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Time Business News
31-07-2025
- Business
- Time Business News
Why More Companies Are Turning to Outsourced IT Support
As businesses evolve in the digital age, IT infrastructure has become more complex, critical, and resource-intensive than ever before. From maintaining daily operations to managing data security and ensuring compliance, companies must now juggle numerous tech demands. But rather than building large in-house teams, more and more companies are choosing to invest in Outsourced IT Support. This strategic move offers flexibility, cost savings, access to specialized expertise, and the agility needed to stay competitive. Outsourced IT Support has become a go-to solution for companies looking to scale their operations without being bogged down by the overhead of an internal IT department. Small to mid-sized businesses especially benefit from this model, gaining access to enterprise-level tools and professionals without having to break the bank. By relying on external service providers, companies can shift their focus from maintaining technology to leveraging it for growth. Instead of spending valuable time troubleshooting issues, teams can concentrate on core business goals. Outsourced IT Support providers offer round-the-clock monitoring, rapid response to system outages, and proactive maintenance, all of which are vital in today's always-on business environment. Moreover, these partnerships often come with Service Level Agreements (SLAs) that define response times and service quality, giving companies peace of mind and predictable performance. Modern businesses operate in a highly dynamic environment. Seasonal demand, expansion into new markets, or sudden surges in customer traffic can all place unexpected strain on IT infrastructure. With Outsourced IT Support, companies can scale services up or down based on real-time needs, without having to hire or lay off staff. This flexibility is not only operationally advantageous but also cost-effective. Traditional in-house IT setups require investment in salaries, training, equipment, and software licenses. In contrast, outsourcing allows companies to convert fixed costs into variable ones, paying only for the services they need when they need them. Another significant advantage is that Outsourced IT Support firms often work with a wide range of clients, exposing them to a broad spectrum of technologies and challenges. This means they're more likely to bring innovative solutions to the table and keep your systems aligned with current best practices. As the outsourced model has matured, Managed IT Services have emerged as a more comprehensive and proactive version of support. These services don't just fix issues as they arise—they prevent them. Managed service providers (MSPs) handle everything from infrastructure management and data backup to disaster recovery and cloud integration. Managed IT Services are especially appealing to companies that want a long-term partner who will take responsibility for aligning technology with their business objectives. Unlike traditional IT support, which is often reactive, Managed IT Services involve continuous monitoring and optimization. With automation and artificial intelligence becoming standard, MSPs can detect anomalies, perform updates, and respond to threats in real-time—often before the client even realizes there's an issue. This proactive approach reduces downtime and enhances overall efficiency. For organizations without the capacity to build a full-scale IT team, Managed IT Services offer a path to digital maturity without the growing pains. Regardless of size or industry, every company faces cyber threats. From phishing attacks and ransomware to data breaches and insider threats, the landscape of cybercrime is becoming more sophisticated. In this context, the role of Cybersecurity Services has never been more crucial. Cybersecurity Services offered by outsourced IT providers include real-time threat monitoring, firewalls, antivirus software, endpoint protection, and employee training programs. These services are designed not just to react to incidents, but to build a comprehensive security posture that minimizes risk. Most small businesses mistakenly believe that they're too small to be targeted. However, the opposite is true. Smaller firms often lack proper defenses, making them easy targets. By investing in Cybersecurity Services, businesses can secure sensitive data, protect customer trust, and avoid the legal and financial consequences of a breach. Compliance is another key factor. Regulations such as GDPR, HIPAA, and PCI-DSS require companies to maintain stringent security protocols. Cybersecurity Services ensure that your organization stays compliant with these regulations while keeping your IT systems safeguarded. Every minute of IT downtime costs money. Whether it's a server outage, a failed backup, or a malware attack, interruptions to business operations can quickly snowball into major losses. Outsourced IT Support helps mitigate this