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Sonic Foundry (NASDAQ: SOFO) is a global leader in video capture, management, and webcasting solutions across education, business, and government sectors. With the patented Mediasite enterprise video platform, the company serves over 3,800 customers in 65 countries, transforming communication, training, education, and events.
Sonic Foundry has been recognized by Aragon Research, Frost & Sullivan, Forrester, and Gartner as a leader/challenger in various segments, showcasing their industry expertise and innovative solutions.
Recently, Sonic Foundry announced a definitive agreement with Enghouse Systems Limited for the acquisition of its Mediasite business, representing a significant development in the company's growth trajectory.
Sonic Foundry reported Q3 2021 revenues of $8.7 million, a 9% increase from $7.9 million in Q3 2020. The gross margin was $6.0 million (70% of sales), down from 73% a year earlier. The net income attributable to common stockholders was $2.6 million, including $2.3 million from a forgiven PPP loan. Year-to-date revenues reached $26.5 million, an 8% rise versus $24.6 million in 2020. Notably, cloud services revenue surged 34%, while event revenue increased 17%. The company also secured a $3 million line of credit to support growth initiatives.
Sonic Foundry (OTC: SOFO) announced securing a $3 million revolving credit facility with U.S. Bank National Association, effective from August 3, 2021. The facility offers a maximum availability of $3 million, with interest based on the one-month LIBOR plus 1.35%. CEO Joe Mozden Jr. emphasized that this funding supports Sonic Foundry's growth strategy by enabling investments in new markets and enhancing cloud and event services. The company is a leading provider in video management and hybrid events, serving over 5,200 clients in 65 countries.
Sonic Foundry, Inc. (OTC Pink Sheets: SOFO) announced the sale of 945,946 shares of common stock, raising net proceeds of $3,425,000. Major investors included chairman Mark Burish and the Roumell Opportunistic Value Fund. The funds will support the company’s strategy to enhance awareness and meet NASDAQ listing requirements, reversing a previous delisting decision. CEO Joe Mozden expressed gratitude for investor support and highlighted growth objectives. Sonic Foundry is a leader in video management solutions, serving over 5,200 clients globally.
Sonic Foundry (OTC: SOFO) CEO Joe Mozden Jr. participated in a virtual event hosted by GeoInvesting, discussing the future of video communication and its impact on education and organizations. He highlighted the significance of the company's Mediasite Video Platform in facilitating remote learning and collaboration. Mozden mentioned ongoing restructuring efforts aimed at positioning Sonic Foundry for substantial growth. The presentation is available for on-demand viewing, showcasing their commitment to innovation in streaming video technology.
Sonic Foundry's Mediasite Mosaic has been recognized as a finalist in The EdTech Awards for its innovation in hybrid learning and remote work. This one-click desktop app allows users to create and manage videos easily, enhancing educational engagement. Since its launch in June 2020, Mosaic has won five awards and significantly contributed to a 10-fold increase in video production during the pandemic, with over 11 million videos created. The EdTech Awards highlight effective educational solutions, reflecting the app's growing impact in the education sector.
Sonic Foundry has launched Mediasite 8, enhancing video creation and management for hybrid work environments. Key features include improved video storage, advanced encoding for quality playback, and integration with platforms like Microsoft Teams and Zoom. The update offers greater control for content owners, supports third-party streaming, and introduces accessibility options. With an average of 1 million video views per month among users, this release aims to meet the growing demand for effective digital communication.
Sonic Foundry (OTC: SOFO) will host its annual shareholders meeting on June 24, 2021, at 9 a.m. CDT via its Mediasite platform.
CEO Joe Mozden Jr., CFO Ken Minor, and Chairman Mark Burish will present, followed by a live Q&A session.
Investors can register to attend or view an on-demand recording by visiting sonicfoundry.com/shareholder.
Shareholders can vote electronically, with options available until the meeting concludes.
Sonic Foundry (OTC: SOFO) reported its fiscal 2021 second quarter results with revenues of $8.7 million, matching last year's performance despite ongoing COVID-19 impacts. The gross margin was 70%, slightly down from 72% in Q2 2020. Notably, the company achieved a net income of $257,000 ($0.03/share), improving from $95,000 ($0.01/share) in the previous year. Year-to-date, revenues are at $17.9 million, a 7% increase from last year. Sonic Foundry highlighted a 42% growth in hosting revenue, reflecting its strategic pivot towards video hosting and hybrid events.
Sonic Foundry (OTC: SOFO) announced the appointment of two new board members, Taha Jangda and William St. Lawrence, following the retirement of David Slayton and Gary Weis. CEO Joe Mozden Jr. expressed gratitude to the outgoing members and highlighted the new directors' extensive experience in technology and capital markets, which he believes will drive sustainable growth. Jangda's background includes roles in healthcare startups and ventures, while St. Lawrence's experience spans legal and business development in technology sectors. The company aims to enhance its leadership to support growth initiatives.
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