- Video technology company Atomos (AMS) has beat its sales guidance for the first half of the 2021 financial year, netting $32.6 million in unaudited sales
- The business also ended the half-year period cash flow positive and with a positive earnings before interest, tax, depreciation, and amortization (EBITDA)
- The bump in sales comes despite the COVID-19 restrictions which have been enacted across the Northern Hemisphere
- Atomos believes the establishment of Apple ProRes RAW as the new industry standard format for RAW video capture has also helped its results
- The company's share price has jumped over 10 per cent since the announcement of the half-year results
- Shares in AMS are now trading at $1.09, up 11.2 per cent
Atomos (AMS) has released a trading update, revealing it beat its previous sales guidance for the first half of the 2021 financial year.
The video technology company netted $32.6 million in unaudited sales over the period, well above its guidance of $28 million.
Comparatively, the business made $11.8m in the second half of the 2020 financial year and the same amount, $32.6 million, in the 1H FY20.
Along with the jump in sales, Atomos ended 1H FY21 cash flow positive and with positive earnings before interest, tax, depreciation, and amortization (EBITDA).
It also sucessfully launched the new Neon range, targeting the entertainment market, during the period — racking up $1 million worth of initial sales
AMS credits the overall sales results to the establishment of Apple ProRes RAW as the new industry standard format for RAW video capture.
Atomos' Executive Chairman Chris Tait said the results were especially pleasing, considering the COVID-19 restrictions which have been enacted across the Northern Hemisphere.
"We are very happy with the company’s performance. The marked recovery in sales from the first half of the calendar year 2020 has resulted in us equalling our record performance for a six-month period," he said.
"The fact that this has been achieved in such trying circumstances, with reduced resources and lower costs is both an indication of relevance and value of our products to our customers and a testament to the remarkable Atomos team," he added.
Investors also appear to be pleased with the results, with the company's share price jumping over 10 per cent since the announcement.
Shares in AMS are now trading at $1.09, up 11.2 per cent at 12:41 pm AEDT.