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Vislink Reports Fourth Quarter and Full Year 2023 Financial and Operational Results - UpdateCompany Achieves 75% Year-Over-Year Revenue Growth in MilGov Markets for 2023 Mt. Olive, NJ, April 01, 2024 (GLOBE NEWSWIRE) -- Vislink Technologies, Inc. (“Vislink” or the “Company”) (Nasdaq: VISL), a global technology leader in the capture, delivery, and management of high-quality, live video and associated data in the media and entertainment, public safety, and defense markets, today reported results for the fourth quarter and full year ended December 31, 2023. The Company will file the Form 10-K with the Securities and Exchange Commission by April 16, 2024. Fourth Quarter 2023 and Recent Operational Highlights
Management Commentary “2023 marked a pivotal year for Vislink, as we laid the groundwork for accelerated revenue growth and cash flow neutrality in 2024,” said Vislink CEO Mickey Miller. “During the year, we significantly advanced our presence in the expanding AVDS market, as evidenced by a 75% year-over-year revenue growth in the MilGov space. In September, we finalized the strategic acquisition of BMS assets, marking a significant step forward in expanding our reach within the MilGov market, especially in EMEA. This move has quickly demonstrated its value, as evidenced by a substantial order we’ve recently secured in the region. BMS’s customer base complements our AVDS solutions perfectly, significantly broadening our market reach and growth potential in the coming years. Additionally, the launch of Air-to-Anywhere™ in our AVDS platform, which integrates AI for advanced analytics, has opened new avenues for developing recurring revenue by offering in-depth data insights to customers. This milestone is part of a broader success story, as we also saw our high-margin software and services revenue climb above 10% of total revenue in 2023, exceeding our goal set at the beginning of the year. “In parallel, Vislink has undergone a significant transformation over the past two years, streamlining our operations to enhance efficiency and profitability. We’ve consolidated and outsourced manufacturing, simplified our product lineup, and improved the coordination between our sales and manufacturing teams. These steps have not only improved our operating efficiency and flexibility, leading to profitability improvements in 2023, but they also set us on a path to positive cash flow. Our accelerated MilGov sales, combined with increasing software and services sales and operating leverage, are expected to drive robust growth, aiming to be cash flow positive in 2025. “Vislink entered 2024 in a strong position, with a $48 million weighted sales pipeline. As we move into the second quarter, we have our highest backlog since the pandemic, giving us ample opportunity for growth in 2024. Our operational improvements have set the stage for us to capitalize on these opportunities, complemented by a notable increase in year-over-year bookings at the start of the year. We are actively driving software and services sales, and our latest innovations (AeroLink, Aero5, LiveLink, and LinkMatrix) are receiving positive market response. With these efforts and innovations, we believe Vislink is well-prepared for a strong year of growth.” Fourth Quarter 2023 Financial Results
Full Year 2023 Financial Results
Conference Call Management will host a conference call today, April 1, 2024, at 8:30 a.m. Eastern Time to discuss its financial results for the fourth quarter and full year ended December 31, 2023. Vislink management will host the presentation, followed by a question-and-answer period. Toll-Free Number: 1-833-953-2432 Please register online at least 10 minutes before the start time (although you may register, dial in, or access the webcast anytime during the call). If you have difficulty registering or connecting to the conference call, please contact Gateway Group at 949-574-3860. The conference call will be broadcast live here and available for replay via the Investor Relations section of Vislink’s website. A replay of the conference call will be available after 11:30 a.m. Eastern Time on the same day through Wednesday, April 14, 2024. Toll-Free Replay Number: 1-877-344-7529 Non-GAAP Financial Measure: EBITDA To supplement our financial results presented in accordance with Generally Accepted Accounting Principles (GAAP), we are presenting EBITDA in this earnings release and the related earnings conference call. EBITDA is a non-GAAP financial measure that is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to similarly titled measures presented by other companies. We define EBITDA as our net income (loss), excluding the impact of depreciation and amortization expense and interest income and tax). We have presented EBITDA because it is a key measure used by our management and board of directors to understand and evaluate our operating performance, establish budgets, and develop operational goals for managing our business. In particular, we believe that excluding the impact of these expenses in calculating EBITDA can provide a useful measure for period-to-period comparisons of our core operating performance. A reconciliation of non-GAAP EBITDA to GAAP net loss appears in the financial tables accompanying this press release as set forth below. Note on Forward-looking Statements Certain statements in this press release are forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. This press release contains forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical fact included in this press release, including those regarding the Company’s strategy, future operations, future revenues, growth, profitability results, and financial position, risks of supply chain constraints and inflationary pressures, projected expenses, prospects, plans including footprint and technology asset consolidations, objectives of management, new capabilities, product and solutions launches including AI-assisted and 5G streaming technologies, expected contract values, projected pipeline sales opportunities and transactions in our sales pipeline, backlog realization, and order acquisitions integration including the recently acquired BMS assets, cost savings, and expected market opportunities across the Company’s operating segments including the live event production, AVDS and MilGov markets, the sufficiency of the Company’s capital resources to fund the Company’s operations and any statements regarding future results are forward-looking statements. Vislink may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in any forward-looking statements such as the foregoing, and you should not place undue reliance on such forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties, including those discussed in Vislink’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the Securities and Exchange Commission (“SEC”) on March 31, 2023, and in subsequent filings with, or submissions to, the SEC from time to time. The statements made in this press release speak only as of the date stated herein, and subsequent events and developments may cause the Company’s expectations and beliefs to change. While the Company may elect to update these forward-looking statements publicly at some point in the future, the Company specifically disclaims any obligation to do so, whether as a result of new information, future events, or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing the Company’s views as of any date after the date stated herein. About Vislink Technologies, Inc. Vislink Technologies is a global technology leader in capturing, delivering, and managing high-quality live video and associated data. With a renowned heritage in video communications encompassing over 50 years, Vislink has revolutionized live video communications by delivering the highest-quality video from the scene, even in the most challenging transmission conditions—enabling broadcasters and public safety agencies to capture and share live video seamlessly and securely. Through its Mobile Viewpoint product lines, Vislink also provides live streaming solutions using bonded cellular, 5G, and AI-driven technologies for automated news and sports productions. Vislink’s shares of common stock are publicly traded on the Nasdaq Capital Market under the ticker symbol “VISL.” For more information, visit www.vislink.com. Media Contact: Investor Relations Contact: -Financial Tables to Follow- VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES
VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Results
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