Audinate
1H FY26
Investor Presentation
Aidan Williams, Co-Founder and Chief Executive Officer Nick Peace, Chief Strategy Officer
Chris Rollinson, Chief Financial Officer
Approved by the Board of Audinate Group Limited
Audinate 1H26 Investor Presentation
16 February 2026 1
Audinate 1H26 Highlights
Aidan Williams, CEO
Audinate 1H26 Investor Presentation 16 February 2026 2
Return to Revenue Growth in 1H FY26; Extends market leading position
1H FY26 Return to Growth
Continued growth in Dante platform
Commercial launch of Iris video production platform
12% growth v PCP 1H25
Strong bookings in the first half, supporting the achievement of FY26 full year outlook
Growth in Adaptor products driven by release of 'AVIO for installation' products
Maintained strong Gross Profit Margin of 82.6%, driven by a favourable product mix between hardware and high margin software products
66 Design wins, an increase of 8% compared to PCP 1H25- strengthening the foundation for future revenue expansion
516 AV products in market, with OEMs launching 207 OEMs currently developing new products, driving further adoption
Over 4,000 AV professionals trained globally each month
Iris is a cloud-first video platform launched publicly in early December 2025
In FY26, we will invest in go-to-market and product development to drive adoption and scale
Executing against the Strategy
Organisational changes
Robust balance sheet
Dante's strategic evolution
Audinate implemented a number of organisational changes to better align our cost base with our strategic Dante platform objectives
The actions reflect the natural progression of the Company's investment cycle, with several major initiatives now complete.
The transition from the build phase supports a more efficient cost structure and enables a disciplined reinvestment into targeted growth opportunities, while preserving long-term platform capability
A$70.9 million in cash and term deposit at period end post-Iris acquisition, providing strong financial capacity and strategic flexibility
Ongoing investment to support product development and future growth
Robust balance sheet enables continued investment without compromising financial stability
Strengthened internal capability through senior product and engineering hires with deep professional AV industry experience
Ongoing evolution of Dante platform
1H26 Highlights - Key financial metrics
1H26 - 12% revenue growth versus 1H25
Key US$ Metrics | 1H25 | 1H26 | Variance vs 1H25 |
US$ M | US$ M | ||
US$ Revenue | 18.9 | 21.1 | 12% |
US$ Gross Profit | 15.5 | 17.4 | 12% |
US$ Gross Margin % | 82.2% | 82.6% | 0.4pp |
Key Financial Metrics | 1H25 | 1H26 | Variance vs 1H25 |
A$ M | A$ M | ||
Revenue | 28.7 | 32.2 | 12% |
Gross Profit | 23.7 | 26.6 | 12% |
Underlying EBITDA | 0.8 | (2.3) | |
Cash & Term Deposits | 111.3 | 70.9 |
US$m Gross Profit and Gross Margin%
$22.7
$21.8
$14.5
$18.9
$15.5
$17.4 $17.4
70.4%
72.3%
71.5%
82.2% 82.0% 82.6%
76.9%
1H23 2H23 1H24 2H24 1H25 2H25 1H26
Gross Margin $ Gross Margin %
Product Portfolio Performance
Growth achieved across all product categories
Revenue by Product US$M | 1H25 | 1H26 | Variance vs 1H25 | |
CCM | Adaptors | 2.9 | 4.3 | 51% |
CCM | Embedded CCM | 7.2 | 7.0 | (4%) |
Software | Embedded Software | 6.0 | 6.9 | 17% |
Total Embedded Components | 13.2 | 13.9 | 5% | |
Software | Platform Software | 2.4 | 2.6 | 9% |
Other | Other | 0.4 | 0.3 | - |
Total | 18.9 | 21.1 | 12% | |
Design Wins
1H23 2H23 1H24 2H24 1H25 2H25 1H26
53
61
61
64
66
68
78
OEM Design Wins through Product Launch
OEM Brands shipping & developing Dante-enabled Products
Developing product Shipping product
723
649
684
583
621
520
538
490
516
460
476
391
400
430
129
138
153
161
173
194
207
1H23 2H23 1H24 2H24 1H25 2H25 1H26
516 OEM brands have announced products in the market
207 OEM brands currently developing new Dante-enabled products
In total 723 OEM brands have licensed Dante (includes OEMs shipping & and developing products, ODMs and parent brands)
