Mirada to swing to operating profit after revenue growth beats expectations
Source - SMW
Digital television and radio software provider Mirada said it expected to swing to an operating profit after revenue rose above its initial expectations.
Revenue for the year through March was seen rising by 40% to around $12.3m.
Adjusted Ebitda was expected to reach $0.6m, compared to an adjusted Ebitda loss of $1.1m recorded on-year.
'This growth has been driven in part by the continued relationship with izzi Telecom and its successful deployment of Mirada's Iris multiscreen solution,' the company said.
'Following the World Cup in mid-2018, an event which was successfully used to promote Mirada's Iris Inspire Multi-Tier solution, the customer decided to extend the deployment of the solution over a wider share of its customer base and into new segments.'
'Mirada's product is now being installed over the middle and premium tiers of izzi Telecom's customers.'
'By the end of March 2019, izzi Telecom reached the milestone of two million set-top boxes deployed in Mexico with Mirada technology.'
'Outside of Mexico, further progress has been made following the commercial launches earlier this year for the roll-out of Mirada's Iris platform at One Communications in Bermuda and Digital TV Cable in Bolivia, and Mirada is successfully progressing project deployment with Skytel, Mongolia, ahead of its commercial launch later this year.'
'Mirada is also actively participating in several other negotiations to launch its products with potential new customers in different regions around the world.'
'Mirada also opened a new office in the city of Castellon, Spain in November 2018.'
'With a growing number of expert staff and a very competitive labour market in Madrid, the company selected this location to reach a new pool of candidates and deliver lower operating costs while providing fast and easy access from Mirada's Madrid office.'
At 8:18am: (LON:MIRA) Mirada PLC share price was +0.05p at 0.88p