SeaChange International, Inc. (NASDAQ:SEAC) rose Thursday, only several days after it reported Q4 earnings results.
The Waltham, Mass.-based SeaChange, a leading provider of video delivery platforms, reported total revenue was $5.1 million, an improvement compared to $5.0 million in the third quarter of fiscal 2021. Product revenue was $1.4 million (or 27% of total revenue), an improvement compared to $1.0 million (or 21% of total revenue) in the third quarter of fiscal 2021. Service revenue was $3.7 million (or 73% of total revenue) compared to $3.9 million (or 79% of total revenue) in the third quarter of fiscal 2021.
Revenue backlog at quarter end was $20.4 million compared to $21.9 million in the third quarter of fiscal 2021. Gross profit was $2.8 million (or 55% of total revenue) compared to $2.8 million (or 56% of total revenue) in the third quarter of fiscal 2021.
Total operating expenses remained at $7.3 million compared to the third quarter of fiscal 2021. GAAP loss from operations totaled $4.4 million, an improvement compared to a GAAP loss from operations of $4.6 million in the third quarter of fiscal 2021.
Said Robert Pons, SeaChange’s Executive Chairman. "Our execution is clearly evident by not only the sequential improvements in our top and bottom lines, but also the major customer win we recently secured, a multi-year, multi-million-dollar contract with one of the largest broadband service providers in the U.S."
SEAC shares picked up five and a half cents, or 5.3%, to $1.08.
