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TEL AVIV - SuperCom (NASDAQ:SPCB), a global provider of secure solutions for e-Government, IoT, and Cybersecurity sectors, has been selected by the North Carolina Sheriff’s Association as the sole new electronic monitoring technology provider through a competitive statewide Request for Proposal (RFP). This contract enables all counties in North Carolina to directly engage with SuperCom under preset terms, often bypassing the need for an additional RFP process. According to InvestingPro data, the company has demonstrated strong financial health with a market capitalization of $40 million.
The company’s selection follows a rigorous evaluation, including financial stability checks and positive feedback from existing U.S. customers. SuperCom’s strong financial position is reflected in its impressive current ratio of 9.69, indicating liquid assets well exceed short-term obligations. The Pure Security suite, encompassing solutions such as PureOne, PureTrack, and PureShield, was approved for procurement under the contract, which operates on a recurring revenue model.
Ordan Trabelsi, President and CEO of SuperCom, expressed satisfaction with the contract, viewing it as a significant step in the company’s U.S. expansion strategy. The company’s growth potential has caught analysts’ attention, with InvestingPro showing two analysts recently revising earnings estimates upward for the upcoming period. The upcoming North Carolina Sheriff’s Association’s summer conference will provide SuperCom an opportunity to showcase its technology to numerous counties statewide.
SuperCom has established a reputation since 1988 for providing advanced identification and security solutions to governments and organizations globally. Their product suite includes RFID & mobile technology and services for industries such as healthcare, security, public safety, law enforcement, and domestic violence prevention.
This press release contains forward-looking statements regarding SuperCom’s business plans and expectations, which involve risks and uncertainties that could cause actual results to differ materially. The company cautions that these statements are not guarantees of future performance and advises readers to consider the risks and uncertainties detailed in their SEC filings.
This contract award news is based on a press release statement from SuperCom.
In other recent news, SuperCom reported a fourth-quarter revenue of $6.33 million, which, despite being an 11.6% increase year-over-year, fell short of the $6.5 million consensus estimate. However, the company exceeded expectations with adjusted earnings per share of $0.66, significantly outperforming the anticipated -$0.40. For the full year 2024, SuperCom achieved record revenues of $27.6 million, marking a 4% increase from the previous year, and reported its first full year of GAAP profitability since 2015 with a net income of $661,000. Additionally, SuperCom announced a new contract in Nebraska for its electronic monitoring technology, marking its expansion into a 10th U.S. state since mid-2024. This contract follows a recurring revenue model, reflecting the company’s ongoing growth in the North American public safety market. The company has secured over 20 new electronic monitoring contracts and entered seven new states, strengthening its U.S. presence. SuperCom also highlighted its expansion in Europe with new national domestic violence monitoring programs. Despite these developments, the revenue miss has led to concerns about the company’s growth trajectory.
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