Mt. Olive, New Jersey, USA, Oct. 15, 2025 (GLOBE NEWSWIRE) -- Vislink Technologies, Inc. (OTCQB: VISL), a global leader in real-time video communications for the defense, public safety, and broadcast markets, today announced it has been awarded a significant contract by Precision Technic Defence A/S to supply advanced airborne video downlink systems for deployment on Royal Danish Airforce Airbus AS550 Fennec Helicopters. This seven-figure contract represents a key milestone in Vislink’s growing footprint wi ...

Mt. Olive, New Jersey, USA, Sept. 09, 2025 (GLOBE NEWSWIRE) -- Vislink Technologies, Inc. (OTCQB: VISL), a global leader in real-time video communications for the defense, public safety, and broadcast markets, has today announced the launch of MeshConnect, a breakthrough private wireless mesh solution designed to reshape the economics and flexibility of live production. MeshConnect is a rugged, high-performance IP mesh node that creates a self-forming, self-healing network capable of supporting more than 50 ...

Core Insights - Vislink Technologies, Inc. has partnered with Grass Valley and Acromove to launch a new end-to-end live production solution powered by private 5G, aimed at enhancing real-time video communications for various markets [1][8]. Group 1: Product Features - The new system, debuting at IBC 2025, addresses the increasing demand for high-quality, low-latency content delivery from any location, providing a portable, secure, and integrated workflow for live production [2]. - The solution integrates Grass Valley's LDX 100 cameras, Vislink's INCAM-GV 5G wireless camera transmitter, and Acromove's secure private 5G network, ensuring a seamless workflow from capture to production [2]. - The private 5G backbone offers quick deployment, low latency, and resilience against public network congestion, ensuring reliable performance even in challenging conditions [3]. Group 2: Operational Benefits - The highly portable architecture allows for rapid deployment in minutes, making it suitable for live sports, breaking news, and remote event coverage, with the ability to quickly relocate cameras [4]. - Broadcasters can achieve cost and footprint savings by reducing reliance on OB trucks, minimizing satellite usage, and employing smaller onsite crews without sacrificing quality [4]. Group 3: Executive Insights - Mickey Miller, CEO of Vislink, emphasized that the solution enables broadcasters to deliver high-quality live coverage with the speed and clarity demanded by today's audiences [5]. - Paul de Bresser from Grass Valley noted that the collaboration allows for workflows that were previously only feasible with large-scale, fixed infrastructure [5]. - George Katiniotis, CEO of Acromove, highlighted that their private 5G solutions provide the necessary connectivity for broadcasters to deliver high-quality live content from virtually any location [5].

Core Insights - Vislink Technologies, Inc. has launched the Aero5 live video transmission system, which is touted as the world's fastest and most powerful 5G bonded cellular airborne video transmitter, aimed at enhancing real-time video intelligence for air-to-ground missions [1][4] Product Features - Aero5 is designed for law enforcement, public safety, and broadcast applications, delivering low-latency 4K UHD video from various airborne platforms to command centers and field teams [2] - The system supports up to eight bonded 5G modems and can integrate with Starlink and other Low Earth Orbit (LEO) satellites for uninterrupted transmission, even in rural areas [2] - Integrated with Vislink's LinkMatrix platform, Aero5 allows users to monitor and control live feeds through a single web interface, featuring real-time stream switching and AES encryption [3] Operational Capabilities - Aero5 supports hybrid deployments with Vislink's COFDM-based AeroLink transmitter, enabling both line-of-sight and beyond-line-of-sight operations [4] - The system is positioned as a powerful tool for public safety teams, enhancing real-time situational awareness and rapid response capabilities [4] Event Participation - Live demonstrations of Aero5 and other Airborne Video Downlink Systems will be showcased at APSCON 2025, highlighting the company's commitment to providing scalable, high-throughput video solutions for mission-critical operations [5] Company Background - Vislink Technologies has over 50 years of experience in live video communications, focusing on delivering high-quality video even in challenging conditions, serving broadcasters, defense, and public safety agencies [6]

Core Insights - Vislink Technologies, Inc. has become the first provider to fully integrate eSIM technology across its 5G/LTE bonded cellular product line, eliminating the need for physical SIM cards and enabling remote SIM provisioning through LinkMatrix [1][2][3] Group 1: eSIM Integration and Benefits - The new eSIM capabilities streamline how broadcasters connect to mobile networks, providing instant network flexibility and rapid connectivity control without physical SIM card handling [2][3] - This innovation allows crews to stay connected without delays, which is crucial in dynamic environments such as news reporting, sports broadcasting, and public safety missions [3][4] Group 2: LinkMatrix Platform - LinkMatrix serves as the cloud-native platform for end-to-end management of devices, connections, and data, enabling users to remotely activate and manage eSIM profiles [4][6] - Users can switch between multiple network providers instantly, ensuring operational continuity during time-critical live broadcasts or emergency response scenarios [6][7] Group 3: Product Range - The eSIM support is now available across Vislink's range of bonded cellular live video transmission solutions, including DragonFly V 5G, HCAM5, INCAM-GV 5G, LiveLink, UltraLink Air, and Aero5 [4][5]

