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 February 2024
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 February 15, 2024, Allot Ltd. issued a press release announcing the Fourth Quarter and Full Year 2023 Financial Results.

A copy of the press release entitled “Allot Announces Fourth Quarter and Full Year 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: February 15, 2024



EXHIBIT INDEX

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

Exhibit Number
Description




Exhibit 99.1


Allot Announces Fourth Quarter & Full Year 2023
Financial Results
 
Hod Hasharon, Israel – February 15, 2024 - 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 fourth quarter and full-year 2023 financial results.
 
Financial Highlights
 

Fourth quarter revenues were $24.3 million and full-year 2023 revenues were $93.2 million;
 

SECaaS revenues were $3.2 million for Q4 and $10.6 million for FY 2023, up 41.5% and 48.4% year-over-year respectively.
 

December 2023 SECaaS ARR* was $12.7 million;
 

Q4 GAAP net loss was $18.3 million and non-GAAP net loss was $16.4 million, including a credit loss provision for 2 specific customers of approximately $9 million; the full year 2023 GAAP net loss was $62.8 million and non-GAAP net loss was $53.3 million, including a credit loss provision of approximately $23 million;
 
Financial Outlook
 
Looking ahead to 2024, management expectations are as follows:
 

Full-year 2024 non-GAAP operating profit and free cash flow breakeven
 

Continued double-digit growth of SECaaS revenues and ARR
 
Management Comment
 
Erez Antebi, President & CEO of Allot, commented, “2023 represented a year with significant challenges on multiple fronts. While the macro economic environment and service provider spending remain challenging, we are controlling what we can control. As we announced in prior quarters, we have taken aggressive actions to align our expense footprint with the expected revenue level going ahead. Our goal is to bring the business back to profitability  while investing in our long-term growth engine, Security as a Service (SECaaS).”
 
The Company also announces that Mr. Manuel Echanove is stepping down from the Board to focus on other opportunities.
 


Q4 2023 Financial Results Summary
 
Total revenues for the fourth quarter of 2023 were $24.3 million, a decrease of 26.3% compared to $33.0 million in the fourth quarter of 2022.
 
Gross profit on a GAAP basis for the fourth quarter of 2023 was $11.4 million (gross margin of 46.8%), a 47.9% decline compared with $21.9 million (gross margin of 66.3%) in the fourth quarter of 2022.
 
Gross profit on a non-GAAP basis for the fourth quarter of 2023 was $12.6 million (gross margin of 51.7%), a 43.7% decline compared with $22.4 million (gross margin of 67.7%) in the fourth quarter of 2022. The fourth quarter gross margin level was negatively impacted by a one-time write-off.
 
Net loss on a GAAP basis for the fourth quarter of 2023 was $18.3 million, or $0.48 per basic share, compared with a net loss of $6.7 million, or $0.18 per basic share, in the fourth quarter of 2022.
 
Net loss on a non-GAAP for the fourth quarter of 2023 was $16.4 million, or $0.43 per basic share compared with a non-GAAP net loss of $4.9 million, or $0.13 per basic share, in the fourth quarter of 2022. A credit loss provision for 2 specific customers of approximately $9 million increased the fourth quarter expenses.
 
Full Year 2023 Financial Results Summary

 Total revenues for 2023 were $93.2 million, a 24.1% decrease compared to $122.7 million in 2022.
 
Gross profit on a GAAP basis for 2023 was $52.7 million (gross margin of 56.6%), a 36.5% decline compared with $82.9 million (gross margin of 67.5%) in 2022.
 
Gross profit on a non-GAAP basis for 2023 was $55.5 million (gross margin of 59.6%), a 34.4% decline compared with $84.7 million (gross margin of 69%) in 2022.
 
Net loss on a GAAP basis for 2023 was $62.8 million, or $1.66 per basic share, compared with a net loss of $32.0 million, or $0.87 per basic share, in 2022.
 
Net loss on a non-GAAP basis for 2023 was $53.3 million, or $1.41 per basic share, compared with a net loss of $23.2 million, or $0.63 per basic share, in 2022. A credit loss provision of approximately $23 million increased the 2023 expenses.
 
Cash, short-term bank deposits, and investments as of December 31, 2023, totaled $54.9 million, compared to $86.4 million as of December 31, 2022.
 

