$GNSS
Genasys Inc.

2021 Q1 Form 10-Q Financial Statement

#000143774921012114 Filed on May 13, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $11.30M $8.276M
YoY Change 36.55% -18.8%
Cost Of Revenue $6.047M $4.266M
YoY Change 41.75% -14.7%
Gross Profit $5.254M $4.010M
YoY Change 31.02% -22.74%
Gross Profit Margin 46.49% 48.45%
Selling, General & Admin $3.824M $2.732M
YoY Change 39.97% 10.37%
% of Gross Profit 72.78% 68.13%
Research & Development $877.0K $949.0K
YoY Change -7.59% -25.84%
% of Gross Profit 16.69% 23.67%
Depreciation & Amortization $270.0K $206.0K
YoY Change 31.07% -4.79%
% of Gross Profit 5.14% 5.14%
Operating Expenses $4.701M $3.681M
YoY Change 27.71% -1.97%
Operating Profit $553.0K $329.0K
YoY Change 68.09% -77.08%
Interest Expense $22.00K
YoY Change
% of Operating Profit 3.98%
Other Income/Expense, Net -$8.000K $70.00K
YoY Change -111.43% 297.55%
Pretax Income $545.0K $399.0K
YoY Change 36.59% -72.54%
Income Tax $283.0K $97.00K
% Of Pretax Income 51.93% 24.31%
Net Earnings $262.0K $302.0K
YoY Change -13.25% -74.38%
Net Earnings / Revenue 2.32% 3.65%
Basic Earnings Per Share $0.01 $0.01
Diluted Earnings Per Share $0.01 $0.01
COMMON SHARES
Basic Shares Outstanding 33.68M 33.09M
Diluted Shares Outstanding 34.78M 33.73M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.93M $19.86M
YoY Change 20.49% 83.38%
Cash & Equivalents $18.46M $16.40M
Short-Term Investments $5.470M $3.460M
Other Short-Term Assets $261.0K $221.3K
YoY Change 17.95% 41.76%
Inventory $6.451M $6.922M
Prepaid Expenses
Receivables $5.445M $5.850M
Other Receivables $0.00 $0.00
Total Short-Term Assets $37.19M $33.89M
YoY Change 9.72% 25.66%
LONG-TERM ASSETS
Property, Plant & Equipment $1.901M $2.106M
YoY Change -9.72% -15.24%
Goodwill $8.380M $2.319M
YoY Change 261.38% -1.94%
Intangibles $3.570M $1.034M
YoY Change 245.21% -23.72%
Long-Term Investments $2.450M $1.650M
YoY Change 48.48% -2.94%
Other Assets $12.20M $5.640M
YoY Change 116.31% -3.75%
Total Long-Term Assets $33.72M $18.28M
YoY Change 84.49% 32.79%
TOTAL ASSETS
Total Short-Term Assets $37.19M $33.89M
Total Long-Term Assets $33.72M $18.28M
Total Assets $70.91M $52.17M
YoY Change 35.91% 28.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.555M $1.932M
YoY Change 32.21% 57.38%
Accrued Expenses $6.994M $5.442M
YoY Change 28.51% 63.23%
Deferred Revenue $3.789M $3.730M
YoY Change 1.58% 210.1%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $300.0K $281.2K
YoY Change 6.69% -1.94%
Total Short-Term Liabilities $10.71M $8.384M
YoY Change 27.72% 72.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $16.55K
YoY Change -100.0% -50.97%
Other Long-Term Liabilities $884.0K $435.9K
YoY Change 102.81% -79.08%
Total Long-Term Liabilities $884.0K $452.4K
YoY Change 95.39% -78.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.71M $8.384M
Total Long-Term Liabilities $884.0K $452.4K
Total Liabilities $17.76M $15.58M
YoY Change 14.02% 123.66%
SHAREHOLDERS EQUITY
Retained Earnings -$42.22M -$52.81M
YoY Change -20.06% -2.73%
Common Stock $0.00 $331.00
YoY Change -100.0% 1.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $53.14M $36.59M
YoY Change
Total Liabilities & Shareholders Equity $70.91M $52.17M
YoY Change 35.91% 28.07%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $262.0K $302.0K
YoY Change -13.25% -74.38%
Depreciation, Depletion And Amortization $270.0K $206.0K
YoY Change 31.07% -4.79%
Cash From Operating Activities -$910.0K -$350.0K
YoY Change 160.0% -108.31%
INVESTING ACTIVITIES
Capital Expenditures -$120.0K -$10.00K
YoY Change 1100.0% -96.15%
Acquisitions
YoY Change
Other Investing Activities $10.00K $10.00K
YoY Change 0.0% -109.09%
Cash From Investing Activities -$120.0K $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -80.00K -340.0K
YoY Change -76.47% -34.62%
NET CHANGE
Cash From Operating Activities -910.0K -350.0K
Cash From Investing Activities -120.0K 0.000
Cash From Financing Activities -80.00K -340.0K
Net Change In Cash -1.110M -690.0K
YoY Change 60.87% -120.78%
FREE CASH FLOW
Cash From Operating Activities -$910.0K -$350.0K
Capital Expenditures -$120.0K -$10.00K
Free Cash Flow -$790.0K -$340.0K
YoY Change 132.35% -107.61%

Facts In Submission

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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="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="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; text-decoration: underline;">Reclassifications </div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:25pt;">Where necessary, the prior year's information has been reclassified to conform to the current year presentation.</div></div></div></div></div></div></div></div>
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us-gaap Research And Development Expense
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1.99
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
245000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2723718
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.56
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.97
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
7.01
CY2021Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
1480606
CY2021Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
2723718
CY2020Q4 us-gaap Share Price
SharePrice
5.98
CY2021Q1 us-gaap Share Price
SharePrice
6.69
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P7Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y292D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y146D
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
6742000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y98D
CY2021Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
2.14
CY2021Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
3
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P4Y98D
CY2021Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
2000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
2000
CY2020Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0
us-gaap Short Term Lease Cost
ShortTermLeaseCost
0
us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
201560
us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
185043
CY2019Q4 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
144000
CY2020Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
114000
CY2020Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
398000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
53144000
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
49140000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
52657000
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
35381000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33708832
CY2021Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
33683240
CY2020Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
33094596
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
36388000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
36592000
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
28000
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34779266
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33732619
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33629479
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
33629479
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
33036786
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33683240
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33094596
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33629479
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33036786

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