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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 28.00 | 27.52 | 28.55 | 0 | 01:00:00 |
Key highlights for the three months and year ended December 31, 2023:
"I am proud to share the most successful quarter in the Company's history, as revenue, net profit and Adjusted EBITDA, all meaningfully exceeded results from the previous quarter. We delivered efficient operational execution following our decision, in the second quarter of 2023, to scale down other activities and focus on NetNut's operations," said Shachar Daniel, Alarum’s Chief Executive Officer.
Recent Business Developments:
"We began 2024 on a high note, by setting new monthly revenue records," Mr. Daniel added. "Looking ahead, our strategy for 2024 involves expanding our cutting-edge product line, with a special emphasis on our advanced AI data collector series. The AI and data collection sectors complement each other significantly; it is imperative that AI platforms have access to large volumes of data. Furthermore, we aim to grow our presence in the IP proxy network (IPPN) sector by entering new markets, enhancing our network infrastructure, and partnering with more top-tier customers globally."
Chen Katz, chairman of the board of directors of Alarum, commented, "The ongoing demonstration of financial stability, growth and operating performance supported the record financial results for the quarter and entire year. We successfully crystalized and executed our business strategy, transforming into a high-growth, profitable company, which we believe will create value for our shareholders."
Financial Results from Continuing Operations for the Three Months Ended December 31, 2023:
Financial Results from continuing operations for the year Ended December 31, 2023:
The Company defines EBITDA (EBITDA loss) as net profit (loss) from continuing operations before depreciation, amortization and impairment of intangible assets, interest and tax, and defines Adjusted EBITDA (Adjusted EBITDA loss) as EBITDA (EBITDA loss) as further adjusted to remove the impact of (i) impairment of goodwill (if any); and (ii) share-based compensation expense.
The following table presents the reconciled effect of the above on the Company’s Adjusted EBITDA or Adjusted EBITDA loss from continuing operations for the three and full year ended December 31, 2023, and 2022:
For the year EndedDecember 31, | For the Three-MonthPeriod EndedDecember 31, | ||||||||||||||
(millions of U.S. dollars) | 2023 | 2022 | 2023 | 2022 | |||||||||||
Net profit (loss) from continuing operations | (5.6 | ) | (12.4 | ) | 1.7 | (3.0 | ) | ||||||||
Adjustments: | |||||||||||||||
Depreciation, amortization and impairment of intangible assets | 3.5 | 2.0 | 0.1 | 0.8 | |||||||||||
Finance expense, net | 0.6 | * | 0.1 | * | |||||||||||
Tax benefit | (0.5 | ) | (0.3 | ) | * | (0.1 | ) | ||||||||
EBITDA (EBITDA loss) | (2.0 | ) | (10.7 | ) | 1.9 | (2.3 | ) | ||||||||
Adjustments: | |||||||||||||||
Impairment of goodwill | 6.3 | 0.6 | - | - | |||||||||||
Share-based compensation | 0.9 | 1.6 | 0.3 | 0.3 | |||||||||||
Adjusted EBITDA (Adjusted EBITDA loss) | 5.2 | (8.5 | ) | 2.2 | (2.0 | ) | |||||||||
*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, EBITDA loss, Adjusted EBITDA and Adjusted EBITDA loss for the periods presented that exclude depreciation, amortization and impairment of intangible assets, interest and tax, as further adjusted for the effect of impairment of goodwill 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.
Full Year 2023 Financial Results Conference Call
Mr. Shachar Daniel, Chief Executive Officer of Alarum, and Mr. Shai Avnit, Chief Financial Officer of Alarum, will host a conference call on March 14, 2024, at 8:30 a.m. ET, to discuss the fourth quarter and full year 2023 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, March 14, 2024 |
Time: | 8:30 a.m. Eastern time, 5:30 a.m. Pacific time |
Toll-free dial-in number: | 1-877-407-0789 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 at +972-(0)-52-3044404.
The conference call will be broadcast live and available for replay here.
A replay of the conference call will be available after 11:30 a.m. Eastern time March 14, 2024, through April 10, 2024:
Toll-free replay number: | 1-844-512-2921 or 1-412-317-6671 |
Replay ID: | 13744883 |
About Alarum Technologies Ltd.
Alarum Technologies Ltd. (Nasdaq, TASE: ALAR) is a global provider of internet access and web data collection solutions.
The solutions by NetNut, our enterprise internet access and data collection 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 its preliminary unaudited revenues for February 2024, the Company’s ability to continue and drive revenue growth, expand its product line, enter new markets, maintain operational efficiency, execute its business strategy, grow profitability, and create value for shareholders. 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 14, 2024, 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.
