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Name | Symbol | Market | Type |
---|---|---|---|
Alarum Technologies Ltd | NASDAQ:ALAR | NASDAQ | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.05 | 0.18% | 27.33 | 27.04 | 27.36 | 27.50 | 26.82 | 26.82 | 25,829 | 14:55:11 |
Key Financial Highlights for the Second Quarter of 2023:
“We are excited about the results of the second quarter, which mark our road map to becoming a growing and profitable company. During the second quarter, following consideration of the current markets’ environment, we made the decision to downsize our investment in the consumer business, a measure that we believe will bear a positive impact on the Company. We therefore implemented the required IFRS accounting adjustments, which increased the total loss for the quarter. Excluding those factors, the Company achieved a significant milestone improvement, with a positive Adjusted EBITDA of $1.1 million in the second quarter of 2023,” said Shachar Daniel, Chief Executive Officer of Alarum.
“In addition, we are in the preliminary stages of considering an initial public offering for our subsidiary NetNut Ltd. We are currently undertaking preparations to support this process and are reviewing our options regarding timing. If and how to proceed will depend on many considerations, including market conditions and other relevant aspects and further communications will be conducted in accordance with applicable regulations,” Mr. Daniel added.
Second Quarter of 2023 Operational Highlights and Recent Business Developments:
“The strategic moves in these two segments will allow the Company to further grow and enhance revenue and profitability of its comprehensive suite of solutions to its enterprise internet access customers. The downsizing of our consumer business might have a short-term effect on our growth, following ten consecutive quarters of growth. However, we believe that the outcome will be an improvement in our bottom line and our balance sheet,” Mr. Daniel concluded.
Financial Results for the Three Months Ended June 30, 2023:
Financial Results for the Six Months Ended June 30, 2023:
The Company monitors the key business metrics set forth below to help it evaluate and establish budgets, measure the effectiveness of the sales and marketing efforts, and assess operational efficiencies. The non-IFRS key business metrics the Company uses are EBITDA and Adjusted EBITDA.
EBITDA or EBITDA loss. This is a non-IFRS financial measure that we define as net profit or loss before depreciation, amortization and impairment of intangible assets, interest and tax.
Adjusted EBITDA or Adjusted EBITDA loss. This is a non-IFRS financial measure that we define as EBITDA or EBITDA loss, as further adjusted to remove the impact of (i) impairment of goodwill (if any); (ii) share-based compensation; (iii) contingent consideration measurement (if any); and (iv) issuance costs in connection with our securities offerings (if any).
The following table presents the reconciled effect of the above on the Company’s Adjusted EBITDA or Adjusted EBITDA loss for the three and six months ended June 30, 2023 and 2022, and the year ended December 31, 2022:
For the Six-Month Period Ended June 30, | For the Three-Month Period Ended June 30, | For the Year Ended December 31, | ||||||||||||||
(millions of U.S. dollars) | 2023 | 2022 | 2023 | 2022 | 2022 | |||||||||||
Net loss for the period | (8.4) | (7.9) | (7.7) | (3.2) | (13.1) | |||||||||||
Adjustments: | ||||||||||||||||
Assets depreciation, amortization and impairment | 3.0 | 0.9 | 2.7 | 0.5 | 2.2 | |||||||||||
Finance income, net | (0.1) | * | (0.3) | (0.2) | * | |||||||||||
Tax benefit | (0.2) | (0.2) | (0.2) | (0.1) | (0.3) | |||||||||||
EBITDA loss | (5.7) | (7.2) | (5.5) | (3.0) | (11.2) | |||||||||||
Adjustments: | ||||||||||||||||
Impairment of goodwill | 6.3 | 0.6 | 6.3 | 0.6 | 0.5 | |||||||||||
Share-based compensation | 0.6 | 1.0 | 0.3 | * | 1.7 | |||||||||||
Adjusted EBITDA (Adjusted EBITDA loss) for the period | 1.2 | (5.6) | 1.1 | (2.4) | (9.0) |
*Less than $0.1 million
Balance Sheet Highlights:
Use of Non-IFRS Financial ResultsIn addition to disclosing financial results calculated in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board, this press release contains non-IFRS financial measures of EBITDA, Adjusted EBITDA and Adjusted EBITDA Loss for the periods presented that exclude depreciation and amortization, interest and tax, as further adjusted for the effect of impairment of goodwill and intangibles, and share-based compensation expenses. The Company’s management believes the non-IFRS financial information provided in this release is useful to investors’ understanding and assessment of the Company’s ongoing operations. Management also uses both IFRS and non-IFRS information in evaluating and operating its business internally, and as such deemed it important to provide this information to investors. The non-IFRS financial measures disclosed by the Company should not be considered in isolation, or as a substitute for, or superior to, financial measures calculated in accordance with IFRS, and the financial results calculated in accordance with IFRS and reconciliations to those financial statements should be carefully evaluated. Investors are encouraged to review the reconciliations of these non-IFRS measures to their most directly comparable IFRS financial measures provided in the financial statement tables herein.