Dante-enabled Products Ecosystem
1H23 2H23 1H24 2H24 1H25 2H25 1H26
Product ecosystem includes 4,947 Dante-enabled products and growing, with OEMs launching 344 new products during the half year, driving further adoption
3,688
3,853
4,008
4,176
4,372
4,603
4,947
Audinate 1H26 Financial Performance
Chris Rollinson, CFO
Audinate FY25 Investor Presentation 16 February 2026 9
(A$'000) | 1H25 | 1H26 | Change (%) |
Revenue | 28,722 | 32,201 | 12% |
Gross profit | 23,685 | 26,560 | 12% |
Gross margin % | 82.5% | 82.5% | |
Employee expenses | (16,611) | (21,483) | (29%) |
Sales & marketing expenses | (2,587) | (2,736) | (6%) |
Other operating expenses | (3,645) | (4,605) | (26%) |
Operating expenses * | (22,843) | (28,824) | (26%) |
Underlying EBITDA | 842 | (2,264) | (369%) |
Restructuring costs | - | (769) | - |
Iris - Acquisition related payments | - | (2,515) | - |
Reported EBITDA | 842 | (5,548) | (758%) |
Depreciation & amortisation | (7,415) | (9,671) | (30%) |
EBIT | (6,573) | (15,219) | (132%) |
Net Interest income | 2,297 | 1,236 | (46%) |
(Loss) / profit before tax | (4,276) | (13,983) | (227%) |
Income tax benefit | 2,069 | 3,403 | 64% |
(Loss) / profit after tax | (2,207) | (10,580) | (380%) |
Income Statement
Operating Expenses
* Operating costs include foreign exchange gains and losses; exclude depreciation and amortisation, one off restructuring and acquisition related expenses that are not reflective of underlying performance.
Revenue increased 12% to U$21.1 million, translated to A$ revenue increasing 12% to A$32.2 million Employee expenses The increase in underlying employment expenses primarily reflects the acquisition of Iris ($0.5 million); higher variable, performance-related incentive costs ($2.7 million); and the remaining increase driven by increases in headcount during the second half of FY25, to support the continued expansion of the Dante ecosystem. Sales & marketing expenses continued investment in a presence at trade shows across key regions Other operating expenses reflect increased software subscriptions to support ISO 27001 certification Net capitalised development costs - operating expenses are shown net of internal costs capitalised in relation to the development of future revenue-generating products. Capitalised development expenditure for 1H FY26 was$6.0 million, including $0.7 million relating to Iris (1H FY25: $4.7 million).
Iris - Acquisition related payments Iris - this cost comprises Audinate shares issued at completion and an at-risk earn-out payable subject to defined revenue targets Depreciation and amortisation reflect increased investment in product development and subsequent amortisation of capitalised development costs. Iris impact of $1.2 million in 1H26. Net interest income reflecting reduced cash balances driven the payment for the Iris acquisition in July 2025.Balance Sheet
(A$'000s) | 30-Jun-25 | 31 -Dec-25 |
Cash | 62,099 | 12,927 |
Term deposits | 47,800 | 57,952 |
Trade and other receivables | 6,939 | 6,356 |
Inventories | 4,087 | 2,887 |
Other assets | 2,749 | 3,338 |
Income tax receivable | 25 | 82 |
Property, plant and equipment | 2,223 | 1,862 |
Right-of-use assets | 2,296 | 1,690 |
Intangibles | 38,609 | 68,732 |
Deferred tax asset | 15,113 | 18,746 |
Other current & non-current assets | 463 | 485 |
Total assets | 182,403 | 175,057 |
Trade and other payables | 3,451 | 2,589 |
Contract liabilities | 5,543 | 5,657 |
Income tax payable | 43 | 67 |
Employee benefits & other provisions | 4,762 | 5,876 |
Other liabilities | 564 | 570 |
Deferred tax liability | 37 | 1,706 |
Lease liabilities | 2,694 | 2,053 |
Total liabilities | 17,094 | 18,517 |
Net assets | 165,309 | 156,540 |
Contributed capital | 202,211 | 203,178 |
Reserves | 3,407 | 4,251 |
Accumulated losses | (40,309) | (50,889) |
Total equity | 165,309 | 156,540 |
$109.9 million at 30 June 2025. Reduction of $39.0 million driven by acquisition payment for Iris in July 2025.
