GNSS on Nasdaq

Genasys

American technology company

Genasys Inc. is based in San Diego, California. Its long-range acoustic device (LRAD) products are used for long-range acoustic hailing and mass notification. Its software-as-a-service products Genasys Protect and Evertel are used for zone-based multi-channel communication and secure messaging and collaboration, respectively.3 It was founded by Woody Norris.1 Its shares trade on Nasdaq under the symbol GNSS.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

$40.8MRevenue, fiscal 20255
-$18.1MNet income, fiscal 20255
1980Founded1

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  • TickerGNSS on Nasdaq1
  • Industrytechnology1
  • HeadquartersSan Diego1
  • Websitewww.lradx.com
  • Incorporated inDE6
  • Business address16262 West Bernardo Drive, San Diego, Ca 921276
  • Filer categoryNon-accelerated filer, Smaller reporting company6
  • Legal formCorporation4
  • LEI549300W0ZVKXG9NQ7D234
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O The Corporation Trust Company, 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 22901194

Genasys Inc. is based in San Diego, California. Its long-range acoustic device (LRAD) products are used for long-range acoustic hailing and mass notification. Its software-as-a-service products Genasys Protect and Evertel are used for zone-based multi-channel communication and secure messaging and collaboration, respectively. Genasys Acoustics are integrated speakers used to send long range voice broadcasts. The company was previously named American Technology Corporation (ATC) until 2010 and LRAD Corporation until 2019. The company's stock trades on the NASDAQ Capital Market with the ticker symbol "GNSS".3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

41.6%Gross margin5
-41.2%Operating margin5
-44.4%Net margin5
69.8%Revenue growth, 20255
-835.8%Return on equity5
-$9.0MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product brought in 70% of the revenue Genasys broke down this way in fiscal 2025.

  1. Product$28.5M570%up 98% from 2024
  2. Service$12.3M530%up 28% from 2024
Products and services by year
Products and services20242025
Product$14.4M$28.5M
Service$9.6M$12.3M

Business segments

Hardware brought in 78% of the revenue Genasys broke down this way in fiscal 2025.

  1. Hardware$31.8M578%up 91% from 2024
  2. Software$8.9M522%up 21% from 2024
Business segments by year
Business segments20242025
Hardware$16.7M$31.8M
Software$7.3M$8.9M

Regions

Americas brought in 46% of the revenue Genasys broke down this way in fiscal 2025.

  1. Americas$34.4M546%up 99% from 2024
  2. United States$33.9M545%up 101% from 2024
  3. EMEA$4.0M55%down 27% from 2024
  4. Asia Pacific$2.4M53%up 88% from 2024
Regions by year
Regions20242025
Americas$17.3M$34.4M
United States$16.9M$33.9M
EMEA$5.4M$4.0M
Asia Pacific$1.3M$2.4M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue41¢$23.8M
  • Research and development14¢$8.1M
  • Selling, general and admin44¢$25.7M
  • Income tax0¢$119.0K

Out of $40.8M in revenue.5 The company lost money this year.

