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Friday, June 14, 2024

BirdDog Reports Record Revenues – Lists on ASX

Global video technology company that enhances the quality, speed and flexibility of video through a range of solutions, augmented with NDI (Network Device Interface), BirdDog Technology Limited (ASX: BDT) (“BirdDog” or the “Company”), is pleased to provide an update on its progress for the three (and six) months ending 31 December 2021 (Q2 FY22 and H1 FY22).

Operational Highlights

  • Successful listing on the ASX following an oversubscribed $33.0m capital raise
  • Continued program of inventory build-up, resulting in substantial confidence for ongoing ability to deliver products in line with growing customer demand
  • Supply chain now secured through to calendar year 2023
  • Multiple new product launches including PF120 Camera, SDM Embedded NDI modules, BirdDog Play 4K NDI Player and the proprietary Cloud Connect BirdDog Software platform
  • New products now in market have demonstrated strong adoption across various industries and customers 
  • Expansion of the development team with multiple engineers and designers hired
  • 5-year extension to the licensing agreement with NewTek / Vizrt secured resulting in more favourable commercial terms
  • Successful forward planning of componentry, with three new hardware products scheduled to be released in H2 FY22

Financial Highlights

  • Record revenues reported for the Half to 31 December 2021 of $24.5m (unaudited) representing a 15 percent increase on a PCP basis
  • Strong underlying EBITDA, with an underlying EBITDA margin of ~10 percent (unaudited) for the Half to 31 December 2021
  • Fully funded to execute on developing and launching the Company product roadmap to continue to extend our competitive and first mover advantage within BirdDog’s core markets, while continuing to expand further into adjacent verticals 

BirdDog Executive Director and CEO, Dan Miall, commented: “Q2 FY22 has been the most significant in BirdDog’s history with the management team focussing significant efforts on the listing process, in conjunction with navigating global supply chain issues, the development and launch of multiple new products and the broader impacts of COVID-19. Despite these challenges the business continued to perform exceptionally well, generating record revenues in H1 FY22 as the adoption of NDI technology continues to proliferate the global Audio Visual and Broadcast market.

As we enter H2 FY22 we are particularly excited about the trajectory we are plotting for new products and the impact this will have on the business overall. Since the beginning of calendar year 2022 we have already announced and shipped the first of many near-term pivotal product releases, Cam Control 3. This software system combines our inherent NDI expertise with Machine Learning and Neural Network technology allowing the BirdDog camera system to lock onto an individual within a video frame and automatically control our robotic PTZ cameras to continue focussing on the target, similar to an autopilot. This is a truly revolutionary advancement in remote and physically distanced video production and will enhance BirdDog’s position as the system of choice for users from low budget internet streaming through to the largest of broadcasters.

Throughout the remainder of Q3 we will be continuing with our release schedule of next-generation products based on extensive cumulative in-house research and development, including Cloud SaaS, Cameras and additional enterprise infrastructure products.

We anticipate 2022 to become another step change in the growth of the BirdDog business, as the Broadcast and AV industries migrate more fully to modern IP networking-based paradigms. With BirdDog now adequately funded we are already accelerating our product roadmap to stride further ahead in our technology and commercial leadership within our core markets, while continuing to expand further into adjacent areas.”


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