Genasys Ex-Puerto Rico Quarter Shows How Dire Its Situation Is

Genasys Inc. remains a Hold, as the core business is deeply unprofitable outside the Puerto Rico project. Recent profitability was driven by Puerto Rico, but receivables and liquidity issues forced a project pause, exposing weak fundamentals. Ex-Puerto Rico, GNSS generates ~$6 million quarterly revenue with a $13–14 million annualized adjusted EBITDA loss.