Genasys Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Genasys Inc. filed its Q1 2025 10-Q report for the period ending December 31, 2023, detailing financial performance and customer concentration risks.</b>

AI Summary

Genasys Inc. (GNSS) filed a Quarterly Report (10-Q) with the SEC on February 14, 2024. Genasys Inc. reported financial results for the period ending December 31, 2023. The company's fiscal year ends on September 30th. Genasys Inc. was formerly known as LRAD Corp and American Technology Corp /DE/. The filing includes data for various geographical segments including EMEA, Non-US, US, Asia Pacific, and Americas. Customer concentration risk is noted for specific customers (Customer1, Customer2, Customer3) in both accounts receivable and net sales for the periods ending December 31, 2022, and December 31, 2023.

Why It Matters

For investors and stakeholders tracking Genasys Inc., this filing contains several important signals. The filing provides a detailed look at Genasys Inc.'s financial health and operational segments for the first quarter of fiscal year 2025. Disclosure of customer concentration risk highlights potential dependencies on key clients, which could impact future revenue streams.

Risk Assessment

Risk Level: medium — Genasys Inc. shows moderate risk based on this filing. The company faces medium risk due to customer concentration, as evidenced by specific mentions of Customer1, Customer2, and Customer3 in both accounts receivable and net sales for the periods ending December 31, 2022, and December 31, 2023.

Analyst Insight

Investors should monitor Genasys Inc.'s customer diversification strategies and revenue from key clients in upcoming filings.

Key Numbers

• 2023-12-31 — Report Period End Date (10-Q filing)
• 2025-03-31 — Fiscal Quarter End Date (Implied by Q1 2025 and FY end Sep 30)
• 2023-09-30 — Fiscal Year End Date (Company fiscal year end)

Key Players & Entities

• Genasys Inc. (company) — Filer
• LRAD Corp (company) — Former company name
• AMERICAN TECHNOLOGY CORP /DE/ (company) — Former company name
• Customer1 (company) — Customer concentration risk
• Customer2 (company) — Customer concentration risk
• Customer3 (company) — Customer concentration risk

FAQ

Risk Factors

• Customer Concentration Risk [medium — financial]: The company's revenue and accounts receivable are concentrated among a few customers, posing a risk to financial stability if these relationships are disrupted.

Industry Context

Genasys Inc. operates in the Household Audio & Video Equipment sector (SIC 3651), though its business may extend to other technology-related areas.

Regulatory Implications

The filing is a Form 10-Q, a quarterly report required by the U.S. Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the detailed financial statements for the quarter ending December 31, 2023.
2. Assess the impact of customer concentration on future revenue and profitability.
3. Review any updates or changes in business operations or risk factors presented in the filing.

Year-Over-Year Comparison

This filing is a 10-Q for the period ending December 31, 2023, providing quarterly financial updates.

Key Financial Figures

• $0.00001 — ecurities are registered Common stock, $0.00001 par value per share GNSS NASDAQ Cap

Filing Documents

• gnss20231231_10q.htm (10-Q) — 1564KB
• ex_623834.htm (EX-31.1) — 17KB
• ex_623835.htm (EX-31.2) — 14KB
• ex_623836.htm (EX-32.1) — 9KB
• gnss20231231_10qimg001.jpg (GRAPHIC) — 7KB
• 0001437749-24-004092.txt (&nbsp;) — 9560KB
• gnss-20231231.xsd (EX-101.SCH) — 86KB
• gnss-20231231_def.xml (EX-101.DEF) — 599KB
• gnss-20231231_lab.xml (EX-101.LAB) — 473KB
• gnss-20231231_pre.xml (EX-101.PRE) — 644KB
• gnss-20231231_cal.xml (EX-101.CAL) — 63KB
• gnss20231231_10q_htm.xml (XML) — 1860KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Genasys Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par value and share amounts) December 31, 2023 September 30, (Unaudited) 2023 ASSETS Current assets: Cash and cash equivalents $ 4,780 $ 8,665 Short-term marketable securities 8,777 1,481 Restricted cash - 758 Accounts receivable, net of allowance for credit losses of $ 65 4,435 5,952 Inventories, net 6,890 6,501 Prepaid expenses and other 2,100 1,851 Total current assets 26,982 25,208 Long-term restricted cash 346 96 Property and equipment, net 1,587 1,551 Goodwill 13,151 10,282 Intangible assets, net 10,366 8,427 Operating lease right of use assets 3,712 3,886 Other assets 494 455 Total assets $ 56,638 $ 49,905 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,897 $ 2,785 Accrued liabilities 8,618 7,466 Operating lease liabilities, current portion 1,031 1,008 Total current liabilities 11,546 11,259 Other liabilities, noncurrent 509 551 Operating lease liabilities, noncurrent 4,030 4,283 Total liabilities 16,085 16,093 Stockholders' equity: Preferred stock, $ 0.00001 par value; 5,000,000 shares authorized; none issued and outstanding - - Common stock, $ 0.00001 par value; 100,000,000 shares authorized; 44,027,121 and 37,211,071 shares issued and outstanding, respectively - - Additional paid-in capital 123,725 110,379 Accumulated deficit ( 82,786 ) ( 76,062 ) Accumulated other comprehensive loss ( 386 ) ( 505 ) Total stockholders' equity 40,553 33,812 Total liabilities and stockholders' equity $ 56,638 $ 49,905 See accompanying notes 1 Genasys Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share and share amounts) (Unaudited) Three months ended December 31, 2023 2022 Revenues: Product sales $ 2,166 $ 9,118 Contr

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View this 10-Q filing on SEC EDGAR