Benzinga | May 11, 2021 10:31AM EDT

Allot Misses Q1 Revenue, FY21 Revenue Guidance Falls Short

* Allot Ltd (NASDAQ: ALLT) reported first-quarter FY21 revenue growth of 6% year-on-year to $31.2 million, missing the analyst consensus of $31.92 million.

* Revenue from Americas amounted to $5.1 million, EMEA $20.2 million, and the Asia Pacific $5.9 million.

* Revenue from Products amounted to $17.8 million, Professional Services $4.1 million, and Support & Maintenance $9.3 million.

* CSP generated $22.8 million in revenue, and Enterprise customers generated $8.4 million.

* Non-GAAP gross margin contracted 470 basis points to 70.1%.

* Non-GAAP net loss was $2.2 million, with an adjusted EPS loss of ($0.06), beating the analyst consensus of ($0.12) loss.

* The company held $103.2 million in cash and equivalents and generated $5.7 million in operating cash flow.

* Guidance: Allot sees FY21 revenue guidance of $145 million-150 million, below the analyst consensus of $151.53 million. It expects a recurring security revenue guidance of $6 million in FY21 and $25 million in FY22.

* The company was satisfied with its first major penetration into the US market and DISH Network Corp (NASDAQ: DISH) partnership to secure their 5G network, CEO Erez Antebi said.

* The deal, along with Dish's intent to sign an additional deal with Allot to launch network-based security services to their customers, indicated the importance of security to 5G networks and customers worldwide, Antebi said.

* Price action: ALLT shares traded lower by 3.61% at $17.35 on the last check Tuesday.