Strong Double-Digit SECaaS Growth and Significant Improvement
in Profitability
HOD HASHARON, Israel, Feb. 25,
2025 /PRNewswire/ -- Allot Ltd. (NASDAQ: ALLT) (TASE:
ALLT), a leading global provider of innovative network intelligence
and security solutions for service providers and enterprises
worldwide, today announced its unaudited financial results for the
fourth quarter and full year of 2024.
Financial Highlights for the Fourth Quarter
- Revenues of $24.9 million
increased 2% year over year and 7% sequentially, representing a
return to revenue growth;
- Security as a Service (SECaaS) revenues continued to grow
strongly, increasing 49% year-over-year to $4.8 million;
- December 2024 SECaaS ARR* grew to $18.2 million, an increase of 43%
year-over-year;
- Non-GAAP gross margin was 69.7%, a strong improvement versus
gross margin of 51.7% in the fourth quarter of last year;
- Non-GAAP operating profit was $1.8
million, GAAP operating income was $0.3 million, versus operating losses last
year;
- Generated strong positive operating cash flow in the quarter of
$4.1 million;
Management Comment
Eyal Harari, CEO of Allot,
commented, "We are very pleased to report solid fourth-quarter
and full year 2024 results, demonstrating that Allot is at a key
inflection point in its turnaround process. Our results show
renewed revenue growth and a return to profitability, with growing
positive cash flow generation. Our SECaaS growth engine continued
its strong performance in 2024, with high double-digit growth rates
in both revenues and ARR."
Continued Mr. Harari, "Our security-first strategy
and renewed go-to-market focus are gaining strong traction and
momentum. As we recently announced, we were very excited to
sign a new major agreement with Verizon Business. We are very happy
that the significant Verizon Business mobile customer base will
have the opportunity to sign up for Allot's cybersecurity
protection solution. This new agreement adds to the strong momentum
that Allot has recently seen, including our announcements with
Vodafone, O2 and MEO. These important partnerships illustrate our
growing success and expand our potential for long-term recurring
revenue."
Concluded Mr. Harari, "Looking ahead to 2025, we remain
focused on advancing our strategy and executing on another year of
double-digit SECaaS revenue and ARR growth, and improved
profitability."
Fourth Quarter 2024 Financial Results Summary
Total revenues for the fourth quarter of 2024 were
$24.9 million, a 7% increase
sequentially compared with $23.2
million in the prior quarter and a 2% increase
year-over-year compared with $24.3
million in the fourth quarter of 2023. .
Gross profit on a GAAP basis for the fourth quarter
of 2024 was $17.1 million (gross
margin of 68.5%), a 49.6% increase compared with $11.4 million (gross margin of 46.8%) in the
fourth quarter of 2023.
Gross profit on a non-GAAP basis for the fourth
quarter of 2024 was $17.4 million
(gross margin of 69.7%), a 37.9% increase compared with
$12.6 million (gross margin of 51.7%)
in the fourth quarter of 2023.
Operating income on a GAAP basis for the fourth quarter
of 2024 was $0.3 million, compared
with an operating loss of $18.9
million in the fourth quarter of 2023.
Operating income on a non-GAAP basis for the fourth
quarter of 2024 was $1.8 million,
compared with an operating loss of $17.0
million in the fourth quarter of 2023.
Net income on a GAAP basis for the fourth quarter of
2024 was $0.2 million, or
$0.01 income per diluted share, an
improvement compared to the net loss of $18.3 million, or $0.48 loss per basic share, in the fourth quarter
of 2023.
Net income on a non-GAAP basis for the fourth
quarter of 2024 was $2.0 million, or
$0.05 income per diluted share, an
improvement compared to the non-GAAP net loss of $16.4 million, or $0.43 loss per basic share, in the fourth quarter
of 2023.
Operating cash flow generated in the quarter was
$4.1 million.
