SeaChange Registers 67% Revenue Growth In Q4 Backed By Tier 1 Operator Deal

Video delivery, advertising, and emerging streaming platforms provider SeaChange International Inc SEAC reported fourth-quarter FY22 revenue growth of 67% year-on-year to $8.6 million.
Product revenue was $5.2 million, and Service revenue was $3.4 million.
The gross margin expanded by 1,100 bps to 66%.
The non-GAAP income from operations improved to $1.2 million from $(3.5) million in Q4 FY21.
SeaChange held $17.5 million in cash and equivalents.
"We wrapped up our fiscal 2022 on a high note, generating 20% sequential revenue growth and positive non-GAAP operating income, as we benefitted from a $2 million one-time Tier 1 operator deal," said CEO Peter D. Aquino. "Additionally, in April, we signed an exciting software development agreement with VIDAA for their FAST channel and AVOD solution for its growing business."
Price Action: SEAC shares traded higher by 7.23% at $1.26 on the last check Friday.

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