Mt. Olive, NJ, May 02, 2025 (GLOBE NEWSWIRE) -- Vislink Technologies, Inc. (“Vislink” or the “Company”) (OTCQB: VISL), a global technology leader in the capture, delivery, and management of high-quality live video and associated data in the media and entertainment, law enforcement, and defense markets, today reported results for the fourth quarter and full year ended December 31, 2024.
Fourth Quarter 2024 and Recent Company Highlights
Full Year 2024 Financial Results
Fourth Quarter 2024 Financial Results
Management Commentary
“We continued to make strategic progress in 2024, even as we faced revenue timing challenges in the fourth quarter,” stated Mickey Miller, CEO of Vislink. “Our full-year revenue grew modestly year-over-year, and we significantly advanced our operational foundation through the implementation of our ERP system and a comprehensive restructuring plan. Through these actions, we have reduced costs and expect to realize annualized savings of approximately $10 million. This will help lower our break-even point and reduce complexity and redundancy. It will also provide us with a leaner, and we believe more efficient operating model to support long-term growth and enhance working capital management.”
“We are seeing strong momentum in our MilGov business, highlighted by multimillion-dollar orders and product shipments for our airborne video downlink systems. This includes expanding use cases in emerging drone applications. These wins reinforce the position of our AeroLink and cellular-based Aero5 systems as trusted solutions in mission-critical environments. With multiple agencies across the U.S., Canada, and Europe now adopting our technologies, we are optimistic about securing additional contracts in 2025.”
“Our transformation into a service-centric organization is also well underway. We received over $900,000 in recurring revenue through new Service Level Agreements. This validates our strategy to deliver long-term value through predictable, high-margin income streams. The build-out of our global service platform will be a key enabler as we scale the business.”
“Within the Live Production market, we continue to experience a healthy demand for innovative solutions that deliver premium quality with greater flexibility. This was demonstrated by our role as a key technology provider for global marquee events, where our wireless systems enabled immersive live transmission during many of the world’s most-watched events. We are also seeing growing interest in our DragonFly V 5G miniature transmitter as well as our expanded product lineup, which allows us to address evolving production workflows across a range of broadcast environments.”
“We have taken decisive steps to align our cost base with current operational realities. We are confident that our innovative product roadmap, strengthening presence in high-growth sectors, and sharpened operational focus gives us a platform to deliver sustainable, profitable growth over time while creating value for shareholders.”
Conference Call
Management will host a conference call today, May 2, 2025, at 8:30 a.m. Eastern Time to discuss its financial results for the fourth quarter and full year ended December 31, 2024.
Toll-Free Number: 1-833-953-2432
International Number: 1-412-317-5761
Webcast: Click here to register
Please register online approximately 15 minutes before the start time (although you may register, dial in, or access the webcast anytime during the call).
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 May 16, 2025.
Toll-Free Replay Number: 1-877-344-7529
International Replay Number: 1-412-317-0088
Replay ID: 3694185
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 and cost-savings, prospects, plans including restructuring, and footprint and technology asset consolidations, objectives of management, new capabilities, product and solutions launches including AI-assisted and 5G streaming technologies, implementation of the ERP, R&D investments including AVDS and drone-related projects, 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, 2024, filed with the Securities and Exchange Commission (“SEC”) on May 2, 2025, and in subsequent filings with, or submissions to, the SEC or OTC Markets 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, defense and public safety agencies to capture and share live video seamlessly and securely. Vislink provides live streaming solutions using RF, bonded cellular, 5G, and AI-driven technologies. Vislink’s shares of common stock are publicly traded on the OTCQB Capital Market under the ticker symbol “VISL.”
For more information, visit www.vislink.com.