Core Insights - Vislink Technologies, Inc. has appointed Lt. Gen. William J. Bender (Ret.) to its Board of Directors effective June 1, 2025, enhancing its leadership in technology and defense sectors [1][2]. Company Overview - Vislink Technologies is a global leader in capturing, delivering, and managing high-quality live video and associated data, with over 50 years of experience in video communications [4]. - The company specializes in live streaming solutions utilizing RF, bonded cellular, 5G, and AI-driven technologies, catering to broadcasters, defense, and public safety agencies [4]. Leadership Appointment - Lt. Gen. Bender brings over 34 years of service in the United States Air Force, including his role as Chief Information Officer, and has extensive experience in strategic IT planning and cyber operations [2]. - His post-military career includes executive roles at major technology and defense firms, such as Senior Vice President at Leidos, and board positions at Anametric, GrammaTech, and Tangram Flex [2]. - The Board Chair and CEO of Vislink expressed confidence that Bender's military and commercial experience will be instrumental in advancing the company's growth strategy and serving mission-critical markets [3]. Strategic Focus - Bender's appointment is seen as pivotal for Vislink as it aims to expand its focus in federal and Department of Defense sectors, leveraging his insights in defense technology and cybersecurity [3].

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 was $3.4 million, a decrease from $7.1 million in Q3 2024, primarily due to a decline in the live production business sector and delayed execution of large-scale projects [12] - For the full year, revenue was $27.7 million, slightly up from $27.5 million in 2023 [12] - Gross profit for Q4 2024 was $300,000, with a gross profit margin of 8.8%, down from $3.6 million and a 51% margin in Q3 2024 [13] - Full year gross profit was $13.8 million, compared to $14.1 million in the prior year, with a gross profit margin of 49.7% in 2024 [13] - Total expenses in Q4 2024 were $17.4 million, up from $10.3 million in Q3 2024, and full year expenses were $49.2 million compared to $38.1 million in 2023 [14] - Operating loss for Q4 2024 was $14.1 million, compared to a $3.3 million loss in Q3 2024, and full year operating loss was $21.5 million, up from a $10.6 million loss in 2023 [14] - Net loss attributable to common shareholders in Q4 2024 was $14.3 million or $5.82 per share, compared to a loss of $3 million or $1.22 per share in Q3 2024 [15] - Full year net loss was $20.5 million or $8.35 per share, compared to a loss of $9.1 million or $3.83 per share in the prior year [15] - Cash and short-term investments as of 12/31/2024 were $6.5 million, down from $9.2 million at 09/30/2024 [16] Business Line Data and Key Metrics Changes - The live production market experienced softness, impacting revenue and project execution [6] - The Mill Gov market showed lower than expected revenue but had over 70% growth in bookings, particularly in airborne video downlink systems [18] - Recurring revenue through new service level agreements reached over $900,000, indicating a shift towards a service-centric organization [20] Market Data and Key Metrics Changes - The company is seeing strong demand in the live production market, evidenced by its role in major global events [20] - The adoption of new technologies in drone applications is creating significant opportunities, particularly in the Mill Gov sector [19][22] Company Strategy and Development Direction - The company aims to solidify its leadership in live production while expanding its Mill Gov business and accelerating recurring revenues to achieve positive cash flow in 2025 [18] - Cost control measures are expected to yield approximately $10 million in yearly savings, helping to lower the breakeven point and reduce operational complexity [10] - The company is focusing on technological innovations and has introduced several new products to meet evolving customer needs [21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that 2024 did not develop as planned, with a strong first half followed by a slowdown [6] - The company is confident in its unique capabilities around video, RF, and IP technologies, and anticipates better revenue potential in upcoming quarters [11] - Management expressed optimism about achieving cash flow positivity by the end of 2025 [11] Other Important Information - The company has delisted from the NASDAQ exchange, which is expected to save upwards of $2 million in costs associated with being publicly listed [8][9] - The restructuring activities have significantly impacted Q4 EBITDA, but are seen as necessary for future growth [10] Q&A Session Summary - No specific questions and answers were provided in the content, thus this section is not applicable.

