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Business Wire
13-05-2025
- Business
- Business Wire
Genasys Inc. Reports Fiscal Second Quarter 2025 Financial Results
SAN DIEGO--(BUSINESS WIRE)-- Genasys Inc. (NASDAQ: GNSS), the leader in Protective Communications, today announced financial results for the Company's fiscal second quarter ended March 31, 2025. Richard S. Danforth, Chief Executive Officer of Genasys, Inc., commented, 'The second half of fiscal 2025 is on track to see significant operational acceleration from the first six months. Planning and production of materials for the first three groups in Puerto Rico is in full swing with initial implementation on the island already underway. For the full year, our revenue expectations for significant growth in the second half of fiscal 2025, particularly in the fourth quarter, remain strong.' Continuing, Mr. Danforth said, 'The deposit on the third group of dams, which was discussed on last quarter's conference call has not yet been received. Absent the third deposit, which is expected shortly, the company sought and secured additional bridge capital of $4 million from our existing lender to maintain momentum towards delivery on its backlog.' Fiscal 2Q 2025 Financial Summary Revenue of $6.9 million, versus $5.7 million in 2Q 2024 GAAP operating loss of ($6.3) million, versus ($6.9) million in 2Q 2024. GAAP net loss of ($6.1) million versus ($7.0) million in 2Q 2024. GAAP net loss per share ($0.14) versus ($0.16) in 2Q 2024. Adjusted EBITDA of ($5.1) million, versus ($5.7) million in 2Q 2024. Business Highlights Generated first revenues from Puerto Rico dams project in fiscal 2Q 2025 Dennis Klahn, CFO of Genasys, Inc. announced his intention to retire. Amended 2024 loan agreement to secure bridge financing of $4 million, with access to additional $4 million. Announced $2.5 million in LRAD bookings with US Military. Received $1.0 million in LRAD orders for Critical Infrastructure Protection (CIP) from the energy sector Announced partnership with FloodMapp, extending the functionality of Genasys EVAC customers to better plan for and respond to flood events Business Outlook Genasys has begun the implementation phase of the Puerto Rico Early Warning System project, and we have a final understanding of how revenue recognition over the course of the project is going to be recorded. Planning, design, permitting and material procurement is underway for the first three groups of dams. As expected, initial revenues were recorded in the fiscal second quarter for the delivery and installation of a large generator. In the June quarter, we expect to record limited revenues from material being shipped to the island. Importantly, hardware shipment revenues will be recorded at cost. Installations will then enable profits on the material to be realized on a Percent Of Completion (POC) basis for the labor associated towards completion of each dam. Because of this accounting treatment, gross profit margins on the project will be initially suppressed, before eventually reflecting the profitability of each dam's value upon completion. Based on the current production and delivery schedules, and installation timelines, Genasys now expects to realize between $15 million and $20 million in Puerto Rico related revenue in fiscal 2025. While revenue recognition is different than we initially expected, the operational implementation and expected cash flows are no different than our original assessment Despite funding uncertainty at the federal level, hardware Bookings continue to improve year over year with bookings through March up 48% versus the prior year period. Our current hardware backlog, excluding the Puerto Rico project, is over $12 million. Additionally, we expect to receive the first production purchase order under the AHD-CROWS program in the second half of fiscal 2025. Software bookings slowed in the March quarter. Though the software pipeline is up over 100% since the beginning of this fiscal year, current uncertainty at the federal level has begun to affect State and local level procurements. Operating Expenses in the second quarter were down roughly 3% both sequentially and year over year. Going forward, we expect quarterly operating expenses to remain near the second fiscal quarter 2025 levels. The bridge financing and access to additional capital that we are announcing today is expected to provide Genasys the necessary capital to move through the Puerto Rico implementation and to begin profit realization on the project. Additionally, substantial contracts for both hardware and software are being negotiated that are expected to provide further support of the overall business prospects beyond fiscal 2025. Fiscal 2Q 2025 Financial Review Fiscal second quarter revenue was $6.9 million, a 21% increase from $5.7 million in the prior year's fiscal second quarter. Software revenue increased 29% while hardware revenue increased 17%, compared with the fiscal 2024 second quarter. Within software, quarterly recurring revenue increased 28% year over year and ARR finished the quarter at $8.6 million. Gross profit margin was 37.7%, compared with 37.9% in the second quarter of fiscal 2024. The depressed gross margin is primarily attributable to the underutilization