Genasys Q2 revenue falls 14.8% YoY to $11.2M; guides FY2023 down slightly

Fiscal Second quarter revenue was $11.2 million, a decrease of 14.8% from $13.2 million in the prior year's quarter. Software revenue increased 26.7% and hardware revenue decreased 17.1%, compared with the fiscal 2022 second quarter. Gross profit margin was 43.9%, compared with 54.5% in the second quarter of fiscal 2022. As was the case in the first fiscal quarter, margins were negatively impacted by relatively higher component costs incurred to fulfill orders that were booked and priced prior to notification of higher supplier pricing. Operating expenses were $8.3 million, compared with $7.7 million in the same period a year ago. Selling, general and administrative expenses increased 4.2% from $5.8 million in the prior year to $6.1 million in the quarter ended March 31, 2023. Research and development expenses increased 20.5% year-over-year from the addition of 5% more engineers over the prior year to increase the features and functionality of our software offerings. GAAP net loss in t