 
 Conference Call & Webcast:
 
The Allot management team will host a conference call to discuss its fourth quarter and full year 2023 earnings results today, February 15, 2024, 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 expected revenues for the fourth quarter of 2023, excluding one-time items, and multiplied by 4) and SECaaS ARR (measures the current annual run rate of SECaaS revenues, which is calculated based on estimated revenues for the month of Dec. 2023 and multiplied by 12).
 
GAAP to Non-GAAP Reconciliation:
 
The difference between GAAP and non-GAAP revenues is related to the acquisitions made by the Company and represents revenues adjusted for the impact of the fair value adjustment to acquired deferred revenue related to purchase accounting. Non-GAAP net income is defined as GAAP net income after including deferred revenues related to the fair value adjustment resulting from purchase accounting and excluding stock-based compensation expenses, amortization of acquisition-related intangible assets, deferred tax asset adjustment 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:
Public Relations Contact:
EK Global Investor Relations
Ehud Helft
+1 212 378 8040
allot@ekgir.com
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
   
Year Ended
 
 
 
December 31,
   
December 31,
 
 
 
2023
   
2022
   
2023
   
2022
 
 
 
(Unaudited)
   
(Unaudited)
   
(Audited)
 
 
                       
Revenues
 
$
24,342
   
$
33,029
   
$
93,150
   
$
122,737
 
Cost of revenues
   
12,941
     
11,134
     
40,464
     
39,831
 
Gross profit
   
11,401
     
21,895
     
52,686
     
82,906
 
 
                               
Operating expenses:
                               
Research and development costs, net
   
7,942
     
12,371
     
39,115
     
49,800
 
Sales and marketing
   
12,057
     
12,881
     
43,850
     
49,393
 
General and administrative
   
10,316
     
3,703
     
34,656
     
15,982
 
Total operating expenses
   
30,315
     
28,955
     
117,621
     
115,175
 
Operating loss
   
(18,914
)
   
(7,060
)
   
(64,935
)
   
(32,269
)
Financial and other income, net
   
661
     
796
     
3,215
     
2,134
 
Loss before income tax expenses
   
(18,253
)
   
(6,264
)
   
(61,720
)
   
(30,135
)
                                 
Tax expenses
   
96
     
474
     
1,084
     
1,895
 
Net Loss
   
(18,349
)
   
(6,738
)
   
(62,804
)
   
(32,030
)
 
                               
 Basic net loss per share
 
$
(0.48
)
 
$
(0.18
)
 
$
(1.66
)
 
$
(0.87
)
 
                               
 Diluted net loss per share
 
$
(0.48
)
 
$
(0.18
)
 
$
(1.66
)
 
$
(0.87
)
 
                               
Weighted average number of shares used in
                               
computing basic net loss per share
   
38,293,808
     
37,325,971
     
37,911,214
     
36,975,424
 
 
                               
Weighted average number of shares used in
                               
computing diluted net loss per share
   
38,293,808
     
37,325,971
     
37,911,214
     
36,975,424
 
 


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
   
Year Ended
 
 
 
December 31,
   
December 31,
 
 
 
2023
   
2022
   
2023
   
2022
 
 
 
(Unaudited)
   
(Unaudited)
 
 
                       
GAAP cost of revenues
 
$
12,941
   
$
11,134
   
$
40,464
   
$
39,831
 
 Share-based compensation (1)
   
(162
)
   
(323
)
   
(1,219
)
   
(1,133
)
 Amortization of intangible assets (2)**
   
(1,024
)
   
(157
)
   
(1,606
)
   
(613
)
Non-GAAP cost of revenues
 
$
11,755
   
$
10,654
   
$
37,639
   
$
38,085
 
 
                               
 GAAP gross profit
 
$
11,401
   
$
21,895
   
$
52,686
   
$
82,906
 
 Gross profit adjustments
   
1,186
     
480
     
2,825
     
1,746
 
 Non-GAAP gross profit
 
$
12,587
   
$
22,375
   
$
55,511
   
$
84,652
 
 
                               
 GAAP operating expenses
 
$
30,315
   
$
28,955
   
$
117,621
   
$
115,175
 
 Share-based compensation (1)
   
(1,449
)
   
(1,966
)
   
(7,626
)
   
(8,032
)
 Amortization of intangible assets (2)**
   
-
     
-
     
-
     
-
 
 Income related to M&A activities (3)
   
699
     
274
     
699
     
274
 
 Changes in taxes and headcount related items (4)
   
