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6-K 1 zk2431302.htm 6-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
 
For the Month of April 2024

Commission File Number 001-41980

Senstar Technologies Corporation
(Translation of registrant’s name into English)

119 John Cavanaugh Drive, Ottawa, Ontario
 Canada, K0A 1L0
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒          Form 40-F ☐



Senstar Technologies Corporation (“Senstar”)

EXPLANATORY NOTE

The following exhibit is attached:
 
 
99.1
Press Release: Senstar Technologies Corporation Reports Fourth Quarter and Full Year 2023 Financial Results.



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Senstar Technologies Corporation

By: /s/ Alicia Kelly
Name: Alicia Kelly
Title:
Chief Financial Officer

Date: April 19, 2024



EXHIBIT INDEX

EXHIBIT NO.
DESCRIPTION
   

EX-99.1 2 exhibit_99-1.htm EXHIBIT 99.1
Exhibit 99.1

/C O R R E C T I O N -- Senstar Technologies Corporation/

In the news release, Senstar Technologies Corporation Reports Fourth Quarter and Full Year 2023 Financial Results, issued April 19, 2024 by Senstar Technologies Corporation over PR Newswire, we are advised by the company that the investors' conference call will be held at 9 a.m. Eastern Time today. The complete, corrected release follows:

Senstar Technologies Corporation
Reports Fourth Quarter and Full Year 2023 Financial Results

Ottawa, Ontario, April 19, 2024 /PRNewswire/ -- Senstar Technologies Corporation (successor to Senstar Technologies Ltd.) (NASDAQ: SNT), a leading international provider of comprehensive physical, video and access control security products and solutions, today announced its financial results for the three and twelve months ended December 31, 2023. Management will hold an investors' conference call later today (at 9 a.m. Eastern Time) to discuss the results.

Full Year 2023 Business Summary:

(Full year 2023 results compared to the comparable twelve-month period of 2022, except as mentioned.)


 •
Revenue of $32.8 million with gross margin of 58% versus $35.6 million with gross margin of 61%
 

 •
Net loss of ($1.3) million versus net income of $3.8 million; EBITDA loss of $(0.3) million compared with positive EBITDA of $2.9 million
 

 •
Ended 2023 with a cash balance of $14.8 million and no debt, on par with the cash balance as of December 31, 2022, of $14.9 million
 

 •
Successful launch of MultiSensor™, a groundbreaking AI-based intrusion detection system

Fourth Quarter 2023 Business Summary:

(Fourth quarter 2023 results compared to the comparable three-month period of 2022, except as mentioned.)


 •
Revenue of $8.9 million with gross margin of 57% versus $9.9 million with gross margin of 57%
 

 •
Net income of $0.4 million versus net income of $3.5 million; EBITDA of $0.5 million versus EBITDA of $1.2 million
 

 •
Wins in key verticals drove growth in EMEA, APAC and LATAM in the quarter
 
Mr. Fabien Haubert, Chief Executive Officer of Senstar Technologies, stated, “In 2023, we took measures to address regions where we had negative growth by reinforcing our local leadership. We concluded the year on a stronger note than we began, as our revenue increased in the second half by 20%, while operating expenses decreased quarter by quarter, culminating in improved profitability in the fourth quarter compared to prior quarters in the year. Recently, we successfully completed the process of redomiciling from Israel to Canada, enabling us to streamline our corporate structure and empower our Canadian team to lead Senstar forward. We will continue to invest resources to increase market share across key regions, particularly in the Americas, Europe and APAC, while intensifying efforts to excel in the utilities, corrections, energy and logistics verticals. These efforts will be instrumental in achieving our objectives and driving sustained success for Senstar Technologies in the coming year.”
 
Mr. Haubert continued, “Introduced in 2023, our new AI-based intrusion detection system, the MultiSensor, enhances Senstar's competitive position in the marketplace and will increase our addressable market. We anticipate sales starting in fall 2024.”


 
Full Year 2023 Financial Results Summary
 
Revenue for 2023 was $32.8 million, a decrease of 7.8% compared with $35.6 million in 2022. The decrease in annual revenue was primarily due to the completion in 2022 of a one-time project in Asia.
 
