SuperCom announces preliminary Q1 results and new Tennessee electronic monitoring contract
SuperCom has picked up a contract to provide its biometric PureSecurity Electronic Monitoring (EM) GPS offender tracking and monitoring solutions with the state of Tennessee. The contract is the company’s second Offender Monitoring contract in the state.
A financial audit of SuperCom’s full-year 2018 has also reached advanced stages, the company announced, and it has released preliminary Q1 2019 financial results. SuperCom reports between $5 and $5.8 million in revenue in the fist quarter, with gross profit margin in the 51 to 55 percent range, and EBITDA between $1.4 and $1.9 million. The audit may impact 2018 results, so the company will announce its full-year 2018 earnings after it is completed. At that point, SuperCom will also file its Annual Report on Form 20-F and set up an investor call.
Meanwhile, the contract in Tennessee is expected to begin generating recurring revenues in the coming weeks.
“This new contract in Tennessee continues our strong start to 2019 marking our fifth new EM project launch on top of our recently announced launches in Estonia, Sweden, Georgia and California, growing our global number of multi-year EM concurrent project deployments,” says SuperCom President of the Americas Ordan Trabelsi. “These steady-state recurring revenue contracts provide SuperCom predictable revenue growth and cash flow, providing returns for the Company and our shareholders.”