SAN DIEGO – Genasys Inc. (NASDAQ: NASDAQ:), a company specializing in protective communications systems, has announced its partnership in Project AWARE, an initiative funded by the European Union’s Horizon Europe Programme.
The project aims to develop a system capable of receiving and processing Galileo Emergency Warning Satellite Service (EWSS) messages to enhance public safety during natural or man-made disasters.
The Galileo EWSS, which the European Commission plans to launch in the coming years, will utilize a network of medium earth orbit satellites to issue alerts. Genasys’ role in Project AWARE will focus on integrating the warning service into fixed devices such as display panels and acoustic devices, including its Genasys Protect ACOUSTICS, to ensure that safety alerts can reach the public even when conventional telecommunication networks fail.
Richard Danforth, CEO of Genasys, highlighted the importance of making their acoustic warning devices EWSS-capable, emphasizing the need for civil protection authorities to have reliable means to communicate with the public during service disruptions.
The Project AWARE solution will be demonstrated with the Republic of Slovenia Administration for Civil Protection and Disaster Relief, a consortium member and Genasys customer. The project brings together eight partners from four countries, each contributing expertise to extend the capabilities of the Galileo EWSS.
These include Telespazio France, the European Emergency Number Association (EENA), FDC, the French space agency Centre National d’Etudes Spatiales (CNES), JCDecaux, Genasys, the Republic of Slovenia Administration for Civil Protection and Disaster Relief, and the University of Strasbourg.
Genasys Inc., with over 40 years of experience, serves a broad range of clients including governmental agencies, enterprises in critical sectors, and federal governments across more than 100 countries. The company’s solutions are designed to address various applications such as emergency warnings, critical event management, de-escalation, and automated threat detection.
This announcement is based on a press release statement and does not reflect any endorsements of claims. It is intended to inform about the involvement of Genasys Inc. in the Project AWARE consortium for the development of an advanced public warning system.
InvestingPro Insights
As Genasys Inc. (NASDAQ: GNSS) forges ahead with its role in Project AWARE, the company’s financial health and stock performance are of interest to investors monitoring the potential impact of such innovative projects on the company’s future. According to InvestingPro data, Genasys currently holds a market capitalization of $96.42 million. Despite challenging market conditions reflected in a negative revenue growth of -24.72% over the last twelve months as of Q1 2024, the company has demonstrated a significant return over the last week with a 20.99% price total return.
An InvestingPro Tip worth noting is that Genasys holds more cash than debt on its balance sheet, which could provide financial flexibility as it undertakes projects like the EWSS integration. However, analysts have tempered expectations, with three revising their earnings downwards for the upcoming period, and consensus indicating that profitability is not anticipated this year. Furthermore, the company’s liquid assets exceed its short-term obligations, suggesting a degree of financial resilience in the near term.
For those considering an investment in Genasys, it’s important to note that the stock is currently in overbought territory according to the Relative Strength Index (RSI), and the company does not pay a dividend to shareholders. Interested investors can explore further insights and tips, including 6 more InvestingPro Tips for Genasys, by visiting https://www.investing.com/pro/GNSS. To enrich your investment analysis, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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