Latest news with #LAFire
Yahoo
14-05-2025
- Business
- Yahoo
Genasys Inc (GNSS) Q2 2025 Earnings Call Highlights: Strong Revenue Growth Amidst Challenges
Release Date: May 13, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Genasys Inc (NASDAQ:GNSS) reported a 21% year-over-year revenue growth in the second quarter of fiscal 2025. The company's hardware revenues increased by 17% year-over-year, indicating strong demand for its products. Genasys Inc (NASDAQ:GNSS) is experiencing significant growth in its software business, with a 29% year-over-year increase in software revenue. The Puerto Rico project is progressing well, with materials for the first three groups either received or on order, and installation work has begun. The company has a growing 12-month backlog of $50 million, including an annual recurring revenue (ARR) of $8.6 million, indicating strong future revenue potential. Genasys Inc (NASDAQ:GNSS) experienced a sequential decline in gross profit margin due to a mix of lower margin hardware revenue and higher network costs during the LA Fire event. The company faced delays in receiving a down payment for the third group of dams in the Puerto Rico project, impacting cash flow. Some software customers chose not to renew their agreements, leading to a 3% sequential decline in software revenue. Federal budget issues have caused delays in closing deals, particularly at the state level, affecting the software business pipeline. The company had to secure a $4 million bridge loan to maintain momentum due to delays in expected payments, indicating potential liquidity concerns. Warning! GuruFocus has detected 4 Warning Signs with GNSS. Q: Can you clarify the revenue recognition process for the Puerto Rico project and its impact on gross margins? A: Yes, the initial material shipments for the Puerto Rico project are recognized at cost, resulting in zero gross margin initially. As installation progresses and milestones are achieved, higher gross margins will be recognized on the remaining portion of the contract. (Dennis Kwon, CFO) Q: What is the status of the Puerto Rico project beyond the first three groups of dams? A: The third group has been approved, and we are ready to proceed once the deposit is received. We will soon begin the detailed design process for the next groups, continuing until the seventh group is complete. (Richard Danforth, CEO) Q: How dependent is your opportunity pipeline on federal funds, particularly for state agencies? A: While we haven't provided a specific percentage, many of our software opportunities, especially those involving state agencies, are frequently dependent on federal grants. (Richard Danforth, CEO) Q: Regarding the CROWS program, do you expect it to be larger than the previous program, and what is the anticipated annual revenue? A: Yes, we expect the CROWS program to be larger than before, potentially annualizing at $10 to $15 million. (Dennis Kwon, CFO) Q: Are you seeing momentum in non-traditional markets, such as utilities, and can you provide an update on these opportunities? A: Yes, our software is driving us into different markets for our hardware. For example, the ShakeAlert system is a similar opportunity where acoustic devices can send emergency messages when traditional channels fail. (Richard Danforth, CEO) For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28-02-2025
- Politics
- Yahoo
Former Los Angeles Fire Chief Kristin Crowley appeals her dismissal over deadly fires
Former Los Angeles Fire Chief Kristin Crowley is appealing her dismissal, nearly a week after Mayor Karen Bass removed her from the top post in the wake of the devastating Palisades and Eaton fires. Crowley sent a letter to the Los Angeles City Council on Thursday, informing them she is proceeding with an appeal of Bass' removal of her as fire chief. According to the Los Angeles City Charter, the appeal would require the approval of two-thirds of the 15 city council members to overturn the firing. In response, a spokesperson for Bass' office said in a statement, "Former Chief Crowley has the right to appeal her dismissal." Bass removed Crowley from her position on Friday, saying firefighters were sent home instead of being used when the deadly fires broke out last month. "We know that 1,000 firefighters that could have been on duty on the morning the fires broke out were instead sent home on Chief Crowley's watch," Bass said in a statement. "Furthermore, a necessary step to an investigation was the President of the Fire Commission telling Chief Crowley to do an after action report on the fires. The Chief refused. These require her removal." Ronnie Villanueva, a retired LA Fire chief deputy of emergency operations, was appointed interim chief. Crowley exercised her civil service rights to stay with the department at a lower rank with duties to be assigned by the new interim chief, according to the mayor's office. MORE: Los Angeles removes fire chief in wake of massive wildfires The former chief said it was an "absolute honor to represent and lead the men and women of one of the greatest fire departments in the world." "I am extremely proud of the work, sacrifice and dedication of our LAFD members, both sworn and civilian," she said in a statement on Saturday. Crowley's dismissal as chief was met with criticism by Freddy Escobar, the president of the United Firefighters of Los Angeles City. "Chief Crowley is a strong leader who has the respect of our firefighters and wasn't afraid to tell the truth," he said in a statement on Saturday. "She's being made a scapegoat from a devastating fire without the benefit of a full investigation into what actually happened." Bass has faced tremendous pressure and questions surrounding her decision to attend an event in Ghana when the fires broke out on Jan. 7, despite days of warnings about the unprecedented weather event that drove the fires. Crowley openly criticized Bass in a local TV interview on Jan. 10, saying Bass had failed the city, citing funding and staffing of the fire department. Bass said she has not cut the fire department budget while in office. MORE: Los Angeles Fire Department budget sustained cuts but saw overall increase At least 29 people died as multiple wildfires -- fueled by severe drought conditions and strong winds -- raged across Southern California in January. The largest of the fires in Los Angeles County -- the Palisades Fire in the Pacific Palisades neighborhood -- began on Jan. 7 and spread to 23,707 acres. The fire remained active for 44 days. The cause of the fire is still under investigation. The second largest of the fires -- the Eaton Fire, north of Pasadena -- also began on Jan. 7 and spread to 14,021 acres. It remained active for 44 days and the cause of the fire remains under investigation. ABC News' Mark Osborne, Nadine El-Bawab and Bonnie Mclean contributed to this report. Former Los Angeles Fire Chief Kristin Crowley appeals her dismissal over deadly fires originally appeared on
