Cuộc họp công bố kết quả kinh doanh Quý 3 năm tài chính 2026 của Genasys (GNSS): Giá trị đơn hàng tồn đọng đạt 69 triệu USD

Thông tin chính

• Doanh thu quý 3 năm tài chính 2026 giảm xuống còn 7,3 triệu USD từ mức 9,9 triệu USD cùng kỳ năm ngoái, chủ yếu do hạn chế chuỗi cung ứng CROWS đã được giải quyết và việc Genasys tạm dừng công việc tại Puerto Rico để chờ khách hàng thanh toán.
• Doanh thu phần mềm tăng 21% so với cùng kỳ năm ngoái và 12% so với quý trước lên 2,7 triệu USD. Doanh số đơn đặt hàng phần mềm trong quý đạt khoảng 2,5 triệu USD.
• Biên lợi nhuận gộp mở rộng lên 57,1% từ mức 26,3%, phản ánh tỷ trọng phần mềm cao hơn và đóng góp thấp hơn từ dự án Puerto Rico có biên lợi nhuận thấp hơn.
• Lượng đơn hàng tồn đọng 12 tháng tăng lên khoảng 69 triệu USD từ mức 58,2 triệu USD vào cuối quý 2 năm tài chính, giúp gia tăng khả năng dự báo doanh thu.
• Lỗ ròng GAAP thu hẹp xuống 4,7 triệu USD, tương đương 0,10 USD trên mỗi cổ phiếu, trong khi lỗ EBITDA điều chỉnh cải thiện lên 3,1 triệu USD.
• Ban lãnh đạo duy trì kỳ vọng đạt doanh thu và lợi nhuận kỷ lục trong năm tài chính 2026, dẫn chứng việc thu hồi nợ tại Puerto Rico được khôi phục, hoạt động sản xuất CROWS và các dự án tiềm năng về phần cứng lẫn phần mềm đang tăng trưởng.

Dữ liệu tài chính cốt lõi

Kết quả hoạt động kinh doanh

Puerto Rico chỉ đóng góp 1,3 triệu USD vào doanh thu quý 3 năm tài chính sau khi Genasys tạm dừng công việc cho đến khi khách hàng khôi phục thanh toán. Việc thu hồi nợ đã bắt đầu lại sau khi kết thúc quý, cho phép công ty tái khởi động các hoạt động của dự án. Ban lãnh đạo cho biết 2,9 triệu USD đã được thu hồi trong bốn tuần qua, với các khoản thanh toán được thực hiện theo từng hóa đơn cụ thể.

Quá trình sản xuất đơn hàng CROWS ban đầu trị giá 9 triệu USD đã bắt đầu sau khi hạn chế chuỗi cung ứng liên quan được giải quyết. Ban lãnh đạo dự kiến sẽ hoàn tất việc giao hàng trong năm tài chính 2026 và ghi nhận khoảng 9 triệu USD doanh thu từ CROWS trong năm nay.

Trong mảng phần mềm, Genasys đã ký kết hợp đồng Genasys Protect nhiều năm với Quận Ada, Bang Idaho, nơi có hơn 550.000 dân và hơn 3 triệu lượt khách du lịch mỗi năm. Đây là quận thứ hai tại Idaho thay thế nhà cung cấp dịch vụ cảnh báo khẩn cấp hiện tại bằng nền tảng này.

Genasys Protect hiện bao phủ khoảng 15% dân số Mỹ và 20% diện tích đất liền của nước này. Công ty cũng đã kết nối nền tảng với CAL FIRE Aware và tích hợp Genasys Evertel với nền tảng phân tích và dữ liệu an toàn công cộng của Peregrine.

Nhu cầu phần cứng được dẫn dắt bởi các cơ hội cơ sở hạ tầng thiết yếu dành cho các hệ thống LRAD 950NXT. Genasys đã công bố đơn hàng trị giá 2,4 triệu USD từ một công ty tiện ích lớn của Mỹ, mở rộng đợt triển khai trước đó. Ban lãnh đạo cho biết khách hàng này đã mua 4,4 triệu USD các hệ thống NXT trong năm tài chính 2026, so với khoảng 1 triệu USD trong năm tài chính trước.

