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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 | 27.76 | 28.00 | 35,921 | 14:05:43 |
"We are pleased with the third quarter revenue results, which were driven by the rapid growth of our enterprise business. This also reflects the impact of our strategic decision in July 2023 to scale down our consumer business, which was reduced to a minimum given the rise of our enterprise business. The revenue generated this quarter, combined with the achieved net profit, validates the correctness of our decision," said Shachar Daniel, Alarum’s Chief Executive Officer.
Key Financial Highlights for the Third Quarter and First Nine Months of 2023:
“The third quarter of 2023 marks a turning point for the Company as we transition to profitability. Less than eighteen months ago, we set our goal on growing our business, and implemented strategies focused on achieving profitable revenues. I am pleased to present investors with the results of our efforts achieved within a relatively short period,” said Mr. Daniel.
“Our revenues continue the positive trajectory, fueled by our enterprise business's continuing growth, and the new products and innovation that will facilitate the Company in maintaining and strengthening our position as the market continues to expand. Management’s recent investment in the Company is a testament to our faith in the strength of our strategies, the dedication of our team, and our belief that the Company will continue to grow and evolve. Following this investment, the Company's cash position is strong, enabling us to support both our current operations and our future plans,” Mr. Daniel added.
Mr. Chen Katz, Chairman of the Board of Directors of Alarum, commented, “I commend our exceptional team for their incredible accomplishments over the past quarters, resulting in our first-ever net profit. The unwavering motivation, dedication, and professionalism exhibited by our management and employees were fundamental in reaching this historic milestone, transforming the Company into a profitable, rapidly growing organization.”
Third Quarter of 2023 Operational Highlights and Recent Business Developments:
NetNut Ltd., the Company’s subsidiary (“NetNut”), continues its expansion and domination in the internet access and web data collection:
Financial Results from Continuing Operations for the Three Months Ended September 30, 2023:
Financial Results from continuing operations for the Nine Months Ended September 30, 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 nine months ended September 30, 2023 and 2022, and the year ended December 31, 2022:
For the Nine-Month Period EndedSeptember 30, | For theThree-Month Period Ended September 30, | For the yearEndedDecember 31, | |||||||||||||||
(millions of U.S. dollars) | 2023 | 2022 | 2023 | 2022 | 2022 | ||||||||||||
Net profit (loss) from continuing operations | (7.3 | ) | (9.4 | ) | 1.1 | (2.3 | ) | (12.4 | ) | ||||||||
Adjustments: | |||||||||||||||||
Depreciation, amortization and impairment of intangible assets | 3.4 | 1.2 | 0.4 | 0.4 | 2.0 | ||||||||||||
Finance expense, net | 0.5 | * | 0.7 | * | * | ||||||||||||
Tax benefit | (0.5 | ) | (0.2 | ) | (0.3 | ) | (0.1 | ) | (0.3 | ) | |||||||
EBITDA (EBITDA loss) | (3.9 | ) | (8.4 | ) | 1.9 | (1.9 | ) | (10.7 | ) | ||||||||
Adjustments: | |||||||||||||||||
Impairment of goodwill | 6.3 | 0.6 | - | - | 0.6 | ||||||||||||
Share-based compensation | 0.6 | 1.3 | * | 0.3 | 1.6 | ||||||||||||
Adjusted EBITDA (Adjusted EBITDA loss) | 3.0 | (6.5 | ) | 1.9 | (1.6 | ) | (8.5 | ) |
*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.
Third Quarter 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 today, on November 28, 2023, at 8:00 a.m. ET, to discuss the third quarter of 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: | Tuesday, November 28, 2023 |
Time: | 8:00 a.m. Eastern time, 5:00 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 November 28, 2023, through December 26, 2023:
Toll-free replay number: | 1-844-512-2921 or 1-412-317-6671 |
Replay ID: | 13742710 |
About Alarum Technologies Ltd.
