Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2023 | |
Cover Abstract | |
Entity Registrant Name | ALLOT LTD. |
Entity Central Index Key | 0001365767 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2023 |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | Q2 |
Entity Address, Address Line One | 22 Hanagar Street |
Entity Address, Address Line Two | Neve Ne'eman Industrial Zone B |
Entity Address, City or Town | Hod-Hasharon |
Entity Address, Postal Zip Code | 45240 |
Entity Address, Country | IL |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenues | $ 25,047 | $ 32,772 | $ 46,173 | $ 64,668 |
Cost of revenues | 7,707 | 10,242 | 15,358 | 20,034 |
Gross profit | 17,340 | 22,530 | 30,815 | 44,634 |
Operating expenses: | ||||
Research and development costs, net | 10,752 | 12,480 | 21,246 | 24,510 |
Sales and marketing | 10,522 | 12,220 | 21,409 | 23,909 |
General and administrative | 17,558 | 4,303 | 21,518 | 8,340 |
Total operating expenses | 38,832 | 29,003 | 64,173 | 56,759 |
Operating loss | (21,492) | (6,473) | (33,358) | (12,125) |
Financial and other income, net | 985 | 620 | 1,779 | 867 |
Loss before income tax expenses | (20,507) | (5,853) | (31,579) | (11,258) |
Tax expenses | 225 | 380 | 515 | 1,102 |
Net Loss | $ (20,732) | $ (6,233) | $ (32,094) | $ (12,360) |
Basic net loss per share | $ (0.55) | $ (0.17) | $ (0.85) | $ (0.34) |
Diluted net loss per share | $ (0.55) | $ (0.17) | $ (0.85) | $ (0.34) |
Weighted average number of shares used in computing basic net loss per share (shares) | 37,743,328 | 36,827,197 | 37,583,412 | 36,684,017 |
Weighted average number of shares used in computing diluted net loss per share (shares) | 37,743,328 | 36,827,197 | 37,583,412 | 36,684,017 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 15,473 | $ 12,295 |
Short-term bank deposits | 30,065 | 68,765 |
Restricted deposits | 1,274 | 1,050 |
Available-for-sale marketable securities | 19,061 | 4,293 |
Trade receivables, net (net of allowance for credit losses of $17,365 and $2,908 on June 30, 2023 and December 31, 2022, respectively) | 29,445 | 44,167 |
Other receivables and prepaid expenses | 7,023 | 7,985 |
Inventories | 18,360 | 13,262 |
Total current assets | 120,701 | 151,817 |
LONG-TERM ASSETS: | ||
Severance pay fund | 361 | 371 |
Operating lease right-of-use assets | 3,937 | 5,387 |
Trade receivables, net | 4,767 | 4,934 |
Other assets | 1,058 | 864 |
Total long-term assets | 10,123 | 11,556 |
PROPERTY AND EQUIPMENT, NET | 12,149 | 14,236 |
GOODWILL AND INTANGIBLE ASSETS, NET | 34,791 | 35,344 |
Total assets | 177,764 | 212,953 |
CURRENT LIABILITIES: | ||
Trade payables | 9,460 | 11,661 |
Deferred revenues | 20,427 | 20,825 |
Short-term operating lease liabilities | 2,103 | 2,542 |
Other payables and accrued expenses | 21,173 | 25,573 |
Total current liabilities | 53,163 | 60,601 |
LONG-TERM LIABILITIES: | ||
Deferred revenues | 6,384 | 7,285 |
Long-term operating lease liabilities | 1,475 | 2,579 |
Accrued severance pay | 1,003 | 940 |
Convertible Debt | 39,673 | 39,575 |
Total long-term liabilities | 48,535 | 50,379 |
SHAREHOLDERS' EQUITY | 76,066 | 101,973 |
Total liabilities and shareholders' equity | $ 177,764 | $ 212,953 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses | $ 17,365 | $ 2,908 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||||
Net Loss | $ (20,732) | $ (6,233) | $ (32,094) | $ (12,360) |
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Depreciation | 1,327 | 1,332 | 2,647 | 2,746 |
Stock-based compensation | 2,425 | 2,169 | 5,893 | 4,706 |
Amortization of intangible assets | 277 | 235 | 553 | 470 |
Increase in accrued severance pay, net | 13 | 26 | 73 | 20 |
Decrease (Increase) in other assets | 168 | 19 | (194) | 436 |
Decrease (Increase) in accrued interest and amortization of premium on marketable securities | (166) | 16 | (147) | 48 |
Changes in operating leases, net | 290 | (191) | (93) | (563) |
Decrease (Increase) in trade receivables | 10,403 | (4,082) | 14,889 | (4,807) |
Decrease (Increase) in other receivables and prepaid expenses | 300 | 141 | 1,161 | (893) |
Decrease (Increase) in inventories | (1,645) | 591 | (5,098) | (1,164) |
Decrease in trade payables | (2,941) | (1,433) | (2,202) | (937) |
Increase (Decrease) in employees and payroll accruals | (1,042) | 523 | (2,494) | (1,963) |
Increase (Decrease) in deferred revenues | 870 | 287 | (1,299) | 1,129 |
Decrease in other payables, accrued expenses and other long term liabilities | (923) | (1,252) | (1,824) | (1,523) |
Amortization of issuance costs of Convertible debt | 49 | 49 | 98 | 71 |
Net cash used in operating activities | (11,327) | (7,803) | (20,131) | (14,584) |
Cash flows from investing activities: | ||||
Decrease (Increase) in restricted deposit | (224) | 260 | (224) | 380 |
Redemption of (Investment in) short-term deposits | 21,700 | 520 | 38,700 | (25,180) |
Purchase of property and equipment | (290) | (1,281) | (560) | (2,556) |
Investment in available-for sale marketable securities | (9,584) | 0 | (18,567) | 0 |
Proceeds from redemption or sale of available-for sale marketable securities | 590 | 2,872 | 3,960 | 6,030 |
Net cash provided by (used in) investing activities | 12,192 | 2,371 | 23,309 | (21,326) |
Cash flows from financing activities: | ||||
Proceeds from exercise of stock options | 0 | 15 | 0 | 250 |
Issuance of convertible debt | 0 | 0 | 0 | 39,404 |
Net cash provided by financing activities | 0 | 15 | 0 | 39,654 |
Increase (Decrease) in cash and cash equivalents | 865 | (5,417) | 3,178 | 3,744 |
Cash and cash equivalents at the beginning of the period | 14,608 | 20,878 | 12,295 | 11,717 |
Cash and cash equivalents at the end of the period | $ 15,473 | $ 15,461 | $ 15,473 | $ 15,461 |