Genasys (GNSS) 2026 財年第三季法說會：在手訂單達 6,900 萬美元

重點摘要

• 2026 財年第三季營收從去年同期的 990 萬美元降至 730 萬美元，主因是 CROWS 供應鏈瓶頸（現已解決）以及 Genasys 因等待客戶付款而暫停波多黎各業務。
• 軟體營收年增 21%、季增 12% 至 270 萬美元。單季軟體預訂額約為 250 萬美元。
• 毛利率從 26.3% 擴增至 57.1%，反映出軟體業務占比提升，以及毛利率較低的波多黎各專案貢獻減少。
• 未來 12 個月的在手訂單金額從第二財季末的 5,820 萬美元增至約 6,900 萬美元，提供了更高的營收能見度。
• GAAP 淨虧損縮小至 470 萬美元（即每股虧損 0.10 美元），調整後 EBITDA 虧損則改善至 310 萬美元。
• 管理層維持對 2026 財年營收與獲利創歷史新高的預期，理由是波多黎各款項恢復收取、CROWS 投入生產，以及硬體與軟體潛在訂單持續成長。

核心財務數據

業務與營運表現

由於 Genasys 暫停作業直到客戶恢復付款，波多黎各專案在第三財季僅貢獻了 130 萬美元營收。本季結束後已恢復收款，使公司得以重新動員展開專案作業。管理層表示，過去四週內已收到 290 萬美元款項，且皆對應特定發票。

在相關供應鏈限制解決後，首批金額 900 萬美元的 CROWS 訂單已開始生產。管理層預計將在 2026 財年內完成交付，並在本財年貢獻約 900 萬美元的 CROWS 營收。

在軟體方面，Genasys 與愛達荷州阿達郡 (Ada County) 簽訂了一份多年期的 Genasys Protect 合約；該郡擁有超過 55 萬名居民及每年逾 300 萬名訪客。這是愛達荷州第二個以該平台取代現有緊急警報服務商的郡。

Genasys Protect 目前已覆蓋美國約 15% 的人口與 20% 的國土面積。公司還將該平台與 CAL FIRE Aware 進行連線，並將 Genasys Evertel 與 Peregrine 的公共安全數據與分析平台整合。

硬體需求主要來自 LRAD 950NXT 系統在關鍵基礎設施領域的商機。Genasys 宣布接獲某美國大型公用事業公司 240 萬美元的訂單，擴大了先前的部署規模。管理層指出，該客戶在 2026 財年共購買了 440 萬美元的 NXT 系統，而上財年約為 100 萬美元。

管理層展望

管理層繼續預期 2026 財年將是營收與獲利能力雙雙刷新紀錄的一年。此展望獲得約 6,900 萬美元的在手訂單、波多黎各業務重啟、CROWS 交付以及軟硬體潛在訂單持續擴增的支撐。

隨著本財年剩餘時間專案作業逐步升溫，公司預計波多黎各將對第四財季營收作出顯著貢獻。管理層表示，儘管先前經歷暫時停工，但 2026 財年預計執行的工程總量維持不變。

風險與關注焦點

營收認列對專案進度時程與客戶付款情況依然敏感。波多黎各款項雖已恢復收取，但早前的延遲付款減少了第三財季的作業量，並導致現金水平低於上財年末的基準。

波多黎各的專案工程目前排定於颶風季期間進行，管理層坦承第四財季可能面臨與天氣相關的潛在挑戰。

儘管 CROWS 的供應鏈限制已經解除，但首批 900 萬美元訂單的執行與交付對於全財年展望依然至關重要。

7 月份的中期貸款條款修訂將到期日延長至 2027 年 7 月，提供了額外的營運資金彈性，並降低了對單一客戶付款時程的依賴。

分析師問答重點

管理層將贏得阿達郡合約歸功於 Genasys 疏散與警報平台的簡潔性與易用性。公司打算在現有服務商合約到期後，於愛達荷州進一步擴展業務。

針對波多黎各專案，管理層表示暫時停工並不影響該專案的獲利能力。公司正在處理未結清的發票，同時對新增完成的工作進行請款。

管理層形容非軍事硬體的目標市場商機相當龐大。在公用事業、水壩、資料中心、港口及其他無人看守的關鍵基礎設施場址需求推動下，預計非軍事硬體預訂額將創下歷史新高。

公司還提到來自法國、西班牙、加拿大及美國海軍的需求，以及正在參與的其他國家海軍競標。

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管理層陳述

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.

分析師問答

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.