Gross profit was $18.8 million, or 57.5% of revenue, for 2023 compared with $21.5 million, or 60.5% of revenue, in 2022. The decrease in gross margin was due to our revenue mix primarily in the first quarter of 2023 and some increases in material costs. During the fourth quarter measures were taken to improve gross margin.
 
Operating expenses were $20.1 million, an increase of 0.5% compared to the prior year’s operating expenses of $20.0 million. The increase in operating expenses is primarily due to one-time exceptional expenses necessary to streamline the business for our future business requirements and our redomiciliation to Canada, partially offset by a decrease in general and administrative expenses compared to the 2022 period.
 
Operating loss for 2023 was ($1.3) million compared to operating income of $1.5 million in the year-ago period.
 
Financial expense of $64,000 in 2023 compared to financial income of $141,000 in the year-ago period.
 
Loss from continuing operations was ($1.3) million in 2023 compared to income from continuing operations of $4.0 million in the prior year.
 
Net loss in 2023 was ($1.3) million, or ($0.06) per share, versus net income of $3.8 million, or $0.16 per share, in 2022. The current period includes no impact from discontinued operations compared to a net loss from discontinued operations of ($0.2) million in 2022.
 
EBITDA from continuing operations for 2023 was a loss of ($0.3) million versus positive EBITDA from continuing operations of $2.9 million in 2022.

Page 2
 
Fourth Quarter 2023 Financial Results Summary
 
Revenue for the fourth quarter of 2023 was $8.9 million, a decrease of 9.8% compared with $9.9 million in the fourth quarter of 2022. Fourth quarter gross profit was $5.1 million, or 56.6% of revenue, compared with $5.6 million, or 56.6% of revenue, in the year ago quarter.
 
Operating expenses were $4.8 million, an increase of 2.2% compared to the prior year's fourth quarter operating expenses of $4.7 million. The increase in operating expenses is primarily attributable due to one-time exceptional expenses necessary to streamline the business for our future business requirements and our redomiciliation to Canada, partially offset by a decrease in general and administrative expenses compared to the 2022 period.
 
Operating income for the fourth quarter of 2023 was $0.3 million compared to $0.9 million in the year-ago period. The decrease in operating income is primilarily attributable due to the one-time exceptional expenses to streamline the business.
 
Financial income was $34,000 compared to $277,000 in the fourth quarter last year.
 
Net income in the fourth quarter of 2023 was $0.4 million or $0.02 per share versus $3.5 million, or $0.15 per share in the fourth quarter of last year.
 
EBITDA for the fourth quarter of 2023 was $0.5 million versus EBITDA of $1.2 million in the fourth quarter of 2022.
 
Cash and cash equivalents and short term bank deposits of $14.9 million, or $0.64 per share, as of December 31, 2023, compared with $15.1 million, or $0.65 per share, at December 31, 2022.
 
Earnings Conference Call Information:
 
The Company will host a conference call later today, April 19, 2024. The call will begin promptly at 9 a.m. Eastern Time, 2 p.m. UK Time. The Company requests that participants dial in 10 minutes before the conference call commences and use the conference ID number 13745466.

Participant Dial-in Numbers:
Toll Free: 1-877-407-9716
Toll/International: 1-201-493-6779
UK Toll Free: 0 800 756 3429

The conference call will also be available via a live webcast at https://viavid.webcasts.com/starthere.jsp?ei=1663568&tp_key=3083d07165.

Page 3

Replay Dial-in Numbers:
Toll Free: 1-844-512-2921
Toll/International: 1-412-317-6671
Replay Pin Number: 13745466

About Senstar Technologies Corporation
 
With innovative perimeter intrusion detection systems (including fence sensors, buried sensors, and above ground sensors), intelligent video-management, video analytics, and access control, Senstar offers a comprehensive suite of proven, integrated solutions that reduce complexity, improve performance, and unify support. For 40 years, Senstar has been safeguarding people, places, and property for organizations around the world, with a special focus on utilities, logistics, correction facilities and energy markets.
 