Full Year 2024 Financial Results Summary
Total revenues for 2024 were $92.2 million, a 1% decrease compared to
$93.2 million in 2023.
Gross profit on a GAAP basis for 2024 was
$63.7 million (gross margin of
69.1%), a 20.9% increase compared with $52.7
million (gross margin of 56.6%) in 2023.
Gross profit on a non-GAAP basis for 2024 was
$65.1 million (gross margin of
70.6%), a 17.2% year-over-year growth compared with $55.5 million (gross margin of 59.6%) in
2023.
Net loss on a GAAP basis for 2024 was $5.9 million, or $0.15 per basic share, compared with a net loss
of $62.8 million, or $1.66 per basic share, in 2023.
Net income on a non-GAAP basis for 2024 was
$1.6 million, or $0.04 income per diluted share, compared with a
net loss of $53.3 million, or
$1.41 loss per basic share, in
2023.
Operating cash flow generated in 2024 was
$4.8 million.
Cash and cash equivalents, short-term bank deposits,
short-term restricted deposits, and investments as of
December 31, 2024, totaled
$58.8 million, versus $54.8 million as of December 31, 2023.
Conference Call & Webcast:
The Allot management team will host a conference call to discuss
its fourth quarter and full year 2024 earnings results today,
February 25, 2025 at 9:00 am ET, 4:00 pm
Israel time. To access the
conference call, please dial one of the following numbers:
US: 1-888-642-5032, UK: 0-800-917-5108, Israel: +972-3-918-0610
A live webcast and, following the end of the call, an archive of
the conference call, will be accessible on the Allot website at:
http://investors.allot.com/index.cfm
About Allot
Allot Ltd. (NASDAQ: ALLT, TASE: ALLT) is a provider of leading
innovative network intelligence and security solutions for service
providers and enterprises worldwide, enhancing value to their
customers. Our solutions are deployed globally for network and
application analytics, traffic control and shaping, network-based
security services, and more. Allot's multi-service platforms are
deployed by over 500 mobile, fixed, and cloud service providers and
over 1,000 enterprises. Our industry-leading network-based security
as a service solution is already used by many millions of
subscribers globally. Allot. See. Control. Secure.
For more information, visit www.allot.com
Performance Metrics
* SECaaS ARR – measures the current annual recurring of SECaaS
revenues, which is calculated based on estimated revenues for the
month of December 2024 and multiplied
by 12.
GAAP to Non-GAAP Reconciliation:
The difference between GAAP and non-GAAP revenues is related to
the acquisitions made by the Company and represents revenues
adjusted for the impact of the fair value adjustment to acquired
deferred revenue related to purchase accounting. Non-GAAP net
income is defined as GAAP net income after including deferred
revenues related to the fair value adjustment resulting from
purchase accounting and excluding stock-based compensation
expenses, amortization of acquisition-related intangible assets,
deferred tax asset adjustment and changes in taxes-related
items.
These non-GAAP measures should be considered in addition to, and
not as a substitute for, comparable GAAP measures. The non-GAAP
results and a full reconciliation between GAAP and non-GAAP results
is provided in the accompanying Table 2. The Company provides these
non-GAAP financial measures because it believes they present a
better measure of the Company's core business and management uses
the non-GAAP measures internally to evaluate the Company's ongoing
performance. Accordingly, the Company believes they are useful to
investors in enhancing an understanding of the Company's operating
performance.
Safe Harbor Statement
This release contains forward-looking statements, which express
the current beliefs and expectations of Company management. Such
statements involve a number of known and unknown risks and
uncertainties that could cause our future results, performance or
achievements to differ significantly from the results, performance
or achievements set forth in such forward-looking statements.
