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Share Name | Share Symbol | Market | Type |
---|---|---|---|
SuperCom Ltd | NASDAQ:SPCB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.016 | 7.94% | 0.2174 | 0.2173 | 0.2244 | 0.2269 | 0.1973 | 0.22 | 6,702,267 | 17:34:08 |
Q3 2023: Revenue $6.8 million; Gross Margin 59.4%; EBITDA $2.7 million; Non-GAAP EPS $0.24
TEL AVIV, Israel, Nov. 14, 2023 /PRNewswire/ -- SuperCom (NASDAQ: SPCB), a global provider of secured solutions for the e-Government, IoT, and Cybersecurity sectors, today reported financial and operating results for the three and nine months ended September 30, 2023.
Third Quarter Ended September 30, 2023, Financial Highlights (Compared to the Third Quarter of 2022)
First Nine Months Ended September 30, 2023, Financial Highlights (Compared to First Nine months of 2022)
Recent Business Highlights:
Management Commentary:
"We are excited to announce exceptional operational performance for Q3 2023, which is reflected in our financial results. A 5-year record net profit, remarkable 550% growth in EBITDA and 74% growth in gross profit margins are clear indicators of the successful execution of our growth strategy. The significant increase in the company's profit margins is driven by the forward momentum we've maintained across our projects, where margins typically enhance as projects mature. This trend is an indicator of further potential margin expansion when project timelines align," commented Ordan Trabelsi, President and CEO of SuperCom.
"Our steadfast commitment to advancing public safety through technology resonates with governments and agencies worldwide, as evidenced by the continued expansion in Finland and our growing partnership with Romania's Ministry of Interior. These relationships, underpinned by our cutting-edge technology and reliable services, translate into solid financial performance and increased shareholder value," Ordan continued.
"As we look to the future, SuperCom is uniquely positioned to capitalize on the increasing global demand for secured electronic monitoring solutions. We are strategically investing in the continuous improvement of our offerings and extending our reach into new markets, which is already yielding promising results in the US and other regions. Our focus remains on driving innovation, enhancing operational efficiencies, and delivering exceptional value to our customers and stakeholders. We are confident that our strategic decisions will further propel us towards achieving our long-term objectives and securing SuperCom's position as a leader in the industry," Ordan concluded.
Conference Call
SuperCom will hold a conference call today (Tuesday, November 14, 2023) at 10:00 a.m. Eastern time (5:00 p.m. Israel time) to discuss the company's financial and operating results for its quarter ended September 30, 2023, followed by a question and answer session.
Conference Call Dial-In Information:
Date: Tuesday, November 14, 2023
Time: 10:00 a.m. Eastern time (7:00 a.m. Pacific Time)
U.S. toll-free: 888-506-0062
Israel toll-free: 1-809-423-853
International: 973-528-0011
Link: https://www.webcaster4.com/Webcast/Page/2259/49460
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization.
About SuperCom
Since 1988, SuperCom has been a global provider of traditional and digital identity solutions, providing advanced safety, identification and security solutions to governments and organizations, both private and public, throughout the world. Through its proprietary e-Government platforms and innovative solutions for traditional and biometrics enrollment, personalization, issuance and border control services, SuperCom has inspired governments and national agencies to design and issue secure Multi-ID documents and robust digital identity solutions to its citizens and visitors. SuperCom offers a unique all-in-one field-proven RFID & mobile technology and product suite, accompanied by advanced complementary services for various industries including healthcare and homecare, security and safety, community public safety, law enforcement, electronic monitoring, livestock monitoring, and building and access automation.
For more information, visit https://www.supercom.com/
SuperCom Investor Relations: ir@supercom.com
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded or followed by or that otherwise include the words "believes", "expects", "anticipates", "intends", "projects", "estimates", "plans", and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical or current facts. These forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from the statements made. Examples of these statements include, but are not limited to, statements regarding business and economic trends, the levels of consumer, business and economic confidence generally, the adverse effects of these risks on our business or the market price of our ordinary shares, and other risks and uncertainties described in the forward looking statements and in the section captioned "Risk Factors" in our Annual Report on Form 20-F for the year ended December 31, 2022, filed with the U.S. Securities and Exchange Commission (the "SEC") on April 20, 2023, our reports on Form 6-K filed from time to time with the SEC and our other filings with the SEC. Except as required by law, we not undertake any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release.
