SuperCom (NASDAQ: SPCB) reported Q1 revenue for the quarter came in at $3.03 million versus the consensus estimate of $12.8 million.

Three-Months Ended March 31, 2021 Financial Highlights

• Cash and cash equivalents and restricted cash at the end of Q1-21 increased to $9 million from $4m at end of 2020.
• Working Capital increased to $12.7 million at end of Q1-21 from $5.3 million at end of 2020.
• Revenue in Q1-2021 was $3.0 million.
• Gross margin in Q1-2021 increased to 55.3% from 47.5% in 2020.
• EBITDA in the first quarter of $652,000.

"Following my February appointment to CEO, one of my first priorities was to improve our reporting capabilities and enable us to report financial results on a quarterly basis. I am pleased to announce our first quarter earnings results, which is the first time that we have reported financial results on a quarterly basis since the first half of 2019," stated Ordan Trabelsi, CEO of SuperCom. "We have worked hard to improve our financial processes to enable us to report on a timely basis. Our work is ongoing, and we plan to continue improving the quality of our financial reporting capabilities."

"We continue to work hard also to capitalize on the trend that we are seeing with correctional institutions increasingly shifting their policy to enable more inmates to serve time under home confinement and utilizing GPS monitoring solutions. Given the strong fundamental drivers behind this industry growth, including prison overcrowding, advancements in the underlying mobile and location-based technologies and the clear financial benefits of reducing facility populations, we believe this is just a small part of a longer-term trend," added Ordan.

"With this attractive market opportunity and our standing in the competitive landscape, another priority of ours in the upcoming years is to increase our investments in sales and marketing to drive revenue growth, while maintaining our investments in research and development to stay ahead of our competition with our proprietary technology offerings. We have won many new projects in recent years and plan to continue to expand our global footprint," concluded Ordan.

For earnings history and earnings-related data on SuperCom (SPCB) click here.