Amino is facing a further restructuring after a deterioration in the business.
Owners Aferian blamed the issue on lower than expected orders for video streaming devices as customers delayed purchasing decisions longer than anticipated.
Savings of $12 million have already been made, but there are now plans for another restructuring to the tune of $3 million.
It’s also been announced that CEO Donald McGarva will step down in October after 14 years with the company.
Meanwhile, it’s Aferian’s video streaming business 24i is making “good progress” with new customer deployments and multiple contract extensions being delivered in the first quarter.
Mark Wells, Chairman of Aferian plc, said: “In the face of unprecedented challenges, this last year has thoroughly tested the resilience of the Group. However, our 24i video streaming business has made good progress this quarter and I am confident that the timely management actions taken in the last twelve months have positioned the Group on the strongest possible foundation for the future.”
The Group is in advanced discussions with its lenders over a maturity extension of its banking facility, which has now reduced to $16.5 million from $25.4 million and currently matures in November 2024.