Results presented in this press release are based on management's estimated unaudited analysis of financial results for the presented periods. SuperCom's independent registered accounting firm has not audited the financial data discussed in this press release. During the course of SuperCom's quarter- and fiscal year-end closing procedures and review process, SuperCom may identify items that would require it to make adjustments, which may be material, to the information presented in this press release. As a result, the estimate financial results constitute forward-looking information and are subject to risks and uncertainties, including possible adjustments to such results.
Use of Non-GAAP Financial Information
In addition to disclosing financial results calculated in accordance with the generally accepted accounting principles in the United States ("GAAP"), this release also contains non-GAAP financial measures, which SuperCom believes are the principal indicators of the operating and financial performance of its business.
Management believes the non-GAAP financial measures provided are useful to investors' understanding and assessment of SuperCom's ongoing core operations and prospects for the future, as the charges eliminated are not part of the day-to-day business or reflective of the core operational activities of the company. Management uses these non-GAAP financial measures as a basis for strategic decisions, forecasting future results and evaluating the Company's current performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, or superior to, operating loss and or net income (loss) or any other performance measures derived in accordance with GAAP or as an alternative to net cash provided by operating activities or any other measures of our cash flows or liquidity.
Non-GAAP EPS is defined as earnings before amortization and other non-cash or one-time expenses divided by weighted average outstanding shares.
EBITDA is defined as earnings before interest, taxes, depreciation, amortization, and other non-cash or one-time expenses.
SUPERCOM LTD. | ||||
CONSOLIDATED BALANCE SHEETS | ||||
(U.S. dollars in thousands) | ||||
As of September 30, 2023 | As of December 31, 2022 | |||
Unaudited | Unaudited | |||
CURRENT ASSETS | ||||
Cash and cash equivalents | 1,151 | 4,042 | ||
Restricted bank deposits | 350 | 463 | ||
Trade receivable, net | 16,392 | 10,852 | ||
Patents | 5,283 | 5,283 | ||
Other accounts receivable and prepaid expenses | 1,855 | 2,239 | ||
Inventories, net | 2,585 | 3,411 | ||
Total current assets | 27,616 | 26,290 | ||
LONG-TERM ASSETS | ||||
Severance pay funds | 444 | 482 | ||
Deferred tax long term | 501 | 501 | ||
Other intangible assets, net | 5,433 | 5,617 | ||
Operating lease right-of-use assets | 173 | 484 | ||
Goodwill | 7,026 | 7,026 | ||
Property and equipment, net | 2,479 | 1,640 | ||
Total long-term assets | 16,056 | 15,750 | ||
Total Assets | 43,672 | 42,040 | ||
CURRENT LIABILITIES | ||||
Short-term loans and credit | 675 | 900 | ||
Trade payables | 205 | 1,267 | ||
Employees and payroll accruals | 1,017 | 1,339 | ||
Related parties | 142 | 168 | ||
Accrued expenses and other liabilities | 643 | 469 | ||
Operating lease liabilities | 199 | 489 | ||
Deferred revenues ST | 444 | 715 | ||
Total current liabilities | 3,325 | 5,347 | ||
LONG-TERM LIABILITIES | ||||
Long-term loan | 33,300 | 32,600 | ||
Accrued severance pay | 483 | 523 | ||
Deferred tax liability | 170 | 170 | ||
Deferred revenues | 299 | 269 | ||
Total long-term liabilities | 34,252 | 33,562 | ||
SHAREHOLDERS' EQUITY: | ||||
Ordinary shares | 5,362 | 3,057 | ||
Additional paid-in capital | 106,103 | 103,000 | ||
Accumulated deficit | (105,370) | (102,926) | ||
Total shareholders' equity | 6,095 | 3,131 | ||
Total liabilities and equity | 43,672 | 42,040 |
SUPERCOM LTD. | ||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||
(U.S. dollars in thousands) | ||||||
Three months ended | ||||||
September | September | |||||
Unaudited | Unaudited | |||||