Cautionary Statement Regarding Forward-Looking Statements
 
This communication contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario), which we refer to collectively as forward-looking statements. These forward-looking statements are not limited to historical facts, but reflect Senstar’s current beliefs, expectations or intentions regarding future events. Words such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “seek,” “estimate,” “predict,” “potential,” “pursue,” “target,” “continue,” and similar expressions are intended to identify such forward-looking statements. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including those risks discussed under the heading “Risk Factors” in Senstar’s most recent Annual Report on Form 20-F filed with the SEC and in other filings with the SEC. These forward-looking statements are made only as of the date hereof, and, except as required by applicable law or regulation, Senstar undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
 
For more information:         
Senstar Technologies Corporation         
Alicia Kelly,
IR Contact:
Hayden IR
Kim Rogers,
Chief Financial Officer
Alicia.Kelly@senstar.com      
Managing Director
Kim@HaydenIR.com
+1-541-904-5075

-- Tables follow –

Page 4

SENSTAR TECHNOLOGIES
 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All numbers except EPS expressed in thousands of US$)

   
Three Months
Ended December 31,
    
Full Year
Ended December 31,
  
   
2023
    
2022
    
% change
    
2023
    
2022
    
% change
  
Revenue
    
8,937
      
9,910
      
(10
)
    
32,792
      
35,558
      
(8
)
Cost of revenue
    
3,877
      
4,300
      
(10
)
    
13,944
      
14,056
      
(1
)
                                                 
Gross profit
    
5,060
      
5,610
      
(10
)
    
18,848
      
21,502
      
(12
)
Operating expenses:
                                                
   Research and development, net
    
896
      
817
      
10
      
4,005
      
4,032
      
(1
)
   Selling and marketing
    
2,479
      
2,337
      
6
      
9,954
      
9,008
      
11
  
   General and administrative
    
1,423
      
1,539
      
(8
)
    
6,154
      
6,978
      
(12
)
Total operating expenses
    
4,798
      
4,693
      
2
      
20,113
      
20,018
      
(0
)
                                                 
Operating income (loss)
    
262
      
917
              
(1,265
)
    
1,484
          
Financial income (expenses), net
    
34
      
277
              
(64
)
    
141
          
                                                 
Income (loss) before income taxes
    
296
      
1,194
              
(1,329
)
    
1,625
          
                                                 
Taxes on income (tax benefits)
    
(137
)
    
(2,257
)
            
(40
)
    
(2,404
)
        
                                                 
Income (loss) from continuing operations
    
433
      
3,451
              
(1,289
)
    
4,029
          
Loss from discontinued operations, net
    
-
      
-
              
-
      
(198
)
        
                                                 
Net income (loss) attributable to Senstar’s shareholders
    
433
      
3,451
              
(1,289
)
    
3,831
          
                                                 
Basic and diluted net income (loss) per share from continuing operations
  
$
0.02
    
$
0.15
            
$ 
(0.06
)
  
$
0.17
          
Basic and diluted net loss per share from discontinued operations, net
    
-
      
-
              
-
    
$ 
(0.01
)
        
                                                 
Basic and diluted net income (loss) per share
  
$
0.02
    
$
0.15
            
$ 
(0.06
)
  
$
0.16
          
                                                 
Weighted average number of shares used in computing basic net income (loss) per share
    
23,309,987
      
23,309,987
              
23,309,987
      
23,308,001
          
                                                 
Weighted average number of shares used in computing diluted net income (loss) per share
    
23,309,987
      
23,309,987
              
23,309,987
      
23,309,976
          

Page 5

SENSTAR TECHNOLOGIES
 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All numbers except EPS expressed in thousands of US$)

   
Three Months
Ended December 31,
    
Full Year
Ended December 31,
  
   
2023%
    
2022%
    
2023%
    
2022%
  
                         
Gross margin
    
56.6
      
56.6
      
57.5
      
60.5
  
Research and development, net as a % of revenues
    
10.0
      
8.2
      
12.2
      
11.3
  
Selling and marketing as a % of revenues
    
27.7
      
23.6
      
30.4
      
25.3
  
General and administrative as a % of revenues
    
15.9
      
15.5
      
18.8
      
19.6
  
Operating margin
    
2.9
      
9.3
      
-
      
4.2
  
Net margin from continuing operations
    
4.8
      
34.8
      
-
      
11.3
  

Page 6
SENSTAR TECHNOLOGIES
 RECONCILIATION OF EBITDA FROM CONTINUING OPERATION TO INCOME (LOSS) FROM CONTINUING OPERATION
(All numbers expressed in thousands of US$)