Second Quarter 2023 Financial Results Conference Call
Mr. Shachar Daniel, Chief Executive Officer of the Company, and Mr. Shai Avnit, Chief Financial Officer of the Company, will host a conference call on August 24, 2023, at 9:00 a.m. Eastern time, to discuss the financial results, followed by a Q&A session.
To attend the conference call, please dial one of the following teleconferencing numbers. Please begin by placing your call five minutes before the conference call commences. If you are unable to connect using the toll-free number, please try the international dial-in number:
Date: | Thursday, August 24, 2023 |
Time: | 09:00 a.m. Eastern time, 06:00 a.m. Pacific time |
Participant Listening: 877-407-0789 or +1 201-689-8562
Israel Toll Free: 1 809 406 247
Participants will be required to state their name and company upon entering the call. If you have any difficulty connecting with the conference call, please contact Michal Efraty on behalf of Alarum Technologies at +1-972523044404.
The conference call will be broadcast live and available for replay here and on the Company’s website at www.alarum.io.
A replay of the conference call will be available after 11:30 a.m. Eastern time, August 24, 2023, through Thursday, September 21, 2023, at 11:59 p.m. Eastern time.
Replay Dial-In: 1-844-512-2921 or 1-412-317-6671
Access ID: 13740671
About Alarum Technologies Ltd.
Alarum Technologies Ltd. (Nasdaq, TASE: ALAR) is a global provider of enterprise internet access solutions.
The solutions by NetNut, our Enterprise Internet Access arm, are based on our world’s fastest and most advanced and secured hybrid proxy network, enabling our customers to collect data anonymously at any scale from any public sources over the web. Our network comprises both exit points based on our proprietary reflection technology and hundreds of servers located at our ISP partners around the world. The infrastructure is optimally designed to guarantee privacy, quality, stability, and the speed of the service.
For more information about Alarum and its internet access solutions, please visit www.alarum.io.
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Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Alarum is using forward-looking statements in this press release when it discusses the possible initial public offering of NetNut, its ability to become a profitable company, including its expectation that its strategic moves will allow it to further grow and enhance revenue and profitability, the other potential impacts of downsizing the Company’s consumer business, and expected improvements to the Company’s bottom line and balance sheet. Because such statements deal with future events and are based on Alarum’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Alarum could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Alarum’s annual report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 31, 2023, and in any subsequent filings with the SEC. Except as otherwise required by law, Alarum undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Alarum is not responsible for the contents of third-party websites.
