$GNSS
Genasys Inc.

2020 Q4 Form 10-Q Financial Statement

#000143774921002411 Filed on February 10, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2019 Q4 2019 Q3
Revenue $8.028M $8.782M $7.750M
YoY Change -8.59% -13.71% 134.85%
Cost Of Revenue $4.324M $4.180M $4.170M
YoY Change 3.44% -17.85% 85.33%
Gross Profit $3.704M $4.602M $3.570M
YoY Change -19.51% -9.57% 240.0%
Gross Profit Margin 46.14% 52.4% 46.06%
Selling, General & Admin $3.331M $2.822M $2.850M
YoY Change 18.04% 2.58% -5.94%
% of Gross Profit 89.93% 61.32% 79.83%
Research & Development $1.066M $1.084M $1.000M
YoY Change -1.66% 3.4% 16.28%
% of Gross Profit 28.78% 23.55% 28.01%
Depreciation & Amortization $281.0K $209.0K $200.0K
YoY Change 34.45% 3.84% 42.86%
% of Gross Profit 7.59% 4.54% 5.6%
Operating Expenses $4.397M $3.906M $3.850M
YoY Change 12.57% 2.81% -0.77%
Operating Profit -$693.0K $696.0K -$280.0K
YoY Change -199.57% -46.04% -90.11%
Interest Expense $172.4K
YoY Change -39.09%
% of Operating Profit 24.77%
Other Income/Expense, Net $69.00K $96.00K $90.00K
YoY Change -28.13% 145.73% 200.0%
Pretax Income -$624.0K $792.0K -$180.0K
YoY Change -178.79% -40.4% -93.71%
Income Tax -$5.000K $172.0K -$100.0K
% Of Pretax Income 21.72%
Net Earnings -$619.0K $620.0K -$80.00K
YoY Change -199.84% -40.72% -96.72%
Net Earnings / Revenue -7.71% 7.06% -1.03%
Basic Earnings Per Share -$0.02 $0.02
Diluted Earnings Per Share -$0.02 $0.02 -$2.446K
COMMON SHARES
Basic Shares Outstanding 33.57M 32.98M 32.59M
Diluted Shares Outstanding 33.57M 33.71M

Balance Sheet

Concept 2020 Q4 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.10M $21.27M $22.51M
YoY Change 18.01% 159.39% 53.55%
Cash & Equivalents $19.58M $17.09M $18.82M
Short-Term Investments $5.520M $4.180M $3.700M
Other Short-Term Assets $228.0K $223.9K $288.0K
YoY Change 1.82% -2.75% 17.72%
Inventory $6.963M $6.062M $5.835M
Prepaid Expenses
Receivables $3.159M $5.937M $3.644M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $36.23M $34.57M $34.04M
YoY Change 4.82% 28.21% 23.01%
LONG-TERM ASSETS
Property, Plant & Equipment $1.885M $2.222M $2.269M
YoY Change -15.18% -5.95% -7.34%
Goodwill $8.500M $2.364M $2.306M
YoY Change 259.5% -2.0% -5.72%
Intangibles $3.743M $1.129M $1.176M
YoY Change 231.45% -22.63% -24.49%
Long-Term Investments $2.420M $950.0K $1.380M
YoY Change 154.74% 5.56% 15.0%
Other Assets $12.44M $5.730M $5.950M
YoY Change 117.1% -8.32% -9.02%
Total Long-Term Assets $34.37M $18.08M $13.08M
YoY Change 90.09% 35.04% -7.81%
TOTAL ASSETS
Total Short-Term Assets $36.23M $34.57M $34.04M
Total Long-Term Assets $34.37M $18.08M $13.08M
Total Assets $70.60M $52.65M $47.12M
YoY Change 34.11% 30.48% 12.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.618M $1.468M $860.0K
YoY Change 10.18% -51.26% -72.11%
Accrued Expenses $7.848M $6.328M $8.134M
YoY Change 24.02% 204.3% 154.2%
Deferred Revenue $5.514M $4.816M $5.572M
YoY Change 14.49% 815.62%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $314.0K $286.7K $279.6K
YoY Change 9.52% -2.0% -5.73%
Total Short-Term Liabilities $10.63M $8.799M $9.274M
YoY Change 20.78% 63.39% 40.95%
LONG-TERM LIABILITIES
Long-Term Debt $18.00K $33.74K $32.90K
YoY Change -46.65% -34.67% -37.37%
Other Long-Term Liabilities $915.0K $490.8K $2.432M
YoY Change 86.43% -74.39% 39.82%
Total Long-Term Liabilities $933.0K $524.5K $2.465M
YoY Change 77.87% -73.34% 37.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.63M $8.799M $9.274M
Total Long-Term Liabilities $933.0K $524.5K $2.465M
Total Liabilities $17.95M $16.26M $11.74M
YoY Change 10.38% 121.1% 40.22%
SHAREHOLDERS EQUITY
Retained Earnings -$42.48M -$53.11M -$53.73M
YoY Change -20.02% -4.25% -4.93%
Common Stock $0.00 $331.00 $0.00
YoY Change -100.0% 1.53% -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $52.66M $36.39M $35.38M
YoY Change
Total Liabilities & Shareholders Equity $70.60M $52.65M $47.12M
YoY Change 34.11% 30.48% 12.56%