of hardware revenue as well as cost increases associated with the unprecedented volume of activity on our software systems during the January fires in Los Angeles. Operating expenses of $8.9 million decreased from $9.2 million in the fiscal second quarter of 2024. Selling, general and administrative expenses were essentially flat year over year at $6.6 million in the quarter ended March 31, 2025. Research and development expenses decreased 12% year over year to $2.2 million. GAAP net loss in the quarter was ($6.1) million, or ($0.14) per share, compared with a GAAP net loss of ($6.9) million, or ($0.16) per share, in the second quarter of fiscal 2024. Excluding other income and expense, net income tax expense (benefit), depreciation, stock-based compensation and amortization of intangibles, Adjusted EBITDA was ($5.1) million for the second quarter of fiscal 2025, compared with ($5.7) million for the prior fiscal year period. Cash, cash equivalents and marketable securities totaled $7.2 million as of March 31, 2025 compared with $13.1 million as of September 30, 2024. We include in this press release the non-GAAP operational metrics of adjusted EBITDA, which we believe provide helpful information to investors with respect to evaluating the Company's performance. Adjusted EBITDA represents our net loss before other income and expense, net, income tax expense (benefit), depreciation and amortization expense and stock-based compensation. We do not consider these items to be indicative of our core operating performance. The items that are non-cash include depreciation and amortization expense and stock-based compensation. Adjusted EBITDA is a measure used by management to understand and evaluate our core operating performance and trends and to generate future operating plans, make strategic decisions regarding allocation of capital and invest in initiatives that are focused on cultivating new markets for our solutions. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA facilitates comparisons of our operating performance on a period-to-period basis. Webcast and Conference Call Details Management will host a conference call to discuss the financial results for the second quarter of fiscal year 2025 this afternoon at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time. To access the conference call, dial toll-free (888) 390-3967, or international at (862) 298-0702. A webcast will also be available at the following link: Questions to management may be submitted before the call by emailing them to: ir@ A replay of the webcast will be available approximately four hours after the presentation on the investors page of the Company's website. About Genasys Inc. Genasys Inc. (NASDAQ: GNSS) is the global leader in Protective Communications. Incorporating the most comprehensive portfolio of preparedness, response, and analytics software and systems, as well as the Company's Long Range Acoustic Devices® (LRAD®) the Genasys Protect platform is designed around one premise: ensuring organizations and public safety agencies are 'Ready when it matters™.' Protecting people and saving lives for over 40 years, Genasys covers more than 155 million people in all 50 states and in over 100 countries worldwide. For more information, visit Forward-Looking Statements Except for historical information contained herein, the matters discussed are forward-looking statements within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. You should not place undue reliance on these statements. We base these statements on particular assumptions that we have made in light of our industry experience, the stage of product and market development as well as our perception of historical trends, current market conditions, current economic data, expected future developments and other factors that we believe are appropriate under the circumstances. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those suggested in any forward-looking statement. The risks and uncertainties in these forward-looking statements include without limitation the business impact of geopolitical conflicts and other causes that may affect our supply chain, and other risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control. Risks and uncertainties are identified and discussed in our filings with the Securities and Exchange Commission. These forward-looking statements are based on information and management's expectations as of the date hereof. Future results may differ materially from our current expectations. For more information regarding other potential risks and uncertainties, see the 'Risk Factors' section of the Company's Form 10-K for the fiscal year ended September 30, 2024. Genasys Inc. disclaims any intent or obligation to publicly update or revise forward-looking statements, except as otherwise specifically stated. Genasys Inc. Consolidated Statements of Operations (Unaudited - in thousands, except per share amounts) Three Months Ended March 31, Six Months Ended March 31, 2025 2024 2025 2024 (unaudited) (unaudited) (unaudited) (unaudited) Revenues $ 6,932 $ 5,739 $ 13,872 $ 10,100 Cost of revenues 4,322 3,562 8,084 6,444 Gross profit 2,610 2,177 5,788 3,656 37.7 % 37.9 % 41.7 % 36.2 % Operating expenses Selling, general and administrative 