Audiovisual technology developer Audinate Group Ltd (ASX:AD8) said strong US sales of products for its Dante platform had driven up revenues by 28.4% (to US$60 million) during the 2024 financial year, leading to a record figure for its gross profit.
Audinate said profits for the fiscal year were up 33.2% to US$44.5 million compared to the previous reporting period. Net profit before tax came in at $12.1 million, up from $1.4 million in FY2023.
The revenue figure reflected an increase of 34.1% in Dante units delivered, while notable growth was seen in the recovery of shipments of Ultimo chips – with these being up 70%.
The earnings figure for 2024 also increased significantly from the previous year: EBITDA (earnings before interest, taxes, depreciation, and amortization) was up 85% to A$20.4 million.
A beneficial shift in products being sold and lower costs associated with Brooklyn modules also led to Audinate recording an overall gross margin increase to 74.3% for FY24, improving from 71.8% in the first half of the year.
Dante – a technology platform which distributes digital audio and video signals over computer networks – comprises software and chips, cards and modules that are sold to and integrated inside the AV products of its original equipment manufacturer customers.
Audinate said revenue from Dante IP Core & Dante Embedded Platform software was up more than 75% in both cases, while sales of Dante Via & Dante Virtual Sound Card to AV
professionals grew more than 45%.
Co-founder and CEO Aidan Williams said the period was one in which many achievements had been made.
“I am incredibly proud of the exceptional financial results that our entire team at Audinate has worked so diligently to achieve,” he said.
“The operating leverage in the cost base continues to be evident in the percentage of incremental revenue that converts into EBITDA.
“On the technology front, we’ve made significant strides in video, and I’m thrilled
about the strategic opportunities we’ve unlocked with the launch of Dante Director.”
The price of Audinate shares has moved up on the report, and at 12:11 AEST, they were trading at $10.52, a rise of 11.32% since the market opened.