Genasys Inc. Announces $2.6 Million in U.S. Defense Orders

Rhea-AI Summary

Genasys Inc. (NASDAQ: GNSS) reported new orders totaling $2.6 million from the U.S. Army National Guard, Navy, Air National Guard, and Air Force for critical communication systems. The orders include LRAD 100X MAG-HS kits and LRAD 1000Xi systems as part of a $4.3 million IDIQ contract. The U.S. Military continues to rely on Genasys' systems for effective communication and mission success. Genasys operates in 72 countries, providing solutions for defense and public safety.

Positive

• Secured $2.6 million in new orders from U.S. military branches.
• Orders include advanced LRAD systems enhancing communication capabilities.
• Strengthened position as a key provider for defense communications.

Negative

• None.

SAN DIEGO, Nov. 19, 2020 (GLOBE NEWSWIRE) -- Genasys Inc. (NASDAQ: GNSS), the global leader in critical communications systems and solutions, today announced orders totaling $2.6 million from the U.S. Army National Guard, U.S. Navy, U.S. Air National Guard and U.S. Air Force.

LRAD^® 100X MAG-HS kits were ordered by the Army National Guard for domestic and international response operations.

Under the $4.3 million IDIQ contract announced in June 2020, the Navy placed a follow-on order for LRAD 1000Xi systems.  The order is part of the Navy’s ongoing replacement of first-generation LRAD systems previously deployed in the fleet.

The Air National Guard ordered accessories for the Genasys™ 360XL-MID Mobile kits procured in 2017 for the Guard's CBRN (Chemical, Biological, Radiological, Nuclear) response missions.

In a follow-on order, the Air Force purchased LRAD 100X MAG-HS Kits, LRAD 500X-RE systems, and accessories for command post communication, convoy operations and other applications.

“U.S. defense forces support the full spectrum of missions from combat and counterinsurgency to disaster response and humanitarian assistance,” said Richard S. Danforth, Chief Executive Officer of Genasys Inc. “Regardless of the mission, LRAD's clear communication and scalable escalation of force (“EOF”) capabilities are critical to mission success and saving lives.”

LRAD systems deliver attention-commanding warning tones and voice messages with industry-leading clarity to communicate, and safely initiate and scale EOF. LRAD is the critical communications and EOF system of choice for the U.S. Military

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 diverse applications, including defense, law enforcement, public safety, national emergency warning systems, mass notification, critical event management 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 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, 2019. Genasys Inc. disclaims any intent or obligation to update those forward-looking statements, except as otherwise specifically stated.

FAQ

What recent orders did Genasys Inc. receive?

Genasys Inc. received $2.6 million in orders from the U.S. Army National Guard, Navy, Air National Guard, and Air Force.

What systems were included in the recent Genasys orders?

The orders include LRAD 100X MAG-HS kits and LRAD 1000Xi systems.

What is the significance of Genasys' orders for investors?

The orders reinforce Genasys' role as a critical communications provider for the U.S. military, potentially positively impacting future revenue.

How does Genasys support U.S. military operations?

Genasys provides critical communication systems essential for combat, disaster response, and humanitarian assistance missions.

What are the implications of the $4.3 million IDIQ contract for Genasys?

The $4.3 million IDIQ contract ensures ongoing orders and strengthens Genasys' business with the Navy.