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$VISL Great ER!! Ended the fourth quarter 2021 with $36.2 million in cash, compared to $5.2 million at the end of the fourth quarter of 2020.

islink Reports Full Year 2021 Financial Results



Increased Revenue by 48% Year-Over-Year; Finished the Year with Two Consecutive
Quarters of Positive Cash Flow (Exclusive of Non-Recurring Items)




Mt. Olive, NJ — March 31, 2022 — Vislink (Nasdaq: VISL), a global technology leader in the capture, delivery and management of high quality, live video and associated data in the media & entertainment, law enforcement and defense markets, announced its results for the year ended December 31, 2021. Company management will host a live video conference call to discuss its 2021 results on Friday, April 1, 2022, at 10:00 a.m. Eastern (9:00 a.m. Central) which will be followed by Q&A. The conference call will be accessible at the following link: https://marketscale.com/live/vislink/. An archived replay will be made available following the conclusion of the call.



Financial Update:



? For the year ended December 31, 2021, revenue was $33.8 million, compared to $22.9 million for the year ended December 31, 2020.
? Gross margins were 55.2% of revenue for the year ended December 31, 2021, compared to 39.4% of revenue for the year ended December 31, 2020.
? For the year ended December 31, 2021, net loss attributable to common shareholders was $15.4 million, or $(0.35) per share, compared to net loss of $17.6 million, or $(1.19) per share for the year ended December 31, 2020.
? Non-recurring items accounted for $13.5 million of the $15.4 million net loss. These included the following:
? Two non-cash items, a write-off of goodwill necessitated by accounting rules, and a charge for the value of vested options and restricted shares associated with the company’s long-term employee incentive plan, together represented $11.9 million, or $(0.27) per share.
?
One-time advisory fees associated with the Mobile Viewpoint acquisition represented $1.6 million, or $(0.04) per share.

? EBITDA (earnings before interest, taxes depreciation and amortization) for December 31, 2021 was negative $14 million compared to negative $16 million for the year ended December 31, 2020.
? Ended the fourth quarter 2021 with $36.2 million in cash, compared to $5.2 million at the end of the fourth quarter of 2020.


“We are pleased to report that revenues for the full year 2021 were 48% higher than in the previous year,” said Mickey Miller, CEO of Vislink. “We also ended the year on a strong note, with revenue reaching $11 million in the fourth quarter, which represented a 64% increase over the prior year. In addition, our quoting activity accelerated during the year, with new bookings growing over 100% in 2021 compared to the corresponding period in 2020. This solid sales growth, together with our commitment to controlling costs and judicious use of our finances, helped us end the year with two consecutive quarters of positive cash flow, exclusive of non-recurring items.”




Mr. Miller continued, “In 2021, we finalized the acquisition of Mobile Viewpoint and successfully completed the integration of its personnel, products and technology platform into Vislink’s operations. We also delivered technology to key worldwide events and customers during the year, including the U.S. Department of Defense, the Tokyo Summer Olympics, the NFL Super Bowl, Alabama Public Television, and the Extreme-E Racing Circuit. Our focus on technology leadership continued to drive strategic investment in new products, and we released several key products in 2021 that comprised almost 25% of our revenue for the entire year.”



He concluded, “Looking forward, we foresee expanding growth opportunities in the sports, media and entertainment sectors. In these markets, our 5G and AI-powered solutions have the potential to drive the creation, distribution and monetization of completely new event content. In addition, there is the potential for significant opportunities in large-scale surveillance and reconnaissance projects in the MilGov space. In this sector, our real-time video transmission capabilities deliver the actionable information and situational awareness required by law enforcement and defense personnel. As a result, we believe we are well-positioned to capitalize on opportunities across our key markets throughout 2022, with the goal of realizing profitable and sustainable growth in our business.”








Non-GAAP Financial Measure: EBITDA



To supplement our financial results presented in accordance with Generally Accepted Accounting Principles (GAAP), we are presenting EBITDA in this earning release and the related earning conference call. EBITDA is a non-GAAP financial measure that is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to similarly titled measures presented by other companies. We define EBITDA as our net income (loss), excluding the impact of depreciation and amortization expense and interest income (expense). We have presented EBITDA because it is a key measure used by our management and board of directors to understand and evaluate our operating performance, to establish budgets and to develop operational goals for managing our business. In particular, we believe that excluding the impact of these expenses in calculating EBITDA can provide a useful measure for period-to-period comparisons of our core operating performance.