Vislink Reports Full Year 2021 Financial Results

Sarasota, Florida, UNITED STATES

Increased Revenue by 48% Year-Over-Year; Finished the Year with Two Consecutive
Quarters of Positive Cash Flow (Exclusive of Non-Recurring Items)

Mt. Olive, NJ, March 31, 2022 (GLOBE NEWSWIRE) -- Vislink (Nasdaq: VISL), a global technology leader in the capture, delivery and management of high quality, live video and associated data in the media & entertainment, law enforcement and defense markets, announced its results for the year ended December 31, 2021. Company management will host a live video conference call to discuss its 2021 results on Friday, April 1, 2022, at 10:00 a.m. Eastern (9:00 a.m. Central) which will be followed by Q&A. The conference call will be accessible at the following link: An archived replay will be made available following the conclusion of the call.

Financial Update:

  • For the year ended December 31, 2021, revenue was $33.8 million, compared to $22.9 million for the year ended December 31, 2020.
  • Gross margins were 55.2% of revenue for the year ended December 31, 2021, compared to 39.4% of revenue for the year ended December 31, 2020.
  • For the year ended December 31, 2021, net loss attributable to common shareholders was $15.4 million, or $(0.35) per share, compared to net loss of $17.6 million, or $(1.19) per share for the year ended December 31, 2020.
  • Non-recurring items accounted for $13.5 million of the $15.4 million net loss. These included the following:
    • Two non-cash items, a write-off of goodwill necessitated by accounting rules, and a charge for the value of vested options and restricted shares associated with the company’s long-term employee incentive plan, together represented $11.9 million, or $(0.27) per share.
    • One-time advisory fees associated with the Mobile Viewpoint acquisition represented $1.6 million, or $(0.04) per share.
  • EBITDA (earnings before interest, taxes depreciation and amortization) for December 31, 2021 was negative $14 million compared to negative $16 million for the year ended December 31, 2020.
  • Ended the fourth quarter 2021 with $36.2 million in cash, compared to $5.2 million at the end of the fourth quarter of 2020.

“We are pleased to report that revenues for the full year 2021 were 48% higher than in the previous year,” said Mickey Miller, CEO of Vislink. “We also ended the year on a strong note, with revenue reaching $11 million in the fourth quarter, which represented a 64% increase over the prior year. In addition, our quoting activity accelerated during the year, with new bookings growing over 100% in 2021 compared to the corresponding period in 2020. This solid sales growth, together with our commitment to controlling costs and judicious use of our finances, helped us end the year with two consecutive quarters of positive cash flow, exclusive of non-recurring items.”

Mr. Miller continued, “In 2021, we finalized the acquisition of Mobile Viewpoint and successfully completed the integration of its personnel, products and technology platform into Vislink’s operations. We also delivered technology to key worldwide events and customers during the year, including the U.S. Department of Defense, the Tokyo Summer Olympics, the NFL Super Bowl, Alabama Public Television, and the Extreme-E Racing Circuit. Our focus on technology leadership continued to drive strategic investment in new products, and we released several key products in 2021 that comprised almost 25% of our revenue for the entire year.”

He concluded, “Looking forward, we foresee expanding growth opportunities in the sports, media and entertainment sectors. In these markets, our 5G and AI-powered solutions have the potential to drive the creation, distribution and monetization of completely new event content. In addition, there is the potential for significant opportunities in large-scale surveillance and reconnaissance projects in the MilGov space. In this sector, our real-time video transmission capabilities deliver the actionable information and situational awareness required by law enforcement and defense personnel. As a result, we believe we are well-positioned to capitalize on opportunities across our key markets throughout 2022, with the goal of realizing profitable and sustainable growth in our business.”

Non-GAAP Financial Measure: EBITDA

To supplement our financial results presented in accordance with Generally Accepted Accounting Principles (GAAP), we are presenting EBITDA in this earning release and the related earning conference call. EBITDA is a non-GAAP financial measure that is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to similarly titled measures presented by other companies. We define EBITDA as our net income (loss), excluding the impact of depreciation and amortization expense and interest income (expense). We have presented EBITDA because it is a key measure used by our management and board of directors to understand and evaluate our operating performance, to establish budgets and to develop operational goals for managing our business. In particular, we believe that excluding the impact of these expenses in calculating EBITDA can provide a useful measure for period-to-period comparisons of our core operating performance.

About Vislink Technologies, Inc.

