Aferian PLC, a B2B video streaming solutions company, released its full-year results for the year ended 30 November 2023. The financial key figures showed a decline in total revenue by 48% to $47.8 million, primarily driven by a reduction in the volume of devices sold. However, higher margin software and services revenue grew by 10% to $26.6 million. The exit run rate Annual Recurring Revenue (ARR) decreased by 21% to $14.7 million due to some 24i customer contracts ending at the back-end of 2023.

The company reported a statutory operating loss of $63.8 million, which includes the recognition of a $48.9 million non-cash impairment charge. Adjusted operating loss was $6.1 million, and the Group took actions to reduce its annualized cost base by $12 million during FY2023. The Group's inventory balance at 30 November 2023 was $5.1 million, $4.1 million lower than the prior year. Net debt at 30 November was $6.1 million, compared to net cash of $4.0 million in the previous year.

In terms of strategic and operational highlights, 24i's revenue grew by 12% in 2023, and the company is now focused on driving profitability and cash generation over nominal revenue growth. Amino's revenue declined by 63% in 2023, and the company is refocused on delivering higher quality, higher margin Pay TV streaming devices and driving growth in its digital signage and enterprise video business.

Post period end, the company secured an extension to its senior lending facilities and term loan, and further actions were taken to identify and deliver efficiencies in the Group's cost base in the first half of FY2024. The general meeting is scheduled for 28 June 2024, and no final dividend has been proposed for FY2023.