Full Year 2026 Audinate Group Ltd Earnings Call Transcript
Key Points
- FY26 revenue and gross profit grew 15% in USD, at the upper end of guidance, with strong second-half momentum.
- Record 555 new Dante-enabled products launched and 137 design wins, indicating robust future revenue streams.
- Dante ecosystem expanded to over 8 million devices and 5,158 products, strengthening its network effect and competitive moat.
- Gross margin remained high at 82%, with expectations to maintain similar levels in FY27.
- Strategic realignment into three business categories (embedded components, installed products, software/services) is expected to drive focus and growth, with a leaner cost base benefiting FY27.
- Underlying EBITDA turned to a loss of $3.6 million in FY26, down from a positive $0.7 million in FY25, due to deliberate investments.
- Operating cash flow declined significantly to $1.2 million from $7.4 million, impacted by IRIS acquisition costs and restructuring.
- IRIS revenue is minimal ($200K) and not on track to meet earnout targets, with no clear path to profitability in FY27.
- The AV industry growth has slowed, and the corporate installation market remains weak, posing headwinds.
- Supply chain issues, including RAM and FPGA shortages, are increasing costs and requiring price increases, potentially impacting margins.
Good morning, everyone.
Thank you for joining our call today.
My name is Aidan Williams. I'm co-founder and CEO at Audinate. With me is Chris Rawlinson, our Chief Financial Officer and Nick Chris, our Chief Strategy Officer. So today, in the first part of the call today, we'll be talking through the investor presentation that accompanied our financial results.
And both of those were lodged with the ASX earlier today.
You can ask questions as usual at any time by typing them into the Q&A box. At the end of the presentation, we'll collate those questions and answer as many as we can in the time that we have available.
So before getting into the meat of the results part of the presentation, I would like to recognise that this year is the 20th anniversary of Ordinate as a company.
It's been a year to look back and to reflect on how far we've come and to remember the many people who have contributed to Ordinate's success over the years. There are so many to thank, but I
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