Cashflow Statement

Concept 2020 Q4 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income -$619.0K $620.0K -$80.00K
YoY Change -199.84% -40.72% -96.72%
Depreciation, Depletion And Amortization $281.0K $209.0K $200.0K
YoY Change 34.45% 3.84% 42.86%
Cash From Operating Activities $1.272M -$1.781M $7.450M
YoY Change -171.42% -65.04% -927.78%
INVESTING ACTIVITIES
Capital Expenditures $29.00K $86.00K -$40.00K
YoY Change -66.28% 121.58% -91.3%
Acquisitions $4.367M
YoY Change
Other Investing Activities -$4.240M -$50.00K -$600.0K
YoY Change 8380.0% -145.45% 1400.0%
Cash From Investing Activities -$4.264M -$137.0K -$640.0K
YoY Change 3012.41% -296.65% 28.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $54.00K 144.0K 650.0K
YoY Change -62.5% -108.9% -18.75%
NET CHANGE
Cash From Operating Activities $1.272M -1.781M 7.450M
Cash From Investing Activities -$4.264M -137.0K -640.0K
Cash From Financing Activities $54.00K 144.0K 650.0K
Net Change In Cash -$2.937M -1.760M 7.460M
YoY Change 66.88% -73.54% -1343.33%
FREE CASH FLOW
Cash From Operating Activities $1.272M -$1.781M $7.450M
Capital Expenditures $29.00K $86.00K -$40.00K
Free Cash Flow $1.243M -$1.867M $7.490M
YoY Change -166.58% -63.63% -1802.27%

