UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
 
Form 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2023
Commission File Number: 001-33129

ALLOT LTD.
 (Translation of registrant’s name into English)

22 Hanagar Street
Neve Ne'eman Industrial Zone B
Hod-Hasharon 45240
Israel
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ⌧             Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ___

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ___

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  ☐          No  ☒

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________


EXPLANATORY NOTE

On November 16, 2023, Allot Ltd. issued a press release announcing the Third Quarter 2023 Financial Results.

A copy of the press release entitled “Allot Announces Third Quarter 2023 Financial Results” is attached to this Form 6-K as Exhibit 99.1.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
Allot Ltd.

By: /s/ Ziv Leitman          
Ziv Leitman
Chief Financial Officer

Date: November 16, 2023


EXHIBIT INDEX

The following exhibit has been filed as part of this Form 6-K:

Exhibit Number
Description

99.1








Exhibit 99.1


Allot Announces Q3 2023 Financial Results

Hod Hasharon, Israel – November 16, 2023 - Allot Ltd. (NASDAQ: ALLT, TASE: ALLT), a leading global provider of innovative network intelligence and security solutions for service providers and enterprises worldwide, today announced its unaudited financial results for the third quarter ended September 30, 2023.
 
Q3 Financial Highlights
 

Third quarter revenues were $22.6 million;
 

SECaaS revenues were $2.8 million; September 2023 SECaaS ARR* was $10.6 million;
 

Third quarter GAAP operating loss was $12.7 million, and non-GAAP operating loss was $11.1 million;
 

Q3 GAAP net loss was $12.4 million, and non-GAAP net loss was $10.8 million;
 
Financial Outlook
 
Looking ahead, management expectations are as follows:
 

Fourth quarter of 2023 revenues of $20 million to $25 million (of which SECaaS revenues are expected to be between $3 million to $3.5 million);
 

Fourth quarter of 2023 Non-GAAP operating loss of between $4 million and $6 million
 

Fourth quarter of 2023 negative cash flow of between $5 million and $12 million;
 

December 2023 total ARR*, including SECaaS ARR* and Support & Maintenance ARR*, is expected to be between $51 million and $53 million;
 


Management Comment
 
Erez Antebi, President & CEO of Allot, commented, “The macro-economic environment remains significantly challenging for Allot.  One of the consequences we are experiencing is the resulting added budget constraints of some of our potential customers which has had a negative effect on our business.
 
Last quarter, we announced a cost reduction plan which we are currently implementing, and consequently, we aim to reduce our yearly operating expenses in 2024.”
 
Q3 2023 Financial Results Summary
 
Total revenues for the third quarter of 2023 were $22.6 million, a decrease of approximately 10% compared to $25.0 million in the third quarter of 2022.
 
Gross profit on a GAAP basis for the third quarter of 2023 was $10.5 million (gross margin of 46.3%), a 36% decline compared with $16.4 million (gross margin of 65.4%) in the third quarter of 2022.
 
Gross profit on a non-GAAP basis for the third quarter of 2023 was $10.8 million (gross margin of 47.9%), a 36% decline compared with $16.8 million (gross margin of 67.2%) in the third quarter of 2022.
 
The gross margin level for both GAAP and non- GAAP basis in the current quarter was impacted by an unusually unfavorable product mix.
 
Net loss on a GAAP basis for the third quarter of 2023 was $12.4 million, or $0.32 per basic share, compared with a net loss of $12.9 million, or $0.35 per basic share, in the third quarter of 2022.
 
Net loss on a non-GAAP for the third quarter of 2023 was $10.8 million, or $0.28 per basic share compared with a non-GAAP net loss of $10.6 million, or $0.28 per basic share, in the third quarter of 2022.
 
Cash, short-term bank deposits and investments as of September 30, 2023, totaled $60.4 million, compared to $86.4 million as of December 31, 2022.
 
