Genasys cuts FY2023 revenue outlook to 15% below prior year; Q4 rev at least $10M

Genasys Inc.

Full year revenues expected 15% below prior year; Q4 2023 revenue at least $10M, down from prior outlook of ~5% sequential decline.
Hardware pipeline bookings delay: over 40% of forecasted pipeline shifted (typical 15%); $20M+ of expected hardware bookings moved from 2023 to 2024.
Hardware pipeline three times year-ago size; Genasys Protect software pipeline up 156% YoY.
Management confident 2024 will be growth year citing software strength, dominant market position.
Recent natural disasters (Hawaii, Libya, etc.) drive demand but near-term orders delayed.

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