Financial statements

Revenue910111213145$40.8M in 2025+55% since 2018
0$20.0M$40.0M$60.0M2018: $26.3M$26.3M20182019: $37.0M$37.0M2019+41%2020: $43.0M$43.0M2020+16%2021: $47.0M$47.0M2021+9%2022: $54.0M$54.0M2022+15%2023: $46.7M$46.7M2023−14%2024: $24.0M$24.0M2024−49%2025: $40.8M$40.8M2025+70%
Gross profit1510111213145$17.0M in 2025+33% since 2018
0$10.0M$20.0M$30.0M2018: $12.7M$12.7M20182019: $18.5M$18.5M2019+45%2020: $22.6M$22.6M2020+23%2021: $23.4M$23.4M2021+3%2022: $27.3M$27.3M2022+16%2023: $21.8M$21.8M2023−20%2024: $10.2M$10.2M2024−53%2025: $17.0M$17.0M2025+66%
Operating income1510111213145-$16.8M in 2025+1039% since 2018
-$30.0M-$20.0M-$10.0M0$10.0M2018: -$1.5M-$1.5M20182019: $3.1M$3.1M20192020: $6.0M$6.0M2020+93%2021: $1.1M$1.1M2021−82%2022: -$15.5M-$15.5M20222023: -$11.0M-$11.0M2023−29%2024: -$26.7M-$26.7M2024+143%2025: -$16.8M-$16.8M2025−37%
Net income1510111213145-$18.1M in 2025+384% since 2018
-$40.0M-$20.0M0$20.0M2018: -$3.7M-$3.7M20182019: $2.8M$2.8M20192020: $11.9M$11.9M2020+326%2021: $704.0K$704.0K2021−94%2022: -$16.2M-$16.2M20222023: -$18.4M-$18.4M2023+13%2024: -$31.7M-$31.7M2024+72%2025: -$18.1M-$18.1M2025−43%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-09-302024-09-30
Revenues$40.8M$24.0M
Cost of revenues$23.8M$13.8M
Gross profit$17.0M$10.2M
Selling, general and administrative$25.7M$27.3M
Research and development$8.1M$9.6M
Total operating expenses$33.8M$36.9M
Loss from operations-$16.8M-$26.7M
Interest income$285.0K$237.0K
Interest expense-$1.6M-$603.0K
Change in fair value of Term Loans and warrants$730.0K-$4.0M
Other-$623.0K-$1.1M
Other expenses, net-$1.2M-$5.4M
Loss before income taxes-$18.0M-$32.1M
Income tax expense (benefit)$119.0K-$405.0K
Net loss-$18.1M-$31.7M
Net loss per common share - basic (in dollars per share)-$0.40-$0.72
Net loss per common share - diluted (in dollars per share)-$0.40-$0.72
Basic (in shares)45.1M shares44.3M shares
Diluted (in shares)45.1M shares44.3M shares

Compare Genasys with another company

Corporate structure

Genasys sits at the top of its group. 3 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Genasys

  • Genasys San Diego, California, United States
    • (Organized under the laws of Subsidiary · British Columbia, Canada
    • Genasys II Subsidiary · Spain

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Genasys reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$5.6M5 Sep 30, 2025$5.5M5 Sep 30, 2024+1.3%
Accumulated depreciation$4.5M5 Sep 30, 2025$4.2M5 Sep 30, 2024+5.6%
Property and equipment, net$1.1M5 Sep 30, 2025$1.3M5 Sep 30, 2024−12.9%
Operating-lease assets (leased space)$2.4M5 Sep 30, 2025$3.1M5 Sep 30, 2024−22.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$8.0M5 Sep 30, 2025$4.9M5 Sep 30, 2024+61.2%
Marketable securities, current$70.0K5 Sep 30, 2025$7.9M5 Sep 30, 2024−99.1%
Marketable securities, non-current$05 Sep 30, 2025$249.0K5 Sep 30, 2024−100.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$13.4M5 Sep 30, 2025$13.3M5 Sep 30, 2024+0.9%
Intangible assets, net (excluding goodwill)$6.1M5 Sep 30, 2025$8.5M5 Sep 30, 2024−27.7%
Finite-lived intangibles, gross$17.0M5 Sep 30, 2025$17.0M5 Sep 30, 2024−0.3%
Accumulated amortization$10.8M5 Sep 30, 2025$8.5M5 Sep 30, 2024+27.2%
Finite-lived intangibles, net$6.1M5 Sep 30, 2025$8.5M5 Sep 30, 2024−27.7%

Inventory

ItemLatestA year beforeChange
Inventory, total$8.8M5 Sep 30, 2025$7.3M5 Sep 30, 2024+20.4%
Raw materials$2.5M5 Sep 30, 2025$5.4M5 Sep 30, 2024−54.6%
Work in process$2.6M5 Sep 30, 2025$1.3M5 Sep 30, 2024+98.0%
Finished goods$5.0M5 Sep 30, 2025$1.4M5 Sep 30, 2024+262.2%

Properties, in its own words

Our executive offices, sales, research and development and production facilities for all our Protective Communications, including Genasys Protect and LRAD, are located at 16262 West Bernardo Drive, San Diego, California. The lease of 55,766 square feet commenced July 1, 2018 and expires August 31, 2028. The aggregate monthly payments, with abatements, are $89 thousand, $92 thousand and $94 thousand per month for the eighth through tenth years of the lease, respectively, plus other certain costs and charges as specified in the lease agreement, including the Company’s proportionate share of the building operating expenses and real estate taxes.

