Revenue growth reached 123.7% in 2026Q2, though gross margins remain volatile, fluctuating between 33.9% and 63.3% over the last ten quarters.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 59.45M | 40.76M | 24.01M | 46.66M | 54.03M | 47M | 43.01M | 36.98M | 26.31M | 20.31M | 16.36M | 16.78M | 24.59M | 17.09M | 14.79M | 26.51M | 16.69M | 15.22M | 11.19M | 9.9M | 9M | 10.23M | 5.75M | 1.32M | 1.01M | 855.34K | 1.43M | 800K | 300K | 967.41K | 933.64K |
| Revenue Growth % | 114.02% | 69.76% | -48.55% | -13.64% | 14.96% | 9.28% | 16.31% | 40.57% | 29.5% | 24.16% | -2.52% | -31.75% | 43.91% | 15.52% | -44.19% | 58.78% | 9.7% | 35.99% | 13.02% | 9.99% | -12% | 77.81% | 337.31% | 30.14% | 18.17% | -40.31% | 79.13% | 166.67% | -68.99% | 3.62% | - |
| Cost of Goods Sold | 30.28M | 23.8M | 13.82M | 24.9M | 26.76M | 23.58M | 20.37M | 18.52M | 13.57M | 10.04M | 8.69M | 8.26M | 10.83M | 8.84M | 7.31M | 10.58M | 7.52M | 7.83M | 6.78M | 6.51M | 6.15M | 5.82M | 3.57M | 1.54M | 683.84K | 578.28K | 823.91K | 500K | 300K | 809.44K | 797.15K |
| COGS % of Revenue | - | 58.4% | 57.56% | 53.36% | 49.52% | 50.16% | 47.36% | 50.09% | 51.57% | 49.4% | 53.11% | 49.19% | 44.03% | 51.75% | 49.44% | 39.9% | 45.05% | 51.47% | 60.58% | 65.74% | 68.33% | 56.87% | 62.13% | 117.38% | 67.66% | 67.61% | 57.49% | 62.5% | 100% | 83.67% | 85.38% |
| Gross Profit | 29.17M | 16.96M | 10.19M | 21.76M | 27.28M | 23.43M | 22.64M | 18.46M | 12.74M | 10.28M | 7.67M | 8.53M | 13.76M | 8.25M | 7.48M | 15.93M | 9.17M | 7.39M | 4.41M | 3.39M | 2.85M | 4.41M | 2.18M | -228.65K | 326.91K | 277.07K | 609.14K | 300K | 0 | 157.97K | 136.49K |
| Gross Margin % | 49.06% | 41.6% | 42.44% | 46.64% | 50.48% | 49.84% | 52.64% | 49.91% | 48.43% | 50.6% | 46.89% | 50.81% | 55.97% | 48.25% | 50.56% | 60.1% | 54.95% | 48.53% | 39.42% | 34.26% | 31.67% | 43.13% | 37.87% | -17.38% | 32.34% | 32.39% | 42.51% | 37.5% | - | 16.33% | 14.62% |
| Gross Profit Growth % | - | 66.41% | -53.18% | -20.22% | 16.43% | 3.48% | 22.66% | 44.87% | 23.94% | 33.98% | -10.05% | -38.03% | 66.92% | 10.25% | -53.05% | 73.64% | 24.21% | 67.45% | 30.03% | 18.97% | -35.37% | 102.49% | 1052.81% | -169.94% | 17.99% | -54.52% | 103.05% | - | -100% | 15.74% | - |
| Operating Expenses | 32.7M | 33.77M | 36.91M | 32.75M | 42.81M | 22.34M | 16.6M | 15.32M | 14.22M | 11.09M | 9.26M | 7.31M | 10.44M | 7.28M | 6.2M | 10.95M | 6.72M | 7.69M | 10.86M | 9.28M | 11.45M | 13.92M | 8.67M | 7.33M | 6.69M | 5.46M | 4.88M | 3.4M | 3.8M | 2.18M | 716.88K |
| OpEx % of Revenue | - | 82.85% | 153.72% | 70.18% | 79.22% | 47.53% | 38.59% | 41.43% | 54.04% | 54.57% | 56.63% | 43.55% | 42.45% | 42.6% | 41.92% | 41.3% | 40.26% | 50.56% | 97.03% | 93.68% | 127.17% | 136.09% | 150.79% | 557.43% | 661.81% | 637.85% | 340.27% | 425% | 1266.67% | 225.64% | 76.78% |
| Selling, General & Admin | 24.87M | 25.66M | 27.26M | 24.62M | 22.64M | 17.42M | 12.04M | 10.79M | 10.69M | 8.59M | 6.88M | 5.28M | 7.96M | 5.44M | 4.54M | 8.46M | 4.66M | 5.7M | 7.5M | 7.05M | 9.54M | 9.21M | 5.45M | 4.86M | 3.05M | 2.32M | 2.56M | 2.2M | 2.7M | 1.62M | 555.95K |
| SG&A % of Revenue | - | 62.96% | 113.55% | 52.76% | 41.89% | 37.07% | 28% | 29.18% | 40.65% | 42.27% | 42.03% | 31.46% | 32.37% | 31.83% | 30.7% | 31.93% | 27.91% | 37.47% | 67.05% | 71.23% | 105.96% | 90.05% | 94.78% | 369.74% | 301.41% | 271.2% | 178.86% | 275% | 900% | 167.1% | 59.55% |
| Research & Development | 7.83M | 8.11M | 9.64M | 8.13M | 7.01M | 4.92M | 4.55M | 4.53M | 3.52M | 2.5M | 2.39M | 2.03M | 2.48M | 1.84M | 1.66M | 2.48M | 2.06M | 1.99M | 3.35M | 2.22M | 1.91M | 4.71M | 3.22M | 2.49M | 3.62M | 3.14M | 2.09M | 1.1M | 1M | 566.29K | 160.93K |
