Welcome to our dedicated page for Genasys news (Ticker: GNSS), a resource for investors and traders seeking the latest updates and insights on Genasys stock.
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.
On May 30, 2024, Genasys (NASDAQ: GNSS) announced the launch of Genasys Protect EVAC in San Diego County, enhancing emergency communication for residents. This innovative solution, already active in 70% of California, will help disseminate critical public safety information such as severe weather alerts, evacuation notices, and missing person reports. The system allows users to register multiple locations and phone numbers for precise, location-based alerts. The initiative aims to improve safety amid peak fire conditions, offering Spanish-language options to support diverse communities.
Genasys (NASDAQ: GNSS), a leader in Protective Communications, announced that CEO Richard Danforth and SVP Brian Alger will participate in the MicroCap Rodeo Spring into Summer Conference in NYC. Danforth's presentation is scheduled for June 6, from 10:30 to 10:55 AM ET and will be live-streamed. One-on-one meetings will also be held the same day. The conference attracts executive teams from over 30 MicroCap companies across various industries.
Genasys (NASDAQ: GNSS) announced the resignation of Scott Anchin, a member of its Board of Directors and Audit Committee Chair, effective May 31, 2024. Anchin's resignation follows his new employment agreement with a multi-national investment firm that requires him to resign from all outside Board roles. During his 8-year tenure, Anchin contributed to Genasys' transformation from solely focusing on LRADs to developing a SaaS platform, acquiring four companies, and expanding its product offerings. Genasys CEO Richard Danforth praised Anchin's leadership and contributions. The company has engaged Egon Zehnder to identify suitable candidates to replace Anchin on the Board.
Genasys has received a $2.7 million order from the U.S. Navy for its LRAD 1000Xi maritime systems, a part of the Navy’s ongoing efforts to replace first-generation LRADs. This new system offers enhanced over-the-water communication and self-protection capabilities, allowing operators to identify threats and escalate force as necessary. The LRAD 1000Xi is designed for reliable operation in extreme conditions and can broadcast clear messages up to 3,000 meters. Genasys' systems are also utilized by over 31 international navies and coast guards for various maritime missions.
Genasys (NASDAQ: GNSS) has announced the expansion of its Board of Directors, adding Bill Dodd, a retiring California State Senator, and Craig Fugate, former FEMA Administrator. Senator Dodd brings over 20 years of public sector experience, including roles in the California State Senate and various committees. He aims to leverage his emergency management knowledge to help Genasys grow its business. Craig Fugate, with extensive experience in emergency management, including leadership roles at FEMA and the Florida Division of Emergency Management, will contribute his expertise to Genasys' mission of improving communication and community safety. CEO Richard Danforth stated that the new additions will have an immediate impact on the company's business.
Genasys (NASDAQ: GNSS) announced a $15 million two-year senior secured term loan with an institutional investor specializing in government contracts. Proceeds will support working capital, general corporate purposes, and a project in Puerto Rico. The loan is secured by the company's assets and has a 2% original issue discount. Interest is payable quarterly at the three-month SOFR plus 5%, with an option to pay partly in shares at a higher rate. The loan, due May 13, 2026, is prepayable at 101% of par in the first year and par thereafter. Genasys also issued approximately 3.1 million five-year warrants at $2.53 per share. ROTH Capital Partners was the placement agent for this transaction.
Genasys Inc. (NASDAQ: GNSS), the leader in Protective Communications, announced its fiscal second quarter 2024 results ended March 31, 2024. The company reported revenue of $5.7 million, a significant decrease from $11.2 million in 2Q 2023. GAAP net loss widened to $6.9 million from $3.4 million the previous year. Software revenue grew by 104%, whereas hardware revenue fell by 61%. The Puerto Rico dam project was expanded to $75 million. Genasys also secured a $15 million two-year term loan and is optimistic about future projects, despite lower-than-expected hardware revenues for fiscal 2024.
FAQ
What is the current stock price of Genasys (GNSS)?
What is the market cap of Genasys (GNSS)?
What does Genasys Inc. specialize in?
What is the Genasys Protect platform?
What is LRAD?
How does Genasys generate its revenue?
What recent projects has Genasys been involved in?
Who are Genasys' main clients?
What is the significance of the recent loan agreement for Genasys?
How does Genasys contribute to public safety?
Where can I find more information about Genasys?
What are the applications of Genasys' protective communication solutions?
