UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
 
Form 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2023
Commission File Number: 001-33129

ALLOT LTD.
 (Translation of registrant’s name into English)

22 Hanagar Street
Neve Ne'eman Industrial Zone B
Hod-Hasharon 45240
Israel
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ⌧             Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ___

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ___

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  ☐          No  ☒

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________

EXPLANATORY NOTE

On November 16, 2023, Allot Ltd. issued a press release announcing the Third Quarter 2023 Financial Results.

A copy of the press release entitled “Allot Announces Third Quarter 2023 Financial Results” is attached to this Form 6-K as Exhibit 99.1.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
Allot Ltd.

By: /s/ Ziv Leitman          
Ziv Leitman
Chief Financial Officer

Date: November 16, 2023

EXHIBIT INDEX

The following exhibit has been filed as part of this Form 6-K:

Exhibit Number
Description

99.1






Exhibit 99.1


Allot Announces Q3 2023 Financial Results

Hod Hasharon, Israel – November 16, 2023 - Allot Ltd. (NASDAQ: ALLT, TASE: ALLT), a leading global provider of innovative network intelligence and security solutions for service providers and enterprises worldwide, today announced its unaudited financial results for the third quarter ended September 30, 2023.
 
Q3 Financial Highlights
 

 •
Third quarter revenues were $22.6 million;
 

 •
SECaaS revenues were $2.8 million; September 2023 SECaaS ARR* was $10.6 million;
 

 •
Third quarter GAAP operating loss was $12.7 million, and non-GAAP operating loss was $11.1 million;
 

 •
Q3 GAAP net loss was $12.4 million, and non-GAAP net loss was $10.8 million;
 
Financial Outlook
 
Looking ahead, management expectations are as follows:
 

 •
Fourth quarter of 2023 revenues of $20 million to $25 million (of which SECaaS revenues are expected to be between $3 million to $3.5 million);
 

 •
Fourth quarter of 2023 Non-GAAP operating loss of between $4 million and $6 million
 

 •
Fourth quarter of 2023 negative cash flow of between $5 million and $12 million;
 

 •
December 2023 total ARR*, including SECaaS ARR* and Support & Maintenance ARR*, is expected to be between $51 million and $53 million;
 

Management Comment
 
Erez Antebi, President & CEO of Allot, commented, “The macro-economic environment remains significantly challenging for Allot.  One of the consequences we are experiencing is the resulting added budget constraints of some of our potential customers which has had a negative effect on our business.
 
Last quarter, we announced a cost reduction plan which we are currently implementing, and consequently, we aim to reduce our yearly operating expenses in 2024.”
 
Q3 2023 Financial Results Summary
 
Total revenues for the third quarter of 2023 were $22.6 million, a decrease of approximately 10% compared to $25.0 million in the third quarter of 2022.
 
Gross profit on a GAAP basis for the third quarter of 2023 was $10.5 million (gross margin of 46.3%), a 36% decline compared with $16.4 million (gross margin of 65.4%) in the third quarter of 2022.
 
Gross profit on a non-GAAP basis for the third quarter of 2023 was $10.8 million (gross margin of 47.9%), a 36% decline compared with $16.8 million (gross margin of 67.2%) in the third quarter of 2022.
 
The gross margin level for both GAAP and non- GAAP basis in the current quarter was impacted by an unusually unfavorable product mix.
 
Net loss on a GAAP basis for the third quarter of 2023 was $12.4 million, or $0.32 per basic share, compared with a net loss of $12.9 million, or $0.35 per basic share, in the third quarter of 2022.
 
Net loss on a non-GAAP for the third quarter of 2023 was $10.8 million, or $0.28 per basic share compared with a non-GAAP net loss of $10.6 million, or $0.28 per basic share, in the third quarter of 2022.
 
Cash, short-term bank deposits and investments as of September 30, 2023, totaled $60.4 million, compared to $86.4 million as of December 31, 2022.
 
