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Genasys Inc. Reports Fiscal Fourth Quarter and
Full Year 2021 Financial Results
Achieves Record Revenue of $47 Million and Backlog of $36 Million
SAN DIEGO, CA – November 22, 2021 – Genasys Inc. (NASDAQ: GNSS), the global leader in critical communications systems and solutions that help protect and keep people safe, today announced record fiscal fourth quarter and fiscal year revenue and record fiscal year backlog in its financial results for the fiscal year ended September 30, 2021.
“Our fiscal year 2021 was a year of solid performance with a significant level of investment to position us for future growth in our emerging Software as a Service (SaaS) business,” said Richard S. Danforth, Chief Executive Officer of Genasys, Inc. “Our fiscal fourth quarter revenue grew by 8% to $15.0 million, and full-year revenue grew 9% to $47.0 million, continuing our track record of revenue growth over the past five years. We ended the fiscal year with a record backlog of $36.1 million, up 217% from fiscal year 2020, a solid balance sheet, and no debt, positioning Genasys for continued growth.
“We have seen a resoundingly positive reaction to our SaaS solutions, as evidenced by the announced contract awards in fiscal year 2021,” Mr. Danforth continued. “In the past 12 months, the Genasys SaaS platform was launched in the United States, Canada, and Mexico to provide life-saving information for more than ten million people. We now are pursuing a wide range of global opportunities across multiple industry sectors and are excited about the growth that lies ahead for our business.”
Mr. Danforth concluded, “With our strategic investments over the past 18 months, including the acquisitions of Zonehaven™ and Amika Mobile, Genasys has created the industry’s only unified hardware and software Critical Communications platform. As a result, we are evolving from a pure hardware business towards an increasingly SaaS model. As we execute our strategy, we will make key investments in staffing and resources that will increase our operating expenses in fiscal year 2022. These investments in growth are expected to materially shift our revenue mix to a higher SaaS contribution with SaaS bookings anticipated to grow year-over-year by more than 50%.”
Commenting on the outlook for fiscal year 2022, Mr. Danforth stated, “We anticipate fiscal 2022 will be another year of record revenue. Operating expenses are forecast to increase year-over-year by $9.0 - $11.0 million, reflecting the additional strategic growth spending to accelerate SaaS revenues. As our business grows, we expect our model to deliver increasing SaaS revenue and margin expansion after making the investments to support our future growth.”
Select Fiscal Year 2021 Highlights
Completed acquisitions of software providers, Amika Mobile and Zonehaven
Established international offices in Dubai and Singapore
The following information was filed by Lrad Corp (GNSS) on Monday, November 22, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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