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SuperCom Ltd. (NASDAQ: SPCB) Marks Exceptional Performance for Q3 2023; Eyes Further Potential Margin Expansion
November 28, 2023

SuperCom Ltd. (NASDAQ: SPCB) Marks Exceptional Performance for Q3 2023; Eyes Further Potential Margin Expansion

  • SuperCom, a global leading provider of traditional and digital identity solutions, just reported a 550% growth in EBITDA and a 74% growth in gross profit margin for Q3 2023
  • Gross profit also saw an 89% YOY growth, and revenue YOY increased to $6.8 million from $6.3 million
  • Ordan Trabelsi, SuperCom’s President and CEO, attributed impressive performance to the company’s successful execution of its growth strategy

SuperCom (NASDAQ: SPCB), a global leading provider of traditional and digital identity solutions offering advanced safety, identification, and security solutions to governments, just released its financial and operating results for the third quarter of the 2023 financial year (“Q3 2023”). Of note was the 550% growth in EBITDA and a 74% growth in gross profit margins that Ordan Trabelsi, SuperCom’s President and CEO, attributed to the “Successful execution of SuperCom’s growth strategy” (https://ibn.fm/4lm4s).

Revenue for Q3 2023 stood at $6.8 million, up from $6.3 million in Q3 2022. Gross profit saw an 89% year-over-year (“YOY”) growth to $4.0 million from $2.1 million in 2022, while operating income improved by 200% to $0.8 million, up from a $0.8 million operating loss the previous year. For the nine months ending September 30, 2023, SuperCom’s revenue grew by 67%, with gross profit seeing a 66% increase. Non-GAAP operating income also improved to $3.2 million, compared to a $1.1 million loss the previous year.

“A 5-year record net profit, remarkable 550% growth in EBITDA, and 74% growth in gross profit margins are clear indicators of the successful execution of our growth strategy,” noted Mr. Trabelsi.

“The significant increase in the company’s profit margins is driven by the forward momentum we’ve maintained across our projects, where margins typically enhance as projects mature. This trend is an indicator of further potential margin expansion when project timelines align,”  he added.

So far, in 2023, SuperCom’s aggressive expansion has and continues to pay off. Its foray into Europe and North America has seen a significant uptick in product and service adoption, allowing the company to carve out a significant market share and stamp its position as an industry leader. Romania, for instance, submitted a third order to the tune of $3.4 million, with delivery set for Q4 2023. SuperCom also won a $3 million contract to deliver Alcohol Monitoring technologies in California and launched a $3.6 million national EM project in Finland, among others.

“Our steadfast commitment to advancing public safety through technology resonates with governments and agencies worldwide as evidenced by the continued expansion in Finland and our growing partnership with Romania’s Ministry of Interior,” noted Mr. Trabelsi.

“These relationships, underpinned by our cutting-edge technology and reliable services, translate into solid financial performance and increased shareholder value,” he added.

SuperCom looks to build on the current momentum, expand into new markets, and create shareholder value. With its upgraded technological suite, the company has bolstered and continues to bolster its product offering, sharpening its competitive edge and strategic positioning in the global market. With the growing demand for secured electronic monitoring solutions, SuperCom is eyeing potential margin expansion, and its management is optimistic that it will achieve that.

“We are confident that our strategic decisions will further propel us towards achieving our long-term objectives and securing SuperCom’s position as a leader in the industry,” noted Ordan.

For more information, visit the company’s website at www.SuperCom.com.

NOTE TO INVESTORS: The latest news and updates relating to SPCB are available in the company’s newsroom at http://ibn.fm/SPCB

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