Sonic Foundry - SOFO STOCK NEWS

Sonic Foundry, Inc. (SOFO) announced its 2023 fiscal third-quarter financial results, reporting a total revenue of $5.8 million, a gross margin of 57%, and a net loss of $7.9 million. The company highlighted its shift from hardware devices to other video capture methods, as well as investments in cloud infrastructure and software development. CEO Joe Mozden, Jr. expressed confidence in the company's long-term strategy and emphasized the positive trends in customer transition to multi-year contracts and the growth of new ventures like Vidable® and Global Learning Exchange™.

Sonic Foundry's Vidable business will partner with its Video Solutions business to develop AI solutions for the events market. The partnership aims to mine video captured at live conferences for insights that help sponsors understand attendee sentiment and improve conference experiences. Vidable has already sold over a million hours of AI transformations for enterprise video and is expanding its business globally.

Sonic Foundry (NASDAQ: SOFO) has partnered with EC-Council University to offer Global Learning Exchange students access to prestigious cyber security certification programs. These certifications, including Certified Ethical Hacker and Certified Network Defender, are recognized by organizations such as the U.S. National Security Agency (NSA). The partnership aims to address the skills gap in the cybersecurity workforce by providing essential training for careers in this rapidly growing field. Sonic Foundry's CEO emphasized the importance of future-oriented education, while ECCU aims to equip students with in-demand skills.

Sonic Foundry (NASDAQ: SOFO) has announced its annual shareholders meeting scheduled for 9 a.m. CST on March 10. CEO Joe Mozden will highlight the company's 2022 achievements, including the launch of three new business units: Global Learning Exchange, Vidable, and Video Solutions. The hybrid meeting format allows participants to join in-person at the company’s headquarters in Madison, WI or virtually via Mediasite Connect. Shareholders can vote electronically until 9:30 a.m. CST on March 10.

Sonic Foundry, Inc. (NASDAQ: SOFO) reported consolidated financial results for its fiscal first quarter ending December 31, 2022, showing total revenue of $5.0 million, down from $7.3 million year-over-year. This decline was attributed to client delays in renewals, foreign currency impacts, and supply chain disruptions. The gross margin decreased to 61% from 71%, and net loss increased to $0.38 per diluted share from $0.17. Adjusted EBITDA fell to negative $2.9 million from negative $1.1 million. Despite the challenges, management remains optimistic about their strategic focus on growth initiatives like Vidable™ and Global Learning Exchange, aiming for profitability by 2024.

Sonic Foundry (NASDAQ: SOFO) announced a partnership with CTI Meeting Technology to offer integrated content management solutions for global event organizers. This collaboration combines CTI's cOASIS platform with Sonic Foundry's video services, providing a comprehensive solution for managing abstracts, presentations, and video content. The integrated approach simplifies workflows, allowing for a rapid delivery time of on-demand event videos within one hour. This partnership aims to streamline event organization in the growing hybrid event landscape.

Sonic Foundry, Inc. (NASDAQ: SOFO) reported Q4 and fiscal year results for 2022. Total revenue for Q4 was $6.5 million, down from $8.6 million a year earlier, attributed to lower hardware sales and industry challenges. The net loss per share rose to $0.25, against a profit of $0.06 in Q4 2021. Annual revenues decreased by 22% to $27.5 million, with a net loss of $7.1 million versus a profit of $3.1 million in 2021. Despite setbacks, management remains optimistic about new growth initiatives and strategic investments for future profitability.

Sonic Foundry (NASDAQ: SOFO) has introduced Video Solutions, a new business unit focusing on comprehensive video services for enterprises and events. This initiative evolves existing offerings and caters to the growing demand for effective video management as organizations adapt to remote and hybrid work environments. Video Solutions provides innovative tools, including AI-supported editing and analytics, to optimize video strategies. The unit aims to enhance operational efficiency and maximize the value of video content for its clients.