Inventory levels reduced, reflecting inventory management. Intangible assets primarily comprise capitalised development costs ($32.6 million) and increased goodwill ($34.8 million), driven by the Iris acquisition. Deferred tax asset includes $18.6 million in Australian tax losses, carried forward in accordance with applicable tax legislation. Trade and other payables reduced due to lower contract manufacturing purchases Employee benefits & other provisions reflect standard accruals for employee entitlements and related obligations. Other liabilities include earnout liability relating to the Iris acquisition Accumulated Losses includes the $18.5 million accounting impact from fair value treatment of preference shares at IPO, and the 1H26 net loss of ($10.6 million).Cash-flow Statement
1H26 Operating Cashflow to EBITDA Bridge | |
Reported EBITDA | ($5.5m) |
Reverse non-cash Share-based payments | $2.4m |
Reverse non-cash acquisition employment cost | $0.9m |
Interest received | $1.5m |
Investment in working capital/other | $0.2m |
Cash from operating activities | ($0.5m) |
(A$'000) | 1H25 | 1H26 |
Receipts from Customers * | 33,911 | 32,630 |
Payments to suppliers and employees * | (34,787) | (34,276) |
Interest received | 2,383 | 1,538 |
Interest paid | (110) | (80) |
Income Tax Paid | (219) | (275) |
Operating activities | 1,178 | (463) |
Payments for property, plant and equipment * | (1,009) | (333) |
Payment for intangible assets * | (5,731) | (6,356) |
Payment for acquisition of business | - | (30,974) |
Investment in Term Deposits | 28,568 | (10,152) |
Investing activities | 21,828 | (47,815) |
Principal elements of lease payments * | (525) | (622) |
Financing activities | (525) | (622) |
Effects of exchange rate changes on cash and cash equivalent | 329 | (272) |
Net increase / (decrease) in cash | 22,481 | (48,900) |
Free Cash Flow (sum of * ) | (8,141) | (8,957) |
Payments for acquisition of Iris business
Investment in term deposits with greater than 3 months maturity moved to short term cash deposit accounts
Free cash outflow of ($9.0 million) in 1H26 compared to ($8.1 million) in 1H25.Audinate 1H26 Strategy & Outlook
Aidan Williams, CEO
Audinate FY25 Investor Presentation 16 February 2026 13
World-leading technology supplier to Pro-AV
Audinate is the company behind the Dante media networking solution used in the professional AV industry
14x
Market adoption of closest competitor
Professionals >316k
trained on
Dante
723
Total OEM brands licensing Dante products
Dante-enabled products
Dante is in millions of devices and can be found in a diverse range of installations and applications across industries, including:
4,937
Universities Conference Rooms Broadcast Studios Corporate Campuses Houses of Worship Arenas and Stadiums Recording Studios Conference Centres Transportation Amusement Parks
8
Languages supported
13
Locations
220
Employees
Zoos Theatres
Audinate 1H26 Investor Presentation 16 February 2026 14
Iris Studio Inc.
