Alarum Technologies Reports Record Second Quarter 2024 Results
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Alarum Technologies Reports Second Quarter 2024 Results
Alarum Technologies Ltd. (Nasdaq, TASE: ALAR) has concluded a successful first half of 2024 with record revenues of $17.3 million, solidifying its profitability metrics, efficient cash generation, and retaining $21.6 million in cash and equivalents.
Overview of Q2 2024 Financial Performance
The financial results for the second quarter, ended June 30, 2024, highlight a remarkable achievement. The CEO of Alarum, Mr. Shachar Daniel, emphasized that this quarter's results reflect a significant milestone as it is the first year since focusing primarily on Enterprise Internet Access through the NetNut product line. The firm continues to enhance its market share in the IP Proxy Network (IPPN) segment and has made strides into data collection and labeling markets.
Strong Revenue Growth
Revenues increased by 27% year-over-year, reaching $8.9 million in Q2 2024 compared to $7.0 million in Q2 2023. This surge is largely fueled by the enterprise segment, where NetNut revenue soared to $8.7 million, up from $5.0 million the previous year. For the first half of 2024, Alarum recorded total revenues of $17.3 million, showcasing strong growth from $12.7 million in 2023.
Operational Efficiency
Operating expenses significantly decreased, totaling $4.2 million for Q2 2024 compared to $12.8 million in Q2 2023. The reduction in expenses, totaling $8.1 million in H1 2024, was primarily a result of shifting operations from consumer internet access (CyberKick) to enterprise solutions (NetNut), along with some impairment of goodwill and intangible assets.
Strategic Developments and Market Positioning
During 2024, Alarum has made several strategic advancements within the Data Collection Market. Notable highlights include:
- Acquisition of major brand names, including a Fortune 100 client.
- Onboarding a significant number of new customers, generating approximately $400,000 in their first month of activity, which is a 60% increase compared to Q1 2024.
- Net retention rates (NRR) reaching 1.59 as of June 30, 2024, reflecting the company's ability to retain and grow revenue from existing customers.
Future Outlook
Looking ahead to Q3 2024, Alarum anticipates continued year-over-year revenue growth. CEO Shachar Daniel expressed confidence that NetNut revenues will surpass the total revenues of 2023 by crossing the $21.2 million mark within the first nine months of the year. Expectations are set for Q3 revenues to be approximately $7 million ±3% with an Adjusted EBITDA of $0.8 to $1 million.
Upcoming Conference Call
To provide a detailed discussion regarding these results and the outlook for Q3 2024, Alarum's CEO and CFO will host a conference call. Investors interested in the company’s performance and strategic direction may participate by dialing the provided numbers.
About Alarum Technologies Ltd.
Alarum Technologies Ltd. is a global leader in internet access and web data collection solutions. Its offerings leverage the fastest and most secure hybrid proxy networks to enable anonymous data collection at scale from public web sources. The infrastructure supports optimal privacy, quality, stability, and service speed.
Frequently Asked Questions
What were Alarum Technologies' total revenues for Q2 2024?
Alarum Technologies reported total revenues of $8.9 million for Q2 2024, a 27% increase from the same quarter last year.
How has Alarum's operating expenses changed?
Operating expenses decreased to $4.2 million in Q2 2024 from $12.8 million in Q2 2023, reflecting efficient cost management and business realignment.
What is NetNut?
NetNut is the enterprise internet access product line of Alarum Technologies, providing advanced data collection solutions using a secure hybrid proxy network.
What is Alarum's financial outlook for Q3 2024?
For Q3 2024, Alarum expects revenues of approximately $7 million ±3% with an Adjusted EBITDA ranging from $0.8 to $1 million.
How can investors learn more about Alarum Technologies?
Investors can visit Alarum Technologies Ltd. at their official website for more insights regarding their operations and financial performance.
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