SuperCom, a global provider of secure solutions for e-Government, IoT, and Cybersecurity sectors, announced record profitability in Q2 2024, with net income surging 183% quarter-over-quarter to $2.2 million, driven by strong growth in gross profit, operating income, and strategic cost optimization. The company also secured significant new contracts in Europe and North America, further solidifying its leadership in the public safety sector and expanding its footprint in rehabilitative services.
SuperCom (NASDAQ: SPCB), a leading provider of IoT and smart solutions, has announced robust financial performance for Q4 and full-year 2023. The company’s revenue reached a five-year high of $26.6 million, marking a 51% increase from the previous year. SuperCom’s focus on innovative technology and strategic acquisitions, particularly in the electronic monitoring sector within public safety, has been instrumental in driving this success. The company’s key takeaways include a 51% increase in revenue, with a record $4.8 million in EBITDA, indicating its fourth consecutive year of positive earnings. Gross profit increased by 60%, while operating expenses decreased. SuperCom’s cash and cash equivalents stood at $5.6 million at the end of 2023. The acquisition of LCA for $3 million has generated over $30 million in new project wins. The company holds over 100 patents and is exploring the potential for patenting AI capabilities.