ARR - U.S. dollars in millions (Unaudited)
                   

                   
   
Dec. 2021
   
Dec. 2022
   
Dec. 2023 target
   
2022 vs. 2021
   
2023 (target) vs. 2022
 
Support & maintenance ARR *
   
42.0
     
42.5
     
39-40
     
1
%
   
(8)% -(6
)%
                                         
SECaaS ARR **
   
5.2
     
9.2
     
12-13
     
77
%
   
30%-41
%
                                         
Total ARR
   
47.2
     
51.7
     
51-53
     
10
%
   
(1)%-3
%
                                         
* Support & Maintenance ARR measures the current annual run rate of the support & maintenance revenues, which is calculated based on these expected revenues in the fourth quarter and multiplied by 4.
 
                                         
** SECaaS ARR measures the current annual run rate of the SECaaS revenues, which is calculated based on these expected revenues in the month of December and multiplied by 12.
 

# # #
 


Conference Call & Webcast:
 
The Allot management team will host a conference call to discuss its third quarter 2023 earnings results on November 22, 2023, at 8:30 am ET, 3:30 pm Israel time. To access the conference call, please dial one of the following numbers:
 
US:  1-888-642-5032, UK: 0-800-917-5108, Israel: +972-3-918-0610
 
A live webcast and, following the end of the call, an archive of the conference call, will be accessible on the Allot website at: http://investors.allot.com/index.cfm

About Allot

Allot Ltd. (NASDAQ: ALLT, TASE: ALLT) is a provider of leading innovative network intelligence and security solutions for service providers and enterprises worldwide, enhancing value to their customers. Our solutions are deployed globally for network and application analytics, traffic control and shaping, network-based security services, and more. Allot's multi-service platforms are deployed by over 500 mobile, fixed and cloud service providers and over 1,000 enterprises. Our industry leading network-based security as a service solution is already used by many millions of subscribers globally. Allot. See. Control. Secure.
 
For more information, visit www.allot.com
 
Performance Metrics

* Total ARR - Support & Maintenance ARR (measures the current annual run rate of support & maintenance revenues, which is calculated based on the revenues for the third quarter of 2023 and multiplied by 4) and SECaaS ARR (measures the current annual run rate of the SECaaS revenues), which is calculated based on the revenues in the month of September 2023 and multiplied by 12.
 

GAAP to Non-GAAP Reconciliation:
 
Non-GAAP net income is defined as GAAP net income after excluding stock-based compensation expenses, amortization of acquisition-related intangible assets, exchange rate differences related to revaluation of assets and liabilities denominated in non-dollar currencies, other acquisition-related expenses and changes in taxes related items.
 
These non-GAAP measures should be considered in addition to, and not as a substitute for, comparable GAAP measures. The non-GAAP results and a full reconciliation between GAAP and non-GAAP results is provided in the accompanying Table 2. The Company provides these non-GAAP financial measures because it believes they present a better measure of the Company’s core business and management uses the non-GAAP measures internally to evaluate the Company’s ongoing performance. Accordingly, the Company believes they are useful to investors in enhancing an understanding of the Company’s operating performance.
 
Safe Harbor Statement
 
This release contains forward-looking statements, which express the current beliefs and expectations of Company management. Such statements involve a number of known and unknown risks and uncertainties that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements set forth in such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: our accounts receivables, including our ability to collect outstanding accounts and assess their collectability on a quarterly basis; our ability to meet expectations with respect to our financial guidance and outlook; our ability to compete successfully with other companies offering competing technologies; the loss of one or more significant customers; consolidation of, and strategic alliances by, our competitors; government regulation; the timing of completion of key project milestones which impact the timing of our revenue recognition; lower demand for key value-added services; our ability to keep pace with advances in technology and to add new features and value-added services; managing lengthy sales cycles; operational risks associated with large projects; our dependence on fourth party channel partners for a material portion of our revenues; and other factors discussed under the heading "Risk Factors" in the Company's annual report on Form 20-F filed with the Securities and Exchange Commission. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
 
Investor Relations Contact:
EK Global Investor Relations
Ehud Helft
+1 212 378 8040
allot@ekgir.com
Public Relations Contact:
Seth Greenberg, Allot Ltd.
+972 54 922 2294
sgreenberg@allot.com
 



 
TABLE  - 1
ALLOT LTD.
AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except share and per share data)

