SeaChange Registers 67% Revenue Growth In Q4 Backed By Tier 1 Operator Deal

• Video delivery, advertising, and emerging streaming platforms provider SeaChange International Inc (NASDAQ:SEAC) reported fourth-quarter FY22 revenue growth of 67% year-on-year to $8.6 million.
• Product revenue was $5.2 million, and Service revenue was $3.4 million.
• The gross margin expanded by 1,100 bps to 66%.
• The non-GAAP income from operations improved to $1.2 million from $(3.5) million in Q4 FY21.
• SeaChange held $17.5 million in cash and equivalents.
• "We wrapped up our fiscal 2022 on a high note, generating 20% sequential revenue growth and positive non-GAAP operating income, as we benefitted from a $2 million one-time Tier 1 operator deal," said CEO Peter D. Aquino. "Additionally, in April, we signed an exciting software development agreement with VIDAA for their FAST channel and AVOD solution for its growing business."
• Price Action: SEAC shares traded higher by 7.23% at $1.26 on the last check Friday.