|
Senstar Technologies Ltd.
|
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10th F. Gibor Sport Tower
7 Menachem Begin Road
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T: +972-74-794-5200
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Ramat Gan 5268102, Israel
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www.senstartechnologies.com
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• |
Achieved double-digit, year-over-year revenue growth in the U.S in Q1 2023 primarily in the corrections market, one of the Company’s four target market verticals.
|
• |
Awarded a new strategic project in Europe in one of our four key vertical markets.
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• |
Appointed Fabien Haubert as Interim Chief Executive Officer.
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Senstar Technologies:
Tomer Hay
Chief Financial Officer
Tel: +972-74-794-5200
Tomer.Hay@senstar.com
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IR Contact:
Kim Rogers
Managing Partner
Hayden IR
+1 541-904-5075
Kim@HaydenIR
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Three Months
Ended March 31,
|
||||||||||||
2023
|
2022
|
% change
|
||||||||||
Revenue
|
6,445
|
6,785
|
(5
|
)
|
||||||||
Cost of revenue
|
2,852
|
2,318
|
23
|
|||||||||
Gross profit
|
3,593
|
4,467
|
(20
|
)
|
||||||||
Operating expenses:
|
||||||||||||
Research and development, net
|
1,040
|
1,095
|
(5
|
)
|
||||||||
Selling and marketing
|
2,446
|
2,299
|
6
|
|||||||||
General and administrative
|
1,840
|
1,745
|
5
|
|||||||||
Total operating expenses
|
5,326
|
5,139
|
4
|
|||||||||
Operating loss
|
(1,733
|
)
|
(672
|
)
|
||||||||
Financial income (expense), net
|
40
|
(239
|
)
|
|||||||||
Loss before income taxes
|
(1,693
|
)
|
(911
|
)
|
||||||||
Taxes on income
|
182
|
186
|
||||||||||
Net loss attributable to Senstar’s shareholders
|
(1,875
|
)
|
(1,097
|
)
|
||||||||
Basic and diluted net loss per share
|
$
|
(0.08
|
)
|
$
|
(0.05
|
)
|
||||||
Weighted average number of shares used in computing basic and diluted net loss per share
|
23,309,987
|
23,301,931
|
||||||||||
Three Months
Ended March 31,
|
||||||||
2023
%
|
2022
%
|
|||||||
Gross margin
|
55.7
|
65.8
|
||||||
Research and development, net as a % of revenues
|
16.1
|
16.1
|
||||||
Selling and marketing as a % of revenues
|
38.0
|
33.9
|
||||||
General and administrative as a % of revenues
|
28.5
|
25.7
|
||||||
Operating margin
|
-
|
-
|
||||||
Net margin
|
-
|
-
|
Three Months
Ended March 31,
|
||||||||
2023
|
2022
|
|||||||
GAAP Net loss
|
(1,875
|
)
|
(1,097
|
)
|
||||
Less:
|
||||||||
Financial income (expenses), net
|
40
|
(239
|
)
|
|||||
Taxes on income
|
182
|
186
|
||||||
Depreciation and amortization
|
(323
|
)
|
(408
|
)
|
||||
EBITDA
|
(1,410
|
)
|
(264
|
)
|
March 31,
|
December 31,
|
|||||||
2023
|
2022
|
|||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
14,727
|
$
|
14,937
|
||||
Short-term bank deposits
|
113
|
110
|
||||||
Restricted cash and deposits
|
5
|
5
|
||||||
Trade receivables, net
|
6,540
|
9,973
|
||||||
Unbilled accounts receivable
|
424
|
350
|
||||||
Other accounts receivable and prepaid expenses
|
1,468
|
1,441
|
||||||
Inventories
|
9,867
|
8,443
|
||||||
Total current assets
|
33,144
|
35,259
|
||||||
LONG TERM ASSETS:
|
||||||||
Deferred tax assets
|
2,034
|
1,981
|
||||||
Operating lease right-of-use assets
|
941
|
987
|
||||||
Total long-term assets
|
2,975
|
2,968
|
||||||
PROPERTY AND EQUIPMENT, NET
|
1,593
|
1,651
|
||||||
INTANGIBLE ASSETS, NET
|
1,141
|
1,142
|
||||||
GOODWILL
|
10,879
|
10,866
|
||||||
TOTAL ASSETS
|
$
|
49,732
|
$
|
51,886
|
March 31,
|
December 31,
|
|||||||
2023
|
2022
|
|||||||
CURRENT LIABILITIES:
|
||||||||
Trade payables
|
$
|
2,070
|
$
|
2,408
|
||||
Customer advances
|
212
|
239
|
||||||
Deferred revenues
|
2,742
|
2,866
|
||||||
Other accounts payable and accrued expenses
|
4,974
|
4,749
|
||||||
Short-term operating lease liabilities
|
273
|
248
|
||||||
Total current liabilities
|
10,271
|
10,510
|
||||||
LONG-TERM LIABILITIES:
|
||||||||
Deferred revenues
|
1,375
|
1,463
|
||||||
Deferred tax liabilities
|
868
|
865
|
||||||
Accrued severance pay
|
321
|
330
|
||||||
Long-term operating lease liabilities
|
697
|
757
|
||||||
Other long-term liabilities
|
265
|
274
|
||||||
Total long-term liabilities
|
3,526
|
3,689
|
||||||
SHAREHOLDERS' EQUITY
|
||||||||
Share Capital: Ordinary shares of NIS 1 par value -
|
||||||||
Authorized: 39,748,000 shares at March 31, 2023 and December 31, 2022; Issued and outstanding: 23,309,987 shares at March 31, 2023 and December 31, 2022
|
6,799
|
6,799
|
||||||
Additional paid-in capital
|
30,519
|
30,503
|
||||||
Accumulated other comprehensive loss
|
(667
|
)
|
(758
|
)
|
||||
Foreign currency translation adjustments (stand-alone financial statements)
|
9,670
|
9,654
|
||||||
Accumulated deficit
|
(10,386
|
)
|
(8,511
|
)
|
||||
TOTAL SHAREHOLDERS' EQUITY
|
35,935
|
37,687
|
||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
49,732
|
$
|
51,886
|