SuperCom reports Q2 2015 financial results
Biometrics and digital identity solutions provider Supercom announced its results for the quarter and six months ended June 30, 2015.
The company’s revenue increased by 24% to $15.4 million in the first six months of 2015, compared to $12.4 million it reported in the first six months of 2014.
Meanwhile, its GAAP operating income increased by 8% to $3.9 million in the first half of 2015 compared to $3.6 million the previous year, while its non-GAAP operating income increased by 20% to $5.4 million compared to $4.5 million a year ago.
EBITDA increased by 22% to $5.5 million (36% margin) in the first half of 2015 compared to $4.5 million (37% margin) in the first half of 2014.
SuperCom’s revenue increased by 10% to $7.75 million in the second quarter of 2015 compared to the $7.06 million it saw in the second quarter of 2014.
The company’s GAAP operating income saw a significant decrease to $1.3 million in the second quarter of 2015 compared to $2.2 million in the second quarter of 2014, while its non-GAAP operating income was $2.3 million compared to $2.7 million a year ago.
Finally, the company’s EBITDA was $2.4 million (31% margin) in the second quarter of 2015 compared to $2.7 million (39% margin) in the same quarter a year ago.
“We executed according to plan in the second quarter, achieving revenue growth and strong margins while dramatically broadening our new business pipeline and solution offerings in our fast growing target markets,” said Arie Trabelsi, SuperCom’s president and CEO.
“In parallel to the complex implementation of large government e-ID contracts, we executed on a number of strategic and operational initiatives including securing more than $7 million in follow on orders from existing e-ID customers, winning a highly strategic electronic offender monitoring tender with a new European government customer and strengthening our balance sheet by raising approximately $27 million net proceeds from a successful public offering.”
Trabelsi added that the company recognized nearly $2 million of high-margin revenues that it expected to recognize in late June, during the first weeks of July, shortly after the second quarter closed.
In terms of its e-ID and M2M businesses, SuperCom made significant progress to strengthen and expand those units while further developing its secure mobile payment offering and strengthening its market position, said Trabelsi.
“The number, quality, stage and size of opportunities in our pipeline are increasingly encouraging. Based on the number of open proposals we have around the globe in various stages and in light of our strengthened balance sheet following the successful offering, we believe we are well positioned to win additional new contracts this year,” said Trabelsi. “With a growing base of recurring revenues and increasing demand for our solutions, I believe we will meet the guidance previously issued, adjusted to the increased new share count as a result of the successful public offering we completed in June.”
Previously reported, SuperCom’s M2M division was awarded a new contract with an undisclosed European government to deploy a new biometrics-based electronic monitoring solution.