Genasys Reports Q2 Profitability on 124% Revenue Surge, $58M Backlog
Genasys Inc posted Q2 GAAP net income of $723k (2¢ per share) on $15.5M revenue, up 124% year-over-year driven by hardware and software sales. The company booked $10.3M from Puerto Rico Dam projects, holds a $58M backlog, but has only $1M cash and delayed debt repayments.
1. Q2 Financial Performance
Genasys achieved GAAP net income of $723,000 (2¢ per share) on $15.5 million revenue in Q2 2026, representing a 124% year-over-year increase. Gross margin reached 55.3%, supported by both hardware and software sales, and earnings per share improved from a $0.14 loss a year ago.
2. Project Contributions and Backlog
The company recognized $10.3 million in revenue from completed phases of the Puerto Rico Dam Early Warning System and developed a $58 million backlog from new bookings. Demand for its CROWS directed sound system is set to ramp in Q3 and Q4, while five repeat customers in Santa Clara County adopted its Genesis Protect solution.
3. Liquidity and Debt Position
Genasys holds only $1 million in cash and marketable securities as of March 31, 2026, and requested a 60-day extension for its debt repayment due to slower project payments. Operating expenses declined 4% year-over-year to $8.5 million but remain substantial, highlighting liquidity challenges.