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Genasys Has $46.7M In Annual Revenue

ELECTRONICS: Business Closes Acquisition of Evertel

Genasys (NASDAQ: GNSS), the Rancho Bernardo company that makes electronics for militaries, industry and local governments, closed its 2023 fiscal year with revenue of $46.7 million. The business reported its results on Dec. 7 and also announced contract wins.

One of them is a new foreign military sales contract award for an unnamed Middle Eastern defense force. The multi-phase program, worth more than $2 million, will deploy Genasys’ long-range acoustic hailing devices (LRADs) on multiple ships and shore installations across the country’s navy.

Genasys’ line of acoustic hailing devices can project sound for 2 miles or more, with the sound remaining intelligible.

In a separate military deal, the business said it won a $1 million prototype order from the U.S. Army for CROWS-AHD development.

In early December, Genasys announced sales to three companies in the nuclear energy sector as well as the oil and gas sector. The total value of the contracts is $750,000 and they include the Genasys Protect integrated platform and advanced acoustic devices. The systems will be deployed at sites in the central, southwestern and southeastern United States.

Evertel on Board

The fourth quarter saw Genasys wrap up its acquisition of Evertel Technologies LLC, acquired in a deal worth $5.8 million. Genasys paid 25% cash and 75% stock.

On Oct. 4, Genasys closed an underwritten public offering of 5.75 million shares of common stock, at a public offering price of $2 per share, for gross proceeds of approximately $11.5 million, before underwriting discounts and commissions and offering expenses. Roth Capital Partners acted as sole book-running manager and Joseph Gunnar & Co. was co-manager for the offering.

Genasys subsequently rebranded its Evertel offering as Genasys Protect CONNECT.

Year in Review

For the fourth quarter, which ended Sept. 30, Genasys reported a net loss of $10.1 million, or 27 cents per share, on revenue of $10.7 million. Excluding items, adjusted net loss was $2.7 million, or 7 cents per share. Analysts had expected a net loss of 8 cents per share.

Some business expected in the September quarter was delayed, the company said.

For the year, net loss was $18.3 million on revenue of $46.7 million.

The business had $8.7 million of cash and cash equivalents at the end of its fiscal year.

Shares of Genasys closed on Jan. 3 at $1.95. Their 52-week range has been $1.58 to $4.23.

Top executives of the business will present at the iAccess Alpha Tax Loss Recovery Summit Virtual Conference on Jan. 9-10, as well as the Roth MKM 36th annual conference on March 17-19.

Genasys

FOUNDED: 1992 as American Technology Corp.
CEO: Richard Danforth
HEADQUARTERS: Rancho Bernardo
BUSINESS: Maker of critical communications systems
REVENUE: $46.7 million in fiscal 2023
STOCK: GNSS (NASDAQ)
EMPLOYEES: 187 full-time employees, with 105 in the United States
WEBSITE: www.genasys.com
CONTACT: 858-676-1112
NOTABLE: Acoustic hailing devices from Genasys, used by military and industrial customers, can project sound for 2 miles or more, with the sound remaining intelligible

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