Investor Relations Contacts
Michal Efraty+972-(0)52-3044404investors@alarum.io
Consolidated Statements of Financial Position | |||||||||||
(In thousands of USD) | |||||||||||
June 30, | December 31, | ||||||||||
2023 | 2022 | 2022 | |||||||||
(Unaudited) | (Audited) | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | 3,813 | 4,040 | 3,290 | ||||||||
Short-term restricted deposits | 500 | 560 | 560 | ||||||||
Trade receivables | 2,279 | 1,857 | 1,790 | ||||||||
Other receivables | 481 | 450 | 760 | ||||||||
Total current assets | 7,073 | 6,907 | 6,400 | ||||||||
Non-current assets: | |||||||||||
Long-term restricted deposits | 111 | 150 | 127 | ||||||||
Long-term deposit | 119 | 65 | 21 | ||||||||
Other non-current assets | 111 | - | 228 | ||||||||
Property and equipment, net | 92 | 127 | 92 | ||||||||
Right of use assets | 605 | 333 | 190 | ||||||||
Goodwill | 4,118 | 10,429 | 10,429 | ||||||||
Intangible assets, net | 1,901 | 6,176 | 4,884 | ||||||||
Total non-current assets | 7,057 | 17,280 | 15,971 | ||||||||
Total assets | 14,130 | 24,187 | 22,371 | ||||||||
Liabilities and equity | |||||||||||
Current liabilities: | |||||||||||
Trade payables | 963 | 2,638 | 2,167 | ||||||||
Other payables | 2,312 | 2,004 | 2,350 | ||||||||
Current maturities of long-term loan | 497 | - | 617 | ||||||||
Short-term bank loans | 1,601 | 400 | 1,606 | ||||||||
Contract liabilities | 1,289 | 533 | 1,170 | ||||||||
Derivative financial instruments | 2 | 216 | 26 | ||||||||
Short-term lease liabilities | 227 | 288 | 204 | ||||||||
Total current liabilities | 6,891 | 6,079 | 8,140 | ||||||||
Non-current liabilities: | |||||||||||
Long-term loans | 647 | - | 606 | ||||||||
Long-term contract liabilities | - | 8 | - | ||||||||
Long-term lease liabilities | 405 | 88 | 13 | ||||||||
Deferred tax liabilities | 63 | 490 | 301 | ||||||||
Liability with respect to the Israeli Innovation Authority | - | 206 | - | ||||||||
Total non-current liabilities | 1,115 | 792 | 920 | ||||||||
Total liabilities | 8,006 | 6,871 | 9,060 | ||||||||
Equity: | |||||||||||
Ordinary shares | - | - | - | ||||||||
Share premium | 95,724 | 92,520 | 95,077 | ||||||||
Other equity reserves | 15,567 | 16,338 | 15,042 | ||||||||
Accumulated deficit | (105,197 | ) | (91,542 | ) | (96,808 | ) | |||||
Total equity | 6,124 | 17,316 | 13,311 | ||||||||
Total liabilities and equity | 14,130 | 24,187 | 22,371 |
Consolidated Statements of Profit or Loss | |||||||||||||||||
(In thousands of USD, except per share amounts) | |||||||||||||||||
For the Six Months Ended June 30, | For the Three Months Ended June 30, | For the Year Ended December 31, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | 2022 | |||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |||||||||||||
Revenues | 12,664 | 8,798 | 6,985 | 4,777 | 18,779 | ||||||||||||
Cost of revenues | 4,390 | 4,065 | 2,463 | 2,161 | 8,652 | ||||||||||||
Gross profit | 8,274 | 4,733 | 4,522 | 2,616 | 10,127 | ||||||||||||
Research and development expenses | 1,948 | 2,283 | 886 | 889 | 4,033 | ||||||||||||
Sales and marketing expenses | 6,472 | 5,658 | 4,289 | 2,624 | 12,187 | ||||||||||||
General and administrative expenses | 2,286 | 4,249 | 1,291 | 1,998 | 6,762 | ||||||||||||
Impairment of goodwill | 6,311 | 569 | 6,311 | 569 | 569 | ||||||||||||
Operating expenses | 17,017 | 12,759 | 12,777 | 6,080 | 23,551 | ||||||||||||
Operating loss | (8,743) | (8,026) | (8,255) | (3,464) | (13,424) | ||||||||||||
Finance income (expense), net | 116 | (10) | 313 | 234 | (54) | ||||||||||||
Tax benefit | 238 | 151 | 242 | 72 | 327 | ||||||||||||
Net loss | (8,389) | (7,885) | (7,700 | ) | (3,158) | (13,151) | |||||||||||
Basic loss per share | (0.25) | (0.26) | (0.23) | (0.10) | (0.42) | ||||||||||||
Diluted loss per share | (0.25) | (0.26) | (0.23) | (0.10) | (0.42) |
1 Year Alarum Technologies Chart |
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