   
Three Months Ended
   
Nine Months Ended
 
   
September 30,
   
September 30,
 
   
2023
   
2022
   
2023
   
2022
 
   
(Unaudited)
   
(Unaudited)
 
                         
Revenues
 
$
22,635
   
$
25,040
   
$
68,808
   
$
89,708
 
Cost of revenues
   
12,165
     
8,663
     
27,523
     
28,697
 
                                 
Gross profit
   
10,470
     
16,377
     
41,285
     
61,011
 
                                 
Operating expenses:
                               
Research and development costs, net
   
9,927
     
12,919
     
31,173
     
37,429
 
Sales and marketing
   
10,384
     
12,603
     
31,793
     
36,512
 
General and administrative
   
2,822
     
3,939
     
24,340
     
12,279
 
Total operating expenses
   
23,133
     
29,461
     
87,306
     
86,220
 
Operating loss
   
(12,663
)
   
(13,084
)
   
(46,021
)
   
(25,209
)
Financial and other income, net
   
775
     
471
     
2,554
     
1,338
 
Loss before income tax expenses
   
(11,888
)
   
(12,613
)
   
(43,467
)
   
(23,871
)
                                 
Tax expenses
   
473
     
319
     
988
     
1,421
 
Net Loss
   
(12,361
)
   
(12,932
)
   
(44,455
)
   
(25,292
)
                                 
 Basic net loss per share
 
$
(0.32
)
 
$
(0.35
)
 
$
(1.18
)
 
$
(0.69
)
                                 
 Diluted net loss per share
 
$
(0.32
)
 
$
(0.35
)
 
$
(1.18
)
 
$
(0.69
)
                                 
Weighted average number of shares used in
                               
computing basic net loss per share
   
38,173,533
     
37,198,187
     
37,782,281
     
36,702,045
 
                                 
Weighted average number of shares used in
                               
computing diluted net loss per share
   
38,173,533
     
37,198,187
     
37,782,281
     
36,702,045
 


TABLE  - 2
ALLOT LTD.
AND ITS SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP  CONSOLIDATED  STATEMENTS  OF  OPERATIONS
(U.S. dollars in thousands, except per share data)

   
Three Months Ended
   
Nine Months Ended
 
   
September 30,
   
September 30,
 
   
2023
   
2022
   
2023
   
2022
 
   
(Unaudited)
   
(Unaudited)
 
GAAP cost of revenues
 
$
12,165
   
$
8,663
   
$
27,523
   
$
28,697
 
 Share-based compensation (1)
   
(178
)
   
(291
)
   
(1,057
)
   
(810
)
 Amortization of intangible assets (2)**
   
(195
)
   
(152
)
   
(582
)
   
(456
)
Non-GAAP cost of revenues
 
$
11,792
   
$
8,220
   
$
25,884
   
$
27,431
 
                                 
 GAAP gross profit
 
$
10,470
   
$
16,377
   
$
41,285
   
$
61,011
 
 Gross profit adjustments
   
373
     
443
     
1,639
     
1,266
 
 Non-GAAP gross profit
 
$
10,843
   
$
16,820
   
$
42,924
   
$
62,277
 
                                 
 GAAP operating expenses
 
$
23,133
   
$
29,461
   
$
87,306
   
$
86,220
 
 Share-based compensation (1)
   
(1,163
)
   
(1,879
)
   
(6,177
)
   
(6,066
)
 Non-GAAP operating expenses
 
$
21,970
   
$
27,582
   
$
81,129
   
$
80,154
 
                                 
 GAAP financial and other income
 
$
775
   
$
471
   
$
2,554
   
$
1,338
 
 Expenses related to M&A activities (3)
   
15
     
-
     
43
     
-
 
 Exchange rate differences*
   
(47
)
   
32
     
(328
)
   
(357
)
 Non-GAAP Financial and other income
 
$
743
   
$
503
   
$
2,269
   
$
981
 
                                 
 GAAP taxes on income
 
$
473
   
$
319
   
$
988
   
$
1,421
 
 Changes in tax related items
   
(25
)
   
(25
)
   
