The company behind Amino and 24i has reported a first-half financial loss after a decline in its devices division.
Aferian has posted an operating loss of $4.2 million (€3.9 million) in the six months to the end of May, compared to last year’s first-half profits of $2.4 million.
Amino has suffered against a background of customers that stockpiled streaming devices in order to mitigate post-Covid supply challenges. It is anticipated the problem will ease early in 2023.
However, demand within 24i remains strong and the company says it will continue its strategic focus on growing software and services revenue in the video streaming market.
Donald McGarva, Chief Executive Officer, Aferian plc, said Amino had been refocused to “concentrate on higher quality, higher margin streaming and device management opportunities and we have seen good initial customer engagement in the pay-TV and digital signage markets.”
Aferian reported the successful completion of a $4 million equity funding round in July.