Allot Ltd (NASDAQ: ALLT) was one of the top gainers in yesterday’s session. The stock gapped up and closed the day with gains of 26.78% after announcing strong Q4 and full-year 2019 results.
The company announced that, in 2019, revenues grew by 15% compared to the 2018 financial year. On top of that, the company announced that backlog grew to hit $138 million year-over-year, and that it had a cash balance of $118 million.
Total revenues for the year stood at $110.1 million, higher than the 2018 full-year results of $95.8 million. GAAP gross profits rose from $66.5 million in 2018 to $76.3 million in 2019. The company’s net GAAP loss for the year stood at $8.7 million compared to a loss of $10.4 million in 2018.
In Q4 results, the company announced that, revenues grew by 14% to hit $30.6 million compared to a similar period in the last financial year. On top of that, Gross profit on a GAAP basis in Q4 stood at $20.8 million, representing an increase of 12% compared to the same quarter in 2018 when gross profit on a GAAP basis stood at $18.6 million.
On the other hand, Gross Profit on a non-GAAP basis in Q4 stood at $21 million, representing an improvement of 11% from the figure of $18.9 million in Q4 of 2018. The company’s non-GAAP net loss also improved from $1.8 million in Q4 of 2018 to $1.7 million in Q4 of 2019.
From its price action, Allot Ltd gapped up in the day to open at $11.65. It then traded between a low of $11.43 and a high of $12.75 before closing the day at $12.31. Volumes in the day stood at 2.09 million.
About Allot Ltd
Allot Ltd is a network intelligence and security solutions worldwide. It is based in Hod-Hasharon, Israel.