(75
)
   
(75
)
 Non-GAAP taxes on income
 
$
448
   
$
294
   
$
913
   
$
1,346
 
                                 
 GAAP Net Loss
 
$
(12,361
)
 
$
(12,932
)
 
$
(44,455
)
 
$
(25,292
)
 Share-based compensation (1)
   
1,341
     
2,170
     
7,234
     
6,876
 
 Amortization of intangible assets (2)**
   
195
     
152
     
582
     
456
 
 Expenses related to M&A activities (3)
   
15
     
-
     
43
     
-
 
 Exchange rate differences*
   
(47
)
   
32
     
(328
)
   
(357
)
 Changes in tax related items
   
25
     
25
     
75
     
75
 
 Non-GAAP Net income (loss)
 
$
(10,832
)
 
$
(10,553
)
 
$
(36,849
)
 
$
(18,242
)
                                 
 GAAP Loss per share (diluted)
 
$
(0.32
)
 
$
(0.35
)
 
$
(1.18
)
 
$
(0.69
)
 Share-based compensation
   
0.03
     
0.06
     
0.19
     
0.19
 
 Amortization of intangible assets**
   
0.01
     
0.01
     
0.02
     
0.01
 
 Expenses related to M&A activities
   
0.00
     
-
     
0.00
     
-
 
Changes in taxes and headcount related items
   
-
     
-
     
-
     
0.00
 
 Exchange rate differences*
   
(0.00
)
   
(0.00
)
   
(0.01
)
   
(0.00
)
 Non-GAAP Net income (loss) per share (diluted)
 
$
(0.28
)
 
$
(0.28
)
 
$
(0.98
)
 
$
(0.49
)
                                 
Weighted average number of shares used in
                               
computing GAAP diluted net loss per share
   
38,173,533
     
37,198,187
     
37,782,281
     
36,702,045
 
                                 
Weighted average number of shares used in
                               
computing non-GAAP diluted net loss per share
   
38,173,533
     
37,198,187
     
37,782,281
     
36,702,045
 

* Financial income or expenses related to exchange rate differences in connection with revaluation of assets and liabilities in non-dollar denominated currencies.

 ** While amortization of acquired intangible assets is excluded from the measures, the revenue of the acquired companies is reflected in the measures and the acquired assets contribute to revenue generation.


TABLE  - 2 cont.
ALLOT LTD.
AND ITS SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP  CONSOLIDATED  STATEMENTS  OF  OPERATIONS
(U.S. dollars in thousands, except per share data)

   
Three Months Ended
   
Nine Months Ended
 
   
September 30,
   
September 30,
 
   
2023
   
2022
   
2023
   
2022
 
   
(Unaudited)
   
(Unaudited)
 
(1) Share-based compensation:
                          
      Cost of revenues
 
$
178
   
$
291
   
$
1,057
   
$
810
 
      Research and development costs, net
   
457
     
704
     
2,413
     
2,393
 
      Sales and marketing
   
408
     
727
     
2,178
     
2,259
 
      General and administrative
   
298
     
448
     
1,586
     
1,414
 
   
$
1,341
   
$
2,170
   
$
7,234
   
$
6,876
 
                                 
 (2) Amortization of intangible assets
                               
      Cost of revenues
 
$
195
   
$
152
   
$
582
   
$
456
 
   
$
195
   
$
152
   
$
582
   
$
456
 
                                 
 (3) Expenses related to M&A activities
                               
     Financial income
 
$
15
   
$
-
   
$
43
   
$
-
 
   
$
15
   
$
-
   
$
43
   
$
-
 


TABLE  - 3
ALLOT LTD.
AND ITS SUBSIDIARIES
CONSOLIDATED  BALANCE  SHEETS
(U.S. dollars in thousands)

   
September 30,
   
December 31,
 
   
2023
   
2022
 
   
(Unaudited)
   
(Audited)
 
             
ASSETS
           
CURRENT ASSETS:
           
