Senstar Technologies Corporation Reports Third Quarter 2024 Financial Results
Senstar Technologies (NASDAQ: SNT) reported strong Q3 2024 financial results with revenue growth of 8.2% to $9.7 million, compared to $9.0 million in Q3 2023. The company achieved significant improvements in profitability, with gross margin expanding to 68.0% from 56.5% year-over-year. Operating expenses decreased by 3.6% to $4.8 million, leading to a net income of $1.3 million compared to a net loss of $122,000 in the prior year. EBITDA improved to $2.0 million from $322,000, while cash position strengthened to $19.5 million with no debt.
Senstar Technologies (NASDAQ: SNT) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con una crescita del fatturato dell'8,2% a 9,7 milioni di dollari, rispetto ai 9,0 milioni di dollari nel terzo trimestre del 2023. L'azienda ha raggiunto notevoli miglioramenti nella redditività, con un margine lordo che è passato al 68,0% dal 56,5% rispetto all'anno precedente. Le spese operative sono diminuite del 3,6% a 4,8 milioni di dollari, portando a un utile netto di 1,3 milioni di dollari rispetto a una perdita netta di 122.000 dollari nell'anno precedente. L'EBITDA è migliorato a 2,0 milioni di dollari rispetto a 322.000 dollari, mentre la posizione di liquidità è migliorata a 19,5 milioni di dollari senza debiti.
Senstar Technologies (NASDAQ: SNT) reportó resultados financieros sólidos para el tercer trimestre de 2024, con un crecimiento de ingresos del 8,2% a 9,7 millones de dólares, en comparación con 9,0 millones de dólares en el tercer trimestre de 2023. La compañía logró mejoras significativas en la rentabilidad, con un margen bruto que se expandió al 68,0% desde el 56,5% año tras año. Los gastos operativos disminuyeron en un 3,6% a 4,8 millones de dólares, lo que resultó en un ingreso neto de 1,3 millones de dólares en comparación con una pérdida neta de 122.000 dólares en el año anterior. El EBITDA mejoró a 2,0 millones de dólares desde 322.000 dólares, mientras que la posición de efectivo se fortaleció a 19,5 millones de dólares sin deudas.
센스타 테크놀로지스 (NASDAQ: SNT)는 2024년 3분기 재무 결과가 강력하며 수익이 8.2% 증가하여 970만 달러에 달했다고 보고했습니다. 이는 2023년 3분기의 900만 달러에 비해 증가한 수치입니다. 회사는 총 이익률이 56.5%에서 68.0%로 증가하는 등 수익성에서 상당한 개선을 이루었습니다. 운영 비용은 3.6% 감소하여 480만 달러에 달했으며, 순이익이 130만 달러로 증가한 반면, 작년에는 122,000 달러의 순손실을 기록했습니다. EBITDA는 322,000 달러에서 200만 달러로 개선되었고, 현금은 1950만 달러로 늘어났으며 부채는 없습니다.
Senstar Technologies (NASDAQ: SNT) a rapporté de solides résultats financiers pour le troisième trimestre de 2024, avec une croissance des revenus de 8,2% à 9,7 millions de dollars, contre 9,0 millions de dollars au troisième trimestre 2023. L'entreprise a réalisé des améliorations significatives de la rentabilité, avec une marge brute passant de 56,5% à 68,0% d'une année sur l'autre. Les dépenses d'exploitation ont diminué de 3,6% pour atteindre 4,8 millions de dollars, entraînant un revenu net de 1,3 million de dollars par rapport à une perte nette de 122 000 dollars l'année précédente. L'EBITDA a progressé à 2,0 millions de dollars contre 322 000 dollars, tandis que la position de trésorerie s'est renforcée à 19,5 millions de dollars sans dettes.
Senstar Technologies (NASDAQ: SNT) hat für das dritte Quartal 2024 solide finanzielle Ergebnisse berichtet, mit einem Umsatzwachstum von 8,2% auf 9,7 Millionen Dollar im Vergleich zu 9,0 Millionen Dollar im dritten Quartal 2023. Das Unternehmen erzielte signifikante Verbesserungen in der Rentabilität, mit einer Bruttomarge, die von 56,5% auf 68,0% im Jahresvergleich anstieg. Die Betriebskosten gingen um 3,6% auf 4,8 Millionen Dollar zurück, was zu einem Nettogewinn von 1,3 Millionen Dollar im Vergleich zu einem Nettverlust von 122.000 Dollar im Vorjahr führte. Der EBITDA verbesserte sich auf 2,0 Millionen Dollar von 322.000 Dollar, während die Liquiditätsposition auf 19,5 Millionen Dollar ohne Schulden gestärkt wurde.