Item 2 of the 10-K filed Dec 15, 2025.18

The story

Founded by Woody Norris in 1980.1

Genasys was founded in Utah by Elwood "Woody" Norris as the American Technology Corporation in 1980. From 1988 to early 1992 the company was inactive. Norris recapitalized the company as a Delaware Corporation in 1992. In 1996, the company launched its first directed sound technology and began engineering sound solutions for the commercial, government, and military markets.

In response to the October 2000 attack on the USS Cole, the company's engineering team developed their long-range acoustic device (LRAD) product line. With the introduction of LRAD systems in 2003, the company created the acoustic hailing device (AHD) market, followed by the introduction of multidirectional mass notifications systems in 2012.

The company acquired Genasys, a Madrid, Spain-based software provider of location-based mass messaging solutions for emergency warning and workforce management in January 2018, and subsequently adopted the name Genasys for itself.

In 2020, Genasys acquired Amika Mobile, an Ottawa, Canada-based enterprise software provider of critical event situational awareness, communication and control products. It was subsequently renamed Genasys Communications Canada. In a June 2021 acquisition, Genasys added Zonehaven, a California-based company specializing in emergency evacuation software services and resources.

In May 2021, the Greek police held a press call which showed them using a Genasys LRAD 450XL to deter migrants from entering at the border. The European Union has expressed concern over Greece's use of the technology and whether it contravenes the European Union's laws on fundamental rights.

In September 2023, Genasys acquired Evertel Technologies from Word Systems Operations for about $5.8 million.

Los Angeles County suspended use of Genasys during the January 2025 Southern California wildfires after an "alert was erroneously sent out to nearly 10 million residents". The County resumed use of Genasys later that month.

After San Diego County implemented Genasys in 2024, the technology was used by the county and City of San Diego in January 2025 to safely evacuate residents from wildfires.

Read the full text

In 2025, LRAD was referenced in a controversy surrounding the alleged use of Long-range acoustic devices by law enforcement as a weapon during anti-corruption protests on March 15 in Belgrade, Serbia. In a social media post, Genasys claimed that evidence they had seen did not point directly to the involvement of their devices, however purchase reporting suggestions their technology was installed on law enforcement vehicles present at the protests.

The Maui Emergency Management Agency launched Genasys on May 1, 2025, to enhance emergency operations and evacuations for residents and visitors on Maui, Molokai and Lanai.

In June 2025, Santa Barbara County began using Genasys Protect mapping software to assist first responders and county residents during evacuations and other emergencies.

The City of San Jose, California implemented Genasys Protect hours before the Ranch Fire started in the East San Jose hills June 17, 2025.

From Wikipedia’s article on Genasys, shared under CC BY-SA 4.0.7

Leadership

Who has led Genasys, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (23)

Products and brands

Genasys Protect - Zone-based communication and targeted multi-channel alerting software. Genasys Protect is used to help alert in harm's way quickly with targeted geographical zones, tested evacuation plans, and consistent communication during and after a critical event The State of New Hampshire selected Genasys to send emergency and non-emergency notifications through single or multiple communication methods to keep residents and visitors informed public safety messaging and severe weather-related notifications. The State of Oregon's Office of Resilience and Emergency Management entered into a multi-year contract with Genasys to provide emergency response planning and evacuation management.

Acoustics The City of Berkeley introduced a new outdoor warning system to alert people of wildfires and other critical events. The system includes 15 Acoustics outdoor speakers installed on buildings throughout Berkeley. The Acoustics systems broadcast siren tones, audible warnings and voice instructions.

