Join our daily newsletter At The Bell to receive exclusive market insights
- Video technology company Atomos (AMS) has posted record half-year sales of $32.8 million as part of its H1 FY21 report
- Its earnings before interest, taxes, depreciation and amortisation (EBITDA) also tripled during the period to total $3 million
- The video technology company’s profits dropped despite the sales and EBITDA increase, totalling $14.7 million
- Looking ahead, Atomos expects the sales momentum to continue in H2 FY21 with new products on track to launch
- The video technology company has also flagged some changes to its leadership team, with Jeromy Young to move into a founder role
- Shares in AMS are trading up 13.4 per cent at $1.06
Video technology company Atomos (AMS) has posted record half-year sales of $32.8 million as part of its H1 FY21 report.
It’s a pleasing result for the business, as it represents a significant turnaround from the $11.8 million in sales generated in H2 FY20.
It’s also AMS’s best result on record, eclipsing the $32.6 million in sales the company recorded during H1 FY20.
Additionally, Atomos reports its earnings before interest, taxes, depreciation and amortisation (EBITDA) tripled during the period.
At the end of December, the EBITDA totalled $3 million — well up on the $1 million it posted at the same time last year.
The technology stock has credited the bump in sales to the accelerating adoption of Apple’s ProRes RAW as the global industry standard for video recording formats.
Looking ahead, Atomos expects the sales momentum to continue in 2H FY21 with new products on track to launch.
“The record results that we have delivered across all financial metrics, highlight the fact that we have emerged from COVID-19 as a leaner and more efficient business,” Executive Chairman Chris Tait said.
“Heading into 2H FY21 we have a solid tailwind of sales momentum which will be further enhanced by new RAW enabled cameras coming to market, the result
of substantial work by our product and development team, along with the roll-out of several new products including our streaming range,” he added.
The video technology company has also flagged some changes to its leadership team, with Jeromy Young to move into a founder role.
“With this new role I am very excited to be focusing my time on creating and developing new product and revenue ideas, getting back to more of what I used to do 10 years ago when Ian Overliese and I founded Atomos,” he said.
“Over the past year, we have significantly strengthened our management team, which now puts us in a position where others can take over the daily administrative duties, leaving me to focus solely on growing Atomos into a much more substantial global company,” Jeremy added.
Shares in Atomos have ended the day up 13.4 per cent at $1.06 each.