REVENUES | 6,778 | 6,263 | ||||
COST OF REVENUES | (2,751) | (4,132) | ||||
GROSS PROFIT | 4,027 | 2,131 | ||||
OPERATING EXPENSES: | ||||||
Research and development | 774 | 958 | ||||
Selling and marketing | 531 | 652 | ||||
General and administrative | 1,093 | 1,370 | ||||
Other expenses | 793 | - | ||||
Total operating expenses | 3,191 | 2,980 | ||||
OPERATING PROFIT | 836 | (849) | ||||
FINANCIAL EXPENSES, NET | (690) | (1,253) | ||||
PROFIT BEFORE INCOME TAX | 146 | (2,102) | ||||
INCOME TAX EXPENSE | - | - | ||||
NET PROFIT FOR THE PERIOD | 146 | (2,102) |
SUPERCOM LTD. | ||||
Reconciliation Table of GAAP to Non-GAAP Figures and EBITDA to Net Income | ||||
(U.S. dollars in thousands) | ||||
Three months ended | ||||
September | September | |||
Unaudited | Unaudited | |||
GAAP gross profit | 4,027 | 2,131 | ||
Amortization of intangible assets | 88 | 88 | ||
Non-GAAP gross profit | 4,115 | 2,219 | ||
GAAP Operating profit | 836 | (849) | ||
Amortization of intangible assets | 446 | 484 | ||
Foreign Currency Loss | 111 | 595 | ||
One-time expense related to settlement | 899 | - | ||
Non-GAAP operating profit | 2,292 | 230 | ||
GAAP net profit | 146 | (2,102) | ||
Amortization of intangible assets | 446 | 484 | ||
One-time expense related to settlement | 899 | - | ||
Foreign Currency Loss | 111 | 595 | ||
Non-GAAP net profit | 1,602 | (1,023) | ||
Non-GAAP EPS | 0.24 | (0.25) | ||
Net profit for the period | 146 | (2,102) | ||
Financial expenses (income), net | 690 | 1,253 | ||
Depreciation and Amortization | 822 | 665 | ||
One-time expense related to settlement | 899 | - | ||
Foreign Currency Loss | 111 | 595 | ||
EBITDA * | 2,668 | 411 | ||
* EBITDA is a non-GAAP financial measure generally defined as earnings before interest, taxes, depreciation and amortization and
|
SUPERCOM LTD. | ||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(U.S. dollars in thousands) | ||||||||
Nine months ended | ||||||||
September | September | |||||||
Unaudited | Unaudited | |||||||
REVENUES | 20,902 | 12,527 | ||||||
COST OF REVENUES | (13,027) | (7,780) | ||||||
GROSS PROFIT | 7,875 | 4,747 | ||||||
OPERATING EXPENSES: | ||||||||
Research and development | 2,436 | 2,750 | ||||||
Selling and marketing | 1,659 | 2,115 | ||||||
General and administrative | 3,467 | 3,858 | ||||||
Other expenses, net | 1,198 | - | ||||||
Total operating expenses | 8,760 | 8,723 | ||||||
OPERATING LOSS | (885) | (3,976) | ||||||
FINANCIAL EXPENSES, NET | (1,559) | (3,285) | ||||||
LOSS BEFORE INCOME TAX | (2,444) | (7,261) | ||||||
INCOME TAX EXPENSE | - | - | ||||||
NET LOSS FOR THE PERIOD | (2,444) | (7,261) | ||||||
SUPERCOM LTD. | |||||
Reconciliation Table of GAAP to Non-GAAP Figures and EBITDA to Net Income | |||||
(U.S. dollars in thousands) | |||||
Nine months ended | |||||
September | September | ||||
Unaudited | Unaudited | ||||
GAAP gross profit | 7,875 | 4,747 | |||
Amortization of intangible assets | 265 | 265 | |||
Non-GAAP gross profit | 8,140 | 5,012 | |||
GAAP Operating Loss | (885) | (3,976) | |||
Amortization of intangible assets | 1,429 | 1,411 | |||
One-time expenses | 1,687 | ||||
Foreign Currency Loss | 1,009 | 1,479 | |||
Non-GAAP operating profit | 3,240 | (1,086) | |||
GAAP net Loss | (2,444) | (7,261) | |||
Amortization of intangible assets | 1,429 | 1,411 | |||
One-time expenses | 1,687 | - | |||
Foreign Currency Loss | 1,009 | 1,479 | |||
Non-GAAP net profit | 1,681 | (4,371) | |||
Non-GAAP EPS | 0.31 | (1.22) | |||
Net loss for the period | (2,444) | (7,261) | |||
Financial expenses (income), net | 1,559 | 3,285 | |||
Depreciation and Amortization | 2,129 | 1,928 | |||
One-time expenses | 1,687 | - | |||
Foreign Currency Loss | 1,009 | 1,479 | |||
EBITDA * | 3,940 | (569) | |||
* EBITDA is a non-GAAP financial measure generally defined as earnings before interest, taxes, depreciation and amortization and
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SOURCE SuperCom
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