Napco Q2 revenue up 23% to record $33.4M; net income falls 68% to $1.0M on supply chain woes

NAPCO SECURITY TECHNOLOGIES, INC

2022-Q2 EPS reported $0.24 revenue$64,459,000

Recurring service revenue grew 35% to $11.0M with 87% gross margin; annualized run rate $46.2M.
Adjusted EBITDA declined 29% to $3.0M; EPS $0.03 vs $0.09 a year ago due to supply chain disruptions.
Hardware gross margin fell $2.6M from freight cost increases and mix shift to Starlink radios.
Cash, equivalents, and securities $47.4M with no debt; strong balance sheet; school security orders increasing.

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