- Atomos (AMS) Q4 results boost FY22 unaudited revenue to in excess of $82 million
- The company saw its strongest sales in the fourth quarter of the year with more than $37.5 million made, a 37 per cent increase on the prior corresponding period
- It follows a dismal third quarter which saw sales plunge more than 80 per cent, pushing AMS to downgrade its forecasted FY22 guidance to between $80-$90 million
- CEO Trevor Elbourne says following the record sales in Q4, the company is looking forward to a strong FY23
- Shares are up 44.4 per cent trading at 32.5 cents at 3:40 pm AEST
Video technology company Atomos’ (AMS) share price skyrocketed today after the company announced record sales results for the 2022 financial year.
Unaudited revenue for FY22 is in excess of $82 million, up 4.3 per cent on the prior corresponding period.
However, the year wasn’t all smooth sailing as sales plunged 80 per cent to $3.6 million in the March quarter, down from $18.5 million in the third quarter of FY21.
Atomos blamed the Q3 result on a change to its marketing approach and lower promotional activity.
The impact to sales saw the company scale back its forecasted FY22 revenue guidance from more than $95 million to between $80 to $90 million.
In an attempt to rectify the issues it was facing, Atomos corrected its marketing approach and at the same time launched its cloud strategy.
This saw a boost in sales, with $37.5 million recorded for quarter four, a 37 per cent jump on the prior corresponding period and the strongest quarter for sales across FY22.
CEO Trevor Elbourne said following the record sales in Q4, the company is looking forward to a strong FY23.
“Given the challenges we faced through the year, including supply chain difficulties, disruption to tried and proven marketing strategies and leadership changes, it is a testament to the entire team that we have been able to deliver this growth despite those challenges”.
“I want to thank the team for all their hard work, and I am looking forward to a strong FY23 with our new pipeline of cloud enabled products”.
Shares were up 44.4 per cent trading at 32.5 cents at 3:40 pm AEST.