SuperCom Ltd. (SPCB), a company involved in the provision of Internet of Things, cyber security products and solutions, etc., closed Thursday’s regular trading session at $0.57 after declining 3.23% during the day. In the premarket trading session, SPCB stock has continued to follow this downward spiral, as it had further slid 1.79% and as a result was trading at $0.56 at last check. The decline could be attributed to the announcement of financial results.
FY 2021 Financial Results
On Thursday, after the closure of the market, SPCB announced the results for FY 2021. The net revenue gained an increase of 4% on a year-over-year basis and stood at $12.3 million during FY 2021. The gross margin surged to 50.6% from 47.4% during FY 2020. EBITDA was calculated to be $2.1 million compared to $2.8 million for FY 2020. The company was able to generate a non-GAAP EPS of negative $0.07 compared to negative $0.09 during 2020.
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SPCB also announced the highlights of the last few months. The company got awarded the electronic monitoring contract from Justice Ministry in March 2022. During the same month, it raised an amount of $4.65 million in an offering. July 2021 saw a project launch in California, US. SuperCom announced to have won three contracts during recent months which would result in its expansion in the US.
SPCB Management Commentary
Management of SPCB, while commenting on the results said that the company is proud of what it was able to achieve on the operational front during the fiscal year 2021. The year depicts that the company has continually executed the strategy of expanding its footprint. The company believes that investing in R&D would pay off well, and it’s confident that it would continue to win new projects with the same zeal and fervency.
What’s in Store for SPCB?
Looking ahead, analysts are holding a negative evaluation of SPCB stock. The short-term signals are not looking great at the moment. Hence, the stock is expected to perform weakly in the next couple of weeks.