The Company is providing a February 2024 revenue estimate in this press release, rather than final amounts, primarily because the financial closing process and review are not yet complete and, as a result, the Company’s results upon completion of its closing process and review may vary from this preliminary estimate.
Investor Relations Contacts:
Michal Efraty+972-(0)52-3044404investors@alarum.io
Consolidated Statements of Financial Position | |||||||
(In thousands of USD) | |||||||
December 31, | |||||||
2023 | 2022 | ||||||
(Audited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | 10,872 | 3,290 | |||||
Short-term restricted deposits | - | 560 | |||||
Trade receivables, net | 1,994 | 1,790 | |||||
Other receivables | 399 | 760 | |||||
13,265 | 6,400 | ||||||
Non-current assets: | |||||||
Long-term restricted deposits | 3 | 127 | |||||
Long-term deposit | 104 | 21 | |||||
Other non-current assets | 142 | 228 | |||||
Property and equipment, net | 88 | 92 | |||||
Right of use assets | 779 | 190 | |||||
Deferred tax asset | 181 | - | |||||
Goodwill | 4,118 | 10,429 | |||||
Intangible assets, net | 1,386 | 4,884 | |||||
Total non-current assets | 6,801 | 15,971 | |||||
Total assets | 20,066 | 22,371 | |||||
Liabilities and equity | |||||||
Current liabilities: | |||||||
Trade payables | 369 | 2,167 | |||||
Other payables | 2,439 | 2,350 | |||||
Current maturities of long-term loan | 290 | 617 | |||||
Short-term bank loans | - | 1,606 | |||||
Contract liabilities | 1,983 | 1,170 | |||||
Derivative financial instruments | 109 | 26 | |||||
Short-term lease liabilities | 370 | 204 | |||||
Total current liabilities | 5,560 | 8,140 | |||||
Non-current liabilities: | |||||||
Long-term loans | 802 | 606 | |||||
Long-term lease liabilities | 523 | 13 | |||||
Deferred tax liabilities | - | 301 | |||||
Total non-current liabilities | 1,325 | 920 | |||||
Total liabilities | 6,885 | 9,060 | |||||
Equity: | |||||||
Ordinary shares | - | - | |||||
Share premium | 100,576 | 95,077 | |||||
Other equity reserves | 14,938 | 15,042 | |||||
Accumulated deficit | (102,333 | ) | (96,808 | ) | |||
Total equity | 13,181 | 13,311 | |||||
Total liabilities and equity | 20,066 | 22,371 |
Consolidated Statements of Profit or Loss | ||||||||||||||||
(In thousands of USD, except per share amounts) | ||||||||||||||||
For the Year EndedDecember 31, | For the Three MonthsEndedDecember 31, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
(Audited) | (Audited) | (Unaudited) | (Unaudited) | |||||||||||||
Revenues | 26,521 | 18,550 | 7,107 | 5,126 | ||||||||||||
Cost of revenues | 7,711 | 8,402 | 1,778 | 2,299 | ||||||||||||
Gross profit | 18,810 | 10,148 | 5,329 | 2,827 | ||||||||||||
Research and development expenses | 3,557 | 3,824 | 795 | 1,019 | ||||||||||||
Sales and marketing expenses | 10,035 | 11,823 | 1,579 | 3,499 | ||||||||||||
General and administrative expenses | 4,406 | 6,661 | 1,207 | 1,374 | ||||||||||||
Impairment of goodwill | 6,311 | 569 | - | - | ||||||||||||
Operating expenses | 24,309 | 22,877 | 3,581 | 5,892 | ||||||||||||
Operating profit (loss) | (5,499 | ) | (12,729 | ) | 1,748 | (3,065 | ) | |||||||||
Finance expense, net | (590 | ) | (54 | ) | (54 | ) | (79 | ) | ||||||||
Tax benefit (expense) | 482 | 327 | (22 | ) | 112 | |||||||||||
Profit (loss) from continuing operations, net of tax | (5,607 | ) | (12,456 | ) | 1,672 | (3,032 | ) | |||||||||
Profit (loss) from discontinued operations, net of tax | 82 | (695 | ) | - | 136 | |||||||||||
Net profit (loss) | (5,525 | ) | (13,151 | ) | 1,672 | (2,896 | ) | |||||||||
Basic and diluted profit (loss) per share | ||||||||||||||||
Continuing operations | (0.14 | ) | (0.39 | ) | 0.03 | (0.09 | ) | |||||||||
Discontinued operations | 0.00 | (0.03 | ) | - | 0.00 | |||||||||||
(0.14 | ) | (0.42 | ) | 0.03 | (0.09 | ) | ||||||||||
______________________________1NRR represent the average growth rates for preceding four quarters compared to the equivalent period a year earlier, of current customers only, without the revenues generated from new customers, but including up-sales and cross-sales on one hand and churn on the other hand.
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