Evertel Evertel provides secure, real-time communication and collaboration for public safety agencies, financial services, and secure business communication.

Long Range Acoustic Device (LRAD), is a directional acoustic system designed for long-range communication and mass notification.

From Wikipedia’s article on Genasys, shared under CC BY-SA 4.0.7

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • (Organized under the laws of British Columbia, Canada)8
  • Genasys II Spain, S.A.U.8

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • LRAD CorpJan 22, 2010 to Jan 13, 20206
  • AMERICAN TECHNOLOGY CORP /DE/Jul 26, 1996 to Mar 11, 20106

Timeline

  1. Sep 14, 20268-K Entered a material agreement; New debt or obligation47
  2. Sep 4, 20268-K Financial statements and exhibits48
  3. Aug 13, 20268-K Results of operations49
  4. Jul 30, 20268-K Regulation FD disclosure50
  5. Jul 15, 20268-K Entered a material agreement; New debt or obligation; Unregistered sale of shares51
  6. Jun 12, 20268-K Entered a material agreement; New debt or obligation52
  7. May 14, 20268-K Entered a material agreement; Results of operations; New debt or obligation53
  8. Mar 30, 20268-K Executive or director change; Regulation FD disclosure54
  9. Mar 18, 20268-K Shareholder vote55
  10. Feb 10, 20268-K Results of operations56
  11. Jan 30, 20268-K Executive or director change57
  12. Jan 2, 20268-K Executive or director change58
  13. Aug 3, 2016New chief executive Richard Danforth becomes CEO19
  14. 1980Founded Founded1

Calendar

Coming up

  1. Dec 8, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.03) a share, on Dec 9, 2025.59

When it reported results

  1. Aug 13, 2026Reported quarterly or annual results49
  2. May 14, 2026Reported quarterly or annual results53
  3. Feb 10, 2026Reported quarterly or annual results56
  4. Dec 9, 2025Reported quarterly or annual results60
  5. Aug 14, 2025Reported quarterly or annual results61
  6. May 13, 2025Reported quarterly or annual results62
  7. Feb 11, 2025Reported quarterly or annual results63
  8. Dec 9, 2024Reported quarterly or annual results64

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

205 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 48 major events, 80 insider forms, 12 large holders, 44 other. The latest 20:

  1. Sep 14, 20268-K EDGAR
  2. Sep 4, 20268-K/A EDGAR
  3. Aug 26, 20264 EDGAR
  4. Aug 24, 2026SCHEDULE 13G/A EDGAR
  5. Aug 13, 20264 EDGAR
  6. Aug 13, 20264 EDGAR
  7. Aug 13, 202610-Q EDGAR
  8. Aug 13, 20268-K EDGAR
  9. Jul 30, 20268-K EDGAR
  10. Jul 15, 20268-K EDGAR
  11. Jun 12, 20268-K EDGAR
  12. May 14, 202610-Q EDGAR
  13. May 14, 20268-K EDGAR
  14. Mar 30, 20264 EDGAR
  15. Mar 30, 20263 EDGAR
  16. Mar 30, 20268-K EDGAR
  17. Mar 19, 20264 EDGAR
  18. Mar 19, 20264 EDGAR
  19. Mar 19, 20264 EDGAR
  20. Mar 19, 20264 EDGAR