Important factors that could cause or contribute to such
differences include risks relating to: our accounts receivables,
including our ability to collect outstanding accounts and assess
their collectability on a quarterly basis; our ability to meet
expectations with respect to our financial guidance and outlook;
our ability to compete successfully with other companies offering
competing technologies; the loss of one or more significant
customers; consolidation of, and strategic alliances by, our
competitors; government regulation; the timing of completion of key
project milestones which impact the timing of our revenue
recognition; lower demand for key value-added services; our ability
to keep pace with advances in technology and to add new features
and value-added services; managing lengthy sales cycles;
operational risks associated with large projects; our dependence on
fourth party channel partners for a material portion of our
revenues; and other factors discussed under the heading "Risk
Factors" in the Company's annual report on Form 20-F filed with the
Securities and Exchange Commission. Forward-looking statements in
this release are made pursuant to the safe harbor provisions
contained in the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are made only as of the date
hereof, and the company undertakes no obligation to update or
revise the forward-looking statements, whether as a result of new
information, future events or otherwise.
|
Investor Relations
Contact:
EK Global Investor
Relations
Ehud Helft
+1 212 378
8040
allot@ekgir.com
|
Public Relations
Contact:
Seth Greenberg, Allot
Ltd.
+972 54 922
2294
sgreenberg@allot.com
|
|
TABLE -
1
|
|
ALLOT
LTD.
|
|
AND ITS
SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
(U.S. dollars in
thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Year
Ended
|
|
December
31,
|
|
|
December
31,
|
|
2024
|
|
2023
|
|
|
2024
|
|
2023
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
24,906
|
|
$
24,342
|
|
|
$
92,195
|
|
$
93,150
|
|
Cost of
revenues
|
7,853
|
|
12,941
|
|
|
28,505
|
|
40,464
|
|
Gross
profit
|
17,053
|
|
11,401
|
|
|
63,690
|
|
52,686
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development costs, net
|
5,715
|
|
7,942
|
|
|
26,112
|
|
39,115
|
|
Sales and
marketing
|
7,508
|
|
12,057
|
|
|
30,908
|
|
43,850
|
|
General and
administrative
|
3,518
|
|
10,316
|
|
|
12,684
|
|
34,656
|
|
Total operating
expenses
|
16,741
|
|
30,315
|
|
|
69,704
|
|
117,621
|
|
Operating profit
(loss)
|
312
|
|
(18,914)
|
|
|
(6,014)
|
|
(64,935)
|
|
Financial and other
income (loss), net
|
368
|
|
661
|
|
|
1,910
|
|
3,215
|
|
Profit (Loss) before
income tax benefit
|
680
|
|
(18,253)
|
|
|
(4,104)
|
|
(61,720)
|
|
|
|
|
|
|
|
|
|
|
Tax expenses
|
439
|
|
96
|
|
|
1,765
|
|
1,084
|
|
Net profit
(Loss)
|
241
|
|
(18,349)
|
|
|
(5,869)
|
|
(62,804)
|
|
|
|
|
|
|
|
|
|
|
Basic net
profit (loss) per share
|
$
0.01
|
|
$
(0.48)
|
|
|
$
(0.15)
|
|
$
(1.66)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net
profit (loss) per share
|
$
0.01
|
|
$
(0.48)
|
|
|
$
(0.15)
|
|
$
(1.66)
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares used in
|
|
|
|
|
|
|
|
|
|
computing basic net
loss per share
|
39,379,254
|
|
38,293,808
|
|
|
38,928,475
|
|
37,911,214
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares used in
|
|
|
|
|
|
|
|
|
|
computing diluted net
loss per share
|
41,772,402
|
|
38,293,808
|
|
|
40,899,294
|
|
37,911,214
|
|
|
|
|
|
|
|
|
|
|
|
TABLE -
2
|
|
ALLOT
LTD.