Dự báo của Ban lãnh đạo

Ban lãnh đạo tiếp tục kỳ vọng năm tài chính 2026 sẽ là năm kỷ lục về cả doanh thu lẫn lợi nhuận. Triển vọng này được hỗ trợ bởi lượng đơn hàng tồn đọng khoảng 69 triệu USD, việc khôi phục hoạt động tại Puerto Rico, các đợt giao hàng CROWS và sự mở rộng của các dự án phần mềm cũng như phần cứng tiềm năng.

Công ty dự kiến Puerto Rico sẽ đóng góp đáng kể vào doanh thu quý 4 năm tài chính khi khối lượng công việc tăng tốc trong phần còn lại của năm tài chính. Ban lãnh đạo cho biết khối lượng công việc kế hoạch cho năm tài chính 2026 vẫn giữ nguyên bất chấp việc tạm dừng ngắn hạn.

Rủi ro và các điểm cần theo dõi

Việc ghi nhận doanh thu vẫn nhạy cảm với tiến độ chương trình và việc thanh toán của khách hàng. Việc thu hồi nợ tại Puerto Rico đã được khôi phục, nhưng sự chậm trễ thanh toán trước đó đã làm giảm hoạt động trong quý 3 năm tài chính và góp phần làm giảm lượng tiền mặt so với mức cuối năm tài chính.

Công việc tại Puerto Rico hiện được lên kế hoạch trong mùa bão, và ban lãnh đạo thừa nhận những thách thức tiềm ẩn liên quan đến thời tiết trong quý 4 năm tài chính.

Dù hạn chế chuỗi cung ứng CROWS đã được giải quyết, việc thực hiện và giao đơn hàng 9 triệu USD ban đầu vẫn giữ vai trò quan trọng đối với triển vọng cả năm tài chính.

Sửa đổi khoản vay có kỳ hạn vào tháng 7 đã gia hạn thời gian đáo hạn đến tháng 7 năm 2027, mang lại thêm sự linh hoạt về vốn lưu động và giảm sự phụ thuộc vào thời điểm thanh toán từ bất kỳ khách hàng đơn lẻ nào.

Những điểm chính trong phần Hỏi & Đáp với chuyên gia phân tích

Ban lãnh đạo cho biết chiến thắng tại Quận Ada là nhờ tính đơn giản và dễ sử dụng của nền tảng cảnh báo và sơ tán của Genasys. Công ty có kế hoạch mở rộng thêm trên khắp bang Idaho khi các hợp đồng với nhà cung cấp hiện tại hết hạn.

Về Puerto Rico, ban lãnh đạo khẳng định việc tạm dừng ngắn hạn không làm thay đổi khả năng sinh lời của dự án. Công ty đang giải quyết các hóa đơn còn tồn đọng trong khi tiếp tục xuất hóa đơn cho các công việc đã hoàn thành bổ sung.

Ban lãnh đạo đánh giá cơ hội từ thị trường phần cứng phi quân sự là rất lớn. Công ty dự kiến lượng đơn đặt hàng phần cứng phi quân sự sẽ đạt mức cao nhất theo năm từ trước đến nay, nhờ sự hỗ trợ từ các công ty tiện ích, đập thủy điện, trung tâm dữ liệu, cảng biển và các địa điểm cơ sở hạ tầng thiết yếu không người vận hành khác.

Công ty cũng đề cập đến nhu cầu từ hải quân Pháp, Tây Ban Nha, Canada và Mỹ, cũng như các gói thầu đang diễn ra liên quan đến lực lượng hải quân của các quốc gia khác.

Toàn văn biên bản cuộc họp báo cáo kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

Operator

Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to Genasys Third Quarter 2026 Conference Call. I would now like to turn the conference over to [ Clay Lielos ], Investor Relations. Please go ahead.

Unknown Executive

Good afternoon, everyone. Thank you for participating in today's conference call to discuss Genasys Inc.'s fiscal third quarter 2026 results ended June 30, 2026. Joining us on today's call are the company's Chief Executive Officer, Richard Danforth; and Chief Financial Officer, [ Cassandra Montion ].

Before we begin, let me remind everyone of the company's safe harbor disclaimer. Certain portions of our comments today will concern future expectations, plans and prospects of the company that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements containing verbs such as aims, anticipates, estimates, expects, believes, intends, plans, predicts, will, may, continue, projects or targets and negatives of these words and similar words or expressions.

Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. Factors that could affect our actual results include, among others, those that are discussed under the heading Risk Factors in our most recently filed reports with the SEC, including our annual report on Form 10-K, our quarterly reports on Form 10-Q and our current reports on Form 8-K.

In addition, this call includes discussions of certain non-GAAP financial measures, including adjusted EBITDA. The most directly comparable GAAP measure and reconciliations for non-GAAP measures are available in the earnings release and other documents posted on the company's website under Investor Relations. A replay of the webcast will be made available approximately 4 hours after the presentation through the conference call link on the Events and Presentations page of the company's website. With that, I would like to turn the call over to Genasys' CEO, Richard Danforth.

Richard Danforth

Thank you, [ Clay ], and welcome, everyone. Revenue for the fiscal third quarter was $7.3 million compared to $9.9 million in the prior year period. The decrease was driven by 2 timing-related factors. The first was the supply chain constraint associated with the CROWS program. The constraint has now been resolved. Production on this initial $9 million order is underway, and we expect to complete delivery within the fiscal year. Importantly, this was a timing issue rather than a demand issue.

The second factor was a deliberate pause in our work in Puerto Rico. We elected to suspend work until customer payments resumed. Following quarter end, collections began flowing again, and we have since remobilized project activities on the island. Even with the temporary pause, we expect the work scheduled for the fiscal year to remain unchanged. With both of these timing factors now moving in the right direction and with gross margins remaining above 50%, we continue to expect fiscal 2026 to be a record year for both revenue and profitability.

Staying on the top line, we are seeing meaningful progress in growing demand for our software offerings. Recent wins include a large multiyear Genasys Protect contract with Ada County, Idaho, home to more than 550,000 residents and over 3 million annual visitors. Ada County is the second Idaho county to replace its incumbent emergency alert provider with our platform. That displacement trend is encouraging. Agencies are moving away from legacy providers because Genasys delivers better outcomes when it really matters.

We also continued to expand our platform. In June, we announced a partnership with Intterra and CAL FIRE to connect the CAL FIRE Aware platform and Genasys Protect. This connection gives the public another trusted source for real-time emergency updates. Now any alert issued through Genasys Protect instantly spreads across the state. Separately, we integrated Genasys Evertel with the public safety data and analytics platform called Peregrine. They are a leading crime data and intelligence software used by real-time crime centers and fusion centers today.

This was tested and verified by the Vacaville, California Police Department, pushing real-time crime center intelligence directly to officers in the field rather than through manual distribution. It is worth noting that there are approximately 80 fusion centers and 800 real-time crime centers across the U.S. Integrations like these accomplish 2 important objectives. They extend the reach of our software into the platform agencies already rely on every day, and they make Genasys Protect increasingly difficult to displace once it becomes embedded in mission-critical workflows.

We are seeing steadily increasing interest from strategic partners looking to build similar connections, and we expect that to be a durable contributor to our software growth. Earlier this week, we announced a software milestone we are especially proud of. Genasys Protect now covers approximately 15% of the U.S. population and 20% of the country's land area, making it the nation's leading platform for zone-based emergency alerting, evacuation management and secure real-time communication. That level of adoption is a testament to our technology and its ability to help keep people safe and save lives.

While we are proud of this milestone, we believe there remains substantial opportunity to expand our footprint across the rest of the country. On the hardware side, momentum continues to build, particularly in critical infrastructure. Over the past several months, we have seen a steadily expanding pipeline for our LRAD 950NXT systems as a security layer for unmanned sites such as electrical substations, dams, ports and data centers. Last week, we announced a $2.4 million critical infrastructure protection order from one of the largest utilities in the United States.

The order expands a deployment that began with a single substation installation and was followed by a $2 million order. This is a customer that continues to expand its deployment as it sees the systems perform. The 950NXTs are integrated with the substation's physical security infrastructure and multisensor perimeter intrusion detection systems. They address a full range of physical security requirements to detect, assess, communicate, respond, delay and deter threats. In short, they transform passive monitoring into immediate intervention.

