HOD HASHARON, Israel ,
Jan. 11,
2024 /PRNewswire/ -- Allot Ltd. (NASDAQ: ALLT),
(TASE: ALLT), a leading global provider of innovative network
intelligence and security solutions for service providers and
enterprises worldwide, today announced preliminary unaudited
financial results for the year ended December 31, 2023.
Allot expects revenues, SECaaS revenues, and Total ARR to
be within the guidance range the company provided on November 16, 2023.
As of December 31, 2023, cash,
bank deposits, and marketable securities totaled approximately
$55 million, also within the guidance
range previously provided.
Allot expects to recognize an increase of approximately
$9 million in allowance for credit
losses, most of which relates to receivables from DISH Purchasing
Corporation (DISH), a customer in the
United States. Allot received a notice from DISH alleging
that the software provided to it by Allot failed to meet certain
specifications as required in the contract. DISH is demanding that
Allot rectify this default and provide compliant software and
related support services.
Allot believes that DISH, who is currently delinquent in making
certain due payments to Allot, raises allegations that are without
merit and that there is no basis for DISH's demands as Allot
believes it provided compliant software and related support
services to DISH in a timely manner. Importantly, the software and
related support services were duly accepted by DISH in writing as
required under the contract. Allot will vigorously pursue its
rights to obtain full payment of all amounts due in accordance with
the contract.
The Company's expectations as to its results of operation are
preliminary and subject to the completion of the Company's
financial close process and the completion of its annual audit.
The company plans to publish its fourth quarter and full year
2023 unaudited results on Thursday, February
15, 2024, and host a conference call to discuss those
results on that day at 8:30 AM ET
(1:30 PM UK, 3:30 PM Israel). The unaudited financial results
of the quarter will be published prior to the commencement of the
conference call.
To access the conference call, please dial one of the following
numbers: US: 1-888-642-5032, UK: 0-800-917-5108, Israel: +972-3-918-0610. A live webcast of the
conference call can be accessed on the Allot website at
http://investors.allot.com/. The webcast will also be archived on
the website following the conference call.
About Allot
Allot Ltd. (NASDAQ: ALLT) (TASE: ALLT) is a provider of leading
innovative network intelligence and security solutions for service
providers and enterprises worldwide, enhancing value to their
customers. Our solutions are deployed globally for network and
application analytics, traffic control and shaping, network-based
security services, and more. Allot's multi-service platforms are
deployed by over 500 mobile, fixed and cloud service providers and
over 1,000 enterprises. Our industry-leading network-based security
as a service solution is already used by many millions of
subscribers globally. Allot. See. Control. Secure.
For more information, visit www.allot.com.
Performance Metrics
* Total ARR - Support & Maintenance ARR (measures the
current annual run rate of support & maintenance revenues,
which is calculated based on the expected revenues for the fourth
quarter of 2023, excluding one-time items, and multiplied by 4) and
SECaaS ARR (measures the current annual run rate of SECaaS
revenues, which is calculated based on estimated revenues for the
month of Dec. 2023 and multiplied by
12).
Safe Harbor Statement
This release contains forward-looking statements, which express
the current beliefs and expectations of Company management. Such
statements involve a number of known and unknown risks and
uncertainties that could cause our future results, performance or
achievements to differ significantly from the results, performance
or achievements set forth in such forward-looking statements.
Important factors that could cause or contribute to such
differences include risks relating to: our accounts receivables,
including our ability to collect outstanding accounts and assess
their collectability on a quarterly basis; our ability to meet
expectations with respect to our financial guidance and outlook;
our ability to compete successfully with other companies offering
competing technologies; the loss of one or more significant
customers; consolidation of, and strategic alliances by, our
competitors; government regulation; the timing of completion of key
project milestones which impact the timing of our revenue
recognition; lower demand for key value-added services; our ability
to keep pace with advances in technology and to add new features
and value-added services; managing lengthy sales cycles;
operational risks associated with large projects; our dependence on
fourth party channel partners for a material portion of our
revenues; and other factors discussed under the heading "Risk
Factors" in the Company's annual report on Form 20-F filed with the
Securities and Exchange Commission. Forward-looking statements in
this release are made pursuant to the safe harbor provisions
contained in the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are made only as of the date
hereof, and the company undertakes no obligation to update or
revise the forward-looking statements, whether as a result of new
information, future events or otherwise.
Investor Relations contact:
EK Global Investor Relations
Ehud Helft
+1 212 378 8040
allot@ekgir.com
Public Relations contact:
Seth Greenberg, Allot Ltd.
+972 54 922 2294
sgreenberg@allot.com
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SOURCE Allot Ltd.