ARR - U.S. dollars in millions (Unaudited)
                    

                   
   
Dec. 2021
    
Dec. 2022
    
Dec. 2023 target
    
2022 vs. 2021
    
2023 (target) vs. 2022
  
Support & maintenance ARR *
    
42.0
      
42.5
      
39-40
      
1
%
    
(8)% -(6
)%
                                         
SECaaS ARR **
    
5.2
      
9.2
      
12-13
      
77
%
    
30%-41
%
                                         
Total ARR
    
47.2
      
51.7
      
51-53
      
10
%
    
(1)%-3
%
                                         
* Support & Maintenance ARR measures the current annual run rate of the support & maintenance revenues, which is calculated based on these expected revenues in the fourth quarter and multiplied by 4.
  
                                         
** SECaaS ARR measures the current annual run rate of the SECaaS revenues, which is calculated based on these expected revenues in the month of December and multiplied by 12.
  

# # #
 

Conference Call & Webcast:
 
The Allot management team will host a conference call to discuss its third quarter 2023 earnings results on November 22, 2023, at 8:30 am ET, 3:30 pm Israel time. To access the conference call, please dial one of the following numbers:
 
US:  1-888-642-5032, UK: 0-800-917-5108, Israel: +972-3-918-0610
 
A live webcast and, following the end of the call, an archive of the conference call, will be accessible on the Allot website at: http://investors.allot.com/index.cfm

About Allot

Allot Ltd. (NASDAQ: ALLT, TASE: ALLT) is a provider of leading innovative network intelligence and security solutions for service providers and enterprises worldwide, enhancing value to their customers. Our solutions are deployed globally for network and application analytics, traffic control and shaping, network-based security services, and more. Allot's multi-service platforms are deployed by over 500 mobile, fixed and cloud service providers and over 1,000 enterprises. Our industry leading network-based security as a service solution is already used by many millions of subscribers globally. Allot. See. Control. Secure.
 
For more information, visit www.allot.com
 
Performance Metrics

* Total ARR - Support & Maintenance ARR (measures the current annual run rate of support & maintenance revenues, which is calculated based on the revenues for the third quarter of 2023 and multiplied by 4) and SECaaS ARR (measures the current annual run rate of the SECaaS revenues), which is calculated based on the revenues in the month of September 2023 and multiplied by 12.
 
GAAP to Non-GAAP Reconciliation:
 
Non-GAAP net income is defined as GAAP net income after excluding stock-based compensation expenses, amortization of acquisition-related intangible assets, exchange rate differences related to revaluation of assets and liabilities denominated in non-dollar currencies, other acquisition-related expenses and changes in taxes related items.
 
These non-GAAP measures should be considered in addition to, and not as a substitute for, comparable GAAP measures. The non-GAAP results and a full reconciliation between GAAP and non-GAAP results is provided in the accompanying Table 2. The Company provides these non-GAAP financial measures because it believes they present a better measure of the Company’s core business and management uses the non-GAAP measures internally to evaluate the Company’s ongoing performance. Accordingly, the Company believes they are useful to investors in enhancing an understanding of the Company’s operating performance.
 
Safe Harbor Statement
 
This release contains forward-looking statements, which express the current beliefs and expectations of Company management. Such statements involve a number of known and unknown risks and uncertainties that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements set forth in such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: our accounts receivables, including our ability to collect outstanding accounts and assess their collectability on a quarterly basis; our ability to meet expectations with respect to our financial guidance and outlook; our ability to compete successfully with other companies offering competing technologies; the loss of one or more significant customers; consolidation of, and strategic alliances by, our competitors; government regulation; the timing of completion of key project milestones which impact the timing of our revenue recognition; lower demand for key value-added services; our ability to keep pace with advances in technology and to add new features and value-added services; managing lengthy sales cycles; operational risks associated with large projects; our dependence on fourth party channel partners for a material portion of our revenues; and other factors discussed under the heading "Risk Factors" in the Company's annual report on Form 20-F filed with the Securities and Exchange Commission. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
 
Investor Relations Contact:
EK Global Investor Relations
Ehud Helft
+1 212 378 8040
allot@ekgir.com
Public Relations Contact:
Seth Greenberg, Allot Ltd.
+972 54 922 2294
sgreenberg@allot.com
 