risk through proactive monitoring, routine maintenance, and instant response teams. Since downtime impacts more than just finances—it can affect customer satisfaction and employee morale—it's essential to have reliable systems in place. With the right support provider, companies can ensure that any issues are resolved swiftly and efficiently. Outsourced IT Support also helps companies make better use of technology by identifying inefficiencies and recommending upgrades or new systems. This continuous optimization translates directly into higher productivity and better use of resources. There's a growing global shortage of skilled IT professionals. Hiring and retaining talent has become increasingly difficult and expensive. In-house teams may lack the breadth of experience required to handle the variety of technologies in use today. Managed IT Services address this challenge by offering access to a full team of specialists, including network engineers, cloud experts, and security analysts. This breadth of knowledge allows companies to stay competitive without needing to recruit, onboard, and train a team from scratch. Additionally, outsourcing eliminates the challenge of managing internal teams. The MSP takes on the responsibility of performance, availability, and expertise, freeing your HR and management from the overhead of IT staffing. Technology evolves at a rapid pace. What was cutting-edge two years ago may now be obsolete. Managed IT Services providers make it their business to stay ahead of the curve, keeping clients updated with the latest tech tools and practices. This means businesses don't have to worry about falling behind or making poor tech investments. MSPs will usually assess current infrastructure, suggest improvements, and implement systems that are future-proof. Whether it's migrating to the cloud, integrating AI tools, or setting up remote work capabilities, Managed IT Services ensure that companies can take advantage of modern technology without overwhelming their internal resources. Cybersecurity isn't just about firewalls and antivirus software—it's also about people. Human error remains one of the biggest vulnerabilities in any organization. That's where Cybersecurity Services go beyond technical tools. Training programs, phishing simulations, and regular audits are all part of a holistic security strategy. Cybersecurity Services help create a culture of awareness, making employees the first line of defense against cyber threats. Moreover, outsourced providers can conduct regular assessments and penetration testing to identify weaknesses before hackers do. They also keep your security solutions updated in real-time, closing vulnerabilities as soon as they're discovered. The demand for Outsourced IT Support is growing rapidly—and it's easy to see why. In an era where digital operations are critical to success, businesses need reliable, cost-effective, and scalable solutions. By partnering with an external provider, companies can ensure optimal performance, robust security, and continuous innovation. As more companies discover the value of this approach, Outsourced IT Support will continue to play a vital role in helping them navigate the complexities of modern technology. It's not just about solving problems anymore—it's about enabling growth, fostering agility, and preparing for the future. To stay ahead of the competition, investing in both Managed IT Services and Cybersecurity Services is no longer optional—it's essential. TIME BUSINESS NEWS
Globe and Mail
02-05-2025
- Business
- Globe and Mail
Vislink Reports Fourth Quarter and Full Year 2024 Financial and Operational Results
Vislink Technologies, Inc. ('Vislink' or the 'Company') (OTCQB: VISL), a global technology leader in the capture, delivery, and management of high-quality live video and associated data in the media and entertainment, law enforcement, and defense markets, today reported results for the fourth quarter and full year ended December 31, 2024. Fourth Quarter 2024 and Recent Company Highlights Received multimillion-dollar orders for high-reliability airborne video downlink system (AVDS) equipment. Strong order flow from municipal, regional, and national public safety and military organizations located in the U.S., Canada, and Europe. Initiated multimillion-dollar product shipments for use in emerging drone applications. Secured over $900,000 in recurring revenue through strategic Service Level Agreements (SLAs). Establishing a global service platform accelerates Vislink's shift toward a sustainable, service-driven business model that will enhance customer retention while laying a strong foundation for predictable, long-term income. Realized operational cost savings expected to eventually reach approximately $10 million, resulting from the restructuring plan enabled by the deployment of a new ERP system. Announced its latest partnership with Radio Television Malaysia (RTM) to deploy an advanced Vislink system in a significant infrastructure upgrade of RTM's Kuala Lumpur Tower facilities. The contract value