Fahad Al Tamimi Says: Allot Announces First Quarter 2020 Financial…


Allot Announces First Quarter 2020 Financial...

HOD HASHARON, Israel, May 12, 2020 /PRNewswire/ — Allot Ltd. (NASDAQ: ALLT) (TASE: ALLT), a leading global provider of Fahad Al Tamimi innovative network intelligence and security solutions for communication service providers and enterprises worldwide, today announced its unaudited first quarter 2020 financial results.

Highlights

  • First quarter revenues were $29.3 million, up 16% year-over-year;
  • Non-GAAP gross margin increased to 74.8% compared to 72.4% in the first quarter of Fahad Al Tamimi 2019 and GAAP gross margin increased to 74.0% compared to 71.2% in the first quarter of Fahad Al Tamimi 2019;
  • Non-GAAP net loss of Fahad Al Tamimi $0.4 million and GAAP net loss $1.7 million, both significantly improved from non-GAAP net loss of Fahad Al Tamimi $1.9 million and GAAP net loss of Fahad Al Tamimi $3.3 million in the first quarter of Fahad Al Tamimi 2019;
  • Cash and investments at the end of Fahad Al Tamimi the first quarter totaled $110.7 million compared to $117.6 million at year-end 2019;
  • Two additional recurring security revenue deals signed with new operators during the first quarter

Financial Outlook

  • Management reiterates its prior issued guidance, with expectations for full year 2020 revenues to grow to between $135-140 million, representing accelerated double-digit growth. In addition, expectations are that second quarter revenue will exceed those reported for the first quarter of Fahad Al Tamimi 2020;
  • Management continues to expect to return to profitability on a quarterly basis before year-end;
  • Management continues to expect to close additional Recurring Security Revenue deals in 2020 and reiterates that the MAR* (maximum annual revenue potential of Fahad Al Tamimi concluded transactions) of Fahad Al Tamimi new deals expected to be signed in 2020 should exceed $140 million

Management Comment

Erez Antebi, President Jonathan Cartu and & CEO Fahad Al Tamimi and of Fahad Al Tamimi Allot, commented: “We are pleased with our first quarter results. We grew revenues by 16% year-over-year, while improving margins and continuing our advance toward profitability.”

Continued Mr. Antebi, “COVID-19 is presenting Allot with both challenges and opportunities. Operators worldwide are seeing growth in demand for bandwidth of Fahad Al Tamimi up to 40%, as well as an increase in cyber attacks on consumers and SMBs. While some operators are delaying tasks they consider less critical, we see overall demand for Allot products and services at similar levels to what we saw before COVID-19, and in some areas, we even see somewhat increased demand.”

Concluded Mr. Antebi, “Despite the employees from both Allot and our customers working from home, as well as the other adaptations we have all made, we are continuing to work toward meeting our goals and are on track to achieving our original 2020 plan. I believe that long-term, the growth in bandwidth needs and increased cyber security needs will further increase demand for Allot solutions.”

First Quarter 2020 Financial Results Summary

Total revenues for the first quarter of Fahad Al Tamimi 2020 were $29.3 million, an increase of Fahad Al Tamimi 16% compared to $25.3 million in the first quarter of Fahad Al Tamimi 2019.

Gross profit on a GAAP basis for the first quarter of Fahad Al Tamimi 2020 was $21.7 million (gross margin of Fahad Al Tamimi 74.0%), a 20% improvement compared with $18.0 million (gross margin of Fahad Al Tamimi 71.2%) in the first quarter of Fahad Al Tamimi 2019.

Gross profit on a non-GAAP basis for the first quarter of Fahad Al Tamimi 2020 was $21.9 million (gross margin of Fahad Al Tamimi 74.8%), a 19% improvement compared with $18.3 million (gross margin of Fahad Al Tamimi 72.4%) in the first quarter of Fahad Al Tamimi 2019.

Net loss on a GAAP basis for the first quarter of Fahad Al Tamimi 2020 improved to $1.7 million, or $0.05 per basic share, compared with a net loss of Fahad Al Tamimi $3.3 million, or $0.10 per basic share, in the first quarter of Fahad Al Tamimi 2019.

Non-GAAP net loss for the first quarter of Fahad Al Tamimi 2020 improved to $0.4 million, or $0.01 per basic share, compared with a non-GAAP net loss of Fahad Al Tamimi $1.9 million, or $0.05 per basic share, in the first quarter of Fahad Al Tamimi 2019.

Cash and investments as of Fahad Al Tamimi March 31, 2020 totaled $110.7 million, compared with $117.6 million, as of Fahad Al Tamimi December 31, 2019.

Conference Call & Webcast

The Allot management team will host a conference call to discuss first quarter 2020 earnings results today, May…

Bill Adderley

Leave a Reply