Big revenue increases and a public placement for SuperCom

Revenue for SuperCom, the government-focused biometric identification and authentication firm, grew smartly in both the second quarter and first half.

The company also has announced a $2.75 million public offering.

Second-quarter tallies released by the company show a 141 percent increase in revenue. SuperCom said it was the fourth consecutive quarter of “high year-over-year revenue growth.

Half-year revenue grew 126 percent year over year as well, according to the company.

SuperCom reported an unaudited net loss for the second quarter of 2023, ending June 30, of $1 million, or $0.21 per basic and diluted shares, on revenue of $7.7 million. During the second quarter a year ago, the company reported a $2.8 million net loss, or $0.77, on revenue of $3.2 million.

For the six months ended June 30, SuperCom reported an unaudited net loss of $2.6 million on revenue of $14.1 million. This compares with a net loss of $5.2 million on revenue of $6.3 million for the same period in fiscal 2022.

Total shareholders’ equity improved during the first half. It was $3.5 million compared to the equity reported during the first half of last year, which was $3.1 million.

Cash and equivalents were $1.1 million during the most recent first half compared to $4 million for the same period last year.

Company executives took the time to showcase new and recent projects in Romania (a $33 million national electronic monitoring system), Finland and California which include biometrics.

They also have prepared a $2.75 public offering even though some analysts feel shareholders already suffered too much dilution. Of course, another risk they see for would-be investors is a short cash runway.

Taking a step back, SuperCom earnings have grown by high single digits each year for five years.

Article Topics

biometric identification  |  biometrics  |  financial results  |  stocks  |  SuperCom