- Revenue growth of 9% in 2024, reaching $35.8 million, up from $32.8 million in 2023.
- Net income improved to $2.6 million, a significant turnaround from a $1.3 million loss in 2023.
- Strong gross margin increase to 64.1% from 57.5% year-over-year.
Senstar Technologies Corporation (SNT, Financial) reported robust financial performance for the year 2024, highlighted by a 9% increase in revenue, which reached $35.8 million compared to $32.8 million in the previous year. The company reversed its financial performance from a net loss of $1.3 million in 2023 to a net income of $2.6 million in 2024, corresponding to a turnaround of $3.9 million.
The gross margin showed a significant improvement, increasing from 57.5% in 2023 to 64.1% in 2024. This was largely due to price adjustments, cost-saving initiatives, and the stabilization of supply chains. Operating expenses were reduced by 5.4% to $19.0 million, underscoring efficient cost management measures.
In the fourth quarter of 2024, Senstar Technologies recorded a revenue of $10.2 million, a 14.5% year-over-year increase. The net income for the quarter stood at $1.6 million, or $0.07 per share, compared with $0.4 million in the corresponding quarter of the previous year. Furthermore, EBITDA improved from a loss of $0.3 million in 2023 to $4.6 million in 2024.
As of December 31, 2024, the company maintained a robust cash position of $20.5 million with no debt, compared to $14.8 million at the end of 2023. This financial strength emphasizes Senstar's ability to execute its strategy effectively, optimize operations, and enhance shareholder value.