The 205 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

23 open-market trades by officers, directors and large owners since October 2021: 19 buys and 4 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 26, 2026Malhotra R. RimmyDirectorBuy1,000$1.55$1.6KForm 4
Feb 19, 2026Dodd William HDirectorBuy25,430$1.98$50.4KForm 4
Feb 18, 2026Dodd William HDirectorBuy27$1.97$53Form 4
Dec 12, 2024Osgood Richard Hoe IIIDirectorBuy10,000$2.64$26.4KForm 4
Dec 12, 2024Osgood Richard Hoe IIIDirectorBuy100,000$2.64$264.0KForm 4
Dec 11, 2024Dodd William HDirectorBuy16,327$2.65$43.3KForm 4
Nov 5, 2024AWM Investment Company, Inc.10% ownerSale28,732$3.69$106.0KForm 4
Nov 4, 2024AWM Investment Company, Inc.10% ownerSale43$3.70$159Form 4
Nov 1, 2024AWM Investment Company, Inc.10% ownerSale71,225$3.67$261.4KForm 4
Aug 19, 2024Culhane MarkDirectorBuy613$2.70$1.7KForm 4
Aug 16, 2024Culhane MarkDirectorBuy31,800$2.67$84.9KForm 4
Aug 15, 2024Culhane MarkDirectorBuy17,587$2.65$46.6KForm 4
Dec 14, 2023Anchin Scott LDirectorBuy20,000$1.85$37.0KForm 4
Dec 13, 2023Anchin Scott LDirectorBuy8,000$1.73$13.8KForm 4
Dec 12, 2023Osgood Richard Hoe IIIDirectorBuy10,000$1.69$16.9KForm 4
Oct 2, 2023Osgood Richard Hoe IIIDirectorBuy50,000$2.00$100.0KForm 4
Sep 28, 2023AWM Investment Company, Inc.10% ownerBuy1,400,000$2.00$2.8MForm 4
May 12, 2023Anchin Scott LDirectorBuy5,000$2.40$12.0KForm 4
Sep 9, 2022Osgood Richard Hoe IIIDirectorBuy5,000$3.08$15.4KForm 4
Feb 23, 2022Clague LauraDirectorSale13,716$3.14$43.1KForm 4

All 23 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Richard S. Danforth66$476.8K$782.8K71
2025Dennis D. Klahn$285.8K$414.6K71
2025Cassandra Hernandez-Monteon$211.5K$244.6K71
2024Chief Executive Officer$437.1K$1.0M71
2024Chief Financial Officer & Secretary$283.5K$371.6K71

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 42. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
AWM Investment Company, Inc.5,649,544$9.6M0.8%No change
Vanguard Capital Management LLC1,821,275$3.1M0.0%+12,133
Pacific Ridge Capital Partners, LLC1,440,921$2.4M0.4%−11,238
Susquehanna International Group, Llp1,246,794$2.1M0.0%−216,189
AlphaCore Capital LLC1,048,665$1.8M0.0%−20,525
Manatuck Hill Partners, LLC1,000,000$1.7M0.6%−261,496
BlackRock, Inc.699,267$1.2M0.0%+40,831
Fi3 FINANCIAL ADVISORS, LLC825$969.7K0.2%−479,867
Sequoia Financial Advisors, LLC552,430$939.1K0.0%+74,547
Geode Capital Management, LLC503,130$855.8K0.0%−8,716
Citadel Advisors LLC320,312$544.5K0.0%−10,522
Prospera Financial Services Inc302,150$513.7K0.0%+7,000
Evernest Financial Advisors, LLC290,345$493.6K0.1%No change
Vanguard Fiduciary Trust Co275,183$467.8K0.0%+1,828
Bokf, Na183,100$311.3K0.0%No change
State Street Corp159,169$270.6K0.0%No change
Aristides Capital LLC127,454$216.7K0.1%+4,799
Renaissance Technologies LLC109,936$186.9K0.0%+800
Northern Trust Corp100,567$171.0K0.0%+1,928
Goldman Sachs Group Inc97,108$165.1K0.0%+3,539
Essex Investment Management Co LLC72,711$123.6K0.0%−196
Peterson Wealth Advisors, LLC71,224$121.1K0.0%No change
Integrated Wealth Concepts LLC40,823$69.4K0.0%No change
UBS Group AG37,340$63.5K0.0%−68,595
XTX Topco Ltd32,782$55.7K0.0%+11,575