 
TABLE  - 1
ALLOT LTD.
AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except share and per share data)

   
Three Months Ended
    
Nine Months Ended
  
   
September 30,
    
September 30,
  
   
2023
    
2022
    
2023
    
2022
  
   
(Unaudited)
    
(Unaudited)
  
                         
Revenues
  
$
22,635
    
$
25,040
    
$
68,808
    
$
89,708
  
Cost of revenues
    
12,165
      
8,663
      
27,523
      
28,697
  
                                 
Gross profit
    
10,470
      
16,377
      
41,285
      
61,011
  
                                 
Operating expenses:
                                
Research and development costs, net
    
9,927
      
12,919
      
31,173
      
37,429
  
Sales and marketing
    
10,384
      
12,603
      
31,793
      
36,512
  
General and administrative
    
2,822
      
3,939
      
24,340
      
12,279
  
Total operating expenses
    
23,133
      
29,461
      
87,306
      
86,220
  
Operating loss
    
(12,663
)
    
(13,084
)
    
(46,021
)
    
(25,209
)
Financial and other income, net
    
775
      
471
      
2,554
      
1,338
  
Loss before income tax expenses
    
(11,888
)
    
(12,613
)
    
(43,467
)
    
(23,871
)
                                 
Tax expenses
    
473
      
319
      
988
      
1,421
  
Net Loss
    
(12,361
)
    
(12,932
)
    
(44,455
)
    
(25,292
)
                                 
 Basic net loss per share
  
$
(0.32
)
  
$
(0.35
)
  
$
(1.18
)
  
$
(0.69
)
                                 
 Diluted net loss per share
  
$
(0.32
)
  
$
(0.35
)
  
$
(1.18
)
  
$
(0.69
)
                                 
Weighted average number of shares used in
                                
computing basic net loss per share
    
38,173,533
      
37,198,187
      
37,782,281
      
36,702,045
  
                                 
Weighted average number of shares used in
                                
computing diluted net loss per share
    
38,173,533
      
37,198,187
      
37,782,281
      
36,702,045
  

TABLE  - 2
ALLOT LTD.
AND ITS SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP  CONSOLIDATED  STATEMENTS  OF  OPERATIONS
(U.S. dollars in thousands, except per share data)

   
Three Months Ended
    
Nine Months Ended
  
   
September 30,
    
September 30,
  
   
2023
    
2022
    
2023
    
2022
  
   
(Unaudited)
    
(Unaudited)
  
GAAP cost of revenues
  
$
12,165
    
$
8,663
    
$
27,523
    
$
28,697
  
 Share-based compensation (1)
    
(178
)
    
(291
)
    
(1,057
)
    
(810
)
 Amortization of intangible assets (2)**
    
(195
)
    
(152
)
    
(582
)
    
(456
)
Non-GAAP cost of revenues
  
$
11,792
    
$
8,220
    
$
25,884
    
$
27,431
  
                                 
 GAAP gross profit
  
$
10,470
    
$
16,377
    
$
41,285
    
$
61,011
  
 Gross profit adjustments
    
373
      
443
      
1,639
      
1,266
  
 Non-GAAP gross profit
  
$
10,843
    
$
16,820
    
$
42,924
    
$
62,277
  
                                 
 GAAP operating expenses
  
$
23,133
    
$
29,461
    
$
87,306
    
$
86,220
  
 Share-based compensation (1)
    
(1,163
)
    
(1,879
)
    
(6,177
)
    
(6,066
)
 Non-GAAP operating expenses
  
$
21,970
    
$
27,582
    
$
81,129
    
$
80,154
  
                                 
 GAAP financial and other income
  
$
775
    
$
471
    
$
2,554
    
$
1,338
  
 Expenses related to M&A activities (3)
    
15
      
-
      
43
      
-
  
 Exchange rate differences*
    
(47
)
    
32
      
(328
)
    
(357
)
 Non-GAAP Financial and other income
  
$
743
    
$
503
    
$
2,269
    
$
981
  
                                 
 GAAP taxes on income
  
$
473
    
$
319
    
$
988
    
$
1,421
  
 Changes in tax related items
    
(25
)
    
