Genasys, Inc. Provides Second Update on Puerto Rico Dams Early Warning System Project
Construction on First Nine Dam Sites Underway
Genasys Inc. (NASDAQ:GNSS), the global leader in Protective Communications, today provided updated information related to the previously announced $75 million contract to provide the Puerto Rico Electric Power Authority (PREPA) with an Emergency Warning System (EWS) to protect residents and visitors downstream of the island's 37 dams. Since our last update in May, significant progress has been made on the project. The full deposit for the third group of dams has been received, and physical construction is underway on 9 of the 19 dams with design approval. Essentially all hardware necessary for the first two groups has been delivered to the island. Based on preliminary projections of percentage-of-completion accounting, Genasys recognized $5.6 million of project related revenue in fiscal 2025 year to date.
"With the third group's deposit fully paid, Genasys is now able to proceed unabated on delivering the EWS to the island, protecting citizens and visitors to Puerto Rico downstream of the first 19 dams," said Richard Danforth, CEO of Genasys, Inc.
The first group of dams is clustered in the hills around San Juan, the capital city of Puerto Rico. This group includes six dams that will require dozens of cameras and sensors to be placed around the dams and then integrated into the Genasys EWS. 50 sites are planned for outdoor speaker and communication arrays. To proceed, some local endorsements need to be secured, and some site locations require additional permitting. Construction is underway on all six dams in the first group, and most of the local endorsements have been secured. All the hardware and equipment necessary to complete this group is on the island or in transit. As a result, the first dam's implementation has been completed with PREPA officials already providing sign off on the dam's system as well as the software that will be utilized across all seven groups.
The second group is smaller and includes three dams located above Cayey, Patillas, and Guayama. Designs and permitting on these dams has been managed by PREPA, and EWS construction is underway on all three dam sites.
The third group is the largest and most complex of the seven groups in the project. It includes more than 10 dams and will require the installation of 50 outdoor speaker arrays and over 100 sensors and cameras. Permitting and local endorsements are actively being pursued. With the deposit received, final procurement and manufacturing of materials can be completed. EWS construction on the third group of dams is expected to begin later this month.
This update has been provided with the intent of informing investors of the progress of this significant contract, though no obligation or commitment to further update progress exists.
About Genasys Inc.
Genasys Inc. (NASDAQ:GNSS) is the global leader in Protective Communications. Incorporating the most comprehensive portfolio of preparedness, response, and analytics software and hardware systems, including the Company's Long Range Acoustic Device® (LRAD®), the Genasys Protect platform is designed around one premise: ensuring organizations and public safety agencies are Ready when it matters™. Protecting people and saving lives for over 40 years, Genasys covers more than 155 million people in all 50 states and in over 100 countries worldwide. For more information, visit genasys.com.
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