Alarum Technologies Ltd. (Nasdaq, TASE: ALAR) is a global provider of internet access and 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 the Company’s ability to continue and drive revenue growth, maintain operational efficiency, grow profitability, the impact of its strategic decisions and the sufficiency of the Company's cash to support both current operations and future plans. 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)52-3044404 investors@alarum.io
Consolidated Statements of Financial Position(In thousands of USD) | ||||||||
September 30, | December 31, | |||||||
2023 | 2022 | 2022 | ||||||
(Unaudited) | (Audited) | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 7,741 | 3,865 | 3,290 | |||||
Short-term restricted deposits | - | 559 | 560 | |||||
Trade receivables | 1,862 | 1,096 | 1,790 | |||||
Other receivables | 434 | 537 | 760 | |||||
10,037 | 6,057 | 6,400 | ||||||
Non-current assets: | ||||||||
Long-term restricted deposits | 3 | 147 | 127 | |||||
Long-term deposit | 99 | 73 | 21 | |||||
Other non-current assets | 167 | 222 | 228 | |||||
Property and equipment, net | 80 | 119 | 92 | |||||
Right of use assets | 841 | 263 | 190 | |||||
Deferred tax asset | 202 | - | - | |||||
Goodwill | 4,118 | 10,429 | 10,429 | |||||
Intangible assets, net | 1,547 | 5,749 | 4,884 | |||||
Total non-current assets | 7,057 | 17,002 | 15,971 | |||||
Total assets | 17,094 | 23,059 | 22,371 | |||||
Liabilities and equity | ||||||||
Current liabilities: | ||||||||
Trade payables | 498 | 2,230 | 2,167 | |||||
Other payables | 1,978 | 1,951 | 2,350 | |||||
Current maturities of long-term loan | 469 | 441 | 617 | |||||
Short-term bank loans | - | 700 | 1,606 | |||||
Contract liabilities | 1,545 | 582 | 1,170 | |||||
Derivative financial instruments | 2 | 161 | 26 | |||||
Short-term lease liabilities | 351 | 257 | 204 | |||||
Total current liabilities | 4,843 | 6,322 | 8,140 | |||||
Non-current liabilities: | ||||||||
Long-term loans | 733 | 342 | 606 | |||||
Long-term contract liabilities | - | 4 | - | |||||
Long-term lease liabilities | 573 | 36 | 13 | |||||
Deferred tax liabilities | - | 413 | 301 | |||||
Liability with respect to the Israeli Innovation Authority | - | 205 | - | |||||
Total non-current liabilities | 1,306 | 1,000 | 920 | |||||
Total liabilities | 6,149 | 7,322 | 9,060 | |||||
Equity: | ||||||||
Ordinary shares | - | - | - | |||||
Share premium | 99,875 | 94,897 | 95,077 | |||||
Other equity reserves | 15,075 | 14,752 | 15,042 | |||||
Accumulated deficit | (104,005 | ) | (93,912 | ) | (96,808 | ) | ||
Total equity | 10,945 | 15,737 | 13,311 | |||||
Total liabilities and equity | 17,094 | 23,059 | 22,371 |
Consolidated Statements of Profit or Loss(In thousands of USD, except per share amounts) | |||||||||||||||||
For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the YearEndedDecember 31, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | 2022 | |||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |||||||||||||
Revenues | 19,414 | 13,424 | 6,750 | 4,767 | 18,550 | ||||||||||||
Cost of revenues | 5,933 | 6,103 | 1,543 | 2,151 | 8,402 | ||||||||||||
Gross profit | 13,481 | 7,321 | 5,207 | 2,616 | 10,148 | ||||||||||||
Research and development expenses | 2,762 | 2,805 | 814 | 928 | 3,824 | ||||||||||||
Sales and marketing expenses | 8,456 | 8,324 | 1,984 | 2,952 | 11,823 | ||||||||||||
General and administrative expenses | 3,199 | 5,287 | 913 | 1,101 | 6,661 | ||||||||||||
Impairment of goodwill | 6,311 | 569 | - | - | 569 | ||||||||||||
Operating expenses | 20,728 | 16,985 | 3,711 | 4,981 | 22,877 | ||||||||||||
Operating loss | (7,247 | ) | (9,664 | ) | 1,496 | (2,365 | ) | (12,729 | ) | ||||||||
Finance income (expense), net | (536) | 25 | (652) | 35 | (54 | ) | |||||||||||
Tax benefit | 504 | 215 | 266 | 64 | 327 | ||||||||||||
Profit (loss) from continuing operations | (7,279 | ) | (9,424 | ) | 1,110 | (2,266 | ) | (12,456 | ) | ||||||||
Profit (loss) from discontinued operations | 82 | (831 | ) | 82 | (104 | ) | (695 | ) | |||||||||
Net profit (loss) | (7,197 | ) | (10,255 | ) | 1,192 | (2,370 | ) | (13,151 | ) | ||||||||
Basic and diluted profit (loss) per share | |||||||||||||||||
Continuing operations | (0.20 | ) | (0.30 | ) | 0.03 | (0.07 | ) | (0.39 | ) | ||||||||
Discontinued operations | 0.00 | (0.03 | ) | 0.00 | (0.00 | ) | (0.03 | ) | |||||||||
(0.20 | ) | (0.33 | ) | 0.03 | (0.07 | ) | (0.42 | ) |
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