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 was $3.4 million, down from $7.1 million in Q3 2024, primarily due to a decline in the live production sector and delayed project execution [11] - Full year revenue for 2024 was $27.7 million, slightly up from $27.5 million in 2023 [11] - Gross profit for Q4 2024 was $300,000, with a gross profit margin of 8.8%, compared to $3.6 million and a 51% margin in Q3 2024 [12] - Full year gross profit was $13.8 million, down from $14.1 million in 2023, with a gross profit margin of 49.7% compared to 51% in the prior year [12] - Total expenses in Q4 2024 were $17.4 million, up from $10.3 million in Q3 2024, and full year expenses were $49.2 million compared to $38.1 million in 2023 [13] - Operating loss for Q4 2024 was $14.1 million, compared to a $3.3 million loss in Q3 2024, and full year operating loss was $21.5 million compared to $10.6 million in 2023 [13] - Net loss attributable to common shareholders in Q4 2024 was $14.3 million or $5.82 per share, compared to a loss of $3 million or $1.22 per share in Q3 2024 [14] - Full year net loss was $20.5 million or $8.35 per share, compared to a loss of $9.1 million or $3.83 per share in the prior year [14] - EBITDA for 2024 was a loss of $19.8 million, compared to a loss of $9 million in 2023 [14] Business Line Data and Key Metrics Changes - The Mill Gov business saw over 70% growth in bookings, highlighted by multimillion-dollar orders for airborne video downlink systems [16] - Recurring revenue through new service level agreements reached over $900,000, validating the strategy for predictable high-margin income streams [17] Market Data and Key Metrics Changes - The company experienced healthy demand in the live production market, serving major global events such as the Super Bowl and the Summer Olympics [18] - The company was awarded the best innovation project at the Broadcast Tech Innovation Awards 2024 for its technology contribution to an autonomous racing project [19] Company Strategy and Development Direction - The company aims to solidify its leadership in live production while expanding its Mill Gov business and accelerating recurring revenues through services, targeting positive cash flow in 2025 [16] - The transformation into a service-centric organization is underway, with a focus on building a global service platform [17] - The company is deepening strategic alliances with OEM partners to ensure technological evolution aligns with market needs [20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that 2024 did not develop as planned, with a strong first half followed by a slowdown, particularly in the live production market [6] - The company is confident in its unique capabilities around video, RF, and IP technologies, expecting better revenue potential in upcoming quarters [10] - Management expressed optimism about achieving cash flow positivity by the end of 2025 [10] Other Important Information - The company took proactive actions to reduce expenses, including product line rationalization and facility consolidation, expected to yield approximately $10 million in yearly savings [9] - The company voluntarily delisted from NASDAQ to save costs associated with being publicly listed, allowing a focus on business management rather than regulatory requirements [8] Q&A Session Summary Question: What were the main challenges faced in Q4? - Management noted revenue timing challenges, softness in the live production market, and output delays due to facility consolidation as key issues [6] Question: How does the company plan to achieve its financial goals? - The company plans to solidify its leadership in live production, expand the Mill Gov business, and accelerate recurring revenues through services [16] Question: What is the outlook for the Mill Gov business? - The Mill Gov business is experiencing strong momentum with over 70% growth in bookings, particularly in drone applications [16]

Executive Summary & Company Highlights Vislink achieved significant operational and strategic advancements in Q4 2024 and recently, including major orders, new product launches, cost savings, and a shift to a service-driven model [Fourth Quarter 2024 and Recent Company Highlights](index=1&type=section&id=Fourth%20Quarter%202024%20and%20Recent%20Company%20Highlights) Vislink achieved multiple operational and strategic advancements in Q4 2024 and recently, including major orders, new product launches, cost savings, and a shift to a service-driven business model - Received **multi-million dollar** orders for high-reliability Airborne Video Downlink System (AVDS) equipment from public safety and military organizations across the US, Canada, and Europe[3](index=3&type=chunk) - Initiated **multi-million dollar** product shipments for emerging drone applications[3](index=3&type=chunk) - Secured **over $900,000** in