HOD HASHARON, Israel - Allot Ltd. (NASDAQ: NASDAQ:ALLT), a global provider of network intelligence and security solutions, disclosed its preliminary unaudited financial results for the fiscal year ended December 31, 2023, today. The company expects its revenues, SECaaS revenues, and Total Annual Recurring Revenue (ARR) to align with the guidance range provided on November 16, 2023.
The company's cash, bank deposits, and marketable securities as of year-end are estimated to be approximately $55 million, also within the anticipated range. However, Allot is setting aside an additional $9 million for credit losses, largely associated with receivables from DISH Purchasing Corporation (DISH), a U.S. customer. DISH has accused Allot of delivering software that does not meet contractual specifications and has demanded rectification and compliant support services.
Allot refutes these allegations, insisting that the software and services provided were in compliance and were formally accepted by DISH as per the contract terms. Allot is determined to defend its position and secure full payment for the services rendered.
These preliminary results are subject to the completion of Allot's financial closure process and annual audit. The company plans to release its unaudited fourth quarter and full-year 2023 results on Thursday, February 15, 2024, and will host a conference call the same day to discuss the outcomes.
Allot's product portfolio includes network and application analytics, traffic control and shaping, and network-based security services. The company's security as a service solution is utilized by millions of subscribers worldwide.
The information in this article is based on a press release statement from Allot Ltd.
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