|
|
AND ITS
SUBSIDIARIES
|
|
RECONCILIATION OF
GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
(U.S. dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
GAAP cost of
revenues
|
$
7,853
|
|
$
12,941
|
|
$
28,505
|
|
$
40,464
|
|
Share-based
compensation (1)
|
(148)
|
|
(162)
|
|
(779)
|
|
(1,219)
|
|
Amortization of
intangible assets (2)
|
(152)
|
|
(1,024)
|
|
(608)
|
|
(1,606)
|
|
Non-GAAP cost of
revenues
|
$
7,553
|
|
$
11,755
|
|
$
27,118
|
|
$
37,639
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
$
17,053
|
|
$
11,401
|
|
$
63,690
|
|
$
52,686
|
|
Gross profit
adjustments
|
300
|
|
1,186
|
|
1,387
|
|
2,825
|
|
Non-GAAP gross
profit
|
$
17,353
|
|
$
12,587
|
|
$
65,077
|
|
$
55,511
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
expenses
|
$
16,741
|
|
$
30,315
|
|
$
69,704
|
|
$ 117,621
|
|
Share-based
compensation (1)
|
(1,176)
|
|
(1,449)
|
|
(5,261)
|
|
(7,626)
|
|
Income related to
M&A activities (2)
|
-
|
|
699
|
|
-
|
|
699
|
|
Non-GAAP
operating expenses
|
$
15,565
|
|
$
29,565
|
|
$
64,443
|
|
$ 110,694
|
|
|
|
|
|
|
|
|
|
|
GAAP financial
and other income
|
$
368
|
|
$
661
|
|
$
1,910
|
|
$
3,215
|
|
Exchange rate
differences*
|
159
|
|
(50)
|
|
502
|
|
(378)
|
|
Expenses related
to M&A activities (3)
|
|
-
|
|
-
|
|
-
|
|
43
|
|
Non-GAAP
Financial and other income
|
$
527
|
|
$
611
|
|
$
2,412
|
|
$
2,880
|
|
|
|
|
|
|
|
|
|
|
GAAP taxes on
income
|
$
439
|
|
$
96
|
|
$
1,765
|
|
$
1,084
|
|
Changes in tax
related items
|
(130)
|
|
(25)
|
|
(352)
|
|
(100)
|
|
Non-GAAP taxes on
income
|
$
309
|
|
$
71
|
|
$
1,413
|
|
$
984
|
|
|
|
|
|
|
|
|
|
|
GAAP Net profit
(Loss)
|
$
241
|
|
$ (18,349)
|
|
$
(5,869)
|
|
$ (62,804)
|
|
Share-based
compensation (1)
|
1,324
|
|
1,611
|
|
6,040
|
|
8,845
|
|
Amortization of
intangible assets (2)
|
152
|
|
1,024
|
|
608
|
|
1,606
|
|
Expenses related
to M&A activities (3)
|
|
-
|
|
(699)
|
|
-
|
|
(656)
|
|
Exchange rate
differences*
|
159
|
|
(50)
|
|
502
|
|
(378)
|
|
Changes in tax
related items
|
|
130
|
|
25
|
|
352
|
|
100
|
|
Non-GAAP Net
income (loss)
|
$
2,006
|
|
$ (16,438)
|
|
$
1,633
|
|
$ (53,287)
|
|
|
|
|
|
|
|
|
|
|
GAAP profit
(Loss) per share (diluted)
|
$
0.01
|
|
$
(0.48)
|
|
$
(0.15)
|
|
$
(1.66)
|
|
Share-based
compensation
|
0.03
|
|
0.04
|
|
0.16
|
|
0.23
|
|
Amortization of
intangible assets
|
0.00
|
|
0.03
|
|
0.02
|
|
0.05
|
|
Expenses related
to M&A activities
|
-
|
|
(0.02)
|
|
-
|
|
(0.02)
|
|
Exchange rate
differences*
|
0.01
|
|
(0.00)
|
|
0.01
|
|
(0.01)
|
|
Changes in tax
related items
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
Non-GAAP Net
income (loss) per share (diluted)
|
$
0.05
|
|
$
(0.43)
|
|
$
0.04
|
|
$
(1.41)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares used in
|
|
|
|
|
|
|
|
|
computing GAAP diluted
net income (loss) per share
|
39,379,254
|
|
38,293,808
|
|
38,928,475
|
|
37,911,214
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares used in
|
|
|
|
|
|
|
|
|
computing non-GAAP
diluted net income (loss) per share
|
42,560,457
|
|
38,293,808
|
|
42,289,637
|
|
37,911,214
|
|
|
|
|
|
|
|
|
|
|
* Financial income or
expenses related to exchange rate differences in connection with
revaluation of assets and
|
|
liabilities in
non-dollar denominated currencies.
