Vislink Registers 16% Revenue Decline In FY22, Names Insider Paul Norridge As New CFO - Vislink Technologies (NASDAQ:VISL)

Vislink Technologies, Inc VISL reported an FY22 revenue decline of 16.2% year-on-year to $28.4 million.
EPS loss per share was $(0.29) versus $(0.38) per share the prior year.
The gross margin declined by 800 bps to 47% due to the decline in revenue.
EBITDA loss improved to $(12) million from a loss of $(15) million in 2021.
Vislink appointed Head of Finance Paul Norridge as the company's new CFO, effective April 1, 2023. Norridge replaces Michael Bond, who is quitting to pursue other opportunities.
Vislink held $25.6 million in cash and equivalents.
Carleton "Mickey" Miller, CEO, said, "Through prudent cost management efforts, which included the sunsetting of non-strategic legacy products, the introduction of new products like AeroLink, and an increased focus on our live production and public safety growth markets, we have taken significant steps to transform the business, and those efforts are beginning to materialize."
"The increasing demand for remote production and live content in sports and entertainment, and the growing need to produce live events cost-effectively, have Vislink positioned to maintain our operating momentum."
Vislink targets a 90/10 revenue split between hardware vs. software and services in 2023.
Price Action: VISL shares traded lower by 2.29% at $0.38 on the last check Monday.