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Genasys is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARGenasys Inc.2
  • CIK0000924383
  • Employer ID (EIN)87-036179918
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company18
  • Incorporated inDelaware18
  • Fiscal year endsSeptember 302
  • Industry code (SIC)3651 Household Audio & Video Equipment2
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance2
  • Business address16262 West Bernardo Drive, San Diego, CA 921272
  • Phone858-676-11122
  • Shares outstanding45,542,009 as of Aug 7, 202617
  • Public float$66.9M as of Mar 31, 202518
  • AuditorBAKER TILLY US, LLP, Chicago, Illinois PCAOB ID 23; no auditor attestation of internal control over financial reporting18
  • On EDGAR sinceJun 12, 19962
  • Filings1,070 in all: 4 (309), 8-K (247), 10-Q (84), SC 13G/A (48), 3 (39), DEF 14A (32), 10-K (27), 424B3 (26)2
    All 47 form types

    DEFA14A (24), 4/A (21), S-3 (16), EFFECT (15), SC 13G (15), UPLOAD (14), POS AM (13), 10-K/A (12), CORRESP (12), S-8 (12), S-3/A (11), SD (10), 8-K/A (9), REGDEX (8), 10-Q/A (7), 10QSB (7), ARS (6), PRE 14A (6), SC 13D/A (5), NT 10-K (4), 10KSB (3), DFAN14A (3), SC 13D (3), 424B1 (2), 424B5 (2), DEFR14A (2), NT 10-Q (2), PREC14A (2), REGDEX/A (2), 10KSB/A (1), 10QSB/A (1), 3/A (1), CT ORDER (1), D (1), DEFM14A (1), DEL AM (1), PREM14A (1), RW (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Dec 15, 2025
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Jan 28, 2026
    Latest 8-K (8-K) Sep 14, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, $0.00001 par value per shareGNSSNASDAQ

From the cover page of the 10-K filed Dec 15, 2025 (Section 12(b) of the Exchange Act).18

Risk factors and legal proceedings

The risks Genasys names in Item 1A of its 10-K filed Dec 15, 2025: 42 risks under these headings, as written.18

