Since 1988, SuperCom has been a global provider of traditional and digital identity solutions, providing advanced safety, identification and security solutions to governments and organizations, both private and public, throughout the world. Through its proprietary e-Government platforms and innovative solutions for traditional and biometrics enrollment, personalization, issuance and border control services, SuperCom has inspired governments and national agencies to design and issue secure Multi-ID documents and robust digital identity solutions to its citizens and visitors. SuperCom offers a unique all-in-one field-proven RFID & mobile technology and product suite, accompanied by advanced complementary services for various industries including healthcare and homecare, security and safety, community public safety, law enforcement, electronic monitoring, livestock monitoring, and building and access automation.
For more information, visit https://www.supercom.com/
SuperCom Investor Relations:
ir@supercom.com
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded or followed by or that otherwise include the words "believes", "expects", "anticipates", "intends", "projects", "estimates", "plans", and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical or current facts. These forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from the statements made. Examples of these statements include, but are not limited to, statements regarding business and economic trends, the levels of consumer, business and economic confidence generally, the adverse effects of these risks on our business or the market price of our ordinary shares, and other risks and uncertainties described in the forward looking statements and in the section captioned "Risk Factors" in our Annual Report on Form 20-F for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission (the "SEC") on April 22, 2024, our reports on Form 6-K filed from time to time with the SEC and our other filings with the SEC. Except as required by law, we not undertake any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release.
Results presented in this press release are based on management's estimated unaudited analysis of financial results for the presented periods. SuperCom's independent registered accounting firm has not audited the financial data discussed in this press release. During the course of SuperCom's quarter- and fiscal year-end closing procedures and review process, SuperCom may identify items that would require it to make adjustments, which may be material, to the information presented in this press release. As a result, the estimate financial results constitute forward-looking information and are subject to risks and uncertainties, including possible adjustments to such results.
Use of Non-GAAP Financial Information
In addition to disclosing financial results calculated in accordance with the generally accepted accounting principles in the United States ("GAAP"), this release also contains non-GAAP financial measures, which SuperCom believes are the principal indicators of the operating and financial performance of its business.
Management believes the non-GAAP financial measures provided are useful to investors' understanding and assessment of SuperCom's ongoing core operations and prospects for the future, as the charges eliminated are not part of the day-to-day business or reflective of the core operational activities of the company. Management uses these non-GAAP financial measures as a basis for strategic decisions, forecasting future results and evaluating the Company's current performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, or superior to, operating loss and or net income (loss) or any other performance measures derived in accordance with GAAP or as an alternative to net cash provided by operating activities or any other measures of our cash flows or liquidity.
Non-GAAP EPS is defined as earnings before amortization and other non-cash or one-time expenses divided by weighted average outstanding shares.
EBITDA is defined as earnings before interest, taxes, depreciation, amortization, and other non-cash or one-time expenses.
[Tables to follow]
SUPERCOM LTD.
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CONSOLIDATED BALANCE SHEETS
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(U.S. dollars in thousands)
As of As of
September 30, December 31,
2024 2023
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Unaudited Unaudited
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CURRENT ASSETS
Cash and cash equivalents 6,229 5,206
Restricted bank deposits 347 371
Trade receivable, net 14,887 13,357
Patents 5,283 5,283
Other accounts receivable and prepaid
expenses 2,257 1,742
Inventories, net 2,725 2,503
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Total current assets 31,728 28,462
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LONG-TERM ASSETS
Deferred tax long term 919 501
Other intangible assets, net 5,099 5,576
Operating lease right-of-use assets 923 487
Goodwill 7,026 7,026
Property and equipment, net 3,071 2,701
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Total long-term assets 17,038 16,291
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Total Assets 48,766 44,753
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CURRENT LIABILITIES
Short-term loans and credit 765 792
Trade payables 1,990 1,883
Employees and payroll accruals 1,131 1,015
Related parties - 100
Accrued expenses and other liabilities 333 485
Operating lease liabilities 877 401
Deferred revenues ST 576 726
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Total current liabilities 5,672 5,403
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LONG-TERM LIABILITIES
Long-term loan 29,530 33,952
Deferred tax liability 170 170
Deferred revenues 49 305
Long-term operating lease liabilities - 108
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Total long-term liabilities 29,749 34,535
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SHAREHOLDERS' EQUITY:
Ordinary shares 21,970 9,094
Additional paid-in capital 95,803 102,670
Accumulated deficit (104,428) (106,948)
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Total shareholders' equity 13,345 4,816
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Total liabilities and equity 48,766 44,754
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SUPERCOM LTD.
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CONSOLIDATED STATEMENTS OF OPERATIONS
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(U.S. dollars in thousands)
Three months ended
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September 30, September 30,
2024 2023
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Unaudited Unaudited
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REVENUES 6,911 6,778
COST OF REVENUES (3,758) (2,751)
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GROSS PROFIT 3,153 4,027
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OPERATING EXPENSES:
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November 14, 2024 08:40 ET (13:40 GMT)
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