SuperCom Reports 69% YoY Revenue Growth and Non-GAAP EPS of $0.53 for the Fourth Quarter 2022; Marks Second Consecutive Quarter of Very High YoY Revenue Growth and Positive EBITDA
Global provider of secured solutions for the e-Government, IoT, and Cybersecurity sectors, SuperCom (Nasdaq: SPCB), has marked a second consecutive year of revenue growth as it reports on its fourth quarter and full yearfinancial results.
Fourth Quarter Highlights (Compared to the Fourth Quarter of 2021)
SuperCom’s revenue increased by 69% to $5.1m from $3.0m.T
The Company was awarded and launched a $33m national EM project in Romania.
In November 2022, SuperCom’s subsidiary, LCA, won a $4.25m contract to provide adult reentry services in California.
Safend, SuperCom’s data protection and cybersecurity subsidiary, received two orders totaling approximately $870,000.
EBITDA of $0.77 million
Full Year Highlights (Compared to full year 2021)
The company’s annual revenue increased by 44% to $17.7m from $12.3m, marking a second consecutive year of revenue growth.
Revenue from European countries increased by 230% to $9.6m from $2.9m.
IoT Segment revenue increased by 75% to 15.6m from $8.9m.
Net cash used by operating activities was $4.7 million in 2022 compared to $9.4 million.
Cash and cash equivalents and restricted cash at the end of 2022 was $4.5m.
Ordan Trabelsi, President and CEO of SuperCom said, “2022 was a great year for SuperCom. We extended our business across Europe by winning significant new contracts, typically awarded through a competitive RFP process. We won the largest industry award of the year, valued at $33 million in Romania, and other new projects in Finland, Sweden, and Croatia. In 2022, our revenue from Europe reached $9.6 million, representing 230% YoY growth. We’ve also been working hard to increase our business presence in the U.S., where we have continued to make progress towards our goals by launching our new proprietary PureOne product and by securing multiple project wins in California, Idaho, Texas, and Wyoming.
“We have full confidence in our ability to consistently secure a robust pipeline of new projects and wins in the market. To put things into perspective, while the global electronic monitoring market growth was approximately 10% in 2022, SuperCom IoT revenues achieved a staggering 76% growth during the same period. This growth is a testament to the fact that the market prefers our solution over the alternatives. As we continue to gain market share and expand our presence, displacing legacy industry leaders time and time again, we improve our positioning towards future success. We plan to maintain our technology leadership and sales momentum and to grow and build on the growing reputation for excellence that SuperCom has achieved globally,” concluded Mr. Trabelsi.
SuperCom is a global provider of traditional and digital identity solutions, providing advanced safety, identification and security solutions to governments and organizations around 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 and 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.