale marketable securities 21,672 – Operating lease right-of-use assets 6,091 6,741 Other assets 552 2,151 Property and equipment, net 6,039 7,692 Intangible assets, net – 305 Goodwill 31,833 31,833 Total non-current assets 66,759 49,465 Total assets $ 1,54,052 $ 1,39,641 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Trade payables $ 924 $ 946 Employees and payroll accruals 8,780 8,208 Deferred revenues 20,647 17,054 Short-term operating lease liabilities 484 562 Other payables and accrued expenses 10,996 9,200 Total current liabilities 41,831 35,970 LONG-TERM LIABILITIES: Deferred revenues 6,079 7,136 Long-term operating lease liabilities 5,611 5,807 Accrued severance pay 814 946 Convertible debt – 39,973 Total long-term liabilities 12,504 53,862 SHAREHOLDERS' EQUITY 99,717 49,809 Total liabilities and shareholders' equity $ 1,54,052 $ 1,39,641 TABLE – 4 ALLOT LTD. 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