Genasys Inc. reported its fiscal second quarter 2025 financial results on May 13, 2025, with total revenue increasing 21% to $6.9 million compared to $5.7 million in the prior year's quarter. Software revenue grew 29%, with recurring revenue up 28% and Annual Recurring Revenue (ARR) reaching $8.6 million. Hardware revenue also increased by 17%.
Despite revenue growth, gross profit margin was 37.7%, slightly down from 37.9% in Q2 FY24, primarily due to underutilization of hardware revenue and increased software system costs during the January fires in Los Angeles. The GAAP net loss for the quarter was $6.1 million, or $0.14 per share, compared to a net loss of $6.9 million, or $0.16 per share, in the prior year period.
Cash, cash equivalents, and marketable securities decreased to $7.2 million as of March 31, 2025, from $13.1 million at September 30, 2024. The company secured $4 million in bridge capital from its existing lender to maintain momentum on the Puerto Rico project, as a deposit for the third group of dams was delayed. Genasys expects to realize between $15 million and $20 million in Puerto Rico related revenue in fiscal 2025, with an initial production order for the AHD-CROWS program anticipated in the second half of fiscal 2025.
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