Why Are Alarum Technologies (ALAR) Shares Rising Today - Alarum Technologies (NASDAQ:ALAR)

Alarum Technologies Ltd. ALAR reported first-quarter FY23 revenues of $5.68 million, beating the consensus estimate of $5.31 million. Revenues increased 41.2% year over year.
The company reported a Q1 EPS loss of $(0.02), beating the analyst estimate of $(0.25) loss.
The growth is attributed to the organic increase in enterprise access business revenues.
Gross profit rose 77.2% to $3.75 million, compared with $2.12 million a year ago.
Net loss narrowed on year to $(689,000), compared with a net loss of $(4.73) million a year ago.
The company achieved positive operating cash flow and Adjusted EBITDA, for the first time, of $0.06 million, up from an Adjusted EBITDA loss of $3.2 million last year.
"As our enterprise access solutions continue to scale, we believe that we are well positioned for continuous success," said Shachar Daniel, Chief Executive Officer of Alarum.
"With another solid quarter behind us and sufficient financial resources to support our growth initiatives, we believe that we remain on path to profitability," he added.
The company exited Q1 with cash and equivalents worth $4.2 million.
Further to Alarum's February 22, 2023, announcement regarding an investigation into potential illegal short selling of its American Depository Shares, the company continues to assess suspicious trading activity and will take appropriate corrective actions.
Price Action: ALAR shares are trading higher by 18.4% at $3.73 premarket on the last check Tuesday.

Why Are Alarum Technologies Shares Rising Today