Cash and cash equivalents
 
$
21,509
   
$
12,295
 
Short-term bank deposits
   
13,600
     
68,765
 
Restricted deposits
   
1,082
     
1,050
 
Available-for-sale marketable securities
   
24,221
     
4,293
 
Trade receivables, net (net of allowance for credit losses of $17,050 and $2,908 on September 30, 2023
    and December 31, 2022, respectively)
   
21,620
     
44,167
 
Other receivables and prepaid expenses
   
7,100
     
7,985
 
Inventories
   
14,039
     
13,262
 
Total current assets
   
103,171
     
151,817
 
                 
LONG-TERM ASSETS:
               
Severance pay fund
   
363
     
371
 
Operating lease right-of-use assets
   
3,382
     
5,387
 
Trade receivables, net
   
2,992
     
4,934
 
Other assets
   
1,198
     
864
 
Total long-term assets
   
7,935
     
11,556
 
                 
PROPERTY AND EQUIPMENT, NET
   
12,206
     
14,236
 
GOODWILL AND INTANGIBLE ASSETS, NET
   
34,514
     
35,344
 
                 
Total assets
 
$
157,826
   
$
212,953
 
                 
LIABILITIES AND SHAREHOLDERS' EQUITY
               
CURRENT LIABILITIES:
               
Trade payables
 
$
3,828
   
$
11,661
 
Deferred revenues
   
17,172
     
20,825
 
Short-term operating lease liabilities
   
1,999
     
2,542
 
Other payables and accrued expenses
   
20,327
     
25,573
 
Total current liabilities
   
43,326
     
60,601
 
                 
LONG-TERM LIABILITIES:
               
Deferred revenues
   
7,963
     
7,285
 
Long-term operating lease liabilities
   
645
     
2,579
 
Accrued severance pay
   
1,011
     
940
 
Convertible debt
   
39,723
     
39,575
 
Total long-term liabilities
   
49,342
     
50,379
 
                 
SHAREHOLDERS' EQUITY
   
65,158
     
101,973
 
                 
Total liabilities and shareholders' equity
 
$
157,826
   
$
212,953
 


TABLE  - 4
ALLOT LTD.
AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands)

   
Three Months Ended
   
Nine Months Ended
 
   
September 30,
   
September 30,
 
   
2023
   
2022
   
2023
   
2022
 
   
(Unaudited)
   
(Unaudited)
 
                         
Cash flows from operating activities:
                       
                         
Net Loss
 
$
(12,361
)
 
$
(12,932
)
 
$
(44,455
)
 
$
(25,292
)
Adjustments to reconcile net income to net cash used in operating activities:
                               
Depreciation
   
1,251
     
1,373
     
3,898
     
4,119
 
Stock-based compensation
   
1,341
     
2,171
     
7,234
     
6,877
 
Amortization of intangible assets
   
277
     
235
     
830
     
705
 
Increase in accrued severance pay, net
   
6
     
15
     
79
     
35
 
Decrease (Increase) in other assets
   
(140
)
   
143
     
(334
)
   
579
 
Decrease (Increase) in accrued interest and  amortization of premium on marketable securities
   
(260
)
   
36
     
(407
)
   
84
 
Changes in operating leases, net
   
(379
)
   
(421
)
   
(472
)
   
(984
)
Decrease (Increase) in trade receivables
   
9,600
     
367
     
24,489
     
(4,440
)
Decrease in other receivables and prepaid expenses
   
13
     
1,176
     
1,174
     
283
 
Decrease (Increase) in inventories
   
4,321
     
(420
)
   
(777
)
   
(1,584
)
Increase (Decrease) in trade payables
   
(5,633
)
   
3,050
     
(7,835
)
   
2,113
 
Decrease in employees and payroll accruals
   
(2,751
)
   
(295
)
   
(5,245
)
   
(2,258
)
Decrease in deferred revenues
   
(1,676
)
   
(4,284
)
   
(2,975
)
   
(3,155
)
Increase (Decrease) in other payables, accrued expenses and other long term liabilities
   
1,913
     
1,441
     
89
     
(82
)
Amortization of issuance costs of Convertible debt
   
50
     
50
     
148
     
121
 
Net cash used in operating activities
   
(4,428
)
   
(8,295
)
   
