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Genasys Inc. (NASDAQ: GNSS) is a global leader in Protective Communications Solutions and Systems designed to help keep people safe. Founded in 1980 and headquartered in San Diego, the company specializes in directed and multidirectional sound technologies, voice broadcast products, and location-based mass messaging solutions for emergency warning and workforce management. With its flagship Genasys Protect platform, the company offers a comprehensive portfolio of preparedness, response, and analytics software and systems.
Genasys initially captured attention with the development of the Long Range Acoustic Device® (LRAD®) in response to the 2000 attack on the USS Cole. The LRAD system revolutionized the acoustic hailing device market by delivering clear voice messages over long distances, which are now utilized globally for applications ranging from military deployments and maritime security to public safety and wildlife control.
The company's operations are segmented into Hardware and Software, with the majority of its revenue generated from the Hardware segment. Geographically, its primary revenue comes from the Americas, but it also maintains a significant presence in the Asia Pacific and EMEA regions.
Genasys' recent projects highlight its ongoing innovation and market influence. For instance, the company recently announced its involvement in Project AWARE, which aims to integrate the Galileo Emergency Warning Satellite Service (EWSS) into public warning systems. Genasys' LRADs and other technologies will be key components in this European initiative to enhance public safety during disasters.
Financially, Genasys is stable, backed by a secured loan agreement and strategic partnerships, including a recent collaboration with Telespazio France and the European Emergency Number Association for Project AWARE. The company continues to secure contracts with various governmental and enterprise clients, reflecting its robust market position and growth potential.
Genasys’ solutions are diverse and serve multiple sectors, including state and local governmental agencies, educational institutions, critical enterprise sectors such as oil and gas, utilities, manufacturing, and automotive, as well as federal governments and military organizations. Applications range from emergency warning and mass notification to critical event management, de-escalation for defense and law enforcement, and automated threat detection.
For over 40 years, Genasys has been protecting people and saving lives worldwide, covering over 70 million individuals across more than 100 countries. The company's dedication to innovation and public safety continues to position it as a foremost leader in the protective communications industry.
For more information, visit genasys.com.
Genasys Inc. (NASDAQ: GNSS) reported challenging fiscal 2024 results with revenue declining to $24.0 million from $46.7 million in fiscal 2023. Despite financial challenges, the company achieved record bookings of $111 million and enters fiscal 2025 with a $40 million backlog. The significant $75 million Puerto Rico dam contract and improving software bookings highlight positive developments.
Q4 2024 showed revenue of $6.7 million (down 37% YoY) with a GAAP net loss of ($11.4) million. Software revenue grew 92.4% while hardware revenue decreased 51.9%. The company maintains $13.1 million in cash and equivalents as of September 30, 2024, and expects substantial growth in 2025 driven by hardware bookings and software expansion.
Genasys Inc. (NASDAQ: GNSS) has secured a three-year, $3.35 million follow-on maintenance agreement for LRAD systems deployed by the Indian Navy. This marks the third maintenance agreement for Indian Navy's LRADs, with total maintenance agreements reaching $13.8 million since 2010.
The company reports increasing LRAD deployments worldwide in defense, law enforcement, critical infrastructure protection, and maritime security applications, with recent orders from the EU, Middle East, APAC, and West Africa. The Indian Navy and other APAC naval forces utilize LRADs for anti-piracy, maritime security, and economic zone enforcement operations.
Genasys Inc. (NASDAQ: GNSS) has announced it will release its fiscal year 2024 financial results on December 9, 2024, after market close. The company will host a conference call at 4:30 p.m. Eastern Time to discuss the results. Additionally, Genasys management will participate in the ROTH 13th Annual Technology Conference from November 19-20, 2024, in New York City, where they will conduct one-on-one and small group meetings with investors.
Genasys Inc. (NASDAQ: GNSS) has secured a four-year contract with Los Angeles County for its ALERT mass notification software services. This addition complements the county's existing use of Genasys EVAC emergency evacuation management services since 2022. The integrated system will serve LA County's 9.8 million residents and 50 million annual visitors across 4,000 square miles and 88 incorporated cities. ALERT provides geo-targeted emergency warnings and multi-channel, multi-language mass notification through various channels, including mobile push, IPAWS, text messaging, emails, voice calls, and social networks.
