Genasys Inc Stock Price, News & Analysis

Genasys Inc. (NASDAQ: GNSS) reported fiscal Q3 2024 results, showing mixed performance. Revenue decreased to $7.2 million from $14.3 million in Q3 2023, with software revenue growing 120% but hardware revenue declining 62%. The company reported a GAAP net loss of $6.7 million or $0.15 per share, compared to a $1.4 million loss in Q3 2023. Despite the overall revenue decline, Genasys saw positive developments in its software business, with quarterly recurring revenue up 138% year-over-year and ARR reaching $7.6 million. The company received approval for a $75 million dam project with PREPA and expects significant revenue from this project in fiscal years 2025 and 2026. Genasys also highlighted progress in international sales and synergies between its software and hardware businesses.

Genasys Inc. (NASDAQ: GNSS), a global leader in Protective Communications, has announced the release of its fiscal third quarter 2024 financial results on August 6, 2024, after market close. The company will host a conference call at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time to discuss the results.

Investors can join the call via toll-free number (888) 390-3967 for U.S. & Canada or (862) 298-0702 for international callers. A webcast will also be available. Participants are advised to dial in 10 minutes before the start time. Questions for management can be submitted in advance to ir@genasys.com. A replay of the webcast will be accessible on the company's website approximately four hours after the presentation.

Genasys Inc. (NASDAQ: GNSS) announced that Punahou School in Honolulu, Hawaii, is replacing its outdoor sirens with Genasys ACOUSTICS systems. These systems provide highly audible voice messaging for emergency notifications, addressing various risks such as severe weather, civil disturbances, and active shooter threats. The ACOUSTICS systems offer:

- Clear voice messages over large distances and above background noise
- Remote activation for swift message dissemination
- Integration with existing infrastructure and notification software
- Support for multiple languages
- Continued operation during power and cellular network failures

Punahou School, with 3,700 students on a 76-acre campus, joins other notable institutions like UC Berkeley in adopting Genasys ACOUSTICS systems for enhanced campus safety.

Genasys Inc. (NASDAQ: GNSS), the global leader in Protective Communications, announced that LRAD and CONNECT synergies are driving demand from law enforcement and public safety agencies. These agencies are preparing for the return of students to campuses, national elections, and civil unrest. LRAD systems, used by over 550 U.S. police departments, provide clear communication in challenging environments. CONNECT facilitates secure, real-time information sharing for police officers and first responders.

Genasys is hosting a Law Enforcement Appreciation event at Fenway Park on August 9, 2024. The event will include public safety executive training on protest response, incident debriefing on the Francis Scott Key Bridge collapse, and communications training for police executives.

Genasys has reconstituted its Board of Directors, appointing Mark Culhane as the Chair of the Audit Committee. The board now includes five independent directors and CEO Richard Danforth. Culhane, who has over 30 years of executive finance experience, replaces Caltha Seymour, who resigned. He has held CFO positions in various companies, including Teradata and Lithium Technologies, and has served on multiple boards.

Chairman Rick Osgood and CEO Richard Danforth praised the new board composition, emphasizing its potential to enhance Genasys' financial consistency and performance. The board's diverse expertise is expected to aid in the company's growth, particularly in software sales and State, Local, and Education (SLED) markets.

Osgood highlighted the importance of the board's adjustments to maximize the benefits of recent changes and investments, aiming for lasting shareholder value improvement.

Genasys has announced a new order for its Long Range Acoustic Devices (LRAD) from Singapore Changi Airport, which has used LRAD since 2021 to prevent bird strikes. Bird strikes cause an estimated $1.2 billion in damage annually. With a recent surge in bird strikes at Malaysian airports, the Civil Aviation Authority of Malaysia has recommended the use of modern technologies, including LRAD. Genasys is also pursuing opportunities in other APAC and European airports. LRAD systems, which can be manually operated or integrated with remote command centers, are effective in deterring birds by broadcasting intense, directional sounds and predator calls.

Genasys, a leader in Protective Communications, has secured a new contract with Santa Barbara County for its EVAC system, enhancing emergency response and evacuation management. Santa Barbara joins 36 other California counties in deploying this zone-based solution, which accelerates decision-making, improves communication, and provides real-time notifications.

CEO Richard Danforth highlighted the system's importance, noting the 37 natural disasters Santa Barbara has faced in the past 20 years. The EVAC system aims to enhance public safety for the county's 440,000 residents and 7 million annual visitors by providing data-driven tools for emergency responders, replacing guesswork with intelligence during evacuations.

Genasys (NASDAQ: GNSS) announced an order for its LRAD 950NXT systems from Damen Schelde Naval Shipbuilding for the German Navy's F-126 frigates, marking the largest shipbuilding project in German Navy history. This order includes outfitting four frigates with the option for two more. The first shipment is set for September, with further deliveries in 2025 and 2026. The LRAD 950NXT, a leading maritime acoustic hailing device, provides long-range communication up to 3,000 meters and integrates with Thales Group’s Combat Management System. Genasys’ technology is widely used by the U.S. Navy and 31 international navies and coast guards, offering capabilities such as exclusion zone enforcement and anti-piracy operations.

Genasys (NASDAQ: GNSS) has secured $900K in new and follow-on defense orders from the Middle East, part of a larger $2.7M foreign military sales (FMS) contract. The orders involve deploying LRAD systems on shore installations and naval ships. CEO Richard S. Danforth highlighted the influx of delayed international orders and projected significant revenue growth driven by FMS orders, the Puerto Rico dams project, the CROWS Effectors program, and other LRAD and acoustics business initiatives. Genasys' proprietary technology enhances mission success through clear, long-range communication capabilities.