Senstar Technologies Corporation

Core Insights - Senstar Technologies Corporation reported second quarter 2024 financial results, highlighting strong business momentum and the full launch of the Senstar MultiSensor product [1][2]. Financial Performance - Revenue for Q2 2024 was $8.3 million, a slight decrease of 1.6$8.4 million in Q2 2023 [2][3]. - Gross margin improved to 63.2%, up from 60.7% in the same quarter last year, attributed to product mix and price adjustments [2][3]. - Operating expenses decreased by 9.1% to $4.6 million from$5.0 million in Q2 2023, due to streamlining efforts [4]. - Net income rose to $493,000, or$0.02 per share, compared to $275,000, or$0.01 per share, in the prior year [6][17]. - EBITDA for Q2 2024 was $846,000, significantly higher than$290,000 in Q2 2023 [7][17]. Cash and Balance Sheet - Cash balance increased to $15.1 million as of June 30, 2024, with no debt reported [2][7]. - The company reported a reduction in inventory, enhancing working capital [2]. Business Development - The company experienced solid growth in its four key verticals, with a 5% increase in Q2 and a 14% increase year-to-date [2]. - The newly launched MultiSensor product is expected to be a critical growth driver, generating substantial market interest [2].