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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.0018 | 0.85% | 0.2146 | 0.2123 | 0.22 | 0.2301 | 0.2074 | 0.2113 | 4,183,158 | 23:26:27 |
Q4 Non-GAAP Net Profit of $2.2 million; Q4 Non-GAAP EPS of $0.53; Q4 EBITDA of $0.77 Million – Positive for 2nd Consecutive Quarter; Annual Revenue Increased 44% to $17.7 million
TEL AVIV, Israel, April 20, 2023 /PRNewswire/ -- SuperCom (NASDAQ: SPCB), a global provider of secured solutions for the e-Government, IoT, and Cybersecurity sectors, today reported results for the twelve months and fourth quarter, ended December 31, 2022.
Financial Highlights for Fourth Quarter 2022 Ended December 31, 2022 (Compared to the Fourth Quarter of 2021)
Financial Highlights for Twelve-Months Ended December 31, 2022 (Compared to the Prior Year Period)
Business Highlights:
Management Commentary:
"2022 was a great year for SuperCom. We extended our business across Europe by winning significant new contracts, typically awarded through a competitive RFP process. We won the largest industry award of the year, valued at $33 million in Romania, and other new projects in Finland, Sweden, and Croatia. In 2022, our revenue from Europe reached $9.6 million, representing 230% YoY growth. We've also been working hard to increase our business presence in the U.S., where we have continued to make progress towards our goals by launching our new proprietary PureOne product and by securing multiple project wins in California, Idaho, Texas, and Wyoming," commented Ordan Trabelsi, President and CEO of SuperCom.
"We grew our teams in the recent couple years to strengthen our sales and R&D initiatives in preparation for wider market expansion and larger projects. Consequently, our strategic plan yielded positive results already in the third and fourth quarters, as evidenced by the impressive YoY revenue growth of 102% and 69%, respectively. Furthermore, we were proud to return to positive EBITDA and achieve EBITDA of $0.4 million and $0.77 million in these two quarters, which resulted from targeted spending and high YoY increases in revenue."
"SuperCom is highly regarded in the IoT tracking space. Many of these projects are for juvenile and domestic violence offenders, where SuperCom's proprietary technology, scalable infrastructure, and rehabilitative features stand out. Once we launch one successful project with a client, we can easily add more project types, leveraging our infrastructure to provide more value and deepen the customer relationship. Additionally, our ability to customize our solutions to address our client's specific needs while delivering outstanding results has also built SuperCom's reputation."
"We have full confidence in our ability to consistently secure a robust pipeline of new projects and wins in the market. To put things into perspective, while the global electronic monitoring market growth was approximately 10% in 2022, SuperCom IoT revenues achieved a staggering 76% growth during the same period. This growth is a testament to the fact that the market prefers our solution over the alternatives. As we continue to gain market share and expand our presence, displacing legacy industry leaders time and time again, we improve our positioning towards future success. We plan to maintain our technology leadership and sales momentum and to grow and build on the growing reputation for excellence that SuperCom has achieved globally," concluded Mr. Trabelsi.
Conference Call
The Company will hold a conference call on April 20, 2023, at 10:00 a.m. Eastern Time (5:00 p.m. Israel time) to discuss the fourth quarter and year end 2022 results, followed by a question and answer session.
Conference Call Dial-In Information:
Date: Thursday, April 20, 2023
Time: 10:00 a.m. Eastern Time / 7:00 a.m. Pacific Time
U.S. toll-free: 877-545-0523
Israel toll-free: 1-809-423-853
International: 973-528-0016
Access Code: SuperCom
Link: https://www.webcaster4.com/Webcast/Page/2259/48122
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 www.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 pace of recovery following the COVID-19 outbreak, the effect on our supply chain, our ability to implement cost containment and business recovery strategies, financial condition and results of operations, , 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 United States generally accepted accounting principles (GAAP), this release of operating results 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 the Company's on-going 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. However, such measures should not be considered in isolation or as substitutes for results prepared in accordance with GAAP. Reconciliation of the non-GAAP measures to the most comparable GAAP measures are provided in the schedules attached to this release.