(25
)
    
(75
)
    
(75
)
 Non-GAAP taxes on income
  
$
448
    
$
294
    
$
913
    
$
1,346
  
                                 
 GAAP Net Loss
  
$
(12,361
)
  
$
(12,932
)
  
$
(44,455
)
  
$
(25,292
)
 Share-based compensation (1)
    
1,341
      
2,170
      
7,234
      
6,876
  
 Amortization of intangible assets (2)**
    
195
      
152
      
582
      
456
  
 Expenses related to M&A activities (3)
    
15
      
-
      
43
      
-
  
 Exchange rate differences*
    
(47
)
    
32
      
(328
)
    
(357
)
 Changes in tax related items
    
25
      
25
      
75
      
75
  
 Non-GAAP Net income (loss)
  
$
(10,832
)
  
$
(10,553
)
  
$
(36,849
)
  
$
(18,242
)
                                 
 GAAP Loss per share (diluted)
  
$
(0.32
)
  
$
(0.35
)
  
$
(1.18
)
  
$
(0.69
)
 Share-based compensation
    
0.03
      
0.06
      
0.19
      
0.19
  
 Amortization of intangible assets**
    
0.01
      
0.01
      
0.02
      
0.01
  
 Expenses related to M&A activities
    
0.00
      
-
      
0.00
      
-
  
Changes in taxes and headcount related items
    
-
      
-
      
-
      
0.00
  
 Exchange rate differences*
    
(0.00
)
    
(0.00
)
    
(0.01
)
    
(0.00
)
 Non-GAAP Net income (loss) per share (diluted)
  
$
(0.28
)
  
$
(0.28
)
  
$
(0.98
)
  
$
(0.49
)
                                 
Weighted average number of shares used in
                                
computing GAAP diluted net loss per share
    
38,173,533
      
37,198,187
      
37,782,281
      
36,702,045
  
                                 
Weighted average number of shares used in
                                
computing non-GAAP diluted net loss per share
    
38,173,533
      
37,198,187
      
37,782,281
      
36,702,045
  

* Financial income or expenses related to exchange rate differences in connection with revaluation of assets and liabilities in non-dollar denominated currencies.

 ** While amortization of acquired intangible assets is excluded from the measures, the revenue of the acquired companies is reflected in the measures and the acquired assets contribute to revenue generation.

TABLE  - 2 cont.
ALLOT LTD.
AND ITS SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP  CONSOLIDATED  STATEMENTS  OF  OPERATIONS
(U.S. dollars in thousands, except per share data)

   
Three Months Ended
    
Nine Months Ended
  
   
September 30,
    
September 30,
  
   
2023
    
2022
    
2023
    
2022
  
   
(Unaudited)
    
(Unaudited)
  
(1) Share-based compensation:
                           
      Cost of revenues
  
$
178
    
$
291
    
$
1,057
    
$
810
  
      Research and development costs, net
    
457
      
704
      
2,413
      
2,393
  
      Sales and marketing
    
408
      
727
      
2,178
      
2,259
  
      General and administrative
    
298
      
448
      
1,586
      
1,414
  
   
$
1,341
    
$
2,170
    
$
7,234
    
$
6,876
  
                                 
 (2) Amortization of intangible assets
                                
      Cost of revenues
  
$
195
    
$
152
    
$
582
    
$
456
  
   
$
195
    
$
152
    
$
582
    
$
456
  
                                 
 (3) Expenses related to M&A activities
                                
     Financial income
  
$
15
    
$
-
    
$
43
    
$
-
  
   
$
15
    
$
-
    
$
43
    
$
-
  

TABLE  - 3
ALLOT LTD.
AND ITS SUBSIDIARIES
CONSOLIDATED  BALANCE  SHEETS
(U.S. dollars in thousands)

   
September 30,
    
December 31,
  
   
2023
    
2022
  
   
(Unaudited)
    
(Audited)
  
             
ASSETS
            
CURRENT ASSETS:
            
