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Genasys Inc. provides Protective Communications software and hardware for public safety, enterprise and defense uses. News about GNSS commonly covers Genasys Protect deployments, emergency alerting and evacuation management contracts, Acoustics outdoor warning systems, and Long Range Acoustic Device (LRAD) orders for maritime and security applications.
Recurring updates also include fiscal results and conference calls, customer orders from municipalities, counties, fire districts and defense organizations, and governance changes involving the board and audit oversight. The company's Protect Platform includes Genasys Protect and Genasys Evertel, while its hardware portfolio includes LRAD systems used for long-range critical communications.
Genasys (NASDAQ: GNSS) announced the resignation of Scott Anchin, a member of its Board of Directors and Audit Committee Chair, effective May 31, 2024. Anchin's resignation follows his new employment agreement with a multi-national investment firm that requires him to resign from all outside Board roles. During his 8-year tenure, Anchin contributed to Genasys' transformation from solely focusing on LRADs to developing a SaaS platform, acquiring four companies, and expanding its product offerings. Genasys CEO Richard Danforth praised Anchin's leadership and contributions. The company has engaged Egon Zehnder to identify suitable candidates to replace Anchin on the Board.
Genasys has received a $2.7 million order from the U.S. Navy for its LRAD 1000Xi maritime systems, a part of the Navy’s ongoing efforts to replace first-generation LRADs. This new system offers enhanced over-the-water communication and self-protection capabilities, allowing operators to identify threats and escalate force as necessary. The LRAD 1000Xi is designed for reliable operation in extreme conditions and can broadcast clear messages up to 3,000 meters. Genasys' systems are also utilized by over 31 international navies and coast guards for various maritime missions.
Genasys (NASDAQ: GNSS) has announced the expansion of its Board of Directors, adding Bill Dodd, a retiring California State Senator, and Craig Fugate, former FEMA Administrator. Senator Dodd brings over 20 years of public sector experience, including roles in the California State Senate and various committees. He aims to leverage his emergency management knowledge to help Genasys grow its business. Craig Fugate, with extensive experience in emergency management, including leadership roles at FEMA and the Florida Division of Emergency Management, will contribute his expertise to Genasys' mission of improving communication and community safety. CEO Richard Danforth stated that the new additions will have an immediate impact on the company's business.
Genasys (NASDAQ: GNSS) announced a $15 million two-year senior secured term loan with an institutional investor specializing in government contracts. Proceeds will support working capital, general corporate purposes, and a project in Puerto Rico. The loan is secured by the company's assets and has a 2% original issue discount. Interest is payable quarterly at the three-month SOFR plus 5%, with an option to pay partly in shares at a higher rate. The loan, due May 13, 2026, is prepayable at 101% of par in the first year and par thereafter. Genasys also issued approximately 3.1 million five-year warrants at $2.53 per share. ROTH Capital Partners was the placement agent for this transaction.
Genasys Inc. (NASDAQ: GNSS), the leader in Protective Communications, announced its fiscal second quarter 2024 results ended March 31, 2024. The company reported revenue of $5.7 million, a significant decrease from $11.2 million in 2Q 2023. GAAP net loss widened to $6.9 million from $3.4 million the previous year. Software revenue grew by 104%, whereas hardware revenue fell by 61%. The Puerto Rico dam project was expanded to $75 million. Genasys also secured a $15 million two-year term loan and is optimistic about future projects, despite lower-than-expected hardware revenues for fiscal 2024.
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