Investor Relations Contact:
investors@vislink.com
-Financial Tables to Follow-
VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)
| For the Years Ended | ||||||||
| December 31, | ||||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash | $ | 5,501 | $ | 8,482 | ||||
| Accounts receivable, net | 5,958 | 8,680 | ||||||
| Inventories, net | 7,563 | 14,029 | ||||||
| Investments held to maturity | 995 | 5,731 | ||||||
| Prepaid expenses and other current assets | 1,302 | 1,560 | ||||||
| Total current assets | 21,319 | 38,482 | ||||||
| Right of use assets, operating leases | 297 | 742 | ||||||
| Property and equipment, net | 1,984 | 1,902 | ||||||
| Intangible assets, net | 2,578 | 3,866 | ||||||
| Total assets | $ | 26,178 | $ | 44,992 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 2,422 | $ | 3,183 | ||||
| Accrued expenses | 2,153 | 1,578 | ||||||
| Notes payable | 56 | — | ||||||
| Operating lease obligations, current | 459 | 463 | ||||||
| Accrued restructuring costs | 421 | — | ||||||
| Customer deposits and deferred revenue | 2,768 | 1,490 | ||||||
| Total current liabilities | 8,279 | 6,714 | ||||||
| Operating lease obligations, net of current portion | 291 | 755 | ||||||
| Deferred tax liabilities | 401 | 546 | ||||||
| Total liabilities | 8,971 | 8,015 | ||||||
| Commitments and contingencies (See Note 20) | ||||||||
| Series A Preferred stock, $0.00001 par value per share: -0- shares authorized on December 31, 2024, and 2023, respectively; -0- and shares issued and outstanding on December 31, 2024, and 2023, respectively. | — | — | ||||||
| Stockholders’ equity | ||||||||
| Preferred stock, $0.00001 par value per share: 10,000,000 shares authorized on December 31, 2024, and 2023, respectively | — | — | ||||||
| Common stock, $0.00001 par value per share, 100,000,000 shares authorized on December 31, 2024, and 2023, respectively: | ||||||||
| Common stock, 2,467,618 and 2,439,923 were issued, and 2,467,485 and 2,439,790 were outstanding on December 31, 2024 and 2023, respectively. | — | — | ||||||
| Additional paid-in capital | 348,663 | 347,507 | ||||||
| Accumulated other comprehensive loss | (1,452 | ) | (1,027 | ) | ||||
| Treasury stock, at cost – 133 shares as of December 31, 2024, and 2023, respectively | (277 | ) | (277 | ) | ||||
| Accumulated deficit | (329,727 | ) | (309,226 | ) | ||||
| Total stockholders’ equity | 17,207 | 36,977 | ||||||
| Total liabilities and stockholders’ equity | $ | 26,178 | $ | 44,992 |
VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
(IN THOUSANDS EXCEPT NET LOSS PER SHARE DATA)
| For the Years Ended | ||||||||
| December 31, | ||||||||
| 2024 | 2023 | |||||||
| Revenue, net | $ | 27,729 | $ | 27,482 | ||||
| Cost of revenue and operating expenses | ||||||||
| Cost of revenue: | ||||||||
| Cost of components and personnel | 13,955 | 13,380 | ||||||
| Inventory impairments and valuation write-downs | 6,828 | 487 | ||||||
| Total cost of revenue | 20,783 | 13,867 | ||||||
| Operating expenses: | ||||||||
| General and administrative expenses | 21,596 | 19,376 | ||||||
| Research and development | 4,561 | 3,493 | ||||||
| Restructuring costs | 489 | — | ||||||
| Impairment of right-of-use operating assets | 168 | 83 | ||||||
| Impairment of intangible assets | 330 | — | ||||||
| Depreciation and amortization | 1,310 | 1,261 | ||||||
| Total operating expenses | 28,454 | 24,213 | ||||||
| Total cost of revenue and operating expenses | 49,237 | 38,080 | ||||||
| Loss from operations | (21,508 | ) | (10,598 | ) | ||||
| Other income (expenses) | ||||||||
| Unrealized gain on investments in debt securities held to maturity | (25 | ) | 68 | |||||
| Realized loss of investments in debt securities | (24 | ) | (82 | ) | ||||
| Other income | 400 | 332 | ||||||
| Dividend income | 211 | 375 | ||||||
| Interest income (expense), net | 300 | 560 | ||||||
| Total other income | 862 | 1,253 | ||||||
| Net loss before income taxes | (20,646 | ) | (9,345 | ) | ||||
| Income taxes | ||||||||
| Deferred tax benefits | 145 | 218 | ||||||
| Net loss attributable to common shareholders | $ | (20,501 | ) | $ | (9,127 | ) | ||
| Net loss per share attributable to Common Shareholders: | ||||||||
| Basic and diluted loss per share | $ | (8.35 | ) | $ | (3.83 | ) | ||
| Weighted average number of shares outstanding: | ||||||||
| Basic and diluted | 2,456 | 2,381 | ||||||
| Comprehensive loss: | ||||||||
| Net loss | $ | (20,501 | ) | $ | (9,127 | ) | ||
| Unrealized (loss) gain on currency translation adjustment | (425 | ) | 310 | |||||
| Comprehensive loss | $ | (20,926 | ) | $ | (8,817 | ) |
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
VISLINK TECHNOLOGIES, INC.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
YEARS ENDING DECEMBER 31, 2024 AND 2023
(IN THOUSANDS)
| For the Twelve Months Ended | ||||||||
| December 31, | ||||||||
| 2024 | 2023 | |||||||
| Reconciliation of net income to EBITDA | ||||||||
| Net loss | $ | (20,501 | ) | $ | (9,127 | ) | ||
| Amortization and depreciation | 1,310 | 1,261 | ||||||
| Dividend income | (211 | ) | (375 | ) | ||||
| Interest income, net | (300 | ) | (560 | ) | ||||
| Tax | (145 | ) | (218 | ) | ||||
| EBITDA | $ | (19,847 | ) | $ | (9,019 | ) | ||
| Stock-based compensation | 996 | 1,942 | ||||||
| Impairment | 6,507 | 83 | ||||||
| Severance | 239 | 585 | ||||||
| Restructuring costs other than severance | 250 | — | ||||||
| EBITDA Non-GAAP Adjusted | $ | (11,855 | ) | $ | (6,409 | ) |