Genasys Inc. (NASDAQ: GNSS) has secured a four-year contract from the Maui Emergency Management Agency (MEMA) to provide Genasys EVAC and TRAFFIC AI solutions. The implementation, set to begin in January 2025, aims to enhance disaster preparedness following the August 2023 wildfires. Genasys EVAC enables emergency managers to identify areas, implement evacuation plans, and deliver targeted notifications through intelligent zones. TRAFFIC AI complements this by providing real-time traffic data for coordinating evacuations. The system will be deployed after review by first responder agencies, integrating local knowledge with technology to improve emergency response capabilities.
Genasys Inc. (NASDAQ: GNSS) has received an order from the U.S. Bureau of Reclamation for LRAD 950NXT integrated surveillance, security, and first response systems to enhance security at Hoover Dam. These systems will replace the first-generation LRADs that have been providing critical infrastructure protection since 2016.
The upgraded 950NXTs feature Genasys Protect software with comprehensive functionality and easy-to-use controls. They enable operators to identify potential threats on live video feeds, position the system's pan & tilt drive, and broadcast clear warning tones and voice messages up to 3,000 meters away.
The 950NXT includes an integrated HD camera, high-intensity searchlight (optional), and robust pan-and-tilt drive. When integrated with radar or motion sensors, it provides automated intruder alerts, functioning as an unmanned perimeter security and first response system.
Genasys Inc. (NASDAQ: GNSS) has announced new international orders for its LRAD (Long Range Acoustic Device) systems. The company received a law enforcement order from a West African country and a follow-on defense order from Damen Schelde Naval Shipbuilding B.V. The West African order will see LRAD systems mounted on police vehicles for public safety operations and crowd communication. Damen has exercised an option to equip two more German Navy F-126 frigates with multiple LRAD 950NXT systems.
Genasys CEO Richard Danforth noted that these orders, along with previously announced orders from the EU, Middle East, and APAC regions, indicate a rebound in international LRAD business. Peter Ayre, VP of EMEA Business Development, highlighted increasing demand for LRAD's communication capabilities due to escalating regional tensions and civil unrest. LRAD systems can broadcast clear voice messages and alert tones up to 5,500 meters and are used globally in various applications including public safety, defense, and critical infrastructure protection.
Genasys Inc. (NASDAQ: GNSS) has secured a multi-year contract with Oregon's Office of Resilience and Emergency Management (OREM) to provide its EVAC software for emergency response planning and evacuation management. The software will be available to all 36 counties and nine Tribes in Oregon, enabling faster and more efficient emergency evacuations across the state.
Key features of EVAC include:
- Quick creation and updating of evacuation plans
- Realistic simulations for training
- Faster response times during emergencies
- Data-driven decision support tools
- Multi-threat planning and modeling
- Cross-jurisdictional awareness
- EVAC Mobile App for real-time alerts
The software has already been used successfully in recent wildfire evacuations, with emergency managers praising its ease of use and efficiency in notifying community members.
Genasys Inc. (NASDAQ: GNSS) has received an order from the Alabama-Coushatta Tribe of Texas for Genasys ACOUSTICS systems to enhance public safety on their reservation. This order expands Genasys Protect coverage in East Texas, where the Deep East Texas Council of Governments already uses it as a multi-agency mass notification solution.
The ACOUSTICS installations will be integrated with Genasys ALERT, providing high-fidelity outdoor emergency voice warnings and notifications. These systems will feature satellite connectivity, solar power, and battery backup, important for an area prone to natural disasters.
Since launching in August 2023, Genasys Protect has expanded to 39 states, securing significant orders from various government entities. The company's outlook remains strong, with ongoing projects and expected additional orders.
Genasys Inc. (NASDAQ: GNSS) has received an order from the Port of Houston to upgrade its PortAlert system with Genasys Protect EDGE 800 Power and Control cabinets. This upgrade enhances the port's critical infrastructure protection and emergency management capabilities. The new cabinets enable the installation of satellite-connected, solar-powered ACOUSTICS systems in specific areas and increase the port's capacity to:
- Proactively manage visitors
- Send multi-channel alerts and emergency notifications
- Quickly deploy personnel and resources for safety incidents and security breaches
Genasys has been providing systems to the Port of Houston since 2017, with the PortAlert system integrating Genasys ACOUSTICS and Genasys ALERT for clear voice messaging throughout the port's outdoor areas.
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