Critical infrastructure remains one of our strongest growth opportunities. The pipeline continues to build, and we expect the market to be a meaningful driver of our hardware growth going forward. At the same time, our long-standing defense and security customers remain active. The U.S. Army continues to be an important partner, and demand from international navies and defense agencies continues to strengthen as governments increase spending on force protection, maritime security and critical infrastructure resilience.

Overall, our pipeline continues to grow across both hardware and software, and our focus remains on converting those opportunities into signed contracts and recognized revenue. Turning to the balance sheet. In July, we extended the maturity of our term loan, providing additional working capital flexibility and reducing our dependence on the timing of payments from any single customer. We view our lenders' willingness to extend the facility as further validation of the strength of our backlog, the opportunities within our pipeline and our long-term outlook.

Overall, the fiscal third quarter was affected by timing, not by any change in underlying demand. Our backlog remains strong. Our pipeline continues to grow, and the factors that delayed revenue recognition during the quarter are now being resolved. We entered the fourth quarter with improved operating leverage, greater financial flexibility and a strong visibility into the work ahead. As a result, we remain confident in delivering a record year of revenue and profitability. With that, I'll turn the call over to [ Cassandra ].

Cassandra Hernandez-Monteon

Thank you, Richard, and thank you, everyone, for joining for third quarter results. In the third quarter of fiscal 2026, Genasys generated $7.3 million in revenue. This included only $1.3 million in contribution from the Puerto Rico project due to our deliberate decision to halt work on the island until customer payment resumes. As Richard mentioned, collections restarted after quarter end, and we have begun remobilizing activities. We expect Puerto Rico to be a meaningful contributor to the fourth quarter revenue as project activities continue to ramp through the remainder of our fiscal year.

Total software revenue for fiscal third quarter was $2.7 million, representing a 21% increase year-over-year and a 12% increase sequentially. During the quarter, we generated approximately $2.5 million in software bookings, including both new customer wins and contract renewals. We exited the quarter with 12-month backlog of approximately $69 million compared to $58.2 million at the end of the second quarter. While the increase reflects both continued order activity and the timing of certain programs, the backlog provides meaningful revenue visibility and supports our view that the third quarter revenue shortfall was primarily a timing issue rather than a reduction in customer demand.

Gross profit margin in the quarter was 57.1% compared to 26.3% in the fiscal third quarter of 2025. This improvement was driven primarily by the revenue mix. The prior year period included a large contribution from the Puerto Rico project, which carried lower margins under the percentage of completion revenue recognition methodology, while the current quarter benefited from higher portions of software revenue. Operating expenses decreased 3.8% to $8.2 million from $8.5 million in the prior year period.

Selling, general and administrative expenses decreased 4.6% to $6.1 million, while research and development expenses decreased 1.2% year-over-year to $2.1 million. These reductions reflect action taken during the quarter to better align spending with the company's cash flow profile and near-term operating priorities. GAAP net loss for the quarter was $4.7 million or a loss of $0.10 per share, basic and diluted, compared with a GAAP net loss of $6.5 million or a negative $0.14 per share in the third quarter of fiscal 2025.

Adjusted EBITDA improved to a loss of $3.1 million from a loss of $4.8 million in the prior year period, primarily reflecting improvement in gross margins and disciplined expense management. Now on to the balance sheet. Cash, cash equivalents and marketable securities totaled $3.1 million as of June 30, 2026, compared to $8 million at September 30, 2025. As Richard mentioned earlier, in July, we completed the third amendment to our term loan and security agreement, extending the maturity date to July 2027 and providing additional financial flexibility as we execute against our backlog and pipeline.

We believe the revised structure is better aligned with the operating cash flow profile of the business and supports execution of our growth strategy. In summary, while a meaningful portion of revenue shifted beyond the third quarter, the underlying business fundamentals remain solid. Gross margins exceeded 57%, 12-month backlog increased to approximately $69 million and collections in Puerto Rico resumed following the quarter end. We also took action during the quarter to better align spending with our cash flow profile while improving financial flexibility through the extension of our term loan. We remain focused on executing against our backlog, generating cash flow and improving flexibility. With that, Richard, back to you.

Richard Danforth

Thank you, [ Cassandra ]. We sit in a strong position. Our software products are beginning to get the recognition they deserve, and our hardware business is bringing in a steady flow of new orders. The demand environment across both sides of our business are as robust as they have ever been, and the work we have done this year has put us in a position to meet it. With the progress we have made on the balance sheet and the cost structure, we entered the fourth quarter with real momentum.

