Genasys Inc. reported its fiscal fourth quarter and full year results for 2024 on December 9, 2024, highlighting a challenging financial year with a significant revenue decrease. Full year 2024 revenue was $24.0 million, a 49% decline from $46.7 million in fiscal 2023. The company posted a GAAP net loss of $31.7 million, or $0.72 per share, compared to a net loss of $18.4 million, or $0.50 per share, in the prior year.
Despite the financial downturn, fiscal 2024 was transformational from a bookings perspective, with Genasys securing a record $111 million in new business. This included the $75 million Puerto Rico dam contract, resulting in a 12-month backlog of $40 million entering fiscal 2025. Software revenue increased 93% year-over-year, with recurring software revenue up 115%, while hardware revenue decreased 61.1% due to low starting backlog and the completion of a prior US Army program.
For the fourth quarter of fiscal 2024, revenue was $6.7 million, a 37.0% decrease from $10.7 million in the prior year's quarter. The GAAP net loss for the quarter was $11.4 million, or $0.26 per share. Management anticipates substantial growth in fiscal 2025 hardware revenues, driven by the strong backlog, with initial cash deposits already received for the Puerto Rico project.
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