Cash and cash equivalents
  
$
21,509
    
$
12,295
  
Short-term bank deposits
    
13,600
      
68,765
  
Restricted deposits
    
1,082
      
1,050
  
Available-for-sale marketable securities
    
24,221
      
4,293
  
Trade receivables, net (net of allowance for credit losses of $17,050 and $2,908 on September 30, 2023
    and December 31, 2022, respectively)
    
21,620
      
44,167
  
Other receivables and prepaid expenses
    
7,100
      
7,985
  
Inventories
    
14,039
      
13,262
  
Total current assets
    
103,171
      
151,817
  
                 
LONG-TERM ASSETS:
                
Severance pay fund
    
363
      
371
  
Operating lease right-of-use assets
    
3,382
      
5,387
  
Trade receivables, net
    
2,992
      
4,934
  
Other assets
    
1,198
      
864
  
Total long-term assets
    
7,935
      
11,556
  
                 
PROPERTY AND EQUIPMENT, NET
    
12,206
      
14,236
  
GOODWILL AND INTANGIBLE ASSETS, NET
    
34,514
      
35,344
  
                 
Total assets
  
$
157,826
    
$
212,953
  
                 
LIABILITIES AND SHAREHOLDERS' EQUITY
                
CURRENT LIABILITIES:
                
Trade payables
  
$
3,828
    
$
11,661
  
Deferred revenues
    
17,172
      
20,825
  
Short-term operating lease liabilities
    
1,999
      
2,542
  
Other payables and accrued expenses
    
20,327
      
25,573
  
Total current liabilities
    
43,326
      
60,601
  
                 
LONG-TERM LIABILITIES:
                
Deferred revenues
    
7,963
      
7,285
  
Long-term operating lease liabilities
    
645
      
2,579
  
Accrued severance pay
    
1,011
      
940
  
Convertible debt
    
39,723
      
39,575
  
Total long-term liabilities
    
49,342
      
50,379
  
                 
SHAREHOLDERS' EQUITY
    
65,158
      
101,973
  
                 
Total liabilities and shareholders' equity
  
$
157,826
    
$
212,953
  

TABLE  - 4
ALLOT LTD.
AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands)

   
Three Months Ended
    
Nine Months Ended
  
   
September 30,
    
September 30,
  
   
2023
    
2022
    
2023
    
2022
  
   
(Unaudited)
    
(Unaudited)
  
                         
Cash flows from operating activities:
                        
                         
Net Loss
  
$
(12,361
)
  
$
(12,932
)
  
$
(44,455
)
  
$
(25,292
)
Adjustments to reconcile net income to net cash used in operating activities:
                                
Depreciation
    
1,251
      
1,373
      
3,898
      
4,119
  
Stock-based compensation
    
1,341
      
2,171
      
7,234
      
6,877
  
Amortization of intangible assets
    
277
      
235
      
830
      
705
  
Increase in accrued severance pay, net
    
6
      
15
      
79
      
35
  
Decrease (Increase) in other assets
    
(140
)
    
143
      
(334
)
    
579
  
Decrease (Increase) in accrued interest and  amortization of premium on marketable securities
    
(260
)
    
36
      
(407
)
    
84
  
Changes in operating leases, net
    
(379
)
    
(421
)
    
(472
)
    
(984
)
Decrease (Increase) in trade receivables
    
9,600
      
367
      
24,489
      
(4,440
)
Decrease in other receivables and prepaid expenses
    
13
      
1,176
      
1,174
      
283
  
Decrease (Increase) in inventories
    
4,321
      
(420
)
    
(777
)
    
(1,584
)
Increase (Decrease) in trade payables
    
(5,633
)
    
3,050
      
(7,835
)
    
2,113
  
Decrease in employees and payroll accruals
    
(2,751
)
    
(295
)
    
(5,245
)
    
(2,258
)
Decrease in deferred revenues
    
(1,676
)
    
(4,284
)
    
(2,975
)
    
(3,155
)
Increase (Decrease) in other payables, accrued expenses and other long term liabilities
    
1,913
      
1,441
      
89
      
(82
)
Amortization of issuance costs of Convertible debt
    
50
      
50
      
148
      
121
  
Net cash used in operating activities
    
(4,428
)
    
(8,295
)
    
