Audinate Group (AD8) AGM 2024 summary

Opening remarks and agenda

• Chair opened the meeting, acknowledged traditional land owners, introduced board members, CEO, and external auditor.

• Virtual participation was enabled, with procedures for technical issues and voting explained.

• Chairman and CEO presentations outlined FY24 achievements and strategic direction.

Financial performance review

• FY24 revenue reached AUD 91.5 million, up 31.3% from FY23, with gross profit of US$44.5 million and gross margin at 74.3%.

• EBITDA increased 85% to AUD 20.4 million; net profit before tax rose to AUD 12.1 million from AUD 1.4 million prior year.

• Operating cash flow improved to AUD 25.4 million, and cash & term deposits totaled AUD 117 million.

• FY24 performance benefited from the return of chip supplies, enabling backlog fulfillment and strong first-half results.

• Q1 FY25 unaudited gross profit was AUD 7.2 million, below expectations due to industry inventory and demand softness.

Strategic initiatives and plans

• Growth strategy based on expanding Dante audio, accelerating video adoption, and developing platform software for AV professionals.

• FY24 objectives included doubling the video ecosystem, launching new video/cloud products, and improving scalability.

• Launch of Dante Director, AVIO adaptors, and premium Virtual Soundcard expected to impact 2H FY25 earnings.

• FY25 priorities: intensify sales/marketing, deliver new Dante products, and pursue M&A for growth in video and cloud.

• Cost growth to be prudently managed at 7–9% for FY25, down from previous years.