Alarum Technologies Earlier Reported Q4 Revenue Crossed $7M Vs $7M Est., Operating Cashflow Increased To $2.8M; Sees FY23 Revenue ~$26.5M Vs $26.41M Est.

Author: Benzinga Newsdesk | January 09, 2024 12:33pm

Revenue crossed $7 million and operating cashflow increased to $2.8 million; Revenue for the entire year of 2023 estimated at approximately $26.5 million

Subsidiary NetNut's revenues surged 150% in the fourth quarter of 2023 and 150% also for the entire year - amounted to more than $21 million

Tel Aviv, Israel, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Alarum Technologies Ltd. (Nasdaq, TASE: ALAR) ("Alarum" or the "Company"), a global provider of internet access and web data collection solutions, today provided preliminary key financial metrics guidance for the three months and twelve months ended on December 31, 2023.

Based on a preliminary, unaudited review, Alarum anticipates reporting strong performance for the fourth quarter of 2023 and the entire year of 2023, highlighting accelerated operating and business growth:

• Revenue for the fourth quarter of 2023 is estimated at more than $7 million, representing the highest quarterly revenues achievement to-date and an increase of 35% compared to the same period in 2022.
• In the fourth quarter of 2023, the Company generated approximately $2.8 million in cashflow from operating activities, compared to a negative cashflow of approximately $1.8 million for the same period in 2022.
• Total expected revenue for 2023 is estimated at $26.5 million, an increase of approximately 41% compared to total revenue of $18.8 million in 2022. 
• Cash and cash equivalents balance as of December 31, 2023, amounted to approximately $10.8 million.

In 2023, the Company made a strategic shift towards focusing on growth and business activity of its wholly owned subsidiary, NetNut Ltd. ("NetNut"). As a result, the Company experienced a positive impact throughout its entire business aspects, which not only led to a net profit in the third quarter of 2023 but also resulted in record revenues in the fourth quarter and the entire year of 2023. NetNut's revenue for the fourth quarter of 2023 are estimated at $6.8 million, representing an increase of 150% compared to the equivalent period in 2022, and its estimated 2023 annual revenue ramped up to a record of more than $21 million, also an increase of 150% compared to full year 2022.

"Alarum is pleased to start 2024 with a strong growth momentum, following the year 2023. We intend to continue supporting our future growth also by expanding our offering in the data collection market and launch new innovative products." commented Shachar Daniel, Chief Executive Officer of Alarum.

"The amazing results we achieved in the fourth quarter of 2023 emphasize the positive impact advanced by the strategic business changes we implemented during 2023, which are fostering growth and success. Following our decision to focus on improved profitability and reduce investments in the consumer segment, we anticipated that most of our fourth-quarter revenues will be generated by NetNut. These revenues alone surpass the combined revenue of both NetNut and consumer segments from previous periods," Daniel added. "During the fourth quarter, we also increased our cashflow from operating activities and continued our focus on being a profitable growth company." 

Alarum expects to release the fully reviewed financial statements for the fourth quarter and full year 2023 on or before March 31, 2024.

Posted In: ALAR