Allot Ltd Reports Third Quarter 2024 Financial Results
Intellectia.AI
Allot Ltd. Reports Third Quarter 2024 Financial Results
HOD HASHARON, Israel, Nov. 19, 2024 – Allot Ltd. (NASDAQ: ALLT, TASE: ALLT), a leading global provider of innovative network intelligence and security solutions, has released its unaudited financial results for the third quarter of 2024.
Key Financial Metrics (USD)
| Metric | Q3 2024 | Q3 2023 | QoQ (%) | YoY (%) | Consensus (USD) | Difference from Consensus |
|---|---|---|---|---|---|---|
| Total Revenue | $23.2M | $22.6M | +5% | +3% | $22.8M | +$0.4M |
| EPS (Non-GAAP) | $0.03 | $(0.28) | N/A | N/A | $(0.03) | +$0.06 |
Allot Ltd. reported total revenues of $23.2 million for Q3 2024, marking a sequential increase of 5% and a year-over-year growth of 3%. The company surpassed Wall Street consensus estimates. Positive non-GAAP operating income for the first time in three years was another notable highlight, underscoring a successful return to growth and effective cost management.
Revenue Performance by Segment
| Segment | Q3 2024 Revenue | Comparison to Guidance |
|---|---|---|
| Security as a Service (SECaaS) | $4.7M | In line |
The SECaaS segment continued its strong performance with a substantial 69% year-over-year increase, meeting set expectations. This tailwind is attributed to the expansion of partnerships with major service providers like Vodafone and MEO, bolstering recurring revenue streams.
Key Developments and Highlights
- Reported non-GAAP operating profit for the first time in three years.
- Generated positive operating cash flow of $1.9 million.
- Net cash increased by $2.0 million compared to Q2 2024.
Management Comments
CEO Eyal Harari highlighted Allot's financial strengthening through cash generation and emphasized the strong traction of their SECaaS solutions. He underscored strategic expansions with Vodafone and MEO, and outlined the company's long-term growth strategy through integration of network intelligence and security services.
Dividends and Share Repurchase
There were no announcements regarding dividends or share repurchase programs during this quarter.
Forward Guidance
For Q4 2024, Allot management anticipates approaching breakeven on a non-GAAP operating profit basis, with an expectation of continued positive operating cash flow. They project double-digit growth for the SECaaS segment on an annual basis.
Stock Price Movement
Post-earnings release, Allot's stock experienced an increase of approximately 3.30%.
Allot continues progressing towards long-term sustainable growth with strategic focus and operational efficiency, poised to enhance shareholder value.
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