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SeaChange Intl Inc (NASDAQ: SEAC) delivers cutting-edge video streaming solutions for global media enterprises. This dedicated news hub provides investors and industry professionals with essential updates about the company's technological advancements and market position.
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SeaChange International reported fiscal Q3 2023 results with total revenue of $8.3 million, reflecting a 13% sequential and 16% year-over-year growth. Services revenue significantly rose by 41% sequentially and 68% year-over-year to $6.1 million. Gross margin improved to 62% from 52% in Q3 2022. The company achieved positive non-GAAP net income for the second consecutive quarter, driven by new contracts, including a partnership with Fox Sports Mexico for their streaming service. Cash balance stood at $14.5 million with no debt.
SeaChange International (NASDAQ: SEAC) has partnered with FOX Sports Mexico to power its new streaming service using the StreamVid™ platform. The collaboration aims to enhance monetization through flexible subscription packages and targeted advertising, while improving the user experience across all major devices. FOX Sports Mexico, known for its extensive sports content, reaches over 15 million homes and is looking to retain and expand its customer base. The solution is designed to support rapid subscriber growth and high-quality service delivery, ensuring fans have immediate access to a wide range of sports programming.
SeaChange International (NASDAQ: SEAC) is scheduled to hold a conference call on December 12, 2022, at 4:30 p.m. Eastern time to discuss its financial results for Q3 2022, ending October 31. The call will be followed by a Q&A session, with stakeholders invited to submit questions in advance. SeaChange, a leader in video delivery and streaming solutions, has nearly three decades of experience delivering premium video software globally, helping clients monetize content and enhance advertising revenues.
SeaChange International (NASDAQ: SEAC) announced an expansion of services for Grupo TVCable, Ecuador's leading cable provider, to stream FIFA World Cup Qatar 2022. The Operator TV Platform will enable Grupo TVCable to offer Xtrim service, featuring live matches, highlights, and interviews, enhancing viewer engagement. The service is designed to increase user retention and attract new customers through flexible subscription packages and targeted advertising. SeaChange's platform will also ensure scalability to manage increased subscriber loads during the event.
SeaChange, a leading provider of video delivery and streaming platforms, reported a 12% year-over-year revenue increase to $7.3 million for fiscal 2Q 2023. This marks a 9% sequential rise, supported by growth in both product and service revenues. The company achieved a 65% gross margin, up 200 basis points year-over-year. Despite a GAAP net loss of $6.5 million, non-GAAP income demonstrated a turnaround with a slight profit. With $14.3 million in cash and no debt, SeaChange is focused on expanding its SaaS-based services and capturing opportunities in streaming and digital advertising.
DISH Media has launched a groundbreaking programmatic ad solution, the National Linear Programmatic (NLP), enabling real-time access to premium linear TV inventory across its 7+ million households. Developed with partners SeaChange International and Beachfront, NLP offers advertisers a fully automated buying process, enhancing flexibility in ad-buying.
This innovation aligns with the evolving television marketplace, optimizing ad yield and allowing marketers to execute linear and digital buys simultaneously.
SeaChange International (NASDAQ: SEAC) has announced a partnership with Source Digital, Inc. to enhance monetization options for video and metaverse content. This collaboration focuses on utilizing Source's innovative technology to create immersive user engagements through Source Activated Moments (SAMs), aiming to improve advertising effectiveness on connected TVs. The first commercial application will leverage SeaChange's StreamVid platform and Source's network for interactive content delivery across both OTT and metaverse environments. This initiative promises to enrich viewer experiences and optimize ad inventory value.
SeaChange International, Inc. (NASDAQ: SEAC) will hold a conference call on September 12, 2022, at 4:30 p.m. ET to discuss its second-quarter financial results ending July 31, 2022. A press release with detailed financial results will be issued prior to the call. Interested parties can submit questions in advance via email. The call can be accessed through U.S. dial-in numbers or internationally, and will be available for replay on the company's investor relations website.
SeaChange International (NASDAQ: SEAC) has promoted Chris Klimmer from Chief Revenue Officer to President, effective August 17, 2022. This strategic move aims to enhance the company's focus on becoming a leading AdTech provider in Linear TV, streaming, and Connected TVs through FAST channel technology. Under Klimmer's leadership, SeaChange achieved a 33% year-over-year revenue growth in Q1 FY2023 and plans to leverage its software team's capabilities to maximize video revenues. The company emphasizes expanding its core business with Tier 1 cable customers and creating new recurring revenue streams.
SeaChange International, Inc. (NASDAQ: SEAC) announced the deployment of its Advanced Advertising Platform with two partners in North America, aiming to enhance video ad revenues for both Linear TV and streaming services. The platform integrates targeted advertising capabilities and programmatic sales technology, optimizing revenue for cable TV and streaming operators. Partners Armstrong and BEAM are set to launch their advertising initiatives in Q3 FY2022, leveraging SeaChange's technology to ensure revenue parity and meet strategic ad insertion goals in a shifting industry landscape.