|
|
|
|
|
|
|
|
|
|
|
TABLE - 2
cont.
|
|
ALLOT
LTD.
|
|
AND ITS
SUBSIDIARIES
|
|
RECONCILIATION OF
GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
(U.S. dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
(1) Share-based
compensation:
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
148
|
|
$
162
|
|
$
779
|
|
$
1,219
|
|
Research and
development costs, net
|
301
|
|
597
|
|
1,988
|
|
3,010
|
|
Sales and
marketing
|
310
|
|
473
|
|
1,855
|
|
2,651
|
|
General and
administrative
|
565
|
|
379
|
|
1,418
|
|
1,965
|
|
|
$
1,324
|
|
$
1,611
|
|
$
6,040
|
|
$
8,845
|
|
|
|
|
|
|
|
|
|
|
(2) Amortization
of intangible assets
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
152
|
|
$
1,024
|
|
$
608
|
|
$
1,606
|
|
|
$
152
|
|
$
1,024
|
|
$
608
|
|
$
1,606
|
|
|
|
|
|
|
|
|
|
|
(3) Expenses
related to M&A activities
|
|
|
|
|
|
|
|
|
General and
administrative
|
$
-
|
|
$
(699)
|
|
$
-
|
|
$
(699)
|
|
Financial expenses
(income)
|
-
|
|
-
|
|
-
|
|
43
|
|
|
$
-
|
|
$
(699)
|
|
$
-
|
|
$
(656)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE -
3
|
|
ALLOT
LTD.
|
|
AND ITS
SUBSIDIARIES
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(U.S. dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
2024
|
|
2023
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
ASSETS
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
16,142
|
|
$
14,192
|
|
Short-term bank
deposits
|
|
15,250
|
|
10,000
|
|
Restricted
deposits
|
|
904
|
|
1,728
|
|
Available-for-sale
marketable securities
|
|
26,470
|
|
28,853
|
|
Trade receivables, net
(net of allowance for credit losses of
$25,306 and $25,253 on December 31, 2024 and 2023,
respectively)
|
|
16,482
|
|
14,828
|
|
Other receivables and
prepaid expenses
|
|
6,317
|
|
8,437
|
|
Inventories
|
|
8,611
|
|
11,874
|
|
Total current
assets
|
|
90,176
|
|
89,912
|
|
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
|
|
Severance pay
fund
|
|
464
|
|
395
|
|
Restricted
deposit
|
|
279
|
|
158
|
|
Operating lease
right-of-use assets
|
|
6,741
|
|
3,057
|
|
Other
assets
|
|
2,151
|
|
704
|
|
Property and equipment,
net
|
|
7,692
|
|
11,189
|
|
Intangible assets,
net
|
|
305
|
|
915
|
|
Goodwill
|
|
31,833
|
|
31,833
|
|
Total non-current
assets
|
|
49,465
|
|
48,251
|
|
|
|
|
|
|
Total assets
|
|
$
139,641
|
|
$
138,163
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
Trade
payables
|
|
$
946
|
|
$
969
|
|
Deferred
revenues
|
|
17,054
|
|
14,892
|
|
Short-term operating
lease liabilities
|
|
562
|
|
1,453
|
|
Other payables and
accrued expenses
|
|
17,412
|
|
22,094
|
|
Total current
liabilities
|
|
35,974
|
|
39,408
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
Deferred
revenues
|
|
7,136
|
|
7,437
|
|
Long-term operating
lease liabilities
|
|
5,807
|
|
702
|
|
Accrued severance
pay
|
|
946
|
|
1,080
|
|
Convertible
debt
|
|
39,973
|
|
39,773
|
|
Total long-term
liabilities
|
|
53,862
|
|
48,992
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
49,805
|
|
49,763
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
139,641
|
|
$
138,163
|
|
|
|
|
|
|
|
|
|
|
|
TABLE -
4
|
|
ALLOT
LTD.
