Workflow
Senstar Technologies Corporation Reports Third Quarter 2024 Financial Results
SNTMagal S3(SNT) Prnewswire·2024-11-12 12:00

Core Insights - Senstar Technologies Corporation reported an 8% revenue growth for the third quarter of 2024, reaching 9.7millioncomparedto9.7 million compared to 9.0 million in the same period last year [2][3] - The company achieved a gross margin of 68.0%, up from 56.5% year-over-year, primarily due to product mix and price increases [3] - Operating expenses decreased by 3.6% to 4.8million,contributingtoasignificantimprovementinoperatingincomeandnetincome[4][5][6]FinancialPerformance−RevenueforQ32024was4.8 million, contributing to a significant improvement in operating income and net income [4][5][6] Financial Performance - Revenue for Q3 2024 was 9.7 million, an increase of 8.2% from 9.0millioninQ32023[3]−Grossprofitwas9.0 million in Q3 2023 [3] - Gross profit was 6.6 million, representing a gross margin of 68.0%, compared to 5.1millionandagrossmarginof56.55.1 million and a gross margin of 56.5% in the prior year [3] - Operating income rose to 1.8 million from 123,000inthepreviousyear,drivenbyhighergrossprofitandloweroperatingexpenses[5]−NetincomeforQ32024was123,000 in the previous year, driven by higher gross profit and lower operating expenses [5] - Net income for Q3 2024 was 1.3 million, or 0.06pershare,comparedtoanetlossof0.06 per share, compared to a net loss of 122,000, or (0.01)pershare,inQ32023[6]OperationalHighlights−Thecompanyemphasizeditsstrategicfocusonhigh−potentialsectors,achievingdouble−digitgrowthinkeyregionssuchastheU.S.andEMEA[2]−Specificapplicationslikedatacenters,solarfarms,andairportfacilitiesareexperiencingacceleratedgrowth,benefitingfromSenstar′sMultiSensortechnology[2]−ThecashbalanceasofSeptember30,2024,was0.01) per share, in Q3 2023 [6] Operational Highlights - The company emphasized its strategic focus on high-potential sectors, achieving double-digit growth in key regions such as the U.S. and EMEA [2] - Specific applications like data centers, solar farms, and airport facilities are experiencing accelerated growth, benefiting from Senstar's MultiSensor technology [2] - The cash balance as of September 30, 2024, was 19.4 million, with no debt, indicating a strong liquidity position [6]