Senstar Technologies Reports Fourth Quarter and Full Year 2022 Financial Results
Senstar Technologies (NASDAQ: SNT) reported its financial results for the year and fourth quarter ended December 31, 2022, highlighting a 10% increase in Q4 revenue to
- 10% increase in Q4 revenue to $9.9 million.
- Full-year revenue growth of 1.8% to $35.6 million.
- Net income rose to $4.0 million from a net loss of $(2.2) million.
- Operating income increased by over 37% to $1.5 million.
- Cash and short-term deposits at $15.0 million with zero debt.
- Gross margin decreased to 57% from 58% in Q4 2021.
- Annual gross margin declined to 60.5% from 63%.
Full Year 2022 Business Highlights:
(Full year 2022 results for the twelve months ended
- Revenue grew to
versus$35.6 million , with gross margin of$34.9 million 61% compared to63% . - Operating expense reduced by
4% for an operating income increase of over37% to versus$1.5 million .$1.1 million - Net income from continuing operations increased to
, up from a net loss from continuing operations of$4.0 million .$(2.2) million - EBITDA from continuing operations grew
13% to , compared with$2.9 million .$2.6 million - Cash and short term bank deposits of
, or$15.0 million per share, and zero debt as of$0.65 December 31, 2022 . - Launched award-winning Symphony Sensor Fusion Engine, a breakthrough technology that synthesizes data from separate systems to generate actionable information.
- Awarded two significant contracts in the energy sector in the
USA andCanada for a combined value of over to reinforce the security of several major strategic sites.$2 million
Fourth Quarter 2022 Business Highlights:
(Fourth quarter 2022 results for the three months ended
- Revenue increased by
10% to with gross margin of$9.9 million 57% versus with gross margin of$9 million 58% . - Operating expense reduced by
28% , delivering operating income of versus an operating loss of$0.9 million ( in the fourth quarter of 2021.$1.2) million - Net income from continuing operations rose to
, up from a net loss from continuing operations of$3.5 million ( .$2.2) million - EBITDA from continuing operations increased to
from an EBITDA loss of$1.2 million ( .$0.7) million
Mr.
Sharon concluded, "
Full Year 2022 Financial Results Summary
Revenue for 2022 was
Gross profit was
Operating expenses were
Operating income for 2022 was
Financial income was
Income from continuing operations was
Net income in 2022 was
EBITDA from continuing operations for 2022 was
Fourth Quarter 2022 Financial Results Summary
Revenue for the fourth quarter of 2022 was
Operating expenses were
Operating income for the fourth quarter of 2022 was
Financial income was
Income from continuing operations was
Net income in the fourth quarter of 2022 was
EBITDA from continuing operations for the fourth quarter of 2022 was
Cash and cash equivalents and short term bank deposits of
Earnings Conference Call Information:
The Company will host a conference call later today,
Toll Free: 1-877-407-9716
Toll/International: 1-201-493-6779
The conference call will also be available via a live webcast at https://viavid.webcasts.com/starthere.jsp?ei=1608608&tp_key=31d5c8dca8.
A replay link of the call will be available at https://senstartechnologies.com/ on
Toll Free: 1-844-512-2921
Toll/International: 1-412-317-6671
Replay Pin Number: 13737922
About
With innovative perimeter intrusion detection systems (including fence sensors , buried sensors , and above ground sensors ), intelligent video-management , video analytics , and access control , Senstar offers a comprehensive suite of proven, integrated solutions that reduce complexity, improve performance and unify support. For 40 years, Senstar has been safeguarding people, places and property for organizations around the world, with a special focus in utilities , logistics , correction facilities, and energy markets.
For more information, visit the Company's website at www.senstartechnologies.com.
Use of Non-GAAP Financial Information
The Company reports financial results in accordance with
Forward Looking Statements
This press release contains forward-looking statements, which are subject to risks and uncertainties. Such statements are based on assumptions and expectations which may not be realized and are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial and otherwise, may differ from the results discussed in the forward-looking statements. A number of these risks and other factors that might cause differences, some of which could be material, along with additional discussion of forward-looking statements, are set forth in the Company's Annual Report on Form 20-F filed with the
For more information:
Chief Financial Officer
Tel: +972-74-794-5200 | IR Contact: Managing Partner Hayden IR +1 541-904-5075 Kim@HaydenIR |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (All numbers except EPS expressed in thousands of US$)
|
Three Months Ended |
Full Year Ended | |||||||||