| R&D % of Revenue | - | 19.89% | 40.17% | 17.42% | 12.97% | 10.46% | 10.59% | 12.24% | 13.39% | 12.31% | 14.6% | 12.09% | 10.09% | 10.78% | 11.22% | 9.37% | 12.35% | 13.09% | 29.98% | 22.45% | 21.22% | 46.04% | 56.01% | 189.55% | 358.35% | 366.65% | 145.56% | 137.5% | 333.33% | 58.54% | 17.24% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 13.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -24.51K | 20.69K | 0 | 226.99K | 100K | 100K | 0 | 0 |
| Operating Income | -3.53M | -16.81M | -26.72M | -10.99M | -15.53M | 1.08M | 6.04M | 3.14M | -1.48M | -807.74K | -1.59M | 1.22M | 3.32M | 965.52K | 1.28M | 4.98M | 2.45M | -308.83K | -6.45M | -5.88M | -8.6M | -9.51M | -6.5M | -7.56M | -6.36M | -5.18M | -4.27M | -3.1M | -3.8M | -2.02M | -580.39K |
| Operating Margin % | -5.94% | -41.24% | -111.28% | -23.54% | -28.74% | 2.31% | 14.05% | 8.48% | -5.61% | -3.98% | -9.74% | 7.26% | 13.51% | 5.65% | 8.63% | 18.79% | 14.69% | -2.03% | -57.61% | -59.42% | -95.5% | -92.96% | -112.92% | -574.81% | -629.47% | -605.46% | -297.76% | -387.5% | -1266.67% | -209.31% | -62.16% |
| Operating Income Growth % | - | 37.08% | -143.18% | 29.26% | -1532.75% | -82.06% | 92.63% | 312.4% | -82.79% | 49.3% | -230.67% | -63.3% | 244.15% | -24.41% | -74.36% | 103.15% | 894.03% | 95.21% | -9.57% | 31.56% | 9.6% | -46.39% | 14.09% | -18.84% | -22.86% | -21.36% | -37.65% | 18.42% | -87.67% | -248.88% | - |
| EBITDA | -11K | -13.26M | -22.99M | -7.66M | -12.23M | 3.38M | 7.44M | 3.96M | -993.38K | -654.46K | -1.43M | 1.46M | 3.53M | 1.11M | 1.37M | 5.12M | 2.66M | 3.55K | -6.09M | -5.4M | -8.13M | -8.34M | -6.26M | -6.61M | -4.01M | -4.56M | -4.04M | -3M | -3.7M | -1.93M | -505.9K |
| EBITDA Margin % | -0.02% | -32.54% | -95.77% | -16.41% | -22.63% | 7.18% | 17.3% | 10.71% | -3.78% | -3.22% | -8.71% | 8.68% | 14.37% | 6.51% | 9.27% | 19.32% | 15.92% | 0.02% | -54.46% | -54.58% | -90.35% | -81.55% | -108.75% | -502.24% | -396.25% | -532.74% | -281.92% | -375% | -1233.33% | -199.19% | -54.19% |
| EBITDA Growth % | 99.95% | 42.31% | -200.33% | 37.39% | -462.34% | -54.64% | 87.83% | 498.74% | -51.79% | 54.09% | -197.8% | -58.74% | 217.75% | -18.92% | -73.22% | 92.61% | 74736.8% | 100.06% | -12.76% | 33.55% | 2.5% | -33.34% | 5.31% | -64.95% | 12.11% | -12.79% | -34.67% | 18.92% | -92.01% | -280.9% | - |
| D&A (Non-Cash Add-back) | 3.52M | 3.55M | 3.72M | 3.33M | 3.3M | 2.29M | 1.4M | 825K | 483.09K | 153.28K | 167.69K | 238.31K | 209.97K | 146.31K | 93.93K | 138.19K | 206.01K | 312.38K | 352.51K | 479.2K | 463.2K | 1.17M | 239.95K | 954.61K | 2.36M | 621.97K | 226.99K | 100K | 100K | 97.92K | 74.49K |
| EBIT | -3.53M | -16.81M | -31.53M | -10.99M | -2.37M | 1.08M | 6.04M | 3.14M | -1.48M | -807.74K | -1.59M | 1.22M | 3.32M | 965.52K | 1.28M | 4.98M | 2.45M | -278.5K | -6.45M | -5.88M | -8.6M | -9.51M | -6.5M | -7.56M | -6.36M | -5.18M | -4.27M | -3.1M | -3.8M | -2.02M | -580.39K |
| Net Interest Income | -1.41M | -1.29M | -366K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 33.9K | 46.97K | 903 | 28.77K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 206K | 285K | 237K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 33.9K | 46.97K | 903 | 30.33K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.62M | 1.57M | 603K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.56K | 1.56K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -4.14M | -1.18M | -5.42M | -10K | 60K | 54K | 127K | 221K | 107.02K | 128.59K | 125.5K | 121.84K | 20.52K | 299.19K | 33.9K | 46.97K | 747.25K | 28.77K | 6.45M | 5.88M | 8.6M | 9.51M | 6.5M | 7.56M | 6.36M | 5.18M | 4.27M | 3.1M | 3.8M | 2.02M | 580.39K |
