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SeaChange International reported a strong fiscal fourth quarter and full year ended January 31, 2023, with revenue increasing 23% sequentially and 19% year-over-year to $10.2 million, marking the highest quarterly revenue in three years. Gross margin expanded to 73%, also the highest in three years. The company generated $1.7 million in GAAP net income and adjusted EBITDA of $1.7 million. For the full year, total revenue surged 19% to $32.5 million, mainly driven by software development projects and ConnectedTV license sales. Additionally, SeaChange closed renewals with major operators, launched a cloud-based content monetization platform, and partnered with VIDAA for a new streaming solution. The company ended the quarter with $14.7 million in cash and equivalents.
SeaChange International (NASDAQ: SEAC) announced a conference call on April 5, 2023, at 4:30 PM ET to discuss its financial results for Q4 and the full year ended January 31, 2023. The results will be released prior to the call. Interested participants can submit questions in advance via email. The call will also be available for live broadcast and subsequent replay through the company's investor relations website. SeaChange is a provider of video delivery and streaming solutions, helping operators and content owners manage and monetize their video content effectively.
SeaChange International has partnered with VIDAA to develop VIDAA Free, a new ad-supported streaming platform available on millions of smart TVs, particularly from Hisense. Launched in the US on February 7, 2023, VIDAA Free offers video on demand (VOD), live linear content, and advertising-supported programming. This service meets the growing trend of consumers shifting from cable to free streaming options. Utilizing SeaChange's Xstream™ technology, VIDAA Free enhances content monetization through advertising. The platform aims to expand globally later in 2023, marking a significant evolution in content consumption on connected TVs.
SeaChange International, Inc. (NASDAQ: SEAC) has announced the launch of its Xstream platform, set to debut on January 6, 2023. This cloud-based content monetization solution is designed to help TV manufacturers and content owners maximize advertising revenue on Connected TVs (CTVs). As consumer preferences shift from traditional TV to streaming, the Xstream platform aims to enhance content aggregation, enabling targeted ad insertion while providing a top-tier user experience. The platform signifies SeaChange's commitment to the FAST and CTV markets.
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