SuperCom Ltd. (NASDAQ: SPCB), a leading global provider of traditional and digital identity solutions, recently reported positive financial and operating results for the third quarter of the 2023 financial year (“Q3 2023”). “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 Sept. 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 recent article reads. “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,” Ordan Trabelsi, SuperCom’s president and CEO, was quoted as saying. “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.”
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About SuperCom
Since 1988, SuperCom has been a global provider of traditional and digital identity solutions, providing advanced safety, identification and security solutions to governments and organizations, both private and public, throughout the world. Through its proprietary e-Government platforms and innovative solutions for traditional and biometrics enrollment, personalization, issuance and border control services, SuperCom has inspired governments and national agencies to design and issue secure multi-ID documents and robust digital identity solutions to its citizens and visitors. SuperCom offers a unique all-in-one field-proven RFID & mobile technology and product suite, accompanied by advanced complementary services for various industries including healthcare and homecare, security and safety, community public safety, law enforcement, electronic monitoring, livestock monitoring, and building and access automation. For more information about the company, visit 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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