|
|
AND ITS
SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(U.S. dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
|
|
|
|
|
Cash flows from operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit
(Loss)
|
$ 241
|
|
$
(18,349)
|
|
$
(5,869)
|
|
$
(62,804)
|
|
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
Depreciation
|
2,145
|
|
1,638
|
|
5,613
|
|
5,536
|
|
Stock-based
compensation
|
1,324
|
|
1,611
|
|
6,040
|
|
8,845
|
|
Amortization of
intangible assets
|
153
|
|
1,766
|
|
610
|
|
2,596
|
|
Increase (Decrease) in
accrued severance pay, net
|
(48)
|
|
37
|
|
(203)
|
|
116
|
|
Decrease (Increase) in
other assets, other receivables and prepaid expenses
|
(274)
|
|
(62)
|
|
702
|
|
621
|
|
Increase in accrued
interest and amortization of premium/discount on marketable
securities
|
(223)
|
|
(305)
|
|
(1,392)
|
|
(712)
|
|
Decrease in operating
leases liability
|
(545)
|
|
(845)
|
|
(1,644)
|
|
(3,322)
|
|
Decrease in operating
lease right-of-use asset
|
325
|
|
681
|
|
2,174
|
|
2,686
|
|
Decrease (Increase) in
trade receivables
|
888
|
|
9,784
|
|
(1,654)
|
|
34,273
|
|
Decrease in
inventories
|
1,438
|
|
2,165
|
|
3,263
|
|
1,388
|
|
Decrease in trade
payables
|
(2,178)
|
|
(2,857)
|
|
(23)
|
|
(10,692)
|
|
Increase (Decrease) in
employees and payroll accruals
|
(1,798)
|
|
1,115
|
|
(4,358)
|
|
(1,571)
|
|
Increase (Decrease) in
deferred revenues
|
3,265
|
|
(2,806)
|
|
1,861
|
|
(5,781)
|
|
Increase in other
payables, accrued expenses and other long term
liabilities
|
(684)
|
|
1,200
|
|
(493)
|
|
(1,113)
|
|
Amortization of
issuance costs of Convertible debt
|
50
|
|
50
|
|
200
|
|
198
|
|
Net cash provided by
(used in) operating activities
|
4,079
|
|
(5,177)
|
|
4,827
|
|
(29,736)
|
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease (Increase) in
restricted deposit
|
-
|
|
(804)
|
|
703
|
|
(836)
|
|
Investment in
short-term bank deposits
|
(15,250)
|
|
-
|
|
(24,550)
|
|
(15,900)
|
|
Withdrawal of
short-term bank deposits
|
5,500
|
|
3,600
|
|
19,300
|
|
74,665
|
|
Purchase of property
and equipment
|
(445)
|
|
(621)
|
|
(2,117)
|
|
(2,489)
|
|
Investment in
marketable securities
|
(16,719)
|
|
(12,064)
|
|
(61,003)
|
|
(46,742)
|
|
Proceeds from
redemption or sale of marketable securities
|
10,750
|
|
7,750
|
|
64,790
|
|
22,935
|
|
Net cash provided by
investing activities
|
(16,164)
|
|
(2,139)
|
|
(2,877)
|
|
31,633
|
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise
of stock options
|
1
|
|
(1)
|
|
-
|
|
-
|
|
Net cash provided by
(used in) financing activities
|
1
|
|
(1)
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease) in
cash and cash equivalents