(24,559
)
    
(22,879
)
                                 
Cash flows from investing activities:
                                
Decrease (Increase) in restricted deposit
    
192
      
-
      
(32
)
    
380
  
Redemption of (Investment in) short-term deposits
    
16,465
      
2,000
      
55,165
      
(23,180
)
Purchase of property and equipment
    
(1,308
)
    
(1,579
)
    
(1,868
)
    
(4,135
)
Investment in available-for sale marketable securities
    
(16,111
)
    
-
      
(34,678
)
    
-
  
Proceeds from redemption or sale of available-for sale marketable securities
    
11,225
      
1,000
      
15,185
      
7,030
  
Net cash provided by (used in) investing activities
    
10,463
      
1,421
      
33,772
      
(19,905
)
                                 
Cash flows from financing activities:
                                
Proceeds from exercise of stock options
    
1
      
-
      
1
      
250
  
Issuance of convertible debt
    
-
      
-
      
-
      
39,404
  
Net cash provided by financing activities
    
1
      
-
      
1
      
39,654
  
                                 
Increase (Decrease) in cash and cash equivalents
    
6,036
      
(6,874
)
    
9,214
      
(3,130
)
Cash and cash equivalents at the beginning of the period
    
15,473
      
15,461
      
12,295
      
11,717
  
                                 
Cash and cash equivalents at the end of the period
  
$
21,509
    
$
8,587
    
$
21,509
    
$
8,587
  


Other financial metrics (Unaudited)
                                    
U.S. dollars in millions, except number of full time employees, % of top-10 end-customers out of revenues and number of shares
  
                                     
     
Q3-2023
          
YTD 2023
          
FY 2022
        
Revenues geographic breakdown
                                      
Americas
    
2.4
      
11
%
    
12.8
      
19
%
    
21.8
      
18
%
EMEA
    
15.6
      
69
%
    
41.7
      
61
%
    
71.2
      
58
%
Asia Pacific
    
4.6
      
20
%
    
14.3
      
20
%
    
29.7
      
24
%
     
22.6
      
100
%
    
68.8
      
100
%
    
122.7
      
100
%
                                                 
Revenue breakdown by type
                                                
Products
    
9.1
      
40
%
    
26.9
      
39
%
    
61.1
      
50
%
Professional Services
    
1.2
      
6
%
    
4.8
      
7
%
    
11.6
      
9
%
SECaaS (Security as a Service)
    
2.8
      
12
%
    
7.5
      
11
%
    
7.2
      
6
%
Support & Maintenance
    
9.5
      
42
%
    
29.6
      
43
%
    
42.8
      
35
%
     
22.6
      
100
%
    
68.8
      
100
%
    
122.7
      
100
%
                                                 
Revenues per customer type
                                                
CSP
    
17.9
      
79
%
    
55.4
      
81
%
    
98.3
      
80
%
Enterprise
    
4.7
      
21
%
    
13.4
      
19
%
    
24.4
      
20
%
     
22.6
      
100
%
    
68.8
      
100
%
    
122.7
      
100
%
                                                 
% of top-10 end-customers out of revenues
    
50
%
            
45
%
            
44
%
        
                                                 
Total number of full time employees
    
642
              
642
              
749
          
(end of period)
                                                
                                                 
Non-GAAP Weighted average number of basic shares  (in millions)
    
38.2
              
38.2
              
37.0
          
                                                 
                                                 
Non-GAAP weighted average number of fully diluted shares  (in millions)
    
40.6
              
40.1
              
39.5
          

SECaaS (Security as a Service) revenues- U.S. dollars in millions (Unaudited)
   
Q3-2023:
2.8
Q2-2023:
2.4
Q1-2023:
2.3
Q4-2022:
2.2
Q3-2022:
1.7
   
SECaaS ARR* (annualized recurring revenues)- U.S. dollars in millions (Unaudited)
   
Sep. 2023:
10.6
Dec. 2022:
9.2
Dec. 2021:
5.2
Dec. 2020:
2.7
   
*ARR: annualized recurring SECaaS revenues, calculated based on the monthly revenues multiplied by 12

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