- Revenue increased 8.2% to $9.7 million
- Gross margin expanded significantly to 68.0% from 56.5%
- Operating expenses reduced by 3.6% to $4.8 million
- Net income improved to $1.3 million from a loss of $122,000
- EBITDA increased to $2.0 million from $322,000
- Cash position strengthened to $19.5 million with no debt
- None.
Insights
The Q3 2024 results demonstrate significant operational improvements and financial strength. Revenue increased by
Most impressive is the turnaround in profitability, with net income reaching
Growth in strategic sectors like data centers and solar farms, combined with improved margins from product mix and pricing strategies, suggests sustainable momentum. The company's focus on high-margin opportunities and operational efficiency positions it well for continued growth.
Revenue growth of
Business momentum remains strong; Senstar MultiSensor fully launched for sale
Continued focus on optimizing working capital and delivering positive cash from operations
Third Quarter 2024 Summary:
(Results for the three months ended September 30, 2024 compared to the three months ended September 30, 2023.)
- Revenue of
with gross margin of$9.7 million 68.0% compared to revenue of with gross margin of$9.0 million 56.5% - Operating expenses declined
3.6% to compared to$4.8 million $4.9 million - Net income of
compared to a net loss of ($1.3 million )$122,000 - EBITDA of
compared to$2.0 million $322,000 - Cash balance of
, with no debt, as of September 30, 2024$19.4 million
Mr. Fabien Haubert, CEO of Senstar Technologies, stated, "Our growth in key verticals reflects a strategic focus on high-potential sectors and the effectiveness of our tailored solutions. In the third quarter, we achieved double-digit growth in our largest regions—the
Mr. Haubert continued, "We are seeing accelerated growth in specific applications like data centers, solar farms and airport facilities. These sectors, which require high levels of security and reliability, are responding well to our MultiSensor technology and other solutions optimized for complex, high-demand environments. Our expansion into these areas extends our market reach and strengthens our ability to meet the evolving needs of the infrastructure sector."
Third Quarter 2024 Financial Results Summary
Revenue for the third quarter of 2024 was
Operating expenses were
Operating income for the third quarter of 2024 was
Financial income was
Net income in the third quarter of 2024 was
EBITDA for the third quarter of 2024 was
Cash, cash equivalents and short term bank deposits as of September 30, 2024 were
About our Non-GAAP Financial Information
The Company reports financial results in accordance with
Earnings Conference Call Information:
The Company will host a conference call later today, November 12, 2024. The call will begin promptly at 5 p.m. Eastern Time, 10 p.m.
Participant Dial-in Numbers:
Toll Free: 1-877-407-9716
Toll/International: 1-201-493-6779
The conference call will also be available via a live webcast at https://viavid.webcasts.com/starthere.jsp?ei=1694516&tp_key=d864cd5e09.
Replay Dial-in Numbers:
Toll Free: 1-844-512-2921
Toll/International: 1-412-317-6671
Replay Pin Number: 13749786
A replay of the call will be available on Tuesday, November 12, 2024, after 7:00 p.m. Eastern time through Tuesday, November 26, 2024, at 11:59 p.m. Eastern time, and available on the Senstar Technologies website at https://senstar.com/investors/investor-events/.
About Senstar Technologies Corporation
With innovative perimeter intrusion detection systems (including fence sensors, buried sensors, and above ground sensors), intelligent video-management, video analytics, and access control, Senstar offers a comprehensive suite of proven, integrated solutions that reduce complexity, improve performance, and unify support. For 40 years, Senstar has been safeguarding people, places, and property for organizations around the world, with a special focus on utilities, logistics, correction facilities and energy markets.
