- Digital security solutions innovator SuperCom Ltd. is building on decades of experience in identification technology now focusing on electronic monitoring services for the upward-trending public safety market
- SuperCom’s third quarter financial statement released in November showed 67% revenue growth YOY and 550% growth in its EBITDA
- The company is expanding its presence in the United States by entering new state markets, building on a history of services in California and other states
- SuperCom is also growing in the European Union, with key contracts recently signed in Romania and Finland
Electronic-monitoring (“EM”) security solutions developer SuperCom (NASDAQ: SPCB), focused on revolutionizing public safety around the world through EM technology and complementary services, has seen revenues grow 67% year-over-year between 2022 and 2023, with 73% of its revenues sustained on a recurring basis (https://ibn.fm/JOZP5).
SuperCom’s success with more than 50 client governments is evidence of a growing resource for monitoring inmates and individuals under house arrest or other court-ordered rehabilitation programs — a growing market that the company’s management expects to reach $1.6 billion in North America alone during the next couple of years, with a global compound annual growth rate (“CAGR”) of 10.8% between 2021 and 2026.
“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,” SuperCom President and CEO Ordan Trabelsi stated in a Nov. 14 news release about the company’s Q3 financial report (https://ibn.fm/lWorN).
SuperCom’s PureSecurity EM Suite for electronic monitoring under the court-ordered programs includes the company’s GPS enrollee digital tracking platform PureTrack, the PureTag wearable RF bracelet, the PureOne one-piece tracking device, and the home base station PureCom.
Offender digital monitoring services compose one segment of available solutions SuperCom offers to its clients, and electronic monitoring of criminal offenders remains the primary focus of its growing presence in the United States. As the company strategically advances from passive bidding to active outreach for marketing its services, it is building on over $30 million in contracts won in California during recent years to enter new state markets across the United States.
“We are proud to see our new proprietary solutions gaining traction in new regions in the US, reaffirming our commitment to innovation and excellence in the field of electronic monitoring,” Trabelsi stated recently (https://ibn.fm/m0a7d). “Our commitment to improving public safety and supporting rehabilitation efforts is at the core of our mission. Leveraging our growing customer base and technology expertise, we plan to continue developing and providing advanced solutions that meet the evolving needs in our industry and help enhance public safety worldwide.”
As part of the company’s expanding presence in the European Union during the past year, SuperCom has recorded a national EM project for Sweden’s juveniles and a national EM project in Croatia, as well as the new $33 million contract for EM services in Romania and the $3.6 million EM project in Finland that Trabelsi referenced earlier.
“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,” Trabelsi stated in the November news release. “As we look to the future, SuperCom is uniquely positioned to capitalize on the increasing global demand for secured electronic monitoring solutions. We are strategically investing in the continuous improvement of our offerings and extending our reach into new markets, which is already yielding promising results in the US and other regions.”
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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