SuperCom Investor Relations:
ir@supercom.com
Kirin Smith
PCG Advisory
ksmith@pcgadvisory.com
SUPERCOM LTD. | ||||
CONSOLIDATED BALANCE SHEETS | ||||
(U.S. dollars in thousands) | ||||
As of December 31, | ||||
2022 | 2021 | |||
Audited | Audited | |||
CURRENT ASSETS | ||||
Cash and cash equivalents | 4,042 | 3,537 | ||
Restricted bank deposits | 463 | 1,067 | ||
Trade receivable, net | 10,852 | 11,061 | ||
Patents | 5,283 | 5,283 | ||
Other accounts receivable and prepaid expenses | 2,239 | 1,599 | ||
Inventories, net | 3,411 | 3,561 | ||
Total current assets | 26,290 | 26,108 | ||
LONG-TERM ASSETS | ||||
Severance pay funds | 482 | 487 | ||
Deferred tax long term | 501 | 202 | ||
Property and equipment, net | 1,640 | 1,804 | ||
Other intangible assts, net | 5,617 | 5,610 | ||
Operating lease right-of-use assets | 484 | 882 | ||
Goodwill | 7,026 | 7,026 | ||
Total long-term assets | 15,750 | 16,011 | ||
Total Assets | 42,040 | 42,119 | ||
CURRENT LIABILITIES | ||||
Short-term loans and credit | 900 | 207 | ||
Trade payables | 1,267 | 1,395 | ||
Employees and payroll accruals | 1,339 | 2,119 | ||
Related parties | 168 | 172 | ||
Accrued expenses and other liabilities | 469 | 1,559 | ||
Short-term Operating lease liabilities | 381 | - | ||
Deferred revenues ST | 715 | 151 | ||
Total current liabilities | 5,239 | 5,603 | ||
LONG-TERM LIABILITIES | ||||
Long-term loan | 32,600 | 30,451 | ||
Deferred revenues | 269 | 49 | ||
Deferred tax liability LT | 170 | 170 | ||
Accrued severance pay | 523 | 529 | ||
Long-term Operating lease liabilities | 108 | 925 | ||
Total long-term liabilities | 33,670 | 32,124 | ||
SHAREHOLDERS' EQUITY: | ||||
Ordinary shares | 3,057 | 2,028 | ||
Additional paid-in capital | 103,000 | 97,833 | ||
Accumulated deficit | (102,926) | (95,469) | ||
Total shareholders' equity | 3,131 | 4,392 | ||
Total liabilities and equity | 42,040 | 42,119 |
SUPERCOM LTD. | ||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
(U.S. dollars in thousands) | ||||
Year ended December 31, | ||||
2022 | 2021 | |||
Audited | Audited | |||
REVENUES | 17,649 | 12,267 | ||
COST OF REVENUES | (11,261) | (6,063) | ||
GROSS PROFIT | 6,388 | 6,204 | ||
OPERATING EXPENSES: | ||||
Research and development | 3,412 | 2,763 | ||
Selling and marketing | 2,657 | 1,655 | ||
General and administrative | 5,186 | 4,149 | ||
Other expense (income), net | 1,138 | 4,374 | ||
Total operating expenses | 12,393 | 12,941 | ||
OPERATING LOSS | (6,005) | (6,737) | ||
FINANCIAL EXPENSES, NET | (1,751) | (3,396) | ||
LOSS BEFORE INCOME TAX | (7,756) | (10,133) | ||
INCOME TAX EXPENSE | 299 | (5) | ||
NET LOSS FOR THE PERIOD | (7,457) | (10,138) |
SUPERCOM LTD. | ||||
Reconciliation Table of GAAP to Non-GAAP Figures and EBITDA to Net Income | ||||
(U.S. dollars in thousands) | ||||
Year ended December 31, | ||||
2022 | 2021 | |||
Unaudited | Unaudited | |||
GAAP gross profit | 6,388 | 6,204 | ||
Amortization of intangible assets | 354 | 353 | ||
One-time inventory write-off | 138 | 298 | ||
Stock-based compensation expenses | 17 | 7 | ||
Non-GAAP gross profit | 6,897 | 6,862 | ||
GAAP Operating Loss | (6,005) | (6,737) | ||
Amortization of intangible assets | 1,960 | 1,800 | ||
Stock-based compensation expenses | 138 | 31 | ||
One-time inventory write-off | 138 | 298 | ||
Foreign Currency Loss | 2,086 | 1,780 | ||
One-time reorganization expenses | 180 | 1,374 | ||
Allowance for doubtful debt in legacy business | 1,000 | 3,000 | ||
Non-GAAP operating profit | (503) | 1,546 | ||
GAAP net Loss | (7,457) | (10,138) | ||
Amortization of intangible assets | 1,960 | 1,800 | ||
Stock-based compensation expenses | 138 | 31 | ||
One-time inventory write-off | 138 | 298 | ||
Foreign Currency Loss | 2,086 | 1,780 | ||
Income tax expense | (299) | 5 | ||
One-time reorganization expenses | 180 | 1,374 | ||
Allowance for doubtful debt in legacy business | 1,000 | 3,000 | ||
Non-GAAP net Loss | (2,254) | (1,850) | ||
Non-GAAP E.P.S | (0.61) | (0.71) | ||
Net loss for the period | (7,457) | (10,138) | ||
Income tax expense | (299) | 5 | ||
Financial expenses (income), net | 1,751 | 3,396 | ||
Depreciation and Amortization | 2,660 | 2,316 | ||
One-time inventory write-off | 138 | 298 | ||
Stock-based compensation expenses | 138 | 31 | ||
Foreign Currency Loss | 2,086 | 1,780 | ||
Allowance for doubtful debt in legacy business | 1,000 | 3,000 | ||
One-time reorganization expenses | 180 | 1,374 | ||
EBITDA * | 197 | 2,062 | ||
* EBITDA is a non-GAAP financial measure generally defined as earnings before interest, taxes, depreciation and amortization and other non-cash or one-time expenses .
