Actelis Networks Reports Strong Financial Results for Q3 2024

Actelis Networks, Inc. (NASDAQ: ASNS) recently released its financial results for the fiscal third quarter ended September 30, 2024. The company showcased robust revenue growth, a substantial increase in gross margin, and disciplined cost management strategies leading to positive financial outcomes. Actelis Networks, a market leader in cyber-hardened, rapid deployment networking solutions for wide area IoT applications, reported significant milestones and operational highlights during the quarter.

Financial Highlights:

– Revenue growth: Actelis Networks reported revenue of $2.54 million for Q3 2024, marking a 200% year-over-year increase from $0.85 million in the same quarter of 2023. For the nine months ending September 30, 2024, revenue grew to $6.7 million, signifying a 46% year-over-year growth.
– Gross margin improvement: Gross margin increased to $1.74 million in Q3 2024, representing a 69% margin, a notable jump from the previous year’s 27%. For the first nine months of 2024, gross margin rose to $3.9 million, or 58%.
– Operating expense reduction: Operating expenses decreased by 12% in Q3 2024 compared to the same quarter last year, totaling $2.0 million. For the nine-month period ending September 30, 2024, operating expenses reached $6.0 million, down 17% year-over-year.
– Net loss reduction: The net loss narrowed substantially to $511,000 in Q3 2024, a 41% decrease from the prior-year quarter. For the nine-month period, the net loss was reduced to $2.57 million.

Operational Highlights:

– Contract renewals and new orders: Actelis Networks secured a significant two-year software and services renewal contract worth $1.4 million with one of its major North American customers. The company received substantial new orders across various sectors, further solidifying its position in the market.
– Expense reduction initiatives: Actelis’ cost reduction programs continued to yield positive results, with operating expenses down 17% for the nine months ending June 30, 2024, aligning with the company’s strategic cost optimization plan.
– Technological advancements: Actelis advanced its ‘Cyber Aware Networking’ initiative by collaborating with an advanced cybersecurity provider to enhance the security of IoT networks. The company continues to invest in AI-powered SaaS solutions for threat monitoring and response capabilities.

Looking Ahead:

Actelis Networks remains focused on driving organic growth and exploring strategic opportunities to enhance shareholder value. Despite macroeconomic challenges, the company’s operations remain resilient and adaptable.

The company’s financial results underscore its strong performance and growth trajectory, positioning Actelis Networks for continued success in the coming quarters. Investors are urged to review the detailed financial information in the company’s filings with the Securities and Exchange Commission for a comprehensive understanding of Actelis Networks’ financial standing.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Actelis Networks’s 8K filing here.

Actelis Networks Company Profile

Actelis Networks, Inc engages in the design, development, manufacture, and marketing of cyber hardened, hybrid fiber, networking solutions for Internet of Things and telecommunication companies in North America, Europe, the Middle East, Israel, and the Asia Pacific. It provides rapid-deployment networking solutions for wide-area IoT applications, including federal, state, and local governments; intelligent traffic systems; and military, utility, rail, telecom, and campus applications.