SeaChange International Inc. (SEAC) stock gained by 4.24% at the last close while the SEAC stock price plunged by 9.76% in the after-hours trading session after SEAC announced its fiscal Q1 2022 financial results. SeaChange International provides live TV and video on demand (VOD) to millions of end consumers globally through hundreds of cloud and on-premises services.
Yesterday, SeaChange International released its first quarter fiscal 2022 financial results. The financial outcomes of SEAC are stated below:
- In the first quarter of fiscal 2022, total revenue was $5.1 million, compared to $5.1 million in Q4 fiscal 2021. Product revenue increased to $1.6 million in Q1 fiscal 2022, up from $1.4 million in the fourth quarter fiscal 2021. Service revenue was $3.4 million in the first quarter of fiscal 2022, down from $3.7 million in the Q4 fiscal 2021.
- At $20.1 million, revenue backlog remained solid at the conclusion of the quarter.
- In the first quarter of fiscal 2022, net profit was $2.8 million, relative to $2.8 million in the fourth quarter of fiscal 2021.
- Total operational expenditures fell to $6.6 million in the first quarter of fiscal 2022, down from $7.3 million in the Q4 fiscal 2021.
- The GAAP loss from operations was $3.8 million, a decrease from the $4.4 million loss from operations in the Q4 of fiscal 2021.
- GAAP net loss for the first quarter of fiscal 2022 was $4.1 million, or $(0.10) per basic share, down from $4.4 million, or $(0.12) per basic share, in the fourth quarter of fiscal 2022.
- Non-GAAP loss calculated from operations for the first quarter of fiscal 2022 was $2.8 million, down from $3.5 million, in the fourth quarter of fiscal 2021.
Robert Pons, SeaChange’s Executive Chairman stated,
SeaChange is at the heart of the video industry’s shift to OTT video streaming services and distribution to billions of end consumers across the world. SEAC’s strong competitive position, market dynamics, and past success give them the reason to believe fiscal 2022 will be a year of growth and development. Longer term, they anticipate that the effective implementation of their strategic roadmap will result in sustained growth and profitability in the coming years.