Ubiquiti Reports Record Q4 Revenues

By Bobby Samwell • Friday, August 23 08:05 • Permanent Link

Ubiquiti Inc. has reported its financial results for the fourth quarter and full fiscal year 2024. The company achieved record revenues of $507.5 million in the fourth quarter, representing an increase of 2.9% from the previous quarter and 3.3% from the same period last year. For the full fiscal year 2024, the company reported revenues of $1.9 billion, indicating a 0.6% decrease compared to the previous fiscal year.

The breakdown of revenues by product type shows that the enterprise technology platform drove the increase in revenues, while the service provider technology platform experienced a decrease in revenue compared to both the previous quarter and the same period last year.

The gross margin for the fourth quarter fiscal 2024 was reported at 40.2%, representing a 4.9% increase from the previous quarter and a 1.2% decrease from the same period last year. The full fiscal year 2024 gross margin was 38.4%, indicating a 0.8% decrease compared to the previous fiscal year.

Research and development (R&D) expenses for the fourth quarter fiscal 2024 amounted to $44.1 million, reflecting an increase from the previous quarter and the same period last year. The full fiscal year 2024 R&D expenses were $159.8 million, representing a $14.6 million increase from the previous fiscal year.

Sales, general, and administrative (SG&A) expenses for the fourth quarter fiscal 2024 were $21.7 million, showing an increase from the previous quarter and the same period last year. The full fiscal year 2024 SG&A expenses were $81.0 million, indicating a $10.0 million increase from the previous fiscal year.

The company reported a GAAP net income of $103.8 million and non-GAAP net income of $105.1 million for the fourth quarter fiscal 2024, marking a 0.1% and 0.3% increase, respectively, from the same period last year. The GAAP diluted earnings per share (EPS) for the fourth quarter were $1.72, consistent with the comparable prior year period, while the non-GAAP diluted EPS was $1.74, reflecting a 0.6% increase from the same period last year.

The market has reacted to these announcements by moving the company's shares -2.4% to a price of $176.63. For more information, read the company's full 8-K submission here.

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