Cautionary Statement Regarding Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (
For more information: IR Contact: |
Alicia Kelly, Kim Rogers, |
Chief Financial Officer Managing Director |
+1-541-904-5075 |
-- Tables follow –
SENSTAR TECHNOLOGIES CORPORATION | |||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
(All numbers except EPS expressed in thousands of US$) | |||||||||||
Three Months | Nine Months | ||||||||||
Ended September 30, | Ended September 30, | ||||||||||
2024 | 2023 | % | 2024 | 2023 | % | ||||||
change | change | ||||||||||
Revenue | 9,701 | 8,969 | 8 | 25,518 | 23,855 | 7 | |||||
Cost of revenue | 3,109 | 3,898 | (20) | 9,200 | 10,067 | (9) | |||||
Gross profit | 6,592 | 5,071 | 30 | 16,318 | 13,788 | 18 | |||||
Operating expenses: | |||||||||||
Research and development, net | 1,300 | 1,034 | 26 | 3,342 | 3,109 | 8 | |||||
Selling and marketing | 2,041 | 2,404 | (15) | 6,393 | 7,475 | (14) | |||||
General and administrative | 1,427 | 1,510 | (5) | 4,166 | 4,731 | (12) | |||||
Total operating expenses | 4,768 | 4,948 | (4) | 13,901 | 15,315 | (9) | |||||
Operating income (loss) | 1,824 | 123 | 2,417 | (1,527) | |||||||
Financial income (expenses), net | 111 | (64) | 268 | (98) | |||||||
Income (loss) before income taxes | 1,935 | 59 | 2,685 | (1,625) | |||||||
Taxes on income (tax benefits) | 650 | 181 | 1,653 | 97 | |||||||
Net income (loss) attributable to Senstar's shareholders | 1,285 | (122) | 1,032 | (1,722) | |||||||
Basic and diluted net income (loss) per share | ( | ( | |||||||||
Weighted average number of shares used in computing | 23,309,987 | 23,309,987 | 23,309,987 | 23,309,987 | |||||||
SENSTAR TECHNOLOGIES CORPORATION | ||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||
(All numbers except EPS expressed in thousands of US$) | ||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||
2024 | 2023 | 2024 | 2023 | |||
% | % | % | % | |||
Gross margin | 68.0 | 56.5 | 63.9 | 57.8 | ||
Research and development, net as a % of revenues | 13.4 | 11.5 | 13.1 | 13.0 | ||
Selling and marketing as a % of revenues | 21.0 | 26.8 | 25.1 | 31.3 | ||
General and administrative as a % of revenues | 14.7 | 16.8 | 16.3 | 19.8 | ||
Operating margin | 18.8 | 1.4 | 9.5 | - | ||
Net margin | 13.2 | - | 4.0 | - |
SENSTAR TECHNOLOGIES CORPORATION | ||||||||
RECONCILIATION OF EBITDA TO NET INCOME (LOSS) | ||||||||
(All numbers expressed in thousands of US$) | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
GAAP income (loss) | 1,285 | (122) | 1,032 | (1,722) | ||||
Less: | ||||||||
Financial income (expenses), net | 111 | (64) | 268 | (98) | ||||
Taxes on income (tax benefits) | 650 | 181 | 1,653 | 97 | ||||
Depreciation and amortization | (185) | (199) | (552) | (729) | ||||
EBITDA | 2,009 | 322 | 2,969 | (798) |
SENSTAR TECHNOLOGIES CORPORATION | ||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||
(All numbers expressed in thousands of US$) | ||||
September 30, | December 31, | |||
2024 | 2023 | |||
CURRENT ASSETS: | ||||
Cash and cash equivalents | ||||
Short-term bank deposits | 118 | 116 | ||
Restricted cash and deposits | 6 | 6 | ||
Trade receivables, net | 9,354 | 9,545 | ||
Unbilled accounts receivable | 276 | 240 | ||
Other accounts receivable and prepaid expenses | 1,819 | 2,448 | ||
Inventories | 4,881 | 7,178 | ||
Total current assets | 35,837 | 34,339 | ||
LONG TERM ASSETS: | ||||
Deferred tax assets | 1,261 | 1,525 | ||
Operating lease right-of-use assets | 606 | 842 | ||
Total long-term assets | 1,867 | 2,367 | ||
PROPERTY AND EQUIPMENT, NET | 1,481 | 1,589 | ||
INTANGIBLE ASSETS, NET | 589 | 881 | ||
GOODWILL | 10,922 | 11,090 | ||
TOTAL ASSETS |
SENSTAR TECHNOLOGIES CORPORATION | ||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||
(All numbers expressed in thousands of US$) | ||||
September 30, | December 31, | |||
2024 | 2023 | |||
CURRENT LIABILITIES: | ||||
Trade payables | ||||
Customer advances | 174 | 187 | ||
Deferred revenues | 2,466 | 2,878 | ||
Other accounts payable and accrued expenses | 5,916 | 5,052 | ||
Short-term operating lease liabilities | 261 | 297 | ||
Total current liabilities | 10,339 | 10,064 | ||
LONG-TERM LIABILITIES: | ||||
Deferred revenues | 1,170 | 1,415 | ||
Deferred tax liabilities | 608 | 606 | ||
Accrued severance pay | 290 | 296 | ||
Long-term operating lease liabilities | 378 | 580 | ||
Other long-term liabilities | 84 | 113 | ||
Total long-term liabilities | 2,530 | 3,010 | ||
TOTAL SHAREHOLDERS' EQUITY | 37,827 | 37,192 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
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SOURCE Senstar Technologies Corporation
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