2022 | 2021 | % change | 2022 | 2021 | % change
| ||||||
Revenue | 9,910 | 9,011 | 10 | 35,558 | 34,916 | 2 | |||||
Cost of revenue | 4,300 | 3,774 | 14 | 14,056 | 12,935 | 9 | |||||
Gross profit | 5,610 | 5,237 | 7 | 21,502 | 21,981 | (2) | |||||
Operating expenses: | |||||||||||
Research and development, net | 817 | 1,136 | (28) | 4,032 | 3,933 | 3 | |||||
Selling and marketing | 2,337 | 3,065 | (24) | 9,008 | 9,998 | (10) | |||||
General and administrative | 1,539 | 2,279 | (32) | 6,978 | 6,969 | - | |||||
Total operating expenses | 4,693 | 6,480 | (28) | 20,018 | 20,900 | (4) | |||||
Operating income (loss) | 917 | (1,243) | 1,484 | 1,081 | |||||||
Financial income (expenses), net | 277 | (392) | 141 | (1,011) | |||||||
Income (loss) before income taxes | 1,194 | (1,635) | 1,625 | 70 | |||||||
Taxes on income (tax benefits) | (2,257) | 537 | (2,404) | 2,261 | |||||||
Income (loss) from continuing operations | 3,451 | (2,172) | 4,029 | (2,191) | |||||||
Income (loss) from discontinued operations, net | - | (1,009) | (198) | 8,607 | |||||||
Net income (loss) | 3,451 | (3,181) | 3,831 | 6,416 | |||||||
Income (loss) attributable to redeemable non-controlling interests and non-controlling interests | - | (1) | - | (1) | |||||||
Net income (loss) attributable to | 3,451 | (3,180) | 3,831 | 6,417 | |||||||
Basic and diluted net income (loss) per share from continuing operations | ( | ( | |||||||||
Basic and diluted net income (loss) per share from discontinued operations, net | - | ( | ( | ||||||||
Basic and diluted net income (loss) per share | ( | ||||||||||
Weighted average number of shares used in computing basic net income (loss) per share | 23,309,987 | 23,286,288 | 23,308,001 | 23,208,589 | |||||||
Weighted average number of shares used in computing diluted net income (loss) per share | 23,309,987 | 23,286,288 | 23,309,976 | 23,208,589 | |||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (All numbers except EPS expressed in thousands of US$)
| |||||||||
Three Months Ended | Full Year Ended | ||||||||
2022 % | 2021 % | 2022 % | 2021 % | ||||||
Gross margin | 56.6 | 58.1 | 60.5 | 63.0 | |||||
Research and development, net as a % of revenues | 8.2 | 12.6 | 11.3 | 11.3 | |||||
Selling and marketing as a % of revenues | 23.6 | 34.0 | 25.3 | 28.6 | |||||
General and administrative as a % of revenues | 15.5 | 25.3 | 19.6 | 20.0 | |||||
Operating margin | 9.3 | - | 4.2 | 3.1 | |||||
Net margin from continuing operations | 34.8 | - | 11.3 | - |
RECONCILIATION OF EBITDA FROM CONTINUING OPERATION TO INCOME (LOSS) FROM CONTINUING OPERATION (All numbers expressed in thousands of US$)
|
Three Months Ended |
Full Year Ended | ||||||
2022 | 2021 | 2022 | 2021 | |||||
GAAP income (loss) from continuing operations | 3,451 | (2,172) | 4,029 | (2,191) | ||||
Less: | ||||||||
Financial income (expenses), net | 277 | (392) | 141 | (1,011) | ||||
Taxes on income (tax benefits) | (2,257) | 537 | (2,404) | 2,261 | ||||
Depreciation and amortization | (325) | (514) | (1,430) | (1,492) | ||||
EBITDA from continuing operations | 1,242 | (729) | 2,914 | 2,573 |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All numbers expressed in thousands of US$)
2022 | 2021 | ||
CURRENT ASSETS: | |||
Cash and cash equivalents | |||
Short-term bank deposits | 110 | - | |
Restricted cash and deposits | 5 | 6 | |
Trade receivables, net | 9,973 | 7,723 | |
Unbilled accounts receivable | 350 | 26 | |
Other accounts receivable and prepaid expenses | 1,441 | 2,010 | |
Inventories | 8,443 | 5,751 | |
Total current assets | 35,259 | 41,913 | |
Long term ASSETS: | |||
Deferred tax assets | 1,981 | 502 | |
Operating lease right-of-use assets | 987 | 1,228 | |
Total long-term assets | 2,968 | 1,730 | |
PROPERTY AND EQUIPMENT, NET | 1,651 | 2,109 | |
INTANGIBLE ASSETS, NET | 1,142 | 2,186 | |
10,866 | 11,449 | ||
Total assets |
|
|
| ||
2022 | 2021 | |||
CURRENT LIABILITIES: | ||||
Trade payables | ||||
Customer advances | 239 | 390 | ||
Deferred revenues | 2,866 | 2,704 | ||
Other accounts payable and accrued expenses | 4,749 | 13,203 | ||
Short-term operating lease liabilities | 248 | 276 | ||
Total current liabilities | 10,510 | 19,283 | ||
LONG-TERM LIABILITIES: | ||||
Deferred revenues | 1,463 | 1,690 | ||
Deferred tax liabilities | 865 | 899 | ||
Accrued severance pay | 330 | 523 | ||
Long-term operating lease liabilities | 757 | 969 | ||
Other long-term liabilities | 274 | 266 | ||
Total long-term liabilities | 3,689 | 4,347 | ||
SHAREHOLDERS' EQUITY | ||||
Share Capital: Ordinary shares of | ||||
Authorized: 39,748,000 shares at | 6,799 | 6,796 | ||
Additional paid-in capital | 30,503 | 30,394 | ||
Accumulated other comprehensive loss | (758) | 1,222 | ||
Foreign currency translation adjustments (stand-alone financial statements) | 9,654 | 9,687 | ||
Accumulated deficit | (8,511) | (12,342) | ||
TOTAL SHAREHOLDERS' EQUITY | 37,687 | 35,757 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
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