is greater than $1 million. Awarded 'Best Innovation Project' at the Broadcast Tech Innovation Awards 2024. This accolade recognizes Vislink's groundbreaking collaboration with FocalPoint VR and ASPIRE in delivering an immersive virtual reality (VR) experience for the Abu Dhabi Autonomous Racing League (A2RL). We continue to support marquee global events and commercial partners, including Super Bowl 2025, the 2024 Summer Olympics in Paris, NFL, NHL, Premier League, MotoGP, Formula-1, The Academy Awards, The Emmys, and more. Debuted a range of new and updated products, including: Aero5 5G HEVC 4K UHD Airborne Downlink System: Designed for public safety, tactical operations, live sports, and news. Aero5 enhances situational awareness and event coverage, leveraging the use of public cellular networks. DragonFly V 5G: A groundbreaking bonded cellular miniature transmitter that combines 5G connectivity with ultra-lightweight, high-performance video streaming capabilities. INCAM GV wireless system in both RF and 5G versions: Engineered to integrate seamlessly with Grass Valley's LDX 100 Series live production cameras, it provides reliable, premium image quality for the most demanding live productions. Cliq: A compact mobile transmitter, now featuring DVB-T2 support, designed for a range of Tier-1 live event broadcast applications. LinkMatrix: A browser-based platform that enables remote control and management of Vislink solutions. Quantum: An IP-native wireless camera receiver that enables highly efficient workflows and remote production capabilities. LiveLink: A bonded cellular 4G/5G solution designed to deliver high reliability and low latency in challenging conditions. Launched a new website and brand identity to drive global growth and strengthen market leadership. This new digital marketing presence elevates brand awareness, differentiates Vislink competitively, and provides customers with an enhanced, user-friendly platform. The new brand and website are key elements in Vislink's marketing strategy and growth goals. Subsequent to the end of the fourth quarter, the Company announced it had voluntarily delisted the Company's common stock from the Nasdaq Capital Market. The decision was made to reduce the Company's expenses while allowing for greater focus on execution. Full Year 2024 Financial Results Revenue was $27.7 million compared to $27.5 million in 2023. Gross margin was 25%, and excluding the one-time inventory write-off and impairment was 49.7%, compared to 51% in 2023. Net loss attributable to common shareholders totaled $(20.5) million, or $(8.35) per share, compared to $(9.1) million, or $(3.83) per share, in 2023. Significant restructuring, including headcount reductions, lease terminations, and asset write-offs constituted the majority of the reported loss. Key project delays and longer lead times also affected Q4 revenue. EBITDA (earnings before interest, taxes, depreciation, and amortization) totaled $(19.8) million, compared to $(9.0) million in 2023. Cash and short-term investments were $6.5 million at December 31, 2024, compared to $9.2 million at the end of the third quarter. Fourth Quarter 2024 Financial Results Revenue was $3.4 million, compared to $7.1 million in the prior quarter. The revenue decrease was primarily due to a decline in the live production business and the delayed execution of large-scale projects. Gross margin was -1%, and excluding the one-time inventory write-off and impairment was 8.8%, compared to 51% in the prior quarter. Material margins remained strong, while unabsorbed production overhead caused the significant decrease in the gross margin. Net loss attributable to common shareholders totaled $(14.3) million, or $(5.82) per share, compared to $(3.0) million, or $(1.22) per share, in the third quarter. Management Commentary 'We continued to make strategic progress in 2024, even as we faced revenue timing challenges in the fourth quarter,' stated Mickey Miller, CEO of Vislink. 'Our full-year revenue grew modestly year-over-year, and we significantly advanced our operational foundation through the implementation of our ERP system and a comprehensive restructuring plan. Through these actions, we have reduced costs and expect to realize annualized savings of approximately $10 million. This will help lower our break-even point and reduce complexity and redundancy. It will also provide us with a leaner, and we believe more efficient operating model to support long-term growth and enhance working capital management.' 'We are seeing strong momentum in our MilGov business, highlighted by multimillion-dollar orders and product shipments for our airborne video downlink systems. This includes expanding use cases in emerging drone applications. These wins reinforce the position of our AeroLink and cellular-based Aero5 systems as trusted solutions in mission-critical environments. With multiple agencies across the U.S., Canada, and Europe now adopting our technologies, we are optimistic about securing additional contracts in 2025.' 