Alarum Technologies Ltd. (NASDAQ: ALAR) shares faltered Monday, as the global provider of internet access and web data collection solutions, today announced financial results for the third quarter ended September 30, 2024.
Q3 2024 revenues grew 7% year-over-year to $7.2 million (Q3 2023: $6.7 million). The increase is attributed to the enterprise internet access business, NetNut, which grew to $7.0 million in Q3 2024, up from $6.1 million in Q3 2023.
Finance income, net, in Q3 2024 was $3.5 million (Q3 2023: finance expense of $0.7 million). The increase is mainly due to a decrease in the fair value of derivative financial instruments (warrants issued in 2019 and 2020), the decrease in the Company’s share price during the third quarter, an increase in interest income from cash deposits as well as a decrease in finance expenses related to short- and long-term loans.
As of September 30, 2024, shareholders’ equity totaled $25.0 million, significantly higher than the $10.9 million as of September 30, 2023, and $13.2 million as of December 31, 2023. The increase was driven by the higher first nine months of 2024 net profit as well as warrants and options exercises.
Outstanding ordinary share count as of September 30, 2024, was about 68.7 million, or 6.9 million in ADSs.
ALAR shares slumped $2.43, or 16%, to $12.77.
