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Thursday, Feb 9, 2023

Genasys Caps Off A Record Year

Genasys Inc., the Rancho Bernardo defense electronics company, reported record revenue in 2020. The company makes high-decibel, focused sound devices for militaries and governments, as well as other mass communications technology.

In the fiscal year ended Sept. 30, Genasys (Nasdaq: GNSS) reported revenue of $43 million, up 16% from $37 million in fiscal 2019.

Net income for fiscal 2020 was $11.9 million or 35 cents per diluted share, compared to $2.8 million, or 8 cents per diluted share, in the previous year.

“The company’s record fiscal year performance under unprecedented societal and business conditions is a testament to the professionalism and dedication of Genasys team members in San Diego and throughout the world,” said CEO Richard Danforth.

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Strong revenue from Genasys’ LRAD product line fueled record fiscal fourth quarter and fiscal year revenues, said Danforth.

LRAD — which is short for Long Range Acoustic Device — is the core product at Genasys. In fiscal 2020, the business received $14.5 million in systems and accessories orders from the U.S. Army alone, specifically for its LRAD 450XL product. The device can send intelligible sound for more than a mile.

(After the fiscal year closed, on Dec. 23, Genasys announced the Army ordered another $5.1 million worth of LRAD 450XL acoustic hailing devices.)

Fourth Quarter Tax Benefit

For the fourth quarter, Genasys reported revenue of $14 million, up 80% from $7.7 million in the same time frame of 2019. Net income in the fourth quarter was $9.4 million, or 27 cents per diluted share, compared with a net loss of $100,000 (roughly 0 cents per share) in the fourth quarter of fiscal 2019.

The increase was primarily due to higher revenue and gross profit, and a non-cash income tax benefit of $6.4 million during the quarter ended Sept. 30, which resulted from the $7.1 million release of a portion of the valuation allowance against deferred tax assets. 


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