-
     
325
     
-
     
325
 
 Non-GAAP operating expenses
 
$
29,565
   
$
27,588
   
$
110,694
   
$
107,742
 
                                 
 GAAP financial and other income
 
$
661
   
$
796
   
$
3,215
   
$
2,134
 
 Exchange rate differences*
   
(50
)
   
(85
)
   
(378
)
   
(442
)
 Expenses related to M&A activities (3)
   
-
     
4
     
43
     
4
 
 Non-GAAP Financial and other income
 
$
611
   
$
715
   
$
2,880
   
$
1,696
 
 
                               
 GAAP taxes on income
 
$
96
   
$
474
   
$
1,084
   
$
1,895
 
 Changes in tax related items
   
(25
)
   
(25
)
   
(100
)
   
(100
)
 Non-GAAP taxes on income
 
$
71
   
$
449
   
$
984
   
$
1,795
 
 
                               
 GAAP Net Loss
 
$
(18,349
)
 
$
(6,738
)
 
$
(62,804
)
 
$
(32,030
)
 Share-based compensation (1)
   
1,611
     
2,289
     
8,845
     
9,165
 
 Amortization of intangible assets (2)**
   
1,024
     
157
     
1,606
     
613
 
 Income related to M&A activities (3)
   
(699
)
   
(270
)
   
(656
)
   
(270
)
 Changes in taxes and headcount related items (4)
   
-
     
(325
)
   
-
     
(325
)
 Exchange rate differences*
   
(50
)
   
(85
)
   
(378
)
   
(442
)
 Changes in tax related items
   
25
     
25
     
100
     
100
 
 Non-GAAP Net income (loss)
 
$
(16,438
)
 
$
(4,947
)
 
$
(53,287
)
 
$
(23,189
)
 
                               
 GAAP Loss per share (diluted)
 
$
(0.48
)
 
$
(0.18
)
 
$
(1.66
)
 
$
(0.87
)
 Share-based compensation
   
0.04
     
0.06
     
0.23
     
0.25
 
 Amortization of intangible assets**
   
0.03
     
0.01
     
0.05
     
0.02
 
 Income related to M&A activities
   
(0.02
)
   
(0.01
)
   
(0.02
)
   
(0.01
)
Changes in taxes and headcount related items
   
-
     
(0.01
)
   
-
     
(0.01
)
 Exchange rate differences*
   
(0.00
)
   
(0.00
)
   
(0.01
)
   
(0.01
)
 Non-GAAP Net income (loss) per share (diluted)
 
$
(0.43
)
 
$
(0.13
)
 
$
(1.41
)
 
$
(0.63
)
 
                               
Weighted average number of shares used in
                               
computing GAAP diluted net loss per share
   
38,293,808
     
37,325,971
     
37,911,214
     
36,975,424
 
 
                               
Weighted average number of shares used in
                               
computing non-GAAP diluted net loss per share
   
38,293,808
     
37,325,971
     
37,911,214
     
36,975,424
 

* 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
   
Year Ended
 
 
 
December 31,
   
December 31,
 
 
 
2023
   
2022
   
2023
   
2022
 
 
 
(Unaudited)
   
(Unaudited)
 
 
                       
(1) Share-based compensation:
                       
Cost of revenues
 
$
162
   
$
323
   
$
1,219
   
$
1,133
 
Research and development costs, net
   
597
     
775
     
3,010
     
3,168
 
Sales and marketing
   
473
     
684
     
2,651
     
2,943
 
General and administrative
   
379
     
507
     
1,965
     
1,921
 
 
 
$
1,611
   
$
2,289
   
$
8,845
   
$
9,165
 
 
                               
 (2) Amortization of intangible assets
                               
Cost of revenues
 
$
1,024
   
$
157
   
$
1,606
   
$
613
 
 
 
$
1,024
   
$
157
   
$
1,606
   
$
613
 
 
                               
 (3) Expenses (Income) related to M&A activities
                               
General and administrative
 
$
(699
)
 
$
-
   
$
(699
)
 
$
-
 
Research and development costs, net
   
-
     
(274
)
   
-
     
(274
)
Finanacial expensees (income)
   
-
     
4
     
43
     
4
 
 
 
$
(699
)
 
$
(270
)
 
$
(656
)
 
$
(270
)
 
                               
 (4) Changes in taxes and headcount related items
                               
Sales and marketing
 
$
-
   
$
(325
)
 
