Allot Announces Fourth Quarter & Full Year 2023 Financial Results

Core Viewpoint - Allot Ltd. reported a challenging financial performance for Q4 and full-year 2023, with significant revenue declines and net losses, while emphasizing growth in its Security as a Service (SECaaS) segment. Financial Highlights - Q4 2023 revenues were $24.3 million, a decrease of 26.3$33.0 million in Q4 2022 [5] - Full-year 2023 revenues totaled $93.2 million, down 24.1$122.7 million in 2022 [7] - SECaaS revenues for Q4 were $3.2 million, up 41.5$10.6 million, an increase of 48.4% year-over-year [2] - Q4 GAAP net loss was $18.3 million, or$0.48 per share, compared to a net loss of $6.7 million, or$0.18 per share, in Q4 2022 [5][6] - Full-year 2023 GAAP net loss was $62.8 million, or$1.66 per share, compared to a net loss of $32.0 million, or$0.87 per share, in 2022 [8] Management Outlook - For 2024, management expects to achieve non-GAAP operating profit and free cash flow breakeven [3] - Continued double-digit growth in SECaaS revenues and Annual Recurring Revenue (ARR) is anticipated [3] Management Commentary - CEO Erez Antebi highlighted the significant challenges faced in 2023 due to macroeconomic conditions and service provider spending, while emphasizing efforts to align expenses with expected revenue levels [4] Performance Metrics - As of December 31, 2023, SECaaS ARR was $12.7 million [2] - Cash, short-term bank deposits, and investments totaled$54.9 million, down from $86.4 million as of December 31, 2022 [8]