Genasys Inc. Files Q1 2025 10-Q

TL;DR

Genasys Inc. 10-Q filed. Q1 FY25 results out.

AI Summary

Genasys Inc. filed its 10-Q for the period ending December 31, 2024, reporting on its first fiscal quarter. The company, formerly known as LRAD Corp and American Technology Corp, is involved in household audio & video equipment. Key financial events and disclosures include details on agreements, stock issuances, construction in progress, and term loans.

Why It Matters

This filing provides investors with an update on Genasys Inc.'s financial performance and operational status for the first quarter of fiscal year 2025.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• 2024-12-31 — Period End Date (The end date for the reporting period of this 10-Q filing.)
• 2025-02-11 — Filing Date (The date this 10-Q filing was submitted to the SEC.)
• 2024-09-30 — Previous Fiscal Year End (Indicates the end of the prior fiscal year, relevant for year-over-year comparisons.)

Key Players & Entities

• Genasys Inc. (company) — Filer
• LRAD Corp (company) — Former company name
• AMERICAN TECHNOLOGY CORP /DE/ (company) — Former company name
• 20241231 (date) — Period of report
• 20250211 (date) — Filing date
• Evertel Technologies LLC (company) — Mentioned in relation to an agreement to issue stock

FAQ

Key Financial Figures

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

Filing Documents

• gnss-20241231.htm (10-Q) — 2774KB
• gnss-ex31_1.htm (EX-31.1) — 14KB
• gnss-ex31_2.htm (EX-31.2) — 14KB
• gnss-ex32_1.htm (EX-32.1) — 11KB
• img37374661_0.jpg (GRAPHIC) — 7KB
• 0000950170-25-018045.txt ( ) — 13651KB
• gnss-20241231.xsd (EX-101.SCH) — 1564KB
• gnss-20241231_htm.xml (XML) — 3214KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Comprehensive Loss 3 Condensed Consolidated Statements of Cash Flows 4 Notes to Unaudited Condensed Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 35 PART II. OTHER INFORMATION 36 Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults Upon Senior Securities 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 37

FINAN CIAL INFORMATION

PART I. FINAN CIAL INFORMATION

Finan cial Statements

Item 1. Finan cial Statements Genasys Inc. CONDENSED CONSOLID ATED BALANCE SHEETS (in thousands, except par value and share amounts) December 31, 2024 September 30, 2024 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 8,469 $ 4,945 Short-term marketable securities 5,146 7,945 Restricted cash 95 95 Accounts receivable, net of allowance for credit losses of $ 65 3,017 3,283 Inventories, net 7,500 7,313 Prepaid expenses and other 3,777 2,559 Total current assets 28,004 26,140 Long-term marketable securities 305 249 Long-term restricted cash 250 250 Property and equipment, net 1,231 1,291 Goodwill 13,165 13,329 Intangible assets, net 7,885 8,506 Operating lease right of use assets 2,898 3,110 Other assets 902 1,061 Total assets $ 54,640 $ 53,936 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 4,504 $ 4,034 Accrued liabilities 15,524 9,030 Operating lease liabilities, current portion 1,025 1,021 Total current liabilities 21,053 14,085 Notes payable, at fair value 12,380 12,010 Warrant liability 4,170 6,640 Deferred revenue, noncurrent 378 369 Operating lease liabilities, noncurrent 2,989 3,269 Total liabilities 40,970 36,373 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; 44,929,634 and 44,631,030 shares issued and outstanding as of December 31, 2024 and September 30, 2024, respectively — — Additional paid-in capital 126,082 125,690 Accumulated deficit ( 111,870 ) ( 107,792 ) Accumulated other comprehensive loss ( 542 ) ( 335 ) Total stockholders' equity 13,670 17,563 Total liabilities and stockholders' equity $ 54,640 $ 53,936 The accompanying notes are an inte

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View this 10-Q filing on SEC EDGAR