US-based SaaS Platform for Remote Video Production and AV Control
1 2 3 4
STRATEGIC ROLE PRODUCT PROGRESS COMMERCIAL TRACTION FY26 FOCUS
Extending Audinate into cloud-based video workflows
Iris brings cloud-native video control and production functionality that complements Dante audio networking
Expands Audinate's relevance across video led use cases including broadcast, education, enterprise production and live production
From early platform to production-ready SaaS
Browser-based, manufacturer-agnostic platform enabling remote monitoring and control of AV devices
Commercial platform live with advanced camera control and cloud production capabilities
AI-enabled features deployed including auto-tracking, colour correction, and intelligent video workflows
Platform stability, scalability and security materially enhanced since acquisition
Early customers validating product- market fit
White-label deployments live with select partners; commercial SaaS offering in market
Early adoption across multiple customer segments
SaaS delivering recurring revenue model
Go to market leverages Audinate's existing OEM and channel relationships
Iris remains immaterial to group revenue today but demonstrates clear scale potential
Disciplined execution and scalable growth
Build out Go to Market capability and drive customer adoption
Expand partner led deployments and repeatable use cases
Continue product iteration driven by customer feedback and real-world deployments
Deepen integration between Iris and the Dante ecosystem
Maintain disciplined investment while positioning Iris for long term contribution to software growth
Audinate 1H26 Investor Presentation 16 February 2026 15
FY26 Priorities: Return to Growth
1
Ecosystem Expansion:
Accelerate growth in Dante-enabled devices to scale network effects and extend platform reach
2
Integrated Solutions:
Deliver seamless experiences for key use cases to deepen customer engagement and drive adoption
3
Iris Market Launch:
Support the successful market entry of Iris through coordinated go-to-market strategies and continued product development
4
Dante Director Evolution:
Advance Dante Director functionality and commercial focus, with a targeted push into enterprise network management
FY26 Outlook: Executing Growth Strategy
Long-term strategic thesis for Audinate remains strong
- Gross Profit Growth: Audinate's FY26 full-year outlook is for US-dollar gross profit growth of 13-15% over FY25, underpinned by strong forward orders secured in 1H FY26
- Stable Gross Margins: Gross margin percentage expected to remain broadly in line with FY25, supported by a shift toward high-margin software revenue
- Iris Platform Launch: Launched Iris platform in 1H FY26; with continued investment in go-to-market and development to drive platform adoption and scale planned for 2H FY26
- Investment in Strategic Opportunities: Operating costs for FY26 were previously indicated to increase by 25% over FY25, reflecting continued investment in strategic initiatives including Iris, Dante Director and the broader Dante platform. Following organisational changes made in the first half, operating cost growth is now expected to be 20% over FY25
- Strong Balance Sheet: FY26 free cash flow expected to be negative, reflecting the purchase of Iris and planned strategic investments. Audinate's strong balance sheet provides flexibility to fund these strategic initiatives
- Future Growth Foundation: These investments are expected to enable meaningful revenue contribution in future years and reinforce Audinate's leadership position in AV-over-IP
"
"
Audinate is positioned at the forefront of the global AV industry's shift from proprietary hardware to IP-based, software-driven solutions, and is well placed to drive the next phase of industry transformation.
Aidan Williams, Co-founder and CEO.
Audinate Pty Ltd ABN 41 120 828 006
Level 7, 64 Kippax Street Surry Hills NSW 2010
+61 2 8090 1000
https://www.audinate.com
Important Notice and Disclaimer
Disclaimer
To the maximum extent permitted by law, none of the Audinate Group Limited or its subsidiaries or their directors, employees or agents accepts any liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of the information contained in this presentation. In particular, no representation or warranty, express or implied, is given as to the accuracy, completeness or correctness, likelihood of achievement of reasonableness of any forecasts, prospects, statements or returns contained in this presentation. Such forecasts, prospects, statements or returns are by their nature subject to significant uncertainties and contingencies. Actual future events may vary from those included in this presentation.
Summary information
This presentation is for information purposes only is not a recommendation or advice in relation to Audinate or any product or service offered by Audinate or any of its subsidiaries. The information in the presentation is of a general nature only and is not intended to be relied upon as advice to investors or potential investors.
Currency
All amounts in this presentation are in Australian dollars unless otherwise stated.
Past performance
Past performance information, including past share price information, given in this presentation is given for illustrative purposes only and should not be relied upon as an indication of future performance.
Future performance
Forward-looking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions.
Financial information
Certain financial data included in this presentation is 'non IFRS financial information.' These measures are used internally by management to assess the performance of the business and make decisions on the allocation of resources and are included in this presentation to provide greater understanding of the underlying financial performance of the Group's operations. When reviewing business performance, this non-IFRS information should be used in addition to, and not as a replacement of, measures prepared in accordance with IFRS. Readers are cautioned not to place undue reliance on any non-IFRS financial information and ratios included in this presentation. The
non-IFRS information has not been subject to audit or review by Audinate's external auditor.
The non-IFRS measures do not have any standard definition under IFRS and may be calculated differently by other companies.
