Genasys Provides Calendar Year End Status Report

Rhea-AI Summary

Genasys Inc. (NASDAQ: GNSS) reported significant achievements for FY 2024, including record bookings of $111 million and a 12-month backlog exceeding $40 million. Key wins include a $75 million Puerto Rico dams project and major orders from Los Angeles County, Oregon, and New Hampshire.

The company's software business enters FY 2025 with an Annual Recurring Revenue (ARR) of $8.3 million. Genasys CONNECT has expanded to over 250 clients with 31,000+ active users, protecting more than 50 million people across the U.S. International hardware bookings saw an 86% year-over-year increase in FY 2024, driven by renewed LRAD demand from naval, defense, and law enforcement agencies globally.

Positive

• Record bookings of $111 million in FY 2024
• 12-month backlog exceeding $40 million
• Secured $75 million Puerto Rico dams project
• Software ARR of $8.3 million entering FY 2025
• 86% increase in international hardware bookings
• Expansion to 250+ clients with 31,000+ active users
• Received $8.0 million initial deposit for Puerto Rico project

Negative

• None.

Insights

Financial Analyst

The fiscal 2024 performance metrics reveal substantial momentum with $111 million in new bookings and a $40 million 12-month backlog, anchored by the transformative $75 million Puerto Rico dams project. The $8.3 million Annual Recurring Revenue (ARR) from software operations provides a stable revenue foundation. The 86% year-over-year surge in international hardware bookings signals strong market penetration and diversification. The $8 million initial deposit from PREPA and pending second installment indicate healthy cash flow dynamics. The expansion to all 50 states demonstrates nationwide market dominance and sets up multiple revenue streams. The combination of growing ARR, substantial backlog and strategic geographic expansion suggests improved revenue predictability and potential margin expansion in FY2025.

Market Research Analyst

The company's strategic positioning in the protective communications sector shows remarkable penetration with 250+ clients and 31,000+ active users protecting over 50 million people. The successful integration of Evertel Technologies through Genasys CONNECT demonstrates effective M&A execution. The real-world validation through the Franklin Fire in Malibu provides important credibility for the EVAC system. The diversified product suite (ACOUSTICS, ALERT, CONNECT and EVAC) creates multiple revenue streams and competitive barriers. The international expansion, particularly in Africa, Middle East and APAC regions, reduces geographic concentration risk and opens new growth vectors. This market positioning and proven effectiveness in critical situations strengthen the company's competitive moat in the protective communications industry.

Record Bookings & Strong Backlog

Genasys Systems and Solutions in All 50 States

SAN DIEGO--(BUSINESS WIRE)-- Genasys Inc. (NASDAQ: GNSS), the global leader in Protective Communications, today provided a recap of the Company’s fiscal year 2024 (FY 2024) business developments that produced record bookings and strong backlog and discussed Genasys’ fiscal year 2025 (FY 2025) outlook.

Richard Danforth, Chief Executive Officer of Genasys Inc., said, “In FY 2024, we won a $75 million Puerto Rico dams project award and secured significant orders from Los Angeles County and the states of Oregon and New Hampshire. We also reported record domestic law enforcement orders and a substantial rebound in international LRAD business. These, and other FY 2024 business wins, resulted in $111 million in new bookings and a 12-month backlog of more than $40 million at the September fiscal year end.

“Our software business starts fiscal 2025 with an ARR of $8.3 million,” continued Mr. Danforth. “Since our early FY 2024 acquisition of Evertel Technologies and its subsequent rebranding, we have continued to grow Genasys CONNECT to surpass 250 clients with more than 31,000 active users. These agencies are using CONNECT to protect more than 50 million people in the U.S.”

Michael Smith, Senior Vice President of Genasys Protect, said, “Our Genasys Protect suite of ACOUSTICS, ALERT, CONNECT, and EVAC are proliferating in the U.S. and generating material pipeline and ARR growth. Of note, the recent use of EVAC by Los Angeles County first responders and emergency managers was instrumental in keeping people safe during the Franklin Fire that ravaged Malibu earlier this month.”

David Schnell, Vice President of Global Hardware Sales, added, ”Renewed LRAD demand from international naval customers and defense and law enforcement agencies in Africa, the Middle East, and our APAC region led to an 86% year-over-year increase in international hardware bookings in FY 2024. Both domestic and international hardware pipeline and bookings are growing at a steady pace as we enter calendar 2025.”

Mr. Danforth concluded, “Exiting calendar 2024 with record bookings and robust backlog, Genasys is incredibly well positioned. Genasys systems and solutions are now in use in all 50 states. We have received the $8.0 million deposit for the first group of dams in Puerto Rico, invoiced to receive the second deposit, and are aggressively moving to procure, build, and install the ACOUSTICS-based Early Warning System across all 37 dams for the PREPA project.

“I want to thank our entire Genasys team for their steadfast commitment to delivering and supporting world-class Protective Communications systems and solutions that provide proactive preparedness, data-driven decision making, secure, inter-agency collaboration, and multichannel communication that speed emergency responses and save lives.”

We include in this press release Non-GAAP operational metrics of backlog and bookings, which we believe provide helpful information to investors with respect to evaluating the Company’s performance. Bookings is an internal, operational metric that measures the total dollar value of customer purchase orders executed in a period, regardless of the timing of the related revenue recognition. Backlog is a measure of purchase orders received that are planned to ship within the next 12 months.

About Genasys Inc.

Genasys Inc. (NASDAQ: GNSS) is the global leader in Protective Communications. Incorporating the most comprehensive portfolio of preparedness, response, and analytics software and systems, as well as the Company’s Long Range Acoustic Devices (LRAD^®), the Genasys Protect platform is designed around one premise: ensuring organizations and public safety agencies are “Ready when it matters™.” Protecting people and saving lives for over 40 years, Genasys covers more than 155 million people in all 50 states and in over 100 countries worldwide. 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 the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. 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. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those suggested in any forward-looking statement. The risks and uncertainties in these forward-looking statements include without limitation the business impact of geopolitical conflicts and other causes that 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, 2024. Genasys Inc. disclaims any intent or obligation to publicly update or revise forward-looking statements, except as otherwise specifically stated.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241223952702/en/

Investor Relations Contact

Brian Alger, CFA

SVP, IR and Corporate Development

ir@genasys.com

(858) 676-0582

Source: Genasys Inc.

FAQ

What was Genasys (GNSS) total bookings value for FY 2024?

Genasys achieved record bookings of $111 million in FY 2024.

How much is Genasys (GNSS) backlog as of FY 2024 end?

Genasys reported a 12-month backlog exceeding $40 million at the end of FY 2024.

What is the value of Genasys (GNSS) Puerto Rico dams project?

Genasys secured a $75 million Puerto Rico dams project award in FY 2024.

What is Genasys (GNSS) current Annual Recurring Revenue (ARR)?

Genasys enters FY 2025 with an ARR of $8.3 million from its software business.

How many active users does Genasys CONNECT (GNSS) have?

Genasys CONNECT has over 31,000 active users across more than 250 client agencies.

What was the growth in Genasys (GNSS) international hardware bookings for FY 2024?

Genasys reported an 86% year-over-year increase in international hardware bookings for FY 2024.