SuperCom (NASDAQ: SPCB) noted its shares sprouted Monday, as the company a global provider of secured solutions for the e-Government, IoT, and Cybersecurity sectors, today reported financial and operating results for the three months ended June 30, 2023.
Second-quarter revenue increased by 141% to $7.7 million from $3.2 million, marking a fourth consecutive quarter of high year-over-year revenue growth.
Gross profit increased by 77% to $2.3 million from $1.3 million.
Positive EBITDA* improved to $0.9 million compared to -($0.7) million.
Net Income improved by 63% to a $1.1 million loss compared to a $2.8-million loss.
Working Capital at end of quarter was $21.2 million.
SuperCom is well on track with the implementation of the recently awarded $33 Million national electronic monitoring project in Romania. SuperCom's PureSecurity EM Suite was deployed for domestic violence monitoring, GPS Tracking of offenders, and a home detention monitoring program. As the project continues to progress, the company expects to see an upward trend in gross margins on subsequent orders for this project.
Moreover, SuperCom's wholly owned subsidiary, LCA, won a $4.25 million contract to provide adult reentry services in a Northern California county. The project began in Q1 2023, expanding LCA's existing day reporting and electronic monitoring services to include jail-based and community-based sites. The project is actively servicing clients and generating recurring revenues.
SPCB shares popped 11 cents, or 11%, to $1.11.