| Pretax Income | -7.67M | -17.99M | -32.13M | -11M | -15.47M | 1.14M | 6.17M | 3.36M | -1.37M | -679.15K | -1.47M | 1.34M | 3.34M | 1.26M | 1.31M | 5.03M | 3.2M | -280.06K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | -12.9% | -44.15% | -133.85% | -23.56% | -28.63% | 2.42% | 14.34% | 9.08% | -5.21% | -3.34% | -8.97% | 7.99% | 13.6% | 7.4% | 8.86% | 18.97% | 19.17% | -1.84% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 317K | 119K | -405K | 7.4M | 741K | 434K | -5.71M | 572K | 2.38M | 197.6K | -186.16K | -8.35M | 16.25K | 1.9K | -150.82K | 75.19K | 166.77K | 95.45K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -4.13% | -0.66% | 1.26% | -67.3% | -4.79% | 38.14% | -92.51% | 17.04% | -173.47% | -29.1% | 12.68% | -622.35% | 0.49% | 0.15% | -11.5% | 1.5% | 5.21% | -34.08% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income | -7.99M | -18.11M | -31.73M | -18.4M | -16.21M | 704K | 11.87M | 2.79M | -3.75M | -876.75K | -1.28M | 9.69M | 3.33M | 1.26M | 1.46M | 5.02M | 2.98M | -1.04M | -6.36M | -5.56M | -7.71M | -9.24M | -6.44M | -8.23M | -8.22M | -5.05M | -3.07M | -3M | -4.6M | -2.14M | -560.45K |
| Net Margin % | -13.44% | -44.44% | -132.16% | -39.42% | -30% | 1.5% | 27.61% | 7.53% | -14.24% | -4.32% | -7.83% | 57.72% | 13.53% | 7.39% | 9.88% | 18.95% | 17.87% | -6.85% | -56.84% | -56.17% | -85.63% | -90.29% | -111.96% | -625.43% | -813.27% | -589.97% | -214.09% | -375% | -1533.33% | -221.66% | -60.03% |
| Net Income Growth % | 71.76% | 42.92% | -72.48% | -13.47% | -2402.84% | -94.07% | 326.36% | 174.36% | -327.15% | 31.59% | -113.23% | 191.18% | 163.47% | -13.63% | -70.89% | 68.35% | 386.13% | 83.61% | -14.38% | 27.85% | 16.54% | -43.39% | 21.71% | -0.08% | -62.9% | -64.48% | -2.27% | 34.78% | -114.52% | -282.62% | - |
| Net Income (Continuing) | -7.99M | -18.11M | -31.73M | -18.4M | -16.21M | 704K | 11.87M | 2.79M | -3.75M | -876.75K | -1.28M | 9.69M | 3.33M | 1.26M | 1.46M | 4.95M | 3.03M | -375.51K | -6.36M | -5.56M | -7.71M | -9.24M | -6.44M | -8.23M | -8.22M | -5.05M | -3.07M | -3M | -4.6M | -2.14M | -560.45K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 69.45K | -49.06K | -667.24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.18 | -0.40 | -0.72 | -0.50 | -0.44 | 0.02 | 0.35 | 0.08 | -0.12 | -0.03 | -0.04 | 0.29 | 0.10 | 0.04 | 0.04 | 0.15 | 0.10 | -0.03 | -0.21 | -0.18 | -0.31 | -0.42 | -0.30 | -0.52 | -0.58 | -0.37 | -0.26 | -0.26 | -0.42 | -0.23 | -0.08 |
| EPS Growth % | -318.81% | 44.44% | -44% | -13.64% | -2322.22% | -94.34% | 319.66% | 169.5% | -336.36% | 31.42% | -113.83% | 190% | 150% | 0% | -73.33% | 50% | 393.26% | 83.76% | -16.67% | 41.94% | 26.19% | -40% | 42.31% | 10.34% | -56.76% | -42.31% | 0% | 38.1% | -82.61% | -206.26% | - |
| EPS (Basic) | - | -0.40 | -0.72 | -0.50 | -0.44 | 0.02 | 0.36 | 0.09 | -0.12 | -0.03 | -0.04 | 0.29 | 0.10 | 0.04 | 0.05 | 0.16 | 0.10 | -0.03 | -0.21 | -0.18 | -0.31 | -0.42 | -0.30 | -0.52 | -0.58 | -0.37 | -0.26 | -0.26 | -0.42 | -0.23 | -0.08 |
| Diluted Shares Outstanding | 45.23M | 45.06M | 44.32M | 36.94M | 36.5M | 35.59M | 34.09M | 33.4M | 32.49M | 31.86M | 31.97M | 33.57M | 33.44M | 32.92M | 33.02M | 32.72M | 31.11M | 30.54M | 30.54M | 30.33M | 25.15M | 21.57M | 19.6M | 15.86M | 14.19M | 13.56M | 11.87M | 11.41M | 10.89M | 9.27M | 7.46M |