6,648 6,640 13,482 13,158 Research and development 2,217 2,531 4,502 4,722 Total operating expenses 8,865 9,171 17,984 17,880 Loss from operations (6,255 ) (6,994 ) (12,196 ) (14,224 ) Other income, net 187 51 2,050 128 Loss before income taxes (6,068 ) (6,943 ) (10,146 ) (14,096 ) Income tax (expense) benefit 71 (5 ) 71 (434 ) Net loss $ (6,139 ) $ (6,938 ) $ (10,217 ) $ (13,662 ) Net loss per common share - basic and diluted $ (0.14 ) $ (0.16 ) $ (0.23 ) $ (0.31 ) Weighted average common shares outstanding - basic and diluted 45,002 44,248 44,957 44,027 Net loss $ (6,139 ) $ (6,938 ) $ (10,217 ) $ (13,662 ) Other income, net (187 ) (51 ) (2,050 ) (128 ) Income tax expense (benefit) 71 (5 ) 71 (434 ) Depreciation and amortization 692 731 1,428 1,460 Stock based compensation 414 524 805 970 Adjusted EBITDA $ (5,149 ) $ (5,739 ) $ (9,963 ) $ (11,794 ) Expand
Yahoo
13-05-2025
- Business
- Yahoo
Genasys Inc. CFO Dennis Klahn to Retire After 45-Year Accounting & Finance Career
Company Details CFO Transition Plan SAN DIEGO, May 13, 2025--(BUSINESS WIRE)--Genasys Inc. (NASDAQ: GNSS), the global leader in Protective Communications, today announced that Dennis Klahn will retire by the end of the Company's current fiscal year after a 45-year career in accounting and finance. Mr. Klahn has served as the Company's chief financial officer (CFO) since September 2017. He will continue as CFO until a successor is chosen and will help ensure a smooth and orderly transition. The Company's Board of Directors has initiated a comprehensive search process with the support of an executive search firm. Mr. Klahn began his career at Coopers & Lybrand in 1980, after receiving a B.A. in Accounting from St. Ambrose University and earning his CPA. He was appointed CFO by Genasys Inc. after having served as Controller or CFO at several publicly traded companies, including Teledyne RD Instruments (a subsidiary of Teledyne Technologies Incorporated), Overland Storage, Inc., and Anacomp, Inc. Richard Danforth, Chief Executive Officer of Genasys Inc., stated, "Dennis has been an integral part of Genasys' transition from a hardware systems supplier to the only global provider of unified Software-as-a-service (SaaS) and hardware Protective Communications solutions in the large and growing emergency warning and mass notification industries. During his time as CFO, he has been instrumental in facilitating and integrating four software company acquisitions, opening offices in Europe and the Middle East, growing our worldwide operations from 45 employees to more than 200, increasing SaaS sales the last three consecutive fiscal years, and expanding our sales into more than 100 countries. "We appreciate Dennis' willingness to continue serving in his role until a successor is selected and providing support during the transition period," Mr. Danforth continued. "We will miss his business expertise, financial acumen, and professionalism. All of us at Genasys wish Dennis the very best as he embarks on his well-deserved retirement." Mr. Klahn commented, "It has been a privilege to work in accounting and finance throughout my career and an honor to serve as Genasys Inc.'s CFO for 8 years. I am proud to have contributed in building Genasys into a trusted source of Protective Communications solutions throughout the world. I want to extend my appreciation to Richard and the Board for their leadership and trust and look forward to supporting a smooth transition to my successor." About Genasys Inc. Genasys Inc. (NASDAQ: GNSS) is the global leader in Protective Communications. Incorporating the most comprehensive portfolio of preparedness, response, and analytics software and systems, as well as the Company's Long Range Acoustic Devices® (LRAD®) the Genasys Protect platform is designed around one premise: ensuring organizations and public safety agencies are "Ready when it matters™." Protecting people and saving lives for over 40 years, Genasys covers more than 155 million people in all 50 states and in over 100 countries worldwide. For more information, visit Forward-Looking Statements Except for historical information contained herein, the matters discussed are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. You should not place undue reliance on these statements. We base these statements on particular assumptions that we have made in light of our industry experience, the stage of product and market development as well as our perception of historical trends, current market conditions, current economic data, expected future developments and other factors that we believe are appropriate under the circumstances. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those suggested in any forward-looking statement. The risks and uncertainties in these forward-looking statements include without limitation the business impact of geopolitical conflicts and other causes that may affect our supply chain, and other risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control. Risks and uncertainties are identified and discussed in our filings with the Securities and Exchange Commission. These forward-looking statements are based on information and management's expectations as of the date hereof. Future results may differ materially from our current expectations. For more information regarding other potential risks and uncertainties, see the "Risk Factors" section of the Company's Form 10-K for the fiscal year ended September 30, 2024. Genasys Inc. disclaims any intent or obligation to publicly update or revise forward-looking statements, except as otherwise specifically stated. View source version on Contacts Investor Relations Contact Brian Alger, CFASVP, IR and Corporate Developmentir@ (858) 676-0582 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
