Why Atomos (ASX: AMS) is jumping 42% higher today!
Atomos (ASX: AMS) is one of today’s biggest winners on the ASX thanks to a sales update. The video tech company released unaudited figures for FY22 and these have excited its shareholders.
Atomos (ASX:AMS) share price chart (Graph: TradingView)
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Atomos records a record sales result
The company recorded full year unaudited revenue of over $82m. At first glance this only appears modest, being only 4.3% higher than FY21. However, two things make this result pleasing to investors.
First, it is a record result for the company. And second, it marks a significant turnaround from the poor quarter it had in 3Q22. It only recorded $3.6m in revenue, down from $28.1m in Q2 and $18.5m in 3Q21, due to a change in marketing approach and lower promotional activity. Q4 was a different story as it recorded $37.5m in revenue, up from $27.3m in Q4 last year.
Gaining from a shift to the cloud
Atomos has historically been a company that manufactures and sells camera add-ons for amateur Instagrammers and professional photographers. During the latter end of FY22, it has broadened its products to the cloud.
It has launched three new products and a partnership with Frame.io, a video review and collaboration software company. Atmos’ cameras can publish clips directly to Frame.io without the typical delays of waiting for camera cards to ingest, hard drives to ship, or even for the camera to stop.
So, is Atomos a buy?
Investors have taken the chance to buy into Atomos off the back of the results. Bear in mind these are unaudited results, audited results will come in August. We would wait until it’s full FY22 results and to see if it provides guidance for FY23 at that point.
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