Genasys Reports Significant Achievements in Recent Fiscal Year
Genasys Inc. (NASDAQ: GNSS), a leader in Protective Communications, has shared a comprehensive update regarding its business developments for the recent fiscal year. The company has reported remarkable growth, including record bookings and an encouraging backlog, which sets a strong foundation for its fiscal year 2025 outlook.
Fiscal Year 2024 Highlights
Richard Danforth, CEO of Genasys Inc., highlighted some of the company’s key achievements in fiscal year 2024. Among the noteworthy developments was a substantial $75 million project awarded for dam systems in Puerto Rico. Genasys also secured important contracts with notable municipalities such as Los Angeles County, as well as states like Oregon and New Hampshire.
Genasys enjoyed a record influx of domestic law enforcement orders alongside a significant recovery of its international Long Range Acoustic Device (LRAD) business. These successes contributed to a total of $111 million in new bookings, culminating in a backlog exceeding $40 million by the close of the fiscal year in September.
Software Business Growth
As the new fiscal year begins, Genasys’ software segment boasts an Annual Recurring Revenue (ARR) of $8.3 million. Following its acquisition of Evertel Technologies, the Genasys CONNECT platform has rapidly expanded. Currently, more than 250 clients utilize this platform, encompassing over 31,000 active users who are instrumental in ensuring community safety for over 50 million people across the United States.
Innovations and Community Impact
Michael Smith, Senior Vice President of Genasys Protect, emphasized the successful growth of the Genasys Protect suite, which includes ACOUSTICS, ALERT, CONNECT, and EVAC systems. The real-time application of the EVAC solution during recent emergency situations, notably by first responders in Los Angeles County during the Franklin Fire, significantly showcased its role in maintaining public safety.
David Schnell, Vice President of Global Hardware Sales, remarked on the renewed demand for LRAD systems from international clients, including military and law enforcement agencies in Africa, the Middle East, and Asia-Pacific. This led to an impressive 86% uptick in international hardware bookings compared to the previous year. The demand surge nationally and globally has bolstered the company's pipeline as it prepares for the new calendar year.
Future Prospects and Strategic Initiatives
With the close of fiscal year 2024 marked by record bookings and a robust backlog, Genasys is confidently positioned for what lies ahead. The company has successfully secured an $8 million deposit from Puerto Rico for initial dam projects, and work is underway to provide a comprehensive Early Warning System powered by ACOUSTICS technology across all 37 dams involved in the PREPA project.
In conclusion, Mr. Danforth expressed gratitude towards the entire Genasys team for their unwavering dedication to delivering top-notch Protective Communications systems. These efforts assure proactive preparedness, effective decision-making, secure inter-agency collaborations, and timely communication during emergencies—ultimately enhancing safety and saving lives.
About Genasys Inc.
Genasys Inc. is the preeminent global entity in Protective Communications, offering a wide range of preparedness, response, and analytical software solutions. With over 40 years of commitment to safety, Genasys has successfully safeguarded over 155 million individuals across all 50 states and in more than 100 countries. The company's integrated systems and long-range acoustic devices are built with one goal: ensuring readiness when it matters most.
Frequently Asked Questions
What are the key achievements of Genasys in FY 2024?
In FY 2024, Genasys reported $111 million in new bookings and established a backlog exceeding $40 million, alongside significant contracts with major municipalities and states.
How is Genasys ensuring public safety?
The company employs its innovative Genasys Protect suite, including ACOUSTICS and EVAC systems, to enhance communities' safety and response capabilities during emergencies.
What future outlook does Genasys have for FY 2025?
With strong bookings and backlog trends, Genasys is poised for continued growth, particularly with ongoing projects and expanding software services.
How many users are currently on Genasys CONNECT?
As of now, Genasys CONNECT serves over 31,000 active users across more than 250 clients, enhancing the safety of millions.
What is Genasys’ goal in terms of public communication?
The overarching aim of Genasys is to ensure organizations are “Ready when it matters™,” through effective communication solutions designed for emergency preparedness.