recurring revenue through strategic Service Level Agreements (SLAs), accelerating the transition to a sustainable, service-driven business model[3](index=3&type=chunk) - Achieved operational cost savings, projected to reach approximately **$10 million**, resulting from restructuring plans following the new ERP system deployment[3](index=3&type=chunk) - Established a new partnership with Radio Televisyen Malaysia (RTM) to deploy advanced Vislink systems, with a contract value exceeding **$1 million**[3](index=3&type=chunk) - Awarded "Best Innovation Project" at the 2024 Broadcast Tech Innovation Awards for its collaboration in delivering an immersive Virtual Reality (VR) experience at the Abu Dhabi Autonomous Racing League (A2RL)[3](index=3&type=chunk) - Launched a series of new and updated products, including the Aero5 5G HEVC 4K UHD Airborne Downlink System, DragonFly V 5G, INCAM GV wireless system, Cliq compact mobile transmitter, LinkMatrix platform, Quantum IP-native wireless camera receiver, and LiveLink 4G/5G solutions[3](index=3&type=chunk)[6](index=6&type=chunk) - Introduced a new website and brand identity to drive global growth and strengthen market leadership[6](index=6&type=chunk) - Post-Q4, the company announced its voluntary delisting from the Nasdaq Capital Market to reduce expenses and enhance focus on execution[6](index=6&type=chunk) Financial Performance Vislink's financial performance in 2024 showed mixed results with modest revenue growth but significantly expanded net and EBITDA losses due to restructuring and impairments [Full Year 2024 Financial Results](index=2&type=section&id=Full%20Year%202024%20Financial%20Results) Vislink achieved modest revenue growth in FY2024, but net loss and EBITDA loss significantly expanded due to restructuring, asset impairment, and a one-time inventory write-off Full Year Financial Results (Million USD) | Metric | 2024 (Million USD) | 2023 (Million USD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 27.7 | 27.5 | 0.7% | | Gross Margin | 25% | 51% | -26.0% | | Gross Margin (Excl. One-Time Write-offs) | 49.7% | 51% | -1.3% | | Net Loss Attributable to Common Stockholders | (20.5) | (9.1) | 125.3% | | Net Loss Per Share | (8.35) | (3.83) | 117.9% | | EBITDA | (19.8) | (9.0) | 120.0% | | Cash and Short-Term Investments (End of Period) | 6.5 | 9.2 (Q3) | -29.4% | - The reported loss was primarily due to **significant restructuring**, including workforce reductions, lease terminations, and asset write-offs[6](index=6&type=chunk) [Fourth Quarter 2024 Financial Results](index=2&type=section&id=Fourth%20Quarter%202024%20Financial%20Results) Vislink's Q4 2024 revenue significantly declined quarter-over-quarter, gross margin turned negative, and net loss expanded, primarily due to live production business downturn and project delays Fourth Quarter Financial Results (Million USD) | Metric | Q4 2024 (Million USD) | Q3 2024 (Million USD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 3.4 | 7.1 | -52.1% | | Gross Margin | -1% | 51% | -52.0% | | Gross Margin (Excl. One-Time Write-offs) | 8.8% | 51% | -42.2% | | Net Loss Attributable to Common Stockholders | (14.3) | (3.0) | 376.7% | | Net Loss Per Share | (5.82) | (1.22) | 377.0% | - Revenue decline was primarily due to a **downturn in the live production business** and **delays in executing large projects**[6](index=6&type=chunk) - The significant decrease in gross margin was attributed to **unabsorbed manufacturing overhead**, despite strong material margins[6](index=6&type=chunk) Management Insights Management commentary highlights strategic progress in 2024, operational improvements, cost savings, strong MilGov business momentum, and a successful shift towards a service-centric model [Management Commentary](index=3&type=section&id=Management%20Commentary) CEO Mickey Miller emphasized strategic progress in 2024 despite Q4 revenue challenges, highlighting significant operational improvements and cost savings from ERP implementation and restructuring - Full-year 2024 revenue showed **modest growth**, with significant operational foundation improvements and approximately **$10 million in annual savings** achieved through ERP system implementation and comprehensive restructuring[7](index=7&type=chunk) - Strong momentum in the MilGov business, securing **multi-million dollar** Airborne Video Downlink System orders and product shipments, including for emerging drone applications[7](index=7&type=chunk) - Progress in transitioning to a service-centric organization, generating **over $900,000** in recurring revenue through new Service Level Agreements[7](index=7&type=chunk) - Healthy demand for innovative solutions in the live production market, with the company serving as a key technology provider for top global events and launching new products like DragonFly V 5G[7](index=7&type=chunk) - Management