Business Wire
13-05-2025
- Business
- Business Wire
Genasys Inc. CFO Dennis Klahn to Retire After 45-Year Accounting & Finance Career
SAN DIEGO--(BUSINESS WIRE)-- Genasys Inc. (NASDAQ: GNSS), the global leader in Protective Communications, today announced that Dennis Klahn will retire by the end of the Company's current fiscal year after a 45-year career in accounting and finance. Mr. Klahn has served as the Company's chief financial officer (CFO) since September 2017. He will continue as CFO until a successor is chosen and will help ensure a smooth and orderly transition. The Company's Board of Directors has initiated a comprehensive search process with the support of an executive search firm. Mr. Klahn began his career at Coopers & Lybrand in 1980, after receiving a B.A. in Accounting from St. Ambrose University and earning his CPA. He was appointed CFO by Genasys Inc. after having served as Controller or CFO at several publicly traded companies, including Teledyne RD Instruments (a subsidiary of Teledyne Technologies Incorporated), Overland Storage, Inc., and Anacomp, Inc. Richard Danforth, Chief Executive Officer of Genasys Inc., stated, 'Dennis has been an integral part of Genasys' transition from a hardware systems supplier to the only global provider of unified Software-as-a-service (SaaS) and hardware Protective Communications solutions in the large and growing emergency warning and mass notification industries. During his time as CFO, he has been instrumental in facilitating and integrating four software company acquisitions, opening offices in Europe and the Middle East, growing our worldwide operations from 45 employees to more than 200, increasing SaaS sales the last three consecutive fiscal years, and expanding our sales into more than 100 countries. 'We appreciate Dennis' willingness to continue serving in his role until a successor is selected and providing support during the transition period,' Mr. Danforth continued. 'We will miss his business expertise, financial acumen, and professionalism. All of us at Genasys wish Dennis the very best as he embarks on his well-deserved retirement.' Mr. Klahn commented, 'It has been a privilege to work in accounting and finance throughout my career and an honor to serve as Genasys Inc.'s CFO for 8 years. I am proud to have contributed in building Genasys into a trusted source of Protective Communications solutions throughout the world. I want to extend my appreciation to Richard and the Board for their leadership and trust and look forward to supporting a smooth transition to my successor.' About Genasys Inc. Genasys Inc. (NASDAQ: GNSS) is the global leader in Protective Communications. Incorporating the most comprehensive portfolio of preparedness, response, and analytics software and systems, as well as the Company's Long Range Acoustic Devices® (LRAD®) the Genasys Protect platform is designed around one premise: ensuring organizations and public safety agencies are 'Ready when it matters™.' Protecting people and saving lives for over 40 years, Genasys covers more than 155 million people in all 50 states and in over 100 countries worldwide. For more information, visit Forward-Looking Statements Except for historical information contained herein, the matters discussed are forward-looking statements within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. You should not place undue reliance on these statements. We base these statements on particular assumptions that we have made in light of our industry experience, the stage of product and market development as well as our perception of historical trends, current market conditions, current economic data, expected future developments and other factors that we believe are appropriate under the circumstances. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those suggested in any forward-looking statement. The risks and uncertainties in these forward-looking statements include without limitation the business impact of geopolitical conflicts and other causes that may affect our supply chain, and other risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control. Risks and uncertainties are identified and discussed in our filings with the Securities and Exchange Commission. These forward-looking statements are based on information and management's expectations as of the date hereof. Future results may differ materially from our current expectations. For more information regarding other potential risks and uncertainties, see the 'Risk Factors' section of the Company's Form 10-K for the fiscal year ended September 30, 2024. Genasys Inc. disclaims any intent or obligation to publicly update or revise forward-looking statements, except as otherwise specifically stated.
