Genasys (GNSS) Contract Wins/New Product Presents Favorable Risk/Reward- Ascendiant Capital

Ascendiant Capital analyst Edward Woo reiterated a Buy rating and $5.75 price target on (NASDAQ: GNSS) after the company reported revenue of $12 million (+35% y-o-y), compared with consensus of $13 million. EPS of $0.04 was in line with consensus of $0.04. There was no Q3 guidance.

The analyst stated "Q3 about inline but backlog remains solid. We believe major contract wins/new product releases presents favorable risk/reward". "Backlog was $26 million vs. $16 million last quarter. After suffering declining sales in 2015 and 2016 (combined -34%), the company has experienced strong revenue growth the past two years (+24% in FY17, +30% in FY18, +15% in FY19). The management team has done a good job developing LRAD’s core legacy Acoustic Hailing Devices (AHDs) and its newer Mass Notifications systems".

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Shares of closed at $4.46 yesterday.

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