(24,559
)
   
(22,879
)
                                 
Cash flows from investing activities:
                               
Decrease (Increase) in restricted deposit
   
192
     
-
     
(32
)
   
380
 
Redemption of (Investment in) short-term deposits
   
16,465
     
2,000
     
55,165
     
(23,180
)
Purchase of property and equipment
   
(1,308
)
   
(1,579
)
   
(1,868
)
   
(4,135
)
Investment in available-for sale marketable securities
   
(16,111
)
   
-
     
(34,678
)
   
-
 
Proceeds from redemption or sale of available-for sale marketable securities
   
11,225
     
1,000
     
15,185
     
7,030
 
Net cash provided by (used in) investing activities
   
10,463
     
1,421
     
33,772
     
(19,905
)
                                 
Cash flows from financing activities:
                               
Proceeds from exercise of stock options
   
1
     
-
     
1
     
250
 
Issuance of convertible debt
   
-
     
-
     
-
     
39,404
 
Net cash provided by financing activities
   
1
     
-
     
1
     
39,654
 
                                 
Increase (Decrease) in cash and cash equivalents
   
6,036
     
(6,874
)
   
9,214
     
(3,130
)
Cash and cash equivalents at the beginning of the period
   
15,473
     
15,461
     
12,295
     
11,717
 
                                 
Cash and cash equivalents at the end of the period
 
$
21,509
   
$
8,587
   
$
21,509
   
$
8,587
 



Other financial metrics (Unaudited)
                                   
U.S. dollars in millions, except number of full time employees, % of top-10 end-customers out of revenues and number of shares
 
                                     
     
Q3-2023
         
YTD 2023
         
FY 2022
       
Revenues geographic breakdown
                                     
Americas
   
2.4
     
11
%
   
12.8
     
19
%
   
21.8
     
18
%
EMEA
   
15.6
     
69
%
   
41.7
     
61
%
   
71.2
     
58
%
Asia Pacific
   
4.6
     
20
%
   
14.3
     
20
%
   
29.7
     
24
%
     
22.6
     
100
%
   
68.8
     
100
%
   
122.7
     
100
%
                                                 
Revenue breakdown by type
                                               
Products
   
9.1
     
40
%
   
26.9
     
39
%
   
61.1
     
50
%
Professional Services
   
1.2
     
6
%
   
4.8
     
7
%
   
11.6
     
9
%
SECaaS (Security as a Service)
   
2.8
     
12
%
   
7.5
     
11
%
   
7.2
     
6
%
Support & Maintenance
   
9.5
     
42
%
   
29.6
     
43
%
   
42.8
     
35
%
     
22.6
     
100
%
   
68.8
     
100
%
   
122.7
     
100
%
                                                 
Revenues per customer type
                                               
CSP
   
17.9
     
79
%
   
55.4
     
81
%
   
98.3
     
80
%
Enterprise
   
4.7
     
21
%
   
13.4
     
19
%
   
24.4
     
20
%
     
22.6
     
100
%
   
68.8
     
100
%
   
122.7
     
100
%
                                                 
% of top-10 end-customers out of revenues
   
50
%
           
45
%
           
44
%
       
                                                 
Total number of full time employees
   
642
             
642
             
749
         
(end of period)
                                               
                                                 
Non-GAAP Weighted average number of basic shares  (in millions)
   
38.2
             
38.2
             
37.0
         
                                                 
                                                 
Non-GAAP weighted average number of fully diluted shares  (in millions)
   
40.6
             
40.1
             
39.5
         

SECaaS (Security as a Service) revenues- U.S. dollars in millions (Unaudited)
   
Q3-2023:
2.8
Q2-2023:
2.4
Q1-2023:
2.3
Q4-2022:
2.2
Q3-2022:
1.7
   
SECaaS ARR* (annualized recurring revenues)- U.S. dollars in millions (Unaudited)
   
Sep. 2023:
10.6
Dec. 2022:
9.2
Dec. 2021:
5.2
Dec. 2020:
2.7
   
*ARR: annualized recurring SECaaS revenues, calculated based on the monthly revenues multiplied by 12