Allot Ltd (NASDAQ:ALLT) (TASE:ALLT), the smart network intelligence solutions company, reported third-quarter earnings and revenue early Tuesday that handily beat Wall Street expectations, boosted by a slew of significant new deals.
For the quarter ended September 2019, Allot posted a non-GAAP net loss of $1.9 million, or $0.05 per share, on revenue of $27.6 million. The consensus estimate was a loss of $0.07 per share on revenue of $27.3 million. Revenue grew 14% on a year-over-year basis.
Similarly, the company revealed that cash and investments increased by $13.3 million to $114.8 million.
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In a statement, accompanying the company’s latest numbers, Allot CEO Erez Antebi commented: "We are pleased with our continued ongoing year-over-year revenue growth and we remain on target with our strategy and longer-term goals.”
The Allot boss revealed that the company has been successful in signing new significant deals in recent months. The company can expect revenue growth from each of Allot’s two primary offerings: Network Intelligence and Network Security.
“Our pipeline remains strong and we expect to enter next year with significant backlog that will enable Allot to accelerate revenue growth in 2020," added Antebi.
Financial Outlook
Management continues to maintain its 2019 expectations of yearly revenue of between $106 to $110 million, representing continued double-digit year-over-year growth.
In its statement, the company also said management continue to expect full-year 2019 book-to-bill ratio at above 1.
Allot is a provider of network intelligence and security solutions for service providers worldwide. Its solutions are deployed for network and application analytics, traffic control and shaping, and network-based security services.
The company’s multi-service platforms are used by over 500 mobile, fixed and cloud service providers and more than 1,000 enterprises.
Allot NetworkSecure is the world’s largest deployed network-based security service for the mass market with over 20 million paying security customers.
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