Genasys Inc. Announces $18.3 Million U.S. Army LRAD® 450XL Systems Order

Rhea-AI Summary

Genasys Inc. (NASDAQ: GNSS) has secured an $18.3 million follow-on order from the U.S. Army, pushing its fiscal year 2021 bookings past those of fiscal year 2020. CEO Richard S. Danforth anticipates more key awards in the second half of the fiscal year, positioning the company for record revenues. The LRAD 450XL system enhances military communication capabilities, aiding in critical decision-making during security threats. Genasys operates in 72 countries, providing solutions in defense, public safety, and emergency management.

Positive

• Secured an $18.3 million follow-on order from the U.S. Army.
• Already exceeded total fiscal year 2020 bookings in fiscal year 2021.
• CEO anticipates additional significant awards expected in the second half of the fiscal year.
• Strong positioning for record revenues and bookings in fiscal year 2021.

Negative

• Forward-looking statements involve risks and uncertainties that could impact actual results.

Company On Track for Record Fiscal Year Revenues and Bookings

SAN DIEGO, May 05, 2021 (GLOBE NEWSWIRE) -- Genasys Inc. (NASDAQ: GNSS), the global leader in critical communications systems and solutions, today announced an $18.3 million follow-on order from the U.S. Army (Army). With this and previously received fiscal year 2021 orders, the Company has already exceeded total fiscal year 2020 bookings.

“In addition to the Army order and the recently announced Riverside County, CA mass notification and emergency management software services contract, several key awards are anticipated in the second half of our fiscal year,” stated Richard S. Danforth, Chief Executive Officer of Genasys Inc. “These awards, and other expected orders for Genasys Emergency Management software, Integrated Mass Notification solutions, and LRAD systems, have the Company well-positioned for record fiscal year revenues and bookings. We look forward to reporting our fiscal second quarter results next week on May 13, 2021.”

“The Army and other U.S. military services continue to equip their forces with LRAD's unmatched long-range communications and scalable escalation of force (EOF) capabilities,” Mr. Danforth added. “This order demonstrates the Army’s ongoing commitment to supplying its soldiers with advanced equipment that enhances communication and saves lives.”

As part of a communication and layered EOF strategy, LRAD systems increase the decision time and distance for military personnel to differentiate between security threats and non-combatants, and scale EOF accordingly to save lives on both sides of the Long Range Acoustic Device^®.

Low profile, lightweight and designed to be mounted on tripods, vehicles, small vessels and Common Remotely Operated Weapon Stations (CROWS), the LRAD 450XL is the AHD of choice for U.S. and international defense, homeland security, and law enforcement agencies.

About Genasys Inc.

Genasys^™ is a global provider of critical communications solutions to help keep people safe. Genasys systems are in service in 72 countries around the world in a range of diverse applications, including defense, public safety, national emergency warning systems, mass notification, law enforcement, critical infrastructure protection, and many more. For more information, visit genasys.com.

Forward-Looking Statements

Except for historical information contained herein, the matters discussed are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on these statements. We base these statements on particular assumptions that we have made in light of our industry experience, the stage of product and market development as well as our perception of historical trends, current market conditions, current economic data, expected future developments and other factors that we believe are appropriate under the circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those suggested in the forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties, including without limitation the business impact of health crises or outbreaks of disease, such as epidemics or pandemics and how they may affect our supply chain, and other risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control. Risks and uncertainties are identified and discussed in our filings with the Securities and Exchange Commission. These forward-looking statements are based on information and management’s expectations as of the date hereof. Future results may differ materially from our current expectations. For more information regarding other potential risks and uncertainties, see the “Risk Factors” section of the Company’s Form 10-K for the fiscal year ended September 30, 2020. Genasys Inc. disclaims any intent or obligation to update those forward-looking statements, except as otherwise specifically stated.

 

FAQ

What recent orders has Genasys (GNSS) received?

Genasys announced an $18.3 million follow-on order from the U.S. Army.

How did Genasys (GNSS) perform in fiscal year 2021?

The company has already surpassed total bookings from fiscal year 2020.

When will Genasys (GNSS) report its fiscal second quarter results?

Genasys plans to report its fiscal second quarter results on May 13, 2021.

What opportunities are available for Genasys (GNSS) in the future?

The CEO anticipates several key awards and orders for the Genasys Emergency Management software and LRAD systems.

What is the significance of the LRAD system for Genasys (GNSS)?

The LRAD system enhances communication and decision-making for military personnel, which is crucial for ensuring safety.