• |
Revenue increased to $6.8 million from $6.3 million, marking a fifth consecutive quarter of year-over-year ("YoY") revenue growth.
|
• |
Gross Profit increased by 89% to $4.0 million from $2.1 million.
|
• |
Gross Profit margin increased by 75% to 59.4% from 34%.
|
• |
Operating Income improved 200% to $0.8 million compared to Operating Loss of ($0.8) million.
|
• |
Operating Margin improved 191% to 12.3% from negative margin of (13.6%).
|
• |
EBITDA increased by 550% to $2.7 million from $0.4 million.
|
• |
Net Income improved 107% to $0.15 million compared to Net Loss of ($2.2) million.
|
• |
EPS improved to $0.02 compared to Negative EPS of ($0.52).
|
• |
Non-GAAP Net Profit improved 256% to $1.6 million compared to Net Loss ($1.0) million.
|
• |
Non-GAAP EPS improved to $0.24 compared to ($0.02).
|
• |
Working Capital at end of quarter was $24.3 million.
|
• |
Revenue increased by 67% to $21 million from $12.5 million.
|
• |
Gross profit increased by 66% to $7.9 million from $4.7 million.
|
• |
Operating Income improved 78% to ($0.9) million compared to Operating Loss of ($4.0) million.
|
• |
Net Income improved by 66% to ($2.4) million from ($7.3) million.
|
• |
Non-GAAP Operating Income improved to $3.2 million compared to Operating Loss of ($1.1) million.
|
• |
EBITDA improved to $3.9 million compared to ($0.6) million.
|
• |
Non-GAAP EPS improved to $0.30 compared to ($0.01).
|
• |
SuperCom received a substantial third order of $3.4 million from Romania's Ministry of Interior, set for delivery in the fourth quarter of 2023. This progression not only solidifies the robust partnership but also showcases the trusted deployment of SuperCom's PureSecurity EM Suite for domestic violence monitoring, GPS tracking of offenders, and home detention programs.
|
• |
SuperCom's won a $3 million contract to deliver Alcohol Monitoring technologies in California, through its wholly owned subsidiary, LCA. This contract, which is already in effect and expected to extend till 2026, reaffirms SuperCom's dominance in the electronic monitoring market and its commitment to public safety through advanced technology solutions, generating steady recurring revenue.
|
• |
SuperCom has expanded its footprint in Finland by securing a national program for the Electronic Monitoring of Domestic Violence offenders. This program leverages SuperCom's cutting-edge PureSecurity Suite to empower Finnish authorities in enhancing citizen safety. The suite's deployment is anticipated to start generating recurring revenue in the 4th quarter of 2023, marking another significant achievement in SuperCom's global impact.
|
• |
SuperCom launched a $3.6M national EM project in Finland with the national government in Q1 2023. By May 2023, the PureSecurity EM Suite was fully deployed in Finland, covering all EM offender programs - house arrest, GPS, and inmate monitoring.
|
• |
SuperCom's won a $4.25 million contract to provide adult reentry services in a Northern California, through its wholly owned subsidiary, LCA. The project began in Q1 2023, expanding LCA's existing day reporting and electronic monitoring services to include jail-based and community-based sites. The project is actively servicing clients and generating recurring revenues.
|
• |
SuperCom launched a new project in Iceland, upgrading the company's deployed system to support secured issuance of National ID cards and passports.
|
• |
SuperCom has significantly upgraded its technological suite, integrating advanced AI into the PureSecurity platform and rolling out PureProtect for domestic violence monitoring, alongside the comprehensive PureOne GPS tracking solution. These developments significantly bolster SuperCom's product offering, sharpening its competitive edge and strategically positioning the company for robust business growth and expansion, particularly in the lucrative US market.
|
• |
SuperCom is expanding its deployment of PureOne into new regions, with successful initial deployments and positive feedback in the USA, and has initiated sales in emerging markets beyond Europe and North America.
|
• |
SuperCom successfully closed a $2.75 million public offering, to support the company's continued innovation and growth initiatives.