Vislink is a global technology business specializing in the collection, delivery, and management of high quality, live video and associated data from the scene of the action to the viewing screen. For the broadcast markets, Vislink provides solutions for the collection of live news, sports, and entertainment events. Vislink also furnishes the surveillance and defense markets with real-time video intelligence solutions using a variety of tailored transmission products. The Vislink team also provides professional and technical services utilizing a staff of technology experts with decades of applied knowledge and real-world experience to the areas of a terrestrial microwave, satellite, fiber optic, surveillance, and wireless communications systems, to deliver a broad spectrum of customer solutions. Vislink’s shares of Common Stock are publicly traded on the Nasdaq Capital Market under the ticker symbol “VISL.” For more information, visit

Note on Forward-looking Statements

Certain statements in this press release are forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. This press release contains forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical fact included in this press release, including those regarding the Company’s strategy, future operations, future financial position, projected expenses, prospects, plans, objectives of management, new capabilities, product and solutions launches, expected contract values, acquisitions integration, and expected market opportunities across the Company’s operating segments, the effects of the COVID-19 pandemic, the sufficiency of the Company’s capital resources to fund the Company’s operations and any statements regarding future results are forward-looking statements. Vislink may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in any forward-looking statements such as the foregoing and you should not place undue reliance on such forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties, including those discussed in Vislink’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on March 31, 2022 and in subsequent filings with, or submissions to, the SEC.

The statements made in this press release speak only as of the date stated herein, and subsequent events and developments may cause the Company’s expectations and beliefs to change. While the Company may elect to update these forward-looking statements publicly at some point in the future, the Company specifically disclaims any obligation to do so, whether as a result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing the Company’s views as of any date after the date stated herein.


Investor Relations:

Media Relations:
Charlotte van Hertum


  For the Years Ended 
  December 31, 
  2021  2020 
Revenue, net $33,882  $22,882 
Cost of Revenue and operating expenses        
Cost of components and personnel  15,164   13,867 
Inventory valuation adjustments  843   415 
General and administrative expenses  22,039   17,024 
Gain on lease termination     (21)
Research and development  3,051   2,698 
Loss on the abandonment of property and equipment     680 
Impairment of inventory     3,801 
Impairment of right-of-use assets     895 
Impairment of goodwill  8,211    
Amortization and depreciation  1,343   1,411 
Total cost of revenue and operating expenses  50,651   40,770 
Loss from operations  (16,769)  (17,888)
Other income (expenses)        
Changes in fair value of derivative liabilities  22   8 
Gain on settlement of related party obligations     331 
Gain on settlement of debt  1,362   90 
Other income     5 
Interest expense, net  (29)  (121)
Total other income (expenses)  1,355   313 
Net loss $(15,414) $(17,575)
Basic and diluted loss per share $(0.35) $(1.19)
Weighted average number of shares outstanding:        
Basic and Diluted  43,484   14,811 
Comprehensive loss:        
Net loss $(15,414) $(17,575)
Unrealized loss on currency translation adjustment  (445)  (59)
Comprehensive loss $(15,859) $(17,634)

The accompanying notes are an integral part of these consolidated financial statements.


  December 31, 
  2021  2020 
Current assets        
Cash $36,231  $5,190 
Accounts receivable, net  9,069   4,525 
Inventories, net  11,894   5,986 
Prepaid expenses and other current assets  2,470   814 
Total current assets  59,664   16,515 
Right of use assets, operating leases  1,362   1,077 
Property and equipment, net  1,173   1,138 
Intangible assets, net  5,921   1,921 
Total assets $68,120  $20,651 
Current liabilities        
Accounts payable $3,075  $4,104 
Accrued expenses  3,155   2,340 
Notes payable  99   25 
Current portion of the PPP loan     905 
Operating lease obligations, current  560   475 
Due to related parties      
Customer deposits and deferred revenue  2,113   975 
Derivative liabilities     22 
Total current liabilities  9,002   8,846 
Long-term portion of PPP loan     263 
Operating lease obligations, net of current portion  1,507   1,545 
Total liabilities  10,509   10,654 
Commitments and contingencies (See Note 17)        
Stockholders’ equity        
Preferred stock – $0.00001 par value per share: 10,000,000 shares authorized at December 31, 2021 and 2020; -0- shares issued and outstanding as of December 31, 2021 and 2020      
Common stock, – $0.00001 par value per share, 100,000,000 shares authorized, 45,825,089 and 21,382,290 shares issued and 45,822,430 and 21,379,631 outstanding at December 31, 2021 and 2020, respectively      
Additional paid-in capital  343,746   280,273 
Accumulated other comprehensive income  (297)  148 
Treasury stock, at cost – 2,659 shares as of December 31, 2021 and 2020, respectively  (277)  (277)
Accumulated deficit  (285,561)  (270,147)
Total stockholders’ equity  57,611   9,997 
Total liabilities and stockholders’ equity $68,120  $20,651 

The accompanying notes are an integral part of these consolidated financial statements.

Reconciliation of GAAP to Non-GAAP Results


Reconciliation of net income to EBITDA 
 Net loss$(15,414)
 Interest expense (29)
 Amortization and depreciation 1,343