|
SUPERCOM LTD. | ||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
(U.S. dollars in thousands) | ||||
Three months ended | ||||
December 31, 2022 | December 31, 2021 | |||
Unaudited | Unaudited | |||
REVENUES | 5,122 | 3,034 | ||
COST OF REVENUES | (3,481) | (1,372) | ||
GROSS PROFIT | 1,641 | 1,662 | ||
OPERATING EXPENSES: | ||||
Research and development | 662 | 892 | ||
Selling and marketing | 542 | 451 | ||
General and administrative | 1,328 | 1,236 | ||
Other expense, net | 1,138 | 3,685 | ||
Total operating expenses | 3,670 | 6,264 | ||
OPERATING LOSS | (2,029) | (4,602) | ||
FINANCIAL EXPENSES, NET | 1,627 | (830) | ||
LOSS BEFORE INCOME TAX | (402) | (5,432) | ||
INCOME TAX EXPENSE | 299 | - | ||
NET LOSS FOR THE PERIOD | (103) | (5,432) |
SUPERCOM LTD. | ||||||
Reconciliation Table of GAAP to Non-GAAP Figures and EBITDA to net Income | ||||||
(U.S. dollars in thousands) | ||||||
Three months ended December 31, | ||||||
2022 | 2021 | |||||
Unaudited | Unaudited | |||||
GAAP gross profit | 1,641 | 1,662 | ||||
Amortization of intangible assets | 89 | 89 | ||||
One-time inventory write-off | 138 | 298 | ||||
Stock-based compensation expenses | 17 | 7 | ||||
Non-GAAP gross profit | 1,885 | 2,056 | ||||
GAAP Operating Loss | (2,029) | (4,602) | ||||
Amortization of intangible assets | 549 | 665 | ||||
Stock-based compensation expenses | 138 | 31 | ||||
One-time inventory write-off | 138 | 298 | ||||
Foreign Currency Loss | 607 | 585 | ||||
One-time reorganization expenses | 180 | 685 | ||||
Allowance for doubtful debt in legacy business | 1,000 | 3,000 | ||||
Non-GAAP operating profit | 583 | 662 | ||||
GAAP net Loss | (103) | (5,432) | ||||
Amortization of intangible assets | 549 | 665 | ||||
Stock-based compensation expenses | 138 | 31 | ||||
One-time inventory write-off | 138 | 298 | ||||
Foreign Currency Loss | 607 | 585 | ||||
Income tax expense | (299) | - | ||||
One-time reorganization expenses | 180 | 685 | ||||
Allowance for doubtful debt | 1,000 | 3,000 | ||||
Non-GAAP net Profit (Loss) | 2,210 | (168) | ||||
Non-GAAP E.P.S | 0.53 | (0.10) | ||||
Net loss for the period | (103) | (5,432) | ||||
Income tax expense | (299) | - | ||||
Financial expenses (income), net | (1,627) | 585 | ||||
Depreciation and Amortization | 732 | 815 | ||||
One-time inventory write-off | 138 | 298 | ||||
Stock-based compensation expenses | 138 | 31 | ||||
Foreign Currency Loss | 607 | 585 | ||||
Allowance for doubtful debt in legacy business | 1,000 | 3,000 | ||||
One-time reorganization expenses | 180 | 685 | ||||
EBITDA * | 766 | 567 | ||||
* EBITDA is a non-GAAP financial measure generally defined as earnings before interest, taxes, depreciation and amortization and other non-cash or one-time expenses . |
View original content:https://www.prnewswire.com/news-releases/supercom-reports-69-yoy-quarterly-revenue-growth-for-the-fourth-quarter-2022-301803080.html
SOURCE SuperCom
Copyright 2023 PR Newswire
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