   
Three Months
Ended December 31,
    
Full Year
Ended December 31,
  
   
2023
    
2022
    
2023
    
2022
  
                         
GAAP income (loss) from continuing operations
    
433
      
3,451
      
(1,289
)
    
4,029
  
   Less:
                                
   Financial income (expenses), net
    
34
      
277
      
(64
)
    
141
  
   Taxes on income (tax benefits)
    
(137
)
    
(2,257
)
    
(40
)
    
(2,404
)
   Depreciation and amortization
    
(188
)
    
(325
)
    
(917
)
    
(1,430
)
EBITDA from continuing operations
    
450
      
1,242
      
(348
)
    
2,914
  

Page 7

SENSTAR TECHNOLOGIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All numbers expressed in thousands of US$)

   
December 31,
    
December 31,
  
   
2023
    
2022
  
CURRENT ASSETS:
            
Cash and cash equivalents
  
$
14,806
    
$
14,937
  
Short-term bank deposits
    
116
      
110
  
Restricted cash and deposits
    
6
      
5
  
Trade receivables, net
    
9,545
      
9,973
  
Unbilled accounts receivable
    
240
      
350
  
Other accounts receivable and prepaid expenses
    
2,448
      
1,441
  
Inventories
    
7,178
      
8,443
  
                 
Total current assets
    
34,339
      
35,259
  
                 
LONG TERM ASSETS:
                
                 
Deferred tax assets
    
1,525
      
1,981
  
Operating lease right-of-use assets
    
842
      
987
  
                 
Total long-term assets
    
2,367
      
2,968
  
                 
PROPERTY AND EQUIPMENT, NET
    
1,589
      
1,651
  
                 
INTANGIBLE ASSETS, NET
    
881
      
1,142
  
                 
GOODWILL
    
11,090
      
10,866
  
                 
TOTAL ASSETS
  
$
50,266
    
$
51,886
  


Page 8
SENSTAR TECHNOLOGIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All numbers expressed in thousands of US$)

   
December 31,
    
December 31,
  
   
2023
    
2022
  
             
CURRENT LIABILITIES:
            
             
Trade payables
  
$
1,650
    
$
2,408
  
Customer advances
    
187
      
239
  
Deferred revenues
    
2,878
      
2,866
  
Other accounts payable and accrued expenses
    
5,052
      
4,877
  
Short-term operating lease liabilities
    
297
      
248
  
                 
Total current liabilities
    
10,064
      
10,638
  
                 
LONG-TERM LIABILITIES:
                
Deferred revenues
    
1,415
      
1,463
  
Deferred tax liabilities
    
606
      
865
  
Accrued severance pay
    
296
      
330
  
Long-term operating lease liabilities
    
580
      
757
  
Other long-term liabilities
    
113
      
146
  
                 
Total long-term liabilities
    
3,010
      
3,561
  
                 
SHAREHOLDERS' EQUITY
                
Share Capital: Ordinary shares of NIS 1 par value -
                
Authorized: 39,748,000 shares at December 31, 2023 and December 31, 2022; Issued and outstanding:
23,309,987 shares at December 31, 2023 and 23,309,987 shares at December 31, 2022
    
6,799
      
6,799
  
Additional paid-in capital
    
30,521
      
30,503
  
Accumulated other comprehensive income (loss)
    
24
      
(758
)
Foreign currency translation adjustments (stand-alone financial statements)
    
9,648
      
9,654
  
Accumulated deficit
    
(9,800
)
    
(8,511
)
                 
TOTAL SHAREHOLDERS' EQUITY
    
37,192
      
37,687
  
                 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
  
$
50,266
    
$
51,886
  

Page 9