Market share information
All market share information in this presentation is based on management estimates and internally available information, unless otherwise indicated.
No offer of securities
Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell Audinate securities in any jurisdiction.
Reliance on third party information
The views expressed in this presentation contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by Audinate.
1H26 Highlights - Return to revenue growth
Both CCM & Software growing in 1H26 compared to 1H25
45%
US$ M Revenue by Product | 1H25 | 1H26 | Variance vs 1H25 |
CCM | 10.1 | 11.3 | 12% |
Software | 8.3 | 9.5 | 14% |
Other | 0.4 | 0.3 | (39%) |
US$ Revenue | 18.9 | 21.1 | 12% |
Revenue Mix by Product - 1H25 v 1H26
44%
54%
54%
1H25 1H26
CCM Software Other
R&D Costs
Driver of future revenue growthCapitalised development costs deliver new products and enhancements to existing products to drive sustained revenue growth.
Development costs are built up form a combination of internal resources and external resources
Increase in development costs driven by Iris acquisition in July 2025.
Development Costs | |||
(A$'000) | 1H25 | 1H26 | Change (%) |
Development Costs (capitalised) | 5,763 | 6,395 | 11% |
Research Costs (expensed) | 1,500 | 2,255 | 50% |
Total R&D Costs | 7,263 | 8,650 | 19% |
% of Revenue | 25% | 27% | |
Evolving Product Mix
Transition from CCM-based revenue to higher-margin software offerings
Revenue (US$'M)
$26.2
$30.4 $29.6
Dante Units Shipped ('000s)
744
646
230
683
549 546
$20.6
$6.9
$7.3
$8.0
$18.9
$21.2 $21.1
418
290
321
484
$4.7
$19.0
$22.7
$21.1
$8.8 $9.5
$8.3
180
514
301
306
341
$15.6
$10.1
$12.0
$11.3
238
357
362
183
243
205
1H23 2H23 1H24 2H24 1H25 2H25 1H26
CCM Software Other
1H23 2H23 1H24 2H24 1H25 2H25 1H26
CCM Software
CCM includes Brooklyn 3, Ultimo, Broadway, Dante AV Ultra, Viper & AVIO Network Adaptors
Software includes Dante Domain Manager (DDM), Dante Cloud, AV software tools (Dante Studio, Dante Virtual Soundcard, Via), Dante Embedded Platform (DEP), Dante Application Library, Dante Ready, IP Core and Dante AV-H, Reference designs
Product Portfolio Performance
The change in product classification better reflects the revenue drivers of the business
Category Description Audinate Products Sales Channel Revenue Model
Adaptors Hardware product converting existing analogue
CCM
device into a Dante enabled device
AVIO, Dante AVIOs for Installation
Distribution Partner
Unit Price
Embedded - CCM Hardware products embedded into AV devices to
enable transport of AV signals
Brooklyn, Ultimo, Broadway, Pro S1
OEM Unit Price, Subscription
Embedded -Software
Software based products embedded into AV IP Core, DEP, DAV OEM devices to enable transport of AV signals
Unit Price (Royality), Subscription
Software
Platform Software
Software applications that integrate Dante products into other systems and for monitoring, configuration, and control. A centralised platform for managing networked AV devices
Iris, DVS, Dante Studio, Dante Connector, Dante Director, Dante Domain Manager
Direct, Distribution Partner, Enterprise, Integrator
Direct
Term License, Subscription
Other
Other Revenue Training, certification and consulting services Training and consulting
OEM
Unit price
OEM Design Wins Drive Future Revenue Growth
Pre-sales
Design wins are a key step in the OEM sales cycle
DESIGN WINCustomer commits to use Dante in new products
OEM
Product Design
From design win to product release takes 18-24 months
Buy Prototype Dante Units
Release New Product
OEM
Manufactures
more AV products
OEM buys more Dante
RREePpEeaAtT RREeVvEeNnuUeEOEM sells Dante-enabled AV
products
OEM buys more Dante
Once a new Dante-enabled product is released the OEM keeps buying more Dante units as long as they keep selling their product
units
MMOoDdeElL
units
Dante units may be in the form of chips, cards, modules or software
OEM sells more Dante-enabled AV
products
OEM
Manufactures
more AV products
16 February 2026