SuperCom Reports 109% YoY Revenue Growth for the 1st Quarter 2023.

TEL AVIV: SuperCom (NASDAQ: SPCB), a global provider of secured solutions for the e-Government, IoT, and Cybersecurity sectors, today reported results for the three months ended March 31, 2023.

First Quarter Ended March 31, 2023, Financial Highlights (Compared to the First Quarter of 2022)

Revenue increased by 109% to $6.4 million from $3.05 million, marking a third consecutive quarter of YoY revenue growth.

Net Income in 2022 improved 35% to $1.5 million loss compared to $2.3 million Loss.

Non-GAAP Net Income improved 79% to $0.3 million loss compared to $1.4 million Loss.

Positive EBITDA improved to $0.4 million compared to -$0.3 million.

Non-GAAP EPS improved to -$0.05 compared to -$0.36.

Working Capital at end of quarter of $22.6 million.

Recent Business Highlights:

The Company was awarded and launched a $33 Million national EM project in Romania. The first phase, valued at over $8M, was completed successfully, and a follow-on order worth $7.1M is expected to be delivered in the first half of 2023. This project includes deploying SuperCom's PureSecurity EM Suite for domestic violence monitoring, GPS Tracking of offenders, and a home detention monitoring program.

SuperCom's subsidiary, LCA, won a $4.25 million contract to provide adult reentry services in a Northern California county. The project began in Q1 2023, expanding LCA's existing day reporting and electronic monitoring services to include jail-based and community-based sites.

The Company launched a $3.6M national EM project in Finland with the national government in Q1 2023. PureSecurity EM Suite will be deployed, covering all EM offender programs in Finland for four years with at least 1,000 enrollees initially and potential for expansion.

SuperCom has achieved two new significant R&D milestones: the development and deployment of the PureProtect, a life-saving domestic violence monitoring solution, and the launching of the PureOne, an all-in-one GPS tracking ankle-bracelet monitoring solution, expanding the Company's addressable market, and facilitating its rapid expansion into the US.

Raised $2.4 million in gross proceeds in a registered direct offering in Q1 2023, providing additional capital to execute the Company's business plan.

Management Commentary

"We are excited to report a strong...