|
Date: | Tuesday, November 14, 2023 |
Time: | 10:00 a.m. Eastern time (7:00 a.m. Pacific Time) |
U.S. toll-free: | 888-506-0062 |
Israel toll-free: | 1-809-423-853 |
International: | 973-528-0011 |
Link: | https://www.webcaster4.com/Webcast/Page/2259/49460 |
As of
September 30, 2023
|
As of
December 31, 2022
| |||||||
Unaudited
|
Unaudited
| |||||||
CURRENT ASSETS
| ||||||||
Cash and cash equivalents
|
1,151
|
4,042
| ||||||
Restricted bank deposits
|
350
|
463
| ||||||
Trade receivable, net
|
16,392
|
10,852
| ||||||
Patents
|
5,283
|
5,283
| ||||||
Other accounts receivable and prepaid expenses
|
1,855
|
2,239
| ||||||
Inventories, net
|
2,585
|
3,411
| ||||||
Total current assets
|
27,616
|
26,290
| ||||||
LONG-TERM ASSETS
| ||||||||
Severance pay funds
|
444
|
482
| ||||||
Deferred tax long term
|
501
|
501
| ||||||
Other intangible assets, net
|
5,433
|
5,617
| ||||||
Operating lease right-of-use assets
|
173
|
484
| ||||||
Goodwill
|
7,026
|
7,026
| ||||||
Property and equipment, net
|
2,479
|
1,640
| ||||||
Total long-term assets
|
16,056
|
15,750
| ||||||
Total Assets
|
43,672
|
42,040
|
CURRENT LIABILITIES
| ||||||||
Short-term loans and credit
|
675
|
900
| ||||||
Trade payables
|
205
|
1,267
| ||||||
Employees and payroll accruals
|
1,017
|
1,339
| ||||||
Related parties
|
142
|
168
| ||||||
Accrued expenses and other liabilities
|
643
|
469
| ||||||
Operating lease liabilities
|
199
|
489
| ||||||
Deferred revenues ST
|
444
|
715
| ||||||
Total current liabilities
|
3,325
|
5,347
| ||||||
LONG-TERM LIABILITIES
| ||||||||
Long-term loan
|
33,300
|
32,600
| ||||||
Accrued severance pay
|
483
|
523
| ||||||
Deferred tax liability
|
170
|
170
| ||||||
Deferred revenues
|
299
|
269
| ||||||
Total long-term liabilities
|
34,252
|
33,562
| ||||||
SHAREHOLDERS' EQUITY:
| ||||||||
Ordinary shares
|
5,362
|
3,057
| ||||||
Additional paid-in capital
|
106,103
|
103,000
| ||||||
Accumulated deficit
|
(105,370
|
)
|
(102,926
|
)
| ||||
Total shareholders' equity
|
6,095
|
3,131
| ||||||
Total liabilities and equity
|
43,672
|
42,040
|
Three months ended
| ||||||||
September 30, 2023
|
September 30, 2022
| |||||||
Unaudited
| Unaudited | |||||||
REVENUES
|
6,778
|
6,263
| ||||||
COST OF REVENUES
|
(2,751
|
)
|
(4,132
|
)
| ||||
GROSS PROFIT
|
4,027
|
2,131
| ||||||
OPERATING EXPENSES:
| ||||||||
Research and development
|
774
|
958
| ||||||
Selling and marketing
|
531
|
652
| ||||||
General and administrative
|
1,093
|
1,370
| ||||||
Other expenses
|
793
|
-
| ||||||
Total operating expenses
|
3,191
|
2,980
| ||||||
OPERATING PROFIT
|
836
|
(849
|
)
| |||||
FINANCIAL EXPENSES, NET
|
(690
|
)
|
(1,253
|
)
| ||||
PROFIT BEFORE INCOME TAX
|
146
|
(2,102
|
)
| |||||
INCOME TAX EXPENSE
|
-
|
-
| ||||||
NET PROFIT FOR THE PERIOD
|
146
|
(2,102
|
)
|
Three months ended
| ||||||||
September 30, 2023
|
September 30, 2022
| |||||||
Unaudited
|
Unaudited
| |||||||
GAAP gross profit
|
4,027
|
2,131
| ||||||
Amortization of intangible assets
|
88
|
88
| ||||||
Non-GAAP gross profit
|
4,115
|
2,219
| ||||||
GAAP Operating profit
|
836
|
(849
|
)
| |||||
Amortization of intangible assets
|
446
|
484
| ||||||
Foreign Currency Loss
|
111
|
595
| ||||||
One-time expense related to settlement
|
899
|
-
| ||||||
Non-GAAP operating profit
|
2,292
|
230
|
GAAP net profit
|
146
|
(2,102
|
)
| |||||
Amortization of intangible assets
|
446
|
484
| ||||||
One-time expense related to settlement
|
899
|
-
| ||||||
Foreign Currency Loss
|
111
|
595
| ||||||
Non-GAAP net profit
|
1,602
|
(1,023
|
)
| |||||
Non-GAAP EPS
|
0.24
|
(0.25
|
)
| |||||
Net profit for the period
|
146
|
(2,102
|
)
| |||||
Financial expenses (income), net
|
690
|
1,253
| ||||||
Depreciation and Amortization
|
822
|
665
| ||||||
One-time expense related to settlement
|
899
|
-
| ||||||
Foreign Currency Loss
|
111
|
595
| ||||||
EBITDA *
|
2,668
|
411
|
* EBITDA is a non-GAAP financial measure generally defined as earnings before interest, taxes, depreciation and amortization and other non-cash or one-time expenses.