$
-
   
$
(325
)
 
 
$
-
   
$
(325
)
 
$
-
   
$
(325
)


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

   
December 31,
   
December 31,
 
   
2023
   
2022
 
   
(Unaudited)
   
(Audited)
 
             
ASSETS
           
CURRENT ASSETS:
           
Cash and cash equivalents
 
$
14,192
   
$
12,295
 
Short-term bank deposits
   
10,000
     
68,765
 
Restricted deposits
   
1,728
     
1,050
 
Available-for-sale marketable securities
   
28,853
     
4,293
 
Trade receivables, net (net of allowance for credit losses of $25,253 and $2,908 on December 31, 2023 and December 31, 2022, respectively)
   
14,828
     
44,167
 
Other receivables and prepaid expenses
   
8,422
     
7,985
 
Inventories
   
11,874
     
13,262
 
Total current assets
   
89,897
     
151,817
 
                 
LONG-TERM ASSETS:
               
Restricted deposit
   
158
     
-
 
Severance pay fund
   
395
     
371
 
Operating lease right-of-use assets
   
3,057
     
5,387
 
Trade receivables, net
   
-
     
4,934
 
Other assets
   
562
     
864
 
Total long-term assets
   
4,172
     
11,556
 
                 
PROPERTY AND EQUIPMENT, NET
   
11,189
     
14,236
 
GOODWILL AND INTANGIBLE ASSETS, NET
   
32,748
     
35,344
 
                 
Total assets
 
$
138,006
   
$
212,953
 
                 
LIABILITIES AND SHAREHOLDERS' EQUITY
               
CURRENT LIABILITIES:
               
Trade payables
 
$
969
   
$
11,661
 
Deferred revenues
   
14,892
     
20,825
 
Short-term operating lease liabilities
   
1,453
     
2,542
 
Other payables and accrued expenses
   
21,937
     
25,573
 
Total current liabilities
   
39,251
     
60,601
 
                 
LONG-TERM LIABILITIES:
               
Deferred revenues
   
7,437
     
7,285
 
Long-term operating lease liabilities
   
702
     
2,579
 
Accrued severance pay
   
1,080
     
940
 
Convertible debt
   
39,773
     
39,575
 
Total long-term liabilities
   
48,992
     
50,379
 
                 
SHAREHOLDERS' EQUITY
   
49,763
     
101,973
 
                 
Total liabilities and shareholders' equity
 
$
138,006
   
$
212,953
 



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

 
 
Three Months Ended
   
Year Ended
 
 
 
December 31,
   
December 31,
 
 
 
2023
   
2022
   
2023
   
2022
 
 
 
(Unaudited)
   
(Unaudited)
   
(Audited)
 
 
                       
Cash flows from operating activities:
                       
Net Loss
 
$
(18,349
)
 
$
(6,738
)
 
$
(62,804
)
 
$
(32,030
)
Adjustments to reconcile net income to net cash used in operating activities:
                               
Depreciation
   
1,638
     
2,287
     
5,536
     
6,406
 
Stock-based compensation
   
1,611
     
2,288
     
8,845
     
9,165
 
Amortization of intangible assets
   
1,766
     
241
     
2,596
     
946
 
Increase in accrued severance pay, net
   
37
     
57
     
116
     
92
 
Decrease in other assets
   
636
     
196
     
302
     
775
 
Decrease (Increase) in accrued interest and  amortization of premium on marketable securities
   
(305
)
   
(13
)
   
(712
)
   
71
 
Changes in operating leases, net
   
(164
)
   
979
     
(636
)
   
(5
)
Decrease (Increase) in trade receivables
   
9,784
     
(7,189
)
   
34,273
     
(11,629
)
Decrease (Increase) in other receivables and prepaid expenses
   
(698
)
   
(338
)
   
476
     
(55
)
Decrease (Increase) in inventories
   
2,165
     
(586
)
   
1,388
     
(2,170
)
Increase (Decrease) in trade payables
   
(2,857
)
   
5,608
     
(10,692
)
   
7,721
 
Increase (Decrease) in employees and payroll accruals
   
1,115
     
1,873
     
(4,130
)
   
(385
)
Decrease in deferred revenues
   
(2,806
)
   
(6,815
)
   
(5,781
)
   
(9,970
)
Increase (Decrease) in other payables, accrued expenses and other long term liabilities
   