expresses confidence in achieving sustainable profitable growth and creating shareholder value through an innovative product roadmap, enhanced presence in high-growth areas, and more focused operations[7](index=7&type=chunk) Additional Information This section provides details on the conference call, explains non-GAAP financial measures, includes a forward-looking statements disclaimer, and offers company and investor contact information [Conference Call](index=3&type=section&id=Conference%20Call) Vislink management held a conference call on May 2, 2025, to discuss Q4 and full-year 2024 financial results, with details provided for participation and replay - The conference call was held on **May 2, 2025, at 8:30 AM ET**[8](index=8&type=chunk) - Toll-free number 1-833-953-2432 and international number 1-412-317-5761 were provided[8](index=8&type=chunk) - A webcast registration and replay are available on the company's investor relations section of its website[8](index=8&type=chunk)[9](index=9&type=chunk) - The conference call replay service will be available until **May 16, 2025**[10](index=10&type=chunk) [Non-GAAP Financial Measure: EBITDA](index=4&type=section&id=Non-GAAP%20Financial%20Measure%3A%20EBITDA) This section defines EBITDA as a non-GAAP financial measure, explaining its role in evaluating operational performance, budgeting, and managing business objectives, noting its non-GAAP basis - EBITDA is a non-GAAP financial measure defined as net income (loss) adjusted for the impact of depreciation and amortization expense, interest income, and taxes[11](index=11&type=chunk) - EBITDA is a key metric used by management and the Board of Directors to understand and evaluate operational performance, develop budgets, and manage operating goals[11](index=11&type=chunk) - Excluding these expenses facilitates period-to-period comparisons of core operating performance[11](index=11&type=chunk) [Note on Forward-looking Statements](index=4&type=section&id=Note%20on%20Forward-looking%20Statements) This section contains a legal disclaimer regarding forward-looking statements, noting they involve significant risks and uncertainties, are based on current management expectations, and the company assumes no obligation to update them - Certain statements in the press release are forward-looking statements involving significant risks and uncertainties, protected by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995[12](index=12&type=chunk) - These statements are based on management's current expectations and involve risks and uncertainties discussed in Vislink's Annual Report on Form 10-K[12](index=12&type=chunk) - The company undertakes no obligation to publicly update these forward-looking statements due to new information, future events, or otherwise, unless required by law[13](index=13&type=chunk) [About Vislink Technologies, Inc.](index=4&type=section&id=About%20Vislink%20Technologies%2C%20Inc.) Vislink Technologies is a global leader in capturing, transmitting, and managing high-quality real-time video and related data, with over 50 years of industry experience and solutions based on RF, cellular, 5G, and AI - Vislink Technologies is a global technology leader in capturing, transmitting, and managing high-quality live video and associated data[14](index=14&type=chunk) - The company has over 50 years of history in video communications, offering real-time streaming solutions using RF, bonded cellular, 5G, and AI-driven technologies[14](index=14&type=chunk) - Vislink's common stock trades on the OTCQB Capital Market under the ticker symbol "VISL"[14](index=14&type=chunk) [Investor Relations Contact](index=4&type=section&id=Investor%20Relations%20Contact) This section provides contact information for investor relations - Investor Relations contact email is investors@vislink.com[15](index=15&type=chunk) Financial Statements This section presents Vislink's condensed consolidated financial statements, including balance sheets, statements of operations, and GAAP to non-GAAP reconciliation tables for 2024 and 2023 [CONDENSED CONSOLIDATED BALANCE SHEETS](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of December 31, 2024, Vislink's total assets and stockholders' equity decreased compared to 2023, while total liabilities slightly increased, reflecting changes in the company's financial position Condensed Consolidated Balance Sheets (As of December 31, Thousand USD) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash | 5,501 | 8,482 | | Accounts receivable, net | 5,958 | 8,680 | | Inventories, net | 7,563 | 14,029 | | Held-to-maturity investments | 995 | 5,731 | | Total current assets | 21,319 | 38,482 | | Total assets | 26,178 | 44,992 | | **Liabilities and Stockholders' Equity** | | | | Accounts payable | 2,422 | 3,183 | | Accrued expenses | 2,153 | 1,578 | | Accrued restructuring costs | 421 | — | | Customer deposits and deferred revenue | 2,768 | 1,490 | | Total current liabilities | 8,279 | 6,714 | | Total liabilities | 8,971 | 8,015 | | Total stockholders' equity | 17,207 | 36,977 | [UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS](index=6&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS%20AND%20COMPREHENSIVE%20LOSS) Vislink's net revenue slightly increased in FY2024, but operating loss and net loss significantly expanded year-over-year due to substantial increases in cost of sales and operating expenses, particularly inventory impairment and restructuring costs Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (As of December 31, Thousand USD, except per share data) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Net revenue | 27,729 | 27,482 | | Cost of sales: | | | | Component and personnel costs | 13,955 | 13,380 | | Inventory impairment and valuation write-downs | 6,828 | 487 | | Total cost of sales | 20,783 | 13,867 | | Operating expenses: | | | | General and administrative expenses | 21,596 | 19,376 | | Research and development expenses | 4,561 | 3,493 | | Restructuring costs | 489 | — | | Operating loss | (21,508) | (10,598) | | Net loss attributable to common stockholders | (20,501) | (9,127) | | Basic and diluted loss per share | (8.35) | (3.83) | | Comprehensive loss | (20,926) | (8,817) | [RECONCILIATION OF GAAP TO NON-GAAP RESULTS](index=7&type=section&id=RECONCILIATION%20OF%20GAAP%20TO%20NON-GAAP%20RESULTS) This section provides Vislink's reconciliation from GAAP net loss to non-GAAP EBITDA and Adjusted EBITDA for 2024 and 2023, illustrating the extent of losses under non-GAAP metrics GAAP to Non-GAAP Results Reconciliation (As of December 31, Thousand USD) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Net loss | (20,501) | (9,127) | | Amortization and depreciation | 1,310 | 1,261 | | Dividend income | (211) | (375) | | Net interest income | (300) | (560) | | Taxes | (145) | (218) | | **EBITDA** | **(19,847)** | **(9,019)** | | Stock-based compensation | 996 | 1,942 | | Impairment | 6,507 | 83 | | Severance | 239 | 585 | | Other restructuring costs | 250 | — | | **EBITDA Non-GAAP Adjusted** | **(11,855)** | **(6,409)** |

Core Insights - Vislink Technologies, Inc. reported a modest revenue growth for the full year 2024, with total revenue reaching $27.7 million, compared to $27.5 million in 2023 [4][18] - The company experienced a net loss attributable to common shareholders of $(20.5) million, or $(8.35) per share, which is a significant increase from a net loss of $(9.1) million, or $(3.83) per share in 2023 [4][19] - The gross margin for the year was reported at 25%, with an adjusted gross margin of 49.7% when excluding one-time inventory write-offs and impairments, compared to 51% in 2023 [4][18] Fourth Quarter Highlights - Revenue for the fourth quarter was $3.4 million, a decrease from $7.1 million in the prior quarter, primarily due to a decline in the live production business and project delays [7] - The gross margin for the fourth quarter was -1%, with an adjusted gross margin of 8.8% when excluding one-time inventory write-offs and impairments, compared to 51% in the prior quarter [7] - The company reported an EBITDA of $(19.8) million for the fourth quarter, compared to $(9.0) million in the same quarter of 2023 [7][9] Strategic Developments - Vislink secured multimillion-dollar orders for airborne video downlink systems and initiated product shipments for emerging drone applications, indicating strong momentum in the MilGov business [4][6] - The company established a global service platform, generating over $900,000 in recurring revenue through strategic Service Level Agreements, which supports its transition to a service-driven business model [4][6] - A comprehensive restructuring plan, including the implementation of a new ERP system, is expected to yield operational cost savings of approximately $10 million annually [4][6] Product Innovations - Vislink launched several new products, including the Aero5 5G HEVC 4K UHD Airborne Downlink System and the DragonFly V 5G miniature transmitter, aimed at enhancing live production capabilities [4] - The company received recognition for its innovative projects, including the 'Best Innovation Project' award at the Broadcast Tech Innovation Awards 2024 for its collaboration in delivering a VR experience for the Abu Dhabi Autonomous Racing League [4] Financial Position - As of December 31, 2024, cash and short-term investments totaled $6.5 million, down from $9.2 million at the end of the third quarter [7] - Total assets decreased to $26.2 million from $45.0 million in 2023, reflecting a significant reduction in current assets [15][17] - The company's total liabilities increased to $9.0 million from $8.0 million in 2023, with current liabilities rising to $8.3 million [15][17]