|
(12,084)
|
|
(7,317)
|
|
1,950
|
|
1,897
|
|
Cash and cash
equivalents at the beginning of the period
|
28,226
|
|
21,509
|
|
14,192
|
|
12,295
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the end of the period
|
$16,142
|
|
$
14,192
|
|
$ 16,142
|
|
$
14,192
|
|
|
|
|
|
|
|
|
|
Non-cash activity:
|
|
|
|
|
|
|
|
|
Right-of-use assets
obtained in the exchange for operating lease liabilities
|
$ 63
|
|
$
279
|
|
$
5,858
|
|
$
356
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial
metrics (Unaudited)
|
|
|
|
|
|
|
|
U.S. dollars in
millions, except number of full time employees, top 10 customers as
a % of revenues and number of shares
|
|
|
|
Q4-2024
|
|
FY
2024
|
|
FY
2023
|
|
|
Revenues geographic
breakdown
|
|
|
|
|
|
|
|
Americas
|
|
4.4
|
18 %
|
14.2
|
15 %
|
16.6
|
18 %
|
|
EMEA
|
|
15.8
|
63 %
|
54.0
|
59 %
|
56.1
|
60 %
|
|
Asia Pacific
|
|
4.7
|
19 %
|
24.0
|
26 %
|
20.5
|
22 %
|
|
|
|
24.9
|
100 %
|
92.2
|
100 %
|
93.2
|
100 %
|
|
|
|
|
|
|
|
|
|
|
Revenues breakdown by type
|
|
|
|
|
|
|
|
Products
|
|
4.9
|
20 %
|
30.1
|
33 %
|
37.6
|
40 %
|
|
Professional
Services
|
2.8
|
11 %
|
8.3
|
9 %
|
6.1
|
7 %
|
|
SECaaS (Security as a
Service)
|
4.8
|
19 %
|
16.5
|
18 %
|
10.6
|
11 %
|
|
Support &
Maintenance
|
12.5
|
50 %
|
37.3
|
40 %
|
38.9
|
42 %
|
|
|
|
24.9
|
100 %
|
92.2
|
100 %
|
93.2
|
100 %
|
|
|
|
|
|
|
|
|
|
|
Revenues per customer type
|
|
|
|
|
|
|
|
CSP
|
|
20.7
|
83 %
|
75.4
|
82 %
|
75.1
|
81 %
|
|
Enterprise
|
|
4.2
|
17 %
|
16.8
|
18 %
|
18.1
|
19 %
|
|
|
|
24.9
|
100 %
|
92.2
|
100 %
|
93.2
|
100 %
|
|
|
|
|
|
|
|
|
|
|
Top 10 customers as a %
of revenues
|
55 %
|
|
43 %
|
|
47 %
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Weighted
average number of basic shares (in millions)
|
39.4
|
|
38.9
|
|
37.9
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP weighted
average number of fully diluted shares (in
millions)
|
42.6
|
|
42.3
|
|
40.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECaaS (Security as a Service) revenues- U.S.
dollars in millions (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4-2024:
|
4.8
|
|
|
|
|
|
|
|
|
|
Q3-2024:
|
4.7
|
|
|
|
|
|
|
|
|
|
Q2-2024:
|
3.7
|
|
|
|
|
|
|
|
|
|
Q1-2024:
|
3.4
|
|
|
|
|
|
|
|
|
|
Q4-2023:
|
3.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECaaS ARR* - U.S. dollars in millions
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 2024:
|
18.2
|
|
|
|
|
|
|
|
|
|
Dec. 2023:
|
12.7
|
|
|
|
|
|
|
|
|
|
Dec. 2022:
|
9.2
|
|
|
|
|
|
|
|
|
|
Dec. 2021:
|
5.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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SOURCE Allot Ltd.