1,200
     
(1,586
)
   
1,289
     
(1,668
)
Amortization of issuance costs of Convertible debt
   
50
     
50
     
198
     
171
 
Net cash used in operating activities
   
(5,177
)
   
(9,686
)
   
(29,736
)
   
(32,565
)
 
                               
Cash flows from investing activities:
                               
 
                               
Decrease (Increase) in restricted deposit
   
(804
)
   
50
     
(836
)
   
430
 
Redemption of (Investment in) short-term deposits
   
3,600
     
15,350
     
58,765
     
(7,830
)
Purchase of property and equipment
   
(621
)
   
(1,507
)
   
(2,489
)
   
(5,642
)
Acquisitions, net of Cash acquired, and other
   
-
     
(500
)
   
-
     
(500
)
Investment in available-for sale marketable securities
   
(12,064
)
   
-
     
(46,742
)
   
-
 
Proceeds from redemption or sale of available-for sale marketable securities
   
7,750
     
-
     
22,935
     
7,030
 
Net cash provided by (used in) investing activities
   
(2,139
)
   
13,393
     
31,633
     
(6,512
)
 
                               
Cash flows from financing activities:
                               
 
                               
Proceeds from exercise of stock options
   
(1
)
   
1
     
-
     
251
 
Issuance of convertible debt
   
-
     
-
     
-
     
39,404
 
Net cash provided by (used in) financing activities
   
(1
)
   
1
     
-
     
39,655
 
 
                               
Increase (Decrease) in cash and cash equivalents
   
(7,317
)
   
3,708
     
1,897
     
578
 
Cash and cash equivalents at the beginning of the period
   
21,509
     
8,587
     
12,295
     
11,717
 
Cash and cash equivalents at the end of the period
 
$
14,192
   
$
12,295
   
$
14,192
   
$
12,295
 



 
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
                           
 
   
Q4-2023
         
FY 2023
         
FY 2022
       
Revenues geographic breakdown
                                     
Americas
   
3.8
     
16
%
   
16.6
     
18
%
   
21.8
     
18
%
EMEA
   
14.4
     
59
%
   
56.1
     
60
%
   
71.2
     
58
%
Asia Pacific
   
6.1
     
25
%
   
20.5
     
22
%
   
29.7
     
24
%
 
   
24.3
     
100
%
   
93.2
     
100
%
   
122.7
     
100
%
 
                                               
Revenue breakdown by type
                                               
Products
   
10.7
     
44
%
   
37.6
     
40
%
   
61.1
     
50
%
Professional Services
   
1.1
     
5
%
   
6.1
     
7
%
   
11.6
     
9
%
SECaaS (Security as a Service)
   
3.2
     
13
%
   
10.6
     
11
%
   
7.2
     
6
%
Support & Maintenance
   
9.3
     
38
%
   
38.9
     
42
%
   
42.8
     
35
%
 
   
24.3
     
100
%
   
93.2
     
100
%
   
122.7
     
100
%
 
                                               
Revenues per customer type
                                               
CSP
   
19.7
     
81
%
   
75.1
     
81
%
   
98.3
     
80
%
Enterprise
   
4.6
     
19
%
   
18.1
     
19
%
   
24.4
     
20
%
 
   
24.3
     
100
%
   
93.2
     
100
%
   
122.7
     
100
%
 
                                               
Security revenues
                   
21.7
             
28.5
         
 
                                               
Backlog (end of period)
                   
58.8
             
87.7
         
 
                                               
% of top-10 end-customers out of revenues
   
63
%
           
47
%
           
44
%
       
 
                                               
Total number of full time employees
   
559
             
559
             
749
         
(end of period)
                                               
 
                                               
Non-GAAP Weighted average number of basic shares  (in millions)
   
38.3
             
37.9
             
37.0
         
                                                 
 
                                               
Non-GAAP weighted average number of fully diluted shares  (in millions)
   
40.5
             
40.3
             
39.5
         




 
SECaaS (Security as a Service) revenues- U.S. dollars in millions (Unaudited)
 
 
     
Q4-2023:
   
3.2
 
Q3-2023:
   
2.8
 
Q2-2023:
   
2.4
 
Q1-2023:
   
2.3
 
Q4-2022:
   
2.2
 

SECaaS ARR* (annualized recurring revenues)- U.S. dollars in millions (Unaudited)
 
 
       
Dec. 2023:
   
12.7
 
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