Genasys Inc. (NASDAQ: GNSS), the global leader in protective
communications systems and solutions, today provided additional
information on the diverse need for Protective Communications in
both enterprise and the public safety sectors that is resulting in
an unprecedented growth in the Company’s sales pipeline.
Recent natural disasters in Hawaii, Libya, Morrocco, California,
Florida, and so many other places are accentuating the liability
and responsibility that safety officers and public officials bear
in the management of crises and emergencies. Genasys is proud to
provide its Genasys Protect platform, the most comprehensive
offering and modern toolset available to those charged with the
responsibility of protecting their employees and constituents.
“Only Genasys provides a complete suite of both hardware and
software solutions to enable safety managers and first responders
to protect their employees and constituents” said Richard Danforth,
Chief Executive Officer of Genasys Inc. “Since 2005, we have
supplied the DOD with more than 5,000 LRAD systems, becoming the
industry standard and since 2013, we have shipped and installed
more than 2,000 cloud operated, integrated acoustic mass
notification systems in Australia, Canada, Japan, Puerto Rico, and
United States. Now, with intelligent zone-based modeling, planning
and communication software, Genasys Protect expands Genasys’
portfolio to be the mission critical tool for both private and
public sector to prepare them for any ‘What If’ scenarios. Recent
events are actively proving that out. Just one month after the
devastation in Maui, three different states have engaged Genasys
for state-wide solutions, realizing that they ‘can’t be the next
Maui’.”
With fire season in the western United States and hurricane
season in the eastern and southern United States and natural
disasters occurring around the globe, public safety officials and
first responders need the best tools possible to communicate inter-
and intra-agency as well as with the public - having one common
operating picture and situational awareness from local authorities
in the hands of the public. Similarly man-made events are seemingly
omnipresent, elevating the responsibility of enterprises to not
only be aware of potential threats but to actively plan for the
unexpected and the unavoidable. By adopting the Genasys Protect
platform, public and private sector can be on one common network to
share event data and join forces in an emergency. Crises don’t have
boundaries and technology needs to extend and scale to provide
reliable communication during emergencies or non-emergencies.
In August 2023, Genasys officially launched the Genasys Protect
platform. However, several months prior, several Genasys customers
had acquired access to the full suite of software and hardware
solutions to provide redundancy in their emergency communications.
The result is that just one month post official launch, Genasys has
a pipeline of hardware business that is three times the size it was
a year prior. Moreover, the Genasys Protect pipeline of deals has
grown 156% year over year.
As the opportunities continue to mount, various factors have led
to 2023 hardware bookings being difficult to time and close. As we
discussed on the August conference call, there has been more than
$20 million of expected hardware bookings that moved from 2023 to
2024. Since then, additional bookings that have already been won
have shifted out of the current month/quarter. Just recently, an
order that is fully funded with US Foreign Military Sales (FMS)
funds has been delayed yet again. While it is possible that Genasys
could book and ship this order by the end of this month, it is not
probable. In a typical year, Genasys sees roughly 15% of its
forecasted hardware pipeline shift. In fiscal 2023, it has been
over 40%. Importantly, Genasys believes that none of the orders
have been lost or cancelled, adding to the substantial increase in
identified pipeline.
As a result of these delays, the Company now expects full year
revenues to be 15% below the prior year and is reducing its
official outlook for fiscal fourth quarter 2023 revenues to be at
least $10 million, down from the prior outlook of just a 5% decline
from the prior quarter.
“While the hardware bookings delays throughout 2023 have been
beyond frustrating, the new bookings strength in our software
business combined with the robust hardware pipeline as a result of
our dominant global market position gives us confidence that 2024
will be a growth year for Genasys,” said Mr. Danforth. “Moreover,
we believe the combination of our Genasys Protect platform with our
unique and market leading acoustic devices will lead to
acceleration of our hardware revenues, beyond the 20% CAGR that we
have historically recognized.”
About Genasys Inc.Genasys Inc. (NASDAQ: GNSS)
is the global leader in Protective Communications Solutions and
Systems, designed around one premise: ensuring organizations and
public safety agencies are “Ready when it matters™.” The company
provides the Genasys Protect platform, the most comprehensive
portfolio of preparedness, response, and analytics software and
systems, as well as Genasys Long Range Acoustic Devices (LRAD®)
that deliver directed, audible voice messages with intelligible
vocal clarity from close range to 5,500 meters. Genasys serves
state and local governmental agencies, and education (SLED);
enterprise organizations in critical sectors such as oil and gas,
utilities, manufacturing, and automotive; and federal governments
and the military. Genasys Protective Communications Solutions have
diverse applications, including emergency warning and mass
notification for public safety, critical event management for
enterprise companies, de-escalation for defense and law
enforcement, and automated detection of real-time threats like
active shooters and severe weather. Today Genasys protects over 70
million people globally and is used in more than 100 countries,
including more than 500 cities, counties, and states in the U.S.
For more information, visit genasys.com.
Forward-Looking StatementsExcept 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. 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
epidemics or pandemics, geopolitical conflict, and other events
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, 2022. Genasys Inc.
disclaims any intent or obligation to update those forward-looking
statements, except as otherwise specifically stated.
###
Investor Relations Contact
Brian Alger, CFA
SVP, IR and Corporate Development
ir@genasys.com
(858) 676-0582
Media Contact:
Anya Nelson
Scratch Marketing + Media for Genasys Inc.
genasyspr@scratchmm.com
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