Revenue Increased to $12.3 million; Gross Profit Increased to 50.6%; Cash & Restricted Cash increased to $4.6 million
TEL AVIV, Israel, March 31, 2022 /PRNewswire/ — SuperCom (NASDAQ: SPCB), a global provider of secured solutions for the e-Government, IoT, and Cybersecurity sectors, today reported results for the twelve months ended December 31, 2021.
Twelve-Months Ended December 31, 2021, Financial Highlights (Compared to the Prior Year Period)
- Revenue increased by 4% to $12.3 million in 2021, from $11.8 million last year, representing the first year of revenue increase since 2017 as significant progress is achieved on the transition from the legacy business to the IOT tracking business.
- Gross margin increased to 50.6% in 2021 from 47.4% last year.
- Cash and cash equivalents and restricted cash increased to $4.6 million from $4.0 million last year.
- Operating loss in 2021 reached $6.7 million compared with a $3.7 million loss in 2020, driven mainly by $4.4 million of one-time expenses in 2021 pertaining to the legacy business.
- EBITDA decreased to $2.1 million in 2021 compared to $2.8 million in 2020.
- Working Capital at the end of 2021 increased significantly to $20.5 million from $5.3 million in 2020, due to investment in new equipment manufacturing, settlements of old payables, and securing of new longer-term financing with preferable terms.
- Non-GAAP EPS of $(0.07) compared to $(0.09) in last year.
Fourth Quarter Ended December 31, 2021, Financial Highlights (Compared to the average results of third and fourth quarter 20201):
- Revenue increased to $3.0 million from $2.5 million
- Gross margin increased to 54.8% from 27.3%
- Operating loss reached $4.6 million compared to a $2.3 million loss, driven mainly by $3.7 million of one-time expenses in 2021 pertaining to the legacy identification business.
- EBITDA increased to approx. $600 thousand from approx. $100 thousand
- Non-GAAP EPS of $(0.01)
Select announcements in past year and recent months:
- In March 2022,…