  • Risks Related to Our Business and Industry
  • We have historically had a high concentration of revenues from a limited number of customers. We expect to continue to be dependent on a limited number of customers.
  • We may need additional capital for growth.
  • Risks related to global economic instability, including global supply chain issues, inflation, labor costs, and fuel and energy costs, may affect the Company’s business.
  • Actual or perceived failures or breaches of our information and security systems, or those of our customers, suppliers or business partners, could expose us to losses.
  • Actual or perceived non-compliance with applicable data privacy and security laws, or that of our customers, suppliers or business partners, could expose us to losses.
  • We have current government contracts, and our future growth is dependent, in large part, on continued sales to U.S. and international governments and businesses that sell to governments, which in turn are dependent on adequate government funding. In this context, we note a recent decline in federal funding in the United States.
  • Disruption and fluctuations in financial and currency markets could have a negative effect on our business.
  • International trade policies, including tariffs, sanctions and trade barriers, may adversely affect our business, financial condition, results of operations and prospects.
  • Our future success depends upon our ability to execute our business strategy, to continue to innovate and improve our existing products as well as design, develop, and produce new products to provide protective communications solutions.
  • We must expand our customer base to grow our business.
  • We may not be able to successfully integrate acquisitions in the future, and we may not be able to realize anticipated cost savings, revenue enhancements, or other synergies from such acquisitions.
The other 31 risks
  • Perceptions that long-range hailing devices are unsafe or may be used in an abusive manner may hurt sales of our products, which could cause our revenues to decline.
  • A significant portion of our revenue is derived from our core product category.
  • We may not successfully expand our position in the mass notification market, and our margins may be affected.
  • We may incur significant and unpredictable warranty costs.
  • System disruptions and security threats to our computer networks, including breach of our or our customers’ confidential information, could have a material adverse effect on our business and our reputation.
  • We could incur additional charges for excess and obsolete inventory.
  • Many potential competitors who have greater resources and experience than we do may develop products and technologies that make ours obsolete or inferior.
  • Adverse resolution of disputes, litigation, and claims may harm our business, operating results or financial condition.
  • Our competitive position will be seriously damaged if we cannot protect intellectual property rights and trade secrets in our technology.
  • We may face wrongful death, personal injury and other product liability claims that may result in significant costs, harm our reputation and adversely affect our operating results and financial condition.
  • Our international operations could be harmed by factors including political instability, natural disasters, fluctuations in currency exchange rates, and changes in regulations that govern international transactions.
  • Worldwide armed conflicts and the related implications may negatively impact our operations.
  • Current environmental laws, or laws enacted in the future, may harm our business.
  • Errors or defects contained in our products, failure to comply with applicable safety standards or a product recall could result in delayed shipments or rejection of our products, damage to our reputation, and expose us to regulatory or other legal action.
  • We rely on outside manufacturers and suppliers to provide a large number of components and sub-assemblies incorporated in our products, and the ability of these manufacturers and suppliers to deliver components to our manufacturing facilities, and our ability to manufacture without disruption, could affect our results of operations.
  • We derive revenue from government contracts and subcontracts, which are often non-standard, may involve competitive bidding, may be subject to cancellation with or without penalty, and may produce volatility in earnings and revenue.
  • Our short-term liquidity may be materially adversely affected by administrative complexities surrounding the disbursement of funds under our Puerto Rico Early Warning System project. Furthermore, our ability to receive the full benefits of such project could be materially and adversely affected by the economic, governmental, and environmental conditions in Puerto Rico and by natural disasters impacting our operations or delivery of products in a timely manner.
  • Risks Related to Our Financial Statements and Operating Results
  • We do not have the ability to accurately predict future operating results. Our quarterly and annual revenues are likely to fluctuate significantly due to many factors, most of which are beyond our control and could result in our failure to achieve our revenue expectations.
  • The agreements governing our Term Loans impose financial and operating restrictions on us and any failure to meet our payment or other obligations under our Term Loans could have a material adverse effect on us, including permitting the lenders under our Term Loans to foreclose on, and acquire control of, substantially all of our assets.
  • Our cash requirements may require us to seek additional debt or equity financing and we may not be able to obtain such financing on favorable terms, or at all.
  • Our indebtedness could expose us to interest rate risk to the extent of our variable rate debt.
  • If our goodwill is impaired, we will record a non-cash charge to our results of operations and the amount of the charge may be material.
  • Risks Related to Our Capital Stock
  • Sales of common stock issuable on the exercise of outstanding options and warrants, may depress the price of our common stock.
  • Our stock price is volatile and may continue to be volatile in the future.
  • Our common stock is thinly traded; therefore, our stock price may fluctuate more than the stock market as a whole and it may be difficult to sell large numbers of our shares at prevailing trading prices.
  • We may issue preferred stock in the future, and the terms of the preferred stock may reduce the value of your common stock.
  • General Risk Factors
  • Our success is dependent on the performance of our executive team, and the cooperation, performance, and retention of our executive officers and key employees.
  • General economic and political conditions may adversely affect our business, operating results and financial condition.
  • Changes in laws or regulations or the manner of their interpretation or enforcement could adversely impact our financial performance and restrict our ability to operate our business or execute our strategies.
  • Our disclosure controls and procedures may not prevent or detect all acts of fraud.
  • Failure to maintain an effective system of internal control over financial reporting could harm stockholders and business confidence in our financial reporting, our ability to obtain financing, and other aspects of our business.

Legal proceedings

We may at times be involved in litigation in the ordinary course of business. We will also, from time to time, when appropriate in management’s estimation, record adequate reserves in our financial statements for pending litigation.

On November 19, 2025, Gerry Darden, individually and as representative of the estate of Stacey Darden, filed a lawsuit in Los Angeles Superior Court against the Company, Southern California Edison Company, and Edison International related to the wildfire that occurred in early January, 2025 in the Eaton Canyon/Altadena area of Los Angeles County. In the complaint, the plaintiff alleges products liability and negligence claims against the Company based on Los Angeles County’s use of the Company’s products and seeks unspecified damages. As of the date of this Annual Report on Form 10-K, the Company has not been served the complaint and cannot assess with any meaningful probability the likelihood of an adverse outcome or the possible loss or range of loss, if any, related to this lawsuit. The Company will vigorously defend itself in the lawsuit.

The opening of Item 3, Legal Proceedings.18

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