Israel-based global enterprise network intelligence and security solutions provider Allot Ltd. (ALLT:NASDAQ), today announced its unaudited Q4/19 and FY/19 financial results.
The company highlighted in the report that Q4/19 revenues were $30.6 million, a 14% increase compared to Q4/18, and full-year 2019 revenues were up 15% y-o-y to $110.1 million. The firm stated that its order backlog increased by $69 million to $138 million at year-end 2019, compared with $69 million at year-end 2018.
The firm advised that it expects to close additional recurring security revenue deals in 2020 and that it estimates that full-year 2020 revenues will grow to between $135 and $140 million.
The company's President & CEO Erez Antebi commented, "We are very pleased with our performance in 2019. Our Visibility & Control business continued to perform well due to ongoing solid execution. We are also happy with our performance in the security space and we had a successful year bringing on several new operators to our security offerings, some of them in a revenue share arrangement. We believe that the recurring revenue and growth we gain from these deals will have a significantly positive long-term impact on our future. We expect to win further such deals in the coming year."
The company reported that total revenues for Q4/19 increased by 14% to $30.6 million, compared to $26.9 million in Q4/18. The firm posted a GAAP net loss of $1.7 million, or $0.05 per basic share in Q4/19, compared with a net loss of $1.8 million, or $0.05 per basic share, in Q4/18.
Total revenues increased 15% in FY/19 to $110.1 million, compared to $95.8 million in FY/18. For FY/19, the company reported an improved GAAP net loss of $8.7 million, or $0.25 per basic share, compared with a net loss of $10.4 million, or $0.31 per basic share in FY/18.
CEO Antebi added, "Looking out to 2020, we expect accelerated top-line growth. While we continue to invest in our offerings and in sales and marketing, our expenses should grow at a slower rate than our revenue and subsequently we expect to reach profitability in the last quarter of 2020. We look forward to continued growth as we successfully execute on our strategy."
Allot is a network intelligence and security company headquartered in Hod Hasharon, Israel. The firm offers network intelligence and security solutions for service providers and enterprises worldwide. The company provides solutions for network and application analytics, traffic control and shaping, network-based security services worldwide. The firm indicated that its multi-service platforms are deployed by over 500 mobile, fixed and cloud service providers and over 1000 enterprises.
Allot began the day with a market capitalization of approximately $333.6 million with around 34.35 million shares outstanding. ALLT shares opened 20% higher today at $11.65 (+$1.94, +19.98%) over yesterday's $9.71 closing price and recorded a new 52-week high price this afternoon of $12.75. The stock has traded today between $11.43 and $12.75 per share and is currently trading at $12.39 (+$2.68, +27.60%).
[NLINSERT]Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
