AFERIAN PLC has released its unaudited results for the six months ended 31 May 2024. The B2B video streaming solutions company reported a 48% decrease in revenue to $12.2 million, with an adjusted EBITDA loss of $2.4 million. The exit run rate Annual Recurring Revenue decreased by 25% to $14.1 million. The Group's inventory balance decreased to $4.0 million, and net debt stood at $14.9 million at 31 May 2024.
Management actions have reduced the Group's cost base by $14.5 million in annualized operating costs and $5.0 million in annualized capital expenditure. 24i, under the leadership of CEO Sebastian Braun, is focused on improving the video entertainment experience for consumers. Amino has seen an increase in sales order intake for video streaming devices, with a gross profit margin of 55%.
The company expects Group adjusted EBITDA for FY2024 to be lower than the FY2023 adjusted EBITDA of $1.6 million, with net debt expected to reduce by approximately $1 million by year-end. Aferian plc is a B2B video streaming solutions company, traded on the London Stock Exchange's AIM stock market. The company operates across the USA, Europe, and Asia, focusing on innovating technologies to deliver modern TV and video experiences to consumers.
In conclusion, AFERIAN PLC's half-year results reflect a decrease in revenue and adjusted EBITDA, with a focus on cost reduction and operational improvements. The company remains committed to its strategic goals of improving the video entertainment experience for consumers and delivering compelling digital signage and enterprise video solutions.