The term loan extension gives us working capital flexibility and reduces our dependencies on the timing of customer payments. We remain on pace for a record year in both revenue and profitability, backed by our $69 million backlog and pipeline that continues to grow. I want to thank our employees for their work this quarter and our shareholders for their continued support. With that, we'd like to open it up for Q&A. Operator?

Operator

Your first question comes from the line of Ed Woo with Ascendiant Capital.

Phần hỏi đáp

Unknown Analyst

My question is on the Idaho win. You said you displaced legacy systems. Have you seen any big changes out with competition out there? Or do you feel that it's easier that you guys are gaining momentum to be able to displace with more of your other systems and competitors out there?

Richard Danforth

I think the Ada County is an evacuation customer, and they love it, and they like the simplicity and the intuitiveness of it. And our communication software, alert software is equally the same. So they like the easier use of the platform. And I think when the contract runs out with their existing supplier, not only in Ada, but in counties all across the country, they will switch to Genasys.

Unknown Analyst

And you mentioned, I think you said that was a second county in Idaho to do that. Is it much easier now for you to spread to the rest of the state and obviously other countries state...

Richard Danforth

Yes. Okay. Ada is the largest county in the state with over 0.5 million people. But yes, so we already cover more people -- most of the people in the state, and our intention is to plan the whole state.

Unknown Analyst

Great. And then my last question is back on the Puerto Rico contract. You mentioned that you had a pause for a little bit, and then we're restarting now as collection is going. Does that impact the overall timing of when you're going to complete the project? And also, does that affect your overall profitability as well?

Richard Danforth

Second one first. No, it doesn't have anything to do with our profitability in Puerto Rico remains to be very good. And I think you know this, Ed, but we had not scheduled any work on the island for our fiscal fourth quarter when we came into this fiscal year, principally to stay away from hurricane season. So we have now going to be doing work in the fourth quarter in Puerto Rico. There will be some challenges based on weather, I'm sure. But right now, we've begun. And yes, we're going to get as much down on the island as possible in this fourth quarter.

Operator

Your next question comes from the line of Luke Fingerson with Lake Street Capital Markets.

Unknown Analyst

Luke Fingerson on for Jason Schmidt here. I was going to start on the collection of payments from Puerto Rico. Just curious kind of how that's progressing and how we should think about the timing of collections.

Richard Danforth

In the last 4 weeks, Luke, we've collected $2.9 million like every other Friday. And they're paying against specific invoices. So it could be higher or it could be slightly lower, but the important thing is that the cash is finally flowing.

Unknown Analyst

Is that kind of in line with how you expected? Or is it going to accelerate here?

Richard Danforth

There's a backup for not being paid for so long. So they're working through that backlog. And then as we continue to finish things in Puerto Rico, we will invoice them for that work.

Unknown Analyst

Got you. No, that makes sense. And then kind of with the U.S. Army, you got the utility order and then the Ada County order, I mean, obviously, these opportunities are just kind of flowing in here, a lot of them follow-ons. So as these opportunities continue to develop, many of them being follow-on orders, kind of curious where you see the addressable and serviceable markets of these opportunities in the next few years?

Richard Danforth

I don't think I've ever put a number out on that, Luke, but it is large. Our bookings in the hardware side of business, non-military will be higher this year than I think it's ever been and will generate about $9 million in revenue off the CROWS program this fiscal year. I mentioned a bit in my remarks regarding CIP market and vertical. That one utility company I referenced bought $4.4 million worth of NXTs this fiscal year.

In last fiscal year, it was about $1 million. So it's over $5 million for utility here in California. And the pipeline on that unit is very robust and growing. My remarks, I told you, not only is the power stations, but it's dams, it's data centers. It's all over the map.

Unknown Analyst

Yes. No, I mean good to hear. Obviously, the market is broad and booming.

Richard Danforth

I think I've mentioned this in the past, Luke, but we've sold those units to the French Navy, Spanish Navy, Canadian Navy, United States Navy, some mega yachts and in the process of bidding other country's navies.

Operator

And that does conclude our question-and-answer session. And ladies and gentlemen, that does conclude today's conference call. Thank you for your participation, and you may disconnect.