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CY2020Q4 us-gaap Increase Decrease In Employee Related Liabilities
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CY2019Q4 us-gaap Increase Decrease In Employee Related Liabilities
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CY2020Q4 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
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CY2019Q4 us-gaap Increase Decrease In Inventories
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CY2020Q4 us-gaap Increase Decrease In Other Employee Related Liabilities
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459000
CY2019Q4 us-gaap Increase Decrease In Other Employee Related Liabilities
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CY2020Q4 us-gaap Increase Decrease In Prepaid Expense
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CY2019Q4 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
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CY2020Q4 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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CY2019Q4 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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CY2020Q4 us-gaap Intangible Assets Net Excluding Goodwill
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CY2020Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
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CY2020Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
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CY2020Q3 us-gaap Inventory Finished Goods
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841000
CY2020Q4 us-gaap Inventory Gross
InventoryGross
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CY2020Q3 us-gaap Inventory Gross
InventoryGross
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CY2020Q4 us-gaap Inventory Net
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CY2020Q3 us-gaap Inventory Net
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5949000
CY2020Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
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CY2020Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
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CY2020Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
586000
CY2020Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
568000
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CY2020Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
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CY2019Q4 us-gaap Net Income Loss
NetIncomeLoss
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CY2019Q4 us-gaap Inventory Write Down
InventoryWriteDown
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CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
8427000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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1090000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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840000
CY2020Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2020Q4 us-gaap Liabilities
Liabilities
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CY2020Q3 us-gaap Liabilities
Liabilities
17027000
CY2020Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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CY2020Q3 us-gaap Liabilities And Stockholders Equity
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CY2020Q3 us-gaap Liabilities Current
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LongTermDebt
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CY2020Q4 us-gaap Long Term Debt Current
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314000
CY2020Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Rolling Twelve Months
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314000
CY2020Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Two
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CY2020Q4 us-gaap Long Term Debt Noncurrent
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CY2020Q4 us-gaap Long Term Notes Payable
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CY2020Q3 us-gaap Long Term Notes Payable
LongTermNotesPayable
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MarketableSecuritiesCurrent
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CY2020Q3 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
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CY2020Q4 us-gaap Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
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CY2020Q3 us-gaap Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
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CY2020Q4 us-gaap Nature Of Operations
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 18pt;"> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">1.</div> </div></div> </td> <td> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">OPERATIONS </div></div> </td> </tr> </table> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">Genasys Inc. (formerly LRAD<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline; vertical-align:top;line-height:120%;font-size:pt">&reg;</div> Corporation), a Delaware corporation (the &#x201c;Company&#x201d;), is engaged in the design, development and commercialization of directed and multidirectional sound technologies, voice broadcast products, and location-based mass messaging solutions for emergency warning and workforce management. The principal markets for the Company's proprietary sound reproduction technologies, voice broadcast products and mass messaging solutions are in North and South America, Europe, the Middle East and Asia. On <div style="display: inline; font-style: italic; font: inherit;"> October 23, 2019, </div>the Company announced its rebranding and began doing business as Genasys Inc.</div></div>
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NetCashProvidedByUsedInFinancingActivities
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CY2019Q4 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020Q4 us-gaap Net Cash Provided By Used In Investing Activities
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CY2019Q4 us-gaap Net Cash Provided By Used In Investing Activities
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CY2019Q4 us-gaap Noncash Or Part Noncash Acquisition Value Of Assets Acquired1
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CY2020Q3 us-gaap Noncurrent Assets
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CY2019Q4 us-gaap Operating Income Loss
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CY2019Q4 us-gaap Operating Lease Expense
OperatingLeaseExpense
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CY2020Q4 us-gaap Operating Lease Liability
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CY2020Q4 us-gaap Operating Lease Liability Current
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CY2020Q4 us-gaap Operating Lease Liability Noncurrent
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CY2020Q3 us-gaap Operating Lease Liability Noncurrent
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CY2020Q4 us-gaap Operating Lease Right Of Use Asset
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CY2019Q3 us-gaap Other Assets Current
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CY2020Q4 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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CY2019Q4 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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CY2019Q4 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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CY2020Q3 us-gaap Other Liabilities Noncurrent
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CY2019Q4 us-gaap Other Nonoperating Income Expense
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CY2019Q4 us-gaap Payments To Acquire Businesses Gross
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CY2020Q4 us-gaap Payments To Acquire Marketable Securities
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CY2019Q4 us-gaap Payments To Acquire Marketable Securities
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CY2020Q4 us-gaap Payments To Acquire Property Plant And Equipment
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CY2019Q4 us-gaap Payments To Acquire Property Plant And Equipment
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CY2019Q3 us-gaap Prepaid Expense And Other Assets Current
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CY2020Q4 us-gaap Prepaid Insurance
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CY2019Q4 us-gaap Preferred Stock Shares Outstanding
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CY2020Q4 us-gaap Preferred Stock Value
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CY2020Q3 us-gaap Preferred Stock Value
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CY2019Q3 us-gaap Prepaid Insurance
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CY2020Q4 us-gaap Prior Period Reclassification Adjustment Description
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Reclassifications </div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">Where necessary, the prior year's information has been reclassified to conform to the current year presentation.</div></div></div></div>
CY2020Q4 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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CY2019Q4 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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CY2020Q4 us-gaap Proceeds From Stock Options Exercised
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CY2020Q3 us-gaap Product Warranty Accrual
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CY2019Q3 us-gaap Product Warranty Accrual
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CY2020Q4 us-gaap Product Warranty Accrual
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CY2020Q4 us-gaap Product Warranty Accrual Classified Current
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CY2020 us-gaap Product Warranty Accrual Payments
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CY2020Q4 us-gaap Property Plant And Equipment Gross
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CY2020Q3 us-gaap Property Plant And Equipment Gross
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CY2020Q3 us-gaap Property Plant And Equipment Net
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CY2020Q4 us-gaap Research And Development Expense
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CY2019Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2020Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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CY2019Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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CY2020Q4 us-gaap Restricted Cash Current
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CY2020Q4 us-gaap Restricted Cash Noncurrent
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CY2020Q3 us-gaap Restricted Cash Noncurrent
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395000
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2020Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2020Q4 us-gaap Revenue Remaining Performance Obligation
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CY2020Q4 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2020Q4 us-gaap Selling General And Administrative Expense
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CY2019Q4 us-gaap Selling General And Administrative Expense
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CY2019Q4 us-gaap Share Based Compensation
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CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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54000
CY2019Q4 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
144000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
52657000
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
49140000
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
35381000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
36388000
CY2020Q4 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
28000
CY2019Q4 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33573755
CY2019Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33710620
CY2020Q4 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
33573755
CY2019Q4 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
32977765
CY2020Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33574000
CY2019Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32978000

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