Mirada sees major annual revenue bump
Details
Michelle Clancy
| 13 July 2019

Mirada, maker of the Iris OTT enablement platform, saw a revenue increase of 40% to reach $12.32 million for its fiscal year ended 31 March 2019.

The firm saw substantial growth of 57% in subscriber-based licence fees to $4.05 million, leading to a gross profit of $11.47 million and a net loss that was reduced to $3.11 million (down from a loss of $4.87 million in 2018).

The firm credits a successful mass-market deployment of Mirada’s OTT product at Izzi Telecom for the 2018 FIFA World Cup along with deployment of Iris multiscreen licences over new segments of subscribers at Izzi for its growth. Other highlights included a contract win with Skytel in Mongolia in December 2018; a first commercial deployment with ATN international in Bermuda, in January 2019; and the commercial deployment of Digital TV Cable Edmund in Bolivia in March 2019.

“Mirada is increasing its market reach, with a growing healthy pipeline of opportunities as a result of the successful deployment, and a wide appraisal of, its Iris multiplatform product,” said Jose Luis Vazquez, CEO of Mirada. “We are considered to be a top-end solution for many potential customers, with a flexible model that allows audio-visual companies of any size to provide a competitive offering to their subscribers.”

He added, “Our financial position is continuously improving, reinforced by the support of our largest shareholder. Together these factors have led to an improved commercial performance with participation in multiple deals and, combined with our growing pipeline, provide confidence in our ability to secure more contract wins in the current year.”