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Senstar Technologies Corporation Reports First Quarter 2024 Financial Results
SNTMagal S3(SNT) Prnewswire·2024-06-13 20:05

Financial Performance - Revenue for Q1 2024 was 7.5million,a177.5 million, a 17% increase compared to 6.4 million in Q1 2023 [11][15] - Gross profit for Q1 2024 was 4.5million,representingagrossmarginof59.64.5 million, representing a gross margin of 59.6%, up from 55.7% in Q1 2023 [11][14][15] - Net loss for Q1 2024 was (0.7) million, or (0.03)pershare,comparedto(0.03) per share, compared to (1.9) million, or (0.08)pershare,inQ12023[11][14][17]−EBITDAforQ12024was0.08) per share, in Q1 2023 [11][14][17] - EBITDA for Q1 2024 was 114,000, a significant improvement from negative EBITDA of (1.4)millioninQ12023[8][14]BalanceSheetandCashPosition−Cashandcashequivalentsplusshort−termbankdepositstotaled1.4) million in Q1 2023 [8][14] Balance Sheet and Cash Position - Cash and cash equivalents plus short-term bank deposits totaled 15.8 million as of March 31, 2024, up from 14.9millionatDecember31,2023[14][18]−Totalcurrentassetswere14.9 million at December 31, 2023 [14][18] - Total current assets were 32.6 million as of March 31, 2024, compared to 34.3millionatDecember31,2023[4]−Totalliabilitiesdecreasedto34.3 million at December 31, 2023 [4] - Total liabilities decreased to 12.2 million as of March 31, 2024, from 13.1millionatDecember31,2023[2]OperationalHighlights−Operatingexpensesdecreasedby1513.1 million at December 31, 2023 [2] Operational Highlights - Operating expenses decreased by 15% to 4.6 million in Q1 2024 compared to 5.3millioninQ12023,drivenbycorporatestructurestreamliningandresourcerealignment[11][26]−Researchanddevelopmentexpensesdecreasedby65.3 million in Q1 2023, driven by corporate structure streamlining and resource realignment [11][26] - Research and development expenses decreased by 6% to 982,000 in Q1 2024, representing 13.1% of revenue, down from 16.1% in Q1 2023 [11] - Selling and marketing expenses decreased by 14% to $2.1 million in Q1 2024, representing 27.9% of revenue, down from 38.0% in Q1 2023 [11] Strategic Developments - The company completed its redomiciliation process to Canada and appointed a seasoned Canadian executive team [14][25] - Preparations for the launch of MultiSensor, a new AI-based intrusion detection system, are progressing according to schedule with anticipated sales beginning in fall 2024 [15] - The company is focusing on continuous improvement across key metrics for the remainder of 2024 [25]