|
Nine months ended
| ||||||||
September 30, 2023
|
September 30, 2022
| |||||||
Unaudited
| Unaudited | |||||||
REVENUES
|
20,902
|
12,527
| ||||||
COST OF REVENUES
|
(13,027
|
)
|
(7,780
|
)
| ||||
GROSS PROFIT
|
7,875
|
4,747
| ||||||
OPERATING EXPENSES:
| ||||||||
Research and development
|
2,436
|
2,750
| ||||||
Selling and marketing
|
1,659
|
2,115
| ||||||
General and administrative
|
3,467
|
3,858
| ||||||
Other expenses, net
|
1,198
|
-
| ||||||
Total operating expenses
|
8,760
|
8,723
| ||||||
OPERATING LOSS
|
(885
|
)
|
(3,976
|
)
| ||||
FINANCIAL EXPENSES, NET
|
(1,559
|
)
|
(3,285
|
)
| ||||
LOSS BEFORE INCOME TAX
|
(2,444
|
)
|
(7,261
|
)
| ||||
INCOME TAX EXPENSE
|
-
|
-
| ||||||
NET LOSS FOR THE PERIOD
|
(2,444
|
)
|
(7,261
|
)
|
Nine months ended
| ||||||||
September 30, 2023
|
September30, 2022
| |||||||
Unaudited
|
Unaudited
| |||||||
GAAP gross profit
|
7,875
|
4,747
| ||||||
Amortization of intangible assets
|
265
|
265
| ||||||
Non-GAAP gross profit
|
8,140
|
5,012
| ||||||
GAAP Operating Loss
|
(885
|
)
|
(3,976
|
)
| ||||
Amortization of intangible assets
|
1,429
|
1,411
| ||||||
One-time expenses
|
1,687
| |||||||
Foreign Currency Loss
|
1,009
|
1,479
| ||||||
Non-GAAP operating profit
|
3,240
|
(1,086
|
)
|
GAAP net Loss
|
(2,444
|
)
|
(7,261
|
)
| ||||
Amortization of intangible assets
|
1,429
|
1,411
| ||||||
One-time expenses
|
1,687
|
-
| ||||||
Foreign Currency Loss
|
1,009
|
1,479
| ||||||
Non-GAAP net profit
|
1,681
|
(4,371
|
)
| |||||
Non-GAAP EPS
|
0.31
|
(1.22
|
)
| |||||
Net loss for the period
|
(2,444
|
)
|
(7,261
|
)
| ||||
Financial expenses (income), net
|
1,559
|
3,285
| ||||||
Depreciation and Amortization
|
2,129
|
1,928
| ||||||
One-time expenses
|
1,687
|
-
| ||||||
Foreign Currency Loss
|
1,009
|
1,479
| ||||||
EBITDA *
|
3,940
|
(569
|
)
|
* EBITDA is a non-GAAP financial measure generally defined as earnings before interest, taxes, depreciation and amortization and other non-cash or one-time expenses.
|
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Disclaimer
SuperCom Ltd. published this content on 12 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 March 2024 15:45:08 UTC.