In today’s world, the usage of video has become integral across various sectors such as entertainment, enterprise video, surveillance and so on. As usage increases, the need for video storage solutions also arises. One such provider of these solutions, Beamr Imaging, is set to make its market debut next week. Here’s what you need to know:
Beamr Imaging Ltd. is slated to go public on Friday, October 14. It will begin trading on NASDAQ under the symbol BMR. The company will offer 3 million shares at a price of $5. The IPO will be managed by ThinkEquity.
According to its filings, Beamr Imaging is an innovator of video encoding, transcoding and optimization solutions that enable high quality, performance, and efficiency for video and images. At the heart of its patented optimization technology is the proprietary Beamr Quality Measure, or BQM, that is highly correlated with the human visual system. BQM is integrated into the company’s Content Adaptive Bitrate (CABR) system, which maximizes image quality.
Beamr currently licenses three core video and image compression products that include a suite of video compression software encoder solutions, photo optimization software solutions for reducing JPEG file sizes, and a hardware solution for integration into video encoding ASICs, GPUs, and application processors.
The company’s customers include OTT content distributors, video streaming platforms and Hollywood studios that rely on its products to reduce the cost and complexity associated with storing, distributing and monetizing video and images across devices. Its cloud video storage solutions enable its customers to save up to 50% on video storage costs.
For the years ended December 31, 2021 and December 31, 2020, Beamr’s top ten customers in the aggregate accounted for approx. 62% of its revenues. In the six months ended June 30, 2022, its top ten customers in the aggregate accounted for approx. 58% of its revenues.
For the six months ended June 30, 2022, revenues decreased 9% to $0.9 million from $1 million in the same period in 2021. Net loss for the first half of 2022 amounted to $0.8 million compared to $0.9 million in the same period last year.
For the year ended December 31, 2021, revenue increased 4% year-over-year to $3.3 million. Net loss for the year amounted to $0.9 million.
As stated in the company’s filings, according to Fortune Business Insights, the global cloud video storage market is projected to grow from $7.3 billion in 2021 to $13.5 billion in 2025 and to $20.9 billion by 2028, at a CAGR of 16% during the forecast period. According to Grand View Research, the global enterprise video market size is estimated to reach $33.72 billion by 2027 at a CAGR of 11.6% from 2020 to 2027.
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