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99.1
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Senstar Technologies Reports Third Quarter 2023 Financial Results
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Senstar Technologies Ltd.
By: /s/ Tomer Hay
Name: Tomer Hay
Title: Chief Financial Officer
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Senstar Technologies Ltd.
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10th F. Gibor Sport Tower
7 Menachem Begin Road
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T: +972-74-794-5200
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Ramat Gan 5268102, Israel
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www.senstartechnologies.com
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Continued strong growth in Europe driven by market share expansion in the region.
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Introduced the Senstar MultiSensor™ intrusion detection system, a disruptive AI-powered sensor unit.
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Cash balance of $12.6 million and zero debt as of September 30, 2023.
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Toll Free:
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1-877-407-9716
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Toll/International:
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1-201-493-6779
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Israel Toll Free:
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1 809 406 247
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UK Toll Free:
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0 800 756 3429
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Toll Free:
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1-844-512-2921
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Toll/International:
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1-412-317-6671
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Replay Pin Number:
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13742849
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Senstar Technologies:
Tomer Hay
Chief Financial Officer
Tel: +972-74-794-5200
Tomer.Hay@senstar.com
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IR Contact:
Kim Rogers
Managing Director
Hayden IR
+1 541-904-5075
Kim@HaydenIR.com
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Three Months
Ended September 30,
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Nine Months
Ended September 30,
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|||||||||||||||||||||||
2023
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2022
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% change
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2023
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2022
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% change
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|||||||||||||||||||
Revenue
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8,969
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9,739
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(8
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)
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23,855
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25,648
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(7
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)
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Cost of revenue
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3,898
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3,789
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3
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10,067
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9,756
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3
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Gross profit
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5,071
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5,950
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(15
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)
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13,788
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15,892
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(13
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)
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||||||||||||||||
Operating expenses:
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Research and development, net
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1,034
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1,033
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(0
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)
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3,109
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3,215
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(3
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)
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||||||||||||||||
Selling and marketing
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2,404
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2,152
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12
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7,475
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6,671
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12
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General and administrative
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1,510
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1,633
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(8
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)
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4,731
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5,439
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(13
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)
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Total operating expenses
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4,948
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4,818
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3
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15,315
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15,325
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(0
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)
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Operating income (loss)
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123
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1,132
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(1,527
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)
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567
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Financial income (expenses), net
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(64
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)
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212
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(98
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)
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(136
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)
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Income (loss) before income taxes
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59
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1,344
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(1,625
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)
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431
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Taxes on income (tax benefits)
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181
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97
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97
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(147
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)
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Income (loss) from continuing operations
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(122
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)
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1,247
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(1,722
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)
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578
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Income (loss) from discontinued operations, net
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-
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66
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-
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(198
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)
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Net income (loss) attributable to Senstar’s shareholders
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(122
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)
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1,313
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(1,722
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)
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380
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Basic and diluted net income (loss) per share from continuing operations
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$
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(0.01
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)
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$
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0.06
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$
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(0.07
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)
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$
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0.03
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||||||||||||||
Basic and diluted net income (loss) per share from discontinued operations, net
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-
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-
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-
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$
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(0.01
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)
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Basic and diluted net income (loss) per share
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$
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(0.01
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)
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$
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0.06
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$
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(0.07
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)
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$
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0.02
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Weighted average number of shares used in computing basic net income (loss) per share
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23,309,987
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23,309,987
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23,309,987
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23,307,331
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Weighted average number of shares used in computing diluted net income (loss) per share
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23,309,987
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23,309,987
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23,309,987
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23,309,964
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Three Months
Ended September 30,
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Nine Months
Ended September 30,
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|||||||||||||||
2023
%
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2022
%
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2023
%
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2022
%
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Gross margin
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56.5
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61.1
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57.8
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62.0
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Research and development, net as a % of revenues
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11.5
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10.6
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13.0
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12.5
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Selling and marketing as a % of revenues
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26.8
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22.1
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31.3
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26.0
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General and administrative as a % of revenues
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16.8
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16.8
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19.8
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21.2
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Operating margin
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1.4
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11.6
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-
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2.2
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Net margin from continuing operations
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-
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12.8
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-
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2.3
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Three Months
Ended September 30,
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Nine Months
Ended September 30,
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2023
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2022
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2023
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2022
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GAAP income (loss) from continuing operations
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(122
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)
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1,247
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(1,722
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)
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578
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Less:
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Financial income (expenses), net
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(64
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)
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212
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(98
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)
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(136
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)
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Taxes on income (tax benefits)
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181
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97
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97
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(147
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)
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Depreciation and amortization
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(199
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)
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(344
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)
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(729
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)
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(1,104
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)
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EBITDA from continuing operations
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322
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1,476
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(798
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)
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1,671
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September 30,
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December 31,
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2023
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2022
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CURRENT ASSETS:
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Cash and cash equivalents
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$
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12,600
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$
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14,937
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Short-term bank deposits
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110
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110
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Restricted cash and deposits
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5
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5
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Trade receivables, net
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8,461
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9,973
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Unbilled accounts receivable
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477
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350
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Other accounts receivable and prepaid expenses
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2,015
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1,441
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Inventories
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8,368
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8,443
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Total current assets
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32,036
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35,259
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LONG TERM ASSETS:
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Deferred tax assets
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2,076
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1,981
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Operating lease right-of-use assets
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790
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987
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Total long-term assets
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2,866
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2,968
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PROPERTY AND EQUIPMENT, NET
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1,514
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1,651
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INTANGIBLE ASSETS, NET
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960
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1,142
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GOODWILL
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10,923
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10,866
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TOTAL ASSETS
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$
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48,299
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$
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51,886
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September 30,
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December 31,
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2023
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2022
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CURRENT LIABILITIES:
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Trade payables
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$
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973
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$
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2,408
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Customer advances
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251
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239
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Deferred revenues
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2,663
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2,866
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Other accounts payable and accrued expenses
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4,715
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4,749
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Short-term operating lease liabilities
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250
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248
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Total current liabilities
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8,852
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10,510
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LONG-TERM LIABILITIES:
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Deferred revenues
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1,238
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1,463
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Deferred tax liabilities
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863
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865
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Accrued severance pay
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303
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330
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Long-term operating lease liabilities
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571
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757
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Other long-term liabilities
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249
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274
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Total long-term liabilities
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3,224
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3,689
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SHAREHOLDERS' EQUITY
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Share Capital: Ordinary shares of NIS 1 par value -
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Authorized: 39,748,000 shares at September 30, 2023 and December 31, 2022; Issued and outstanding: 23,309,987 shares at September 30, 2023 and 23,309,987 shares at December 31, 2022
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6,799
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6,799
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Additional paid-in capital
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30,513
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30,503
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Accumulated other comprehensive loss
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(564
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)
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(758
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)
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Foreign currency translation adjustments (stand-alone financial statements)
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9,708
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9,654
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||||||
Accumulated deficit
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(10,233
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)
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(8,511
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)
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TOTAL SHAREHOLDERS' EQUITY
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36,223
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37,687
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
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$
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48,299
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$
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51,886
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