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Alarum Technologies Ltd. (NASDAQ:ALAR) shares are trading lower after it reported second-quarter results.
Revenue rose 27% Y/Y to $8.884 million, missing the consensus of $8.921 million. Revenue was driven by the enterprise internet access business, NetNut, which rose to $8.7 million from $5.0 million in the same quarter in 2023.
Adjusted EBITDA stood at $3.4 million, up from $1.1 million a year ago. Adjusted EPADS of $0.41 exceeded the street view of $0.31.
Shachar Daniel, Chief Executive Officer of Alarum, said, “As we intend to establish the broadest data collection and insights offering in the market, we continued to increase our market share in the IP Proxy Network (IPPN) segment, won initial sales in the data collection and labelling market with our new Web-Unblocker and continued to make progress towards providing our customers with artificial intelligence (AI) and analysis capabilities.”
“In the third quarter of 2024, we estimate continued year-over-year growth. While third quarter revenues are assumed to be impacted by market dynamics that some of our customers have been experiencing since June, our main growth KPIs are positive: consistent growth in the monthly revenue rates from June to July and into August.”
For the first half of 2024, cash flow from operating activities surged to $6.3 million, a significant improvement from $(0.1) million in the same period last year.
As of June 30, cash and equivalents stood at $21.6 million.
Shai Avnit, Chief Financial Officer of Alarum, stated, “We anticipate Q3 2024 revenue to demonstrate year-over-year growth, and in fact, NetNut revenues are expected to cross the full-year 2023 revenue-bar of $21.2 million within the first nine months of 2024. Q3 2024 revenues are estimated at $7 million ±3% and Adjusted EBITDA for Q3 2024 is expected to range from $0.8 to $1.0 million.”
Price Action: ALAR shares are down 31.5% at $14.80 at the last check Monday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Posted In: ALAR