The Hindu
07-05-2025
- Politics
- The Hindu
States all set to conduct mock drills
States across the country prepared to conduct mock drills on Wednesday (May 7, 2025) following the directions of the Ministry of Home Affairs (MHA). The drill comes in the aftermath of the April 22 Pahalgam terror attack where 26 people were killed. On Wednesday early morning, Indian armed forces hit nine terror infrastructure targets in Pakistan and Pakistan Occupied Kashmir (PoK) under 'Operation Sindoor', announced the Ministry of Defence. Three civilians were killed and at least seven others were injured as Pakistan resorted to firing and shelling along the Line of Control. Meanwhile, the Pakistan Army continued to violate the ceasefire for the 12th consecutive night by resorting to unprovoked small arms firing along the Line of Control in Kupwara, Baramulla, Poonch, Rajouri, Mendhar, Naushera, Sunderbani and Akhnoor districts of Jammu and Kashmir. The Indian Army responded in a proportionate manner, a statement said. Union Home Secretary Govind Mohan on Tuesday reviewed the preparations done by States to test civil defence preparedness in the wake of a 'hostile' situation. States have been asked to submit a report to the MHA after the drills are completed and the identified security gaps will be plugged accordingly, a senior government official said. While the Directorate General, Civil Defence has identified 244 districts in categories I, II and III for the conduct of drills up to the village level based on an assessment done in 2005 and 2010, States have been asked to add to the 'vulnerable areas' list based on their own assessment. An area is designated as civil defence district if there are vital installations such as refinery or a nuclear plant or a cantonment in its geographical limits. The drill will test the efficacy of the operationalisation of air-raid warning signs, crash blackout measures, camouflaging vital installations, evacuation plans, establishing hotline with the Indian Air Force, activating control rooms, firefighting and warden services and undertake cleaning of bunkers and trenches among others. The Anantnag police in South Kashmir issued a public advisory that a mock drill will be conducted at 4 p.m. on Wednesday by the State Disaster Response Force (SDRF). 'As part of the drill, sirens will be activated at various locations in Kashmir. This is a practice exercise to test our emergency response systems,' the police Delhi, the mock exercise will be conducted at 55 locations from 4-6 p.m. The locations include residential buildings, government offices, markets and colleges. The Delhi Police beefed up security in the national Capital ahead of the scheduled mock drills with increased number of officials being deployed at tourist spots such as Connaught Place, India Gate, Janpath, Gole Market, Jama Masjid, Red Fort. Further, the police headquarters has now been equipped with the Long Range Acoustic Device (LRAD) to transmit clear messages beyond a kilometre in case of an emergency, an official told The Hindu. The South Central Railway said volunteers, instructors and associated personnel would 'simulate a hostile attack scenario to evaluate emergency preparedness and inter-agency coordination' at Kacheguda (Hyderabad division), Raichur (Guntakal Division) and Aurangabad (Nanded Division) on May 7. In Maharashtra, the drill will be conducted at more than a dozen locations, including Mumbai at 4 drill will be initiated through an 'air-raid' warning that will be passed on through the civil defence channels by the Air Force followed by a mock exercise through simulation of fire incident in a building. The Hindu's Editorials The Hindu's Daily Quiz Which State has begun a survey to assess the socio-economic status of SC/STs? Rajasthan Assam Karnataka Andhra Pradesh To know the answer and to play the full quiz, click here .
India.com
06-05-2025
- Politics
- India.com
Delhi Police Deploys Long-Range Acoustic Device For Mock Drills: What It Is and Why It Matters?
Civil Defence Mock Drills: As tensions continue to soar at the India-Pakistan border following the Pahalgam terror attack, mock drills are set to be held across several states on Wednesday after the Union Home Ministry ordered all states to conduct mock drills given the "new and complex threats" that have emerged amid the unrest. #WATCH | Delhi Police prepares its LRAD (Long Range Acoustic Device) System for tomorrow's mock drill This device has a range of more than one kilometre and can be used as a hooter to alert the public in case of a sudden attack or as a public announcement system to give a… — ANI (@ANI) May 6, 2025 In preparation for the May 7 mock drills, security has been stepped up in the national capital. As a part of its arrangements, Delhi Police prepares its LRAD (Long Range Acoustic Device) System for tomorrow's mock drill. What Is LRAD? An LRAD (Long-Range Acoustic Device) System has a range of more than one kilometre and can be used as a hooter to alert the public in case of a sudden attack or as a public announcement system to give a message to a large gathering. Similar to the Long-Range Acoustic Device (LRAD), there are two more types of sonic weapons: the Mosquito and the infrasonic weapon. According to an Indian Express report, loud noises by LRAD can cause a sensation of ringing ears, also called tinnitus, which can last for minutes after the exposure or for days. Police have increased day and night patrolling across different areas in the city with a special focus on tourist and market places. Special patrol units have been mobilised to cover key areas, including Connaught Place, India Gate, Janpath, Yashwant Palace, Gole Market and other vital installations. On Tuesday morning, a police team monitored the security arrangements at Connaught Place. Relations between India and Pakistan have witnessed escalating tension following the terror attack in south Kashmir's Pahalgam in which 26 people, mostly tourists, lost their lives. Prime Minister Narendra Modi has vowed to pursue the perpetrators and conspirators of the attack to the "ends of the Earth" to inflict punishment on them "beyond their imagination".
