Seachange Intl Inc - SEAC STOCK NEWS

SeaChange International promotes Chris Klimmer to President, CEO, and Board member, recognizing his role in the company's operational and financial turnaround. Klimmer has achieved double-digit revenue growth and positive non-GAAP EBITDA for the first time in nearly a decade. He has strengthened customer engagements, expanded the product and services portfolio, and secured new Tier 1 logos globally. Klimmer plans to leverage advancements in AI and Web 3.0 to maximize revenue opportunities and capitalize on trends like interactive personalized advertising and metaverse experiences.

SeaChange International, Inc. adopts Tax Benefits Preservation Plan to protect and preserve its net operating loss carryforwards and other tax assets. The Company had US federal NOLs of approximately $131 million as of January 31, 2023. The Plan is similar to the previous one and aims to prevent an 'ownership change' that could limit the use of NOLs. The Board declared a dividend of one preferred share purchase right on each outstanding share of Common Stock. The Rights will become exercisable if any person or group acquires 4.9% or more of Common Stock. The Rights entitle holders to purchase additional shares at a discount, resulting in dilution to the Acquiring Person. The Rights will expire on August 16, 2024.

SeaChange International, Inc. has announced its decision to deregister its common stock with the SEC and delist it from Nasdaq. The company aims to save money and focus on its standalone plan, which it believes will generate more value for its stockholders. The voluntary delisting is expected to save SeaChange over $3 million annually. The company will continue to be quoted on the OTC Expert Market.

SeaChange International reported a strong fiscal fourth quarter and full year ended January 31, 2023, with revenue increasing 23% sequentially and 19% year-over-year to $10.2 million, marking the highest quarterly revenue in three years. Gross margin expanded to 73%, also the highest in three years. The company generated $1.7 million in GAAP net income and adjusted EBITDA of $1.7 million. For the full year, total revenue surged 19% to $32.5 million, mainly driven by software development projects and ConnectedTV license sales. Additionally, SeaChange closed renewals with major operators, launched a cloud-based content monetization platform, and partnered with VIDAA for a new streaming solution. The company ended the quarter with $14.7 million in cash and equivalents.

SeaChange International (NASDAQ: SEAC) announced a conference call on April 5, 2023, at 4:30 PM ET to discuss its financial results for Q4 and the full year ended January 31, 2023. The results will be released prior to the call. Interested participants can submit questions in advance via email. The call will also be available for live broadcast and subsequent replay through the company's investor relations website. SeaChange is a provider of video delivery and streaming solutions, helping operators and content owners manage and monetize their video content effectively.

SeaChange International has partnered with VIDAA to develop VIDAA Free, a new ad-supported streaming platform available on millions of smart TVs, particularly from Hisense. Launched in the US on February 7, 2023, VIDAA Free offers video on demand (VOD), live linear content, and advertising-supported programming. This service meets the growing trend of consumers shifting from cable to free streaming options. Utilizing SeaChange's Xstream™ technology, VIDAA Free enhances content monetization through advertising. The platform aims to expand globally later in 2023, marking a significant evolution in content consumption on connected TVs.

SeaChange International, Inc. (NASDAQ: SEAC) has announced the launch of its Xstream platform, set to debut on January 6, 2023. This cloud-based content monetization solution is designed to help TV manufacturers and content owners maximize advertising revenue on Connected TVs (CTVs). As consumer preferences shift from traditional TV to streaming, the Xstream platform aims to enhance content aggregation, enabling targeted ad insertion while providing a top-tier user experience. The platform signifies SeaChange's commitment to the FAST and CTV markets.