A reliance on digital connectivity through the pandemic has seen rising adoption of audio tech from Audinate (ASX: AD8) as they see continued uptake of their transformational audio-visual solutions that are disrupting the need for traditional hardware devices.
Reporting revenue of USD $11.1 million (unaudited) for the half-year ending 31 December 2020, Audinate’s Dante® media networking solutions have been the driving force behind growth plans as a replacement for traditional analogue audio cables, revenue in line with the June half-year.
“Our first half revenue result is pleasing, yet we remain cautious of the near-term economic uncertainty associated with the ongoing impacts of COVID-19 around the world,” said Audinate CEO, Aidan Williams.
“However, our strong balance sheet has enabled us to remain focused on our medium-term strategic priorities.”
With Audinate firmly of the belief that their Dante audio technology (which enables high-speed and high-quality transmission through a standard ethernet cable) will transform the audio tech industry, they have expanded their team in the United Kingdom significantly. This has included the acquisition of a new video development team that will consist of 11 employees to be based in Cambridge and the recruitment of a Vice President of Strategic Partnerships in Cambridge to focus on corporate development and acquisition opportunities.
“The establishment of a dedicated video team significantly increases the level of video expertise and experience within Audinate and improves our ability to execute more swiftly on our video strategy,” added Williams.
In recent years, Dante has shown rapid adoption across the audio-visual industry where it is being adopted at 8x the rate of competitor products. Subsequently, products are now manufactured to be Dante-enabled and there are now more than 120,000 trained and certified Dante experts around the world.
Through FY20, Audinate generated AUD $30.3m in revenue for $2m EBITDA.