| Basic Shares Outstanding | 45.23M | 45.06M | 44.32M | 36.79M | 36.5M | 34.41M | 33.22M | 32.69M | 31.21M | 31.86M | 31.97M | 33.17M | 33.08M | 32.46M | 32.37M | 31.76M | 30.59M | 30.54M | 30.54M | 30.33M | 25.15M | 21.57M | 19.6M | 15.86M | 14.19M | 13.56M | 11.87M | 11.41M | 10.89M | 9.27M | 7.46M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and cash burn
According to recent financial disclosures, Genasys achieved a significant 123.7% year-over-year revenue growth in 2026Q2, signaling a potential inflection in contract acquisition, though investors should remain cautious regarding the sustainability of this momentum given the historical lumpiness of government-funded hardware procurement cycles.
The recent acceleration in top-line performance suggests that the company's strategic pivot toward integrated emergency systems is gaining traction with municipal and defense clients. However, the reliance on project-based hardware deployments implies that this growth may be subject to significant quarter-over-quarter variance rather than a linear, predictable expansion.
As reported in quarterly filings, Genasys's operating margin reached 8.3% in 2026Q2, marking a notable departure from the deep negative margins observed in previous periods, yet the company continues to struggle with high overhead costs relative to its current gross profit generation capacity.
While the recent shift to positive operating income is a constructive development, it remains unclear if this represents a structural improvement or merely a temporary benefit from revenue timing. The persistent high level of SG&A expenses suggests that the company has not yet achieved the necessary scale to decouple its operating costs from its top-line volatility.
Based on the provided income statement data, Genasys maintains a high fixed-cost structure, with SG&A expenses consistently hovering around $6 million per quarter, which significantly outpaces the gross profit generated during periods of lower hardware delivery volume, thereby pressuring the company's overall net profitability.
The company's expense discipline appears challenged by the ongoing investment requirements for its software platform transition. Until the software segment can generate sufficient high-margin recurring revenue to cover these fixed operating costs, the company will likely remain sensitive to fluctuations in hardware demand.
Analysis of historical income statements reveals that Genasys's gross margin has fluctuated significantly, ranging from 33.9% to 63.3%, which suggests that the recent margin expansion may be driven by favorable product mix or one-time contract efficiencies rather than a permanent improvement in pricing power.
Short-term observers may point to the 2026Q2 margin profile as evidence of a successful pivot, but the historical data indicates a high degree of sensitivity to project-specific costs. Investors should monitor whether these margins can be sustained as the company attempts to scale its software-heavy business model against established competitors.
Quick answers to the most common questions about buying GNSS stock.
For fiscal year 2025, Genasys Inc. (GNSS) reported total revenue of $40.8M. This represents a 4265.4% increase compared to $0.9M in 1996.
Genasys Inc. (GNSS) reported a net loss of $18.1M for the fiscal year ending 2025.
Genasys Inc. (GNSS) reported an operating income of $-16.8M, resulting in an operating profit margin of -41.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Genasys Inc. (GNSS) generated $17.0M in gross profit for the year, representing a gross profit margin of 41.6%. This demonstrates the company's core pricing power and production efficiency.