'Our transformation into a service-centric organization is also well underway. We received over $900,000 in recurring revenue through new Service Level Agreements. This validates our strategy to deliver long-term value through predictable, high-margin income streams. The build-out of our global service platform will be a key enabler as we scale the business.' 'Within the Live Production market, we continue to experience a healthy demand for innovative solutions that deliver premium quality with greater flexibility. This was demonstrated by our role as a key technology provider for global marquee events, where our wireless systems enabled immersive live transmission during many of the world's most-watched events. We are also seeing growing interest in our DragonFly V 5G miniature transmitter as well as our expanded product lineup, which allows us to address evolving production workflows across a range of broadcast environments.' 'We have taken decisive steps to align our cost base with current operational realities. We are confident that our innovative product roadmap, strengthening presence in high-growth sectors, and sharpened operational focus gives us a platform to deliver sustainable, profitable growth over time while creating value for shareholders.' Conference Call Management will host a conference call today, May 2, 2025, at 8:30 a.m. Eastern Time to discuss its financial results for the fourth quarter and full year ended December 31, 2024. Toll-Free Number: 1-833-953-2432 International Number: 1-412-317-5761 Webcast: Click here to register Please register online approximately 15 minutes before the start time (although you may register, dial in, or access the webcast anytime during the call). The conference call will be broadcast live here and available for replay via the Investor Relations section of Vislink's website. A replay of the conference call will be available after 11:30 a.m. Eastern Time on the same day through May 16, 2025. Toll-Free Replay Number: 1-877-344-7529 International Replay Number: 1-412-317-0088 Replay ID: 3694185 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 earnings release and the related earnings 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 and tax). 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, establish budgets, and 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. A reconciliation of non-GAAP EBITDA to GAAP net loss appears in the financial tables accompanying this press release, as set forth below. 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 revenues, growth, profitability results, and financial position, risks of supply chain constraints and inflationary pressures, projected expenses and cost-savings, prospects, plans including restructuring, and footprint and technology asset consolidations, objectives of management, new capabilities, product and solutions launches including AI-assisted and 5G streaming technologies, implementation of the ERP, R&D investments including AVDS and drone-related projects, expected contract values, projected pipeline sales opportunities and transactions in our sales pipeline, backlog realization, and order acquisitions integration including the recently acquired BMS assets, cost savings, and expected market opportunities across the Company's operating segments including the live event production, AVDS and MilGov markets, 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, 2024, filed with the Securities and Exchange Commission ('SEC') on May 2, 2025, and in subsequent filings with, or submissions to, the SEC or OTC Markets from time to time. 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. About Vislink Technologies, Inc. Vislink Technologies is a global technology leader in capturing, delivering, and managing high-quality live video and associated data. With a renowned heritage in video communications encompassing over 50 years, Vislink has revolutionized live video communications by delivering the highest-quality video from the scene, even in the most challenging transmission conditions, enabling broadcasters, defense and public safety agencies to capture and share live video seamlessly and securely. Vislink provides live streaming solutions using RF, bonded cellular, 5G, and AI-driven technologies. Vislink's shares of common stock are publicly traded on the OTCQB Capital Market under the ticker symbol 'VISL.' -Financial Tables to Follow- For the Years Ended December 31, 2024 2023 ASSETS Current assets Cash $ 5,501 $ 8,482 Accounts receivable, net 5,958 8,680 Inventories, net 7,563 14,029 Investments held to maturity 995 5,731 Prepaid expenses and other current assets 1,302 1,560 Total current assets 21,319 38,482 Right of use assets, operating leases 297 742 Property and equipment, net 1,984 1,902 Intangible assets, net 2,578 3,866 Total assets $ 26,178 $ 44,992 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 2,422 $ 3,183 Accrued expenses 2,153 1,578 Notes payable 56 — Operating lease obligations, current 459 463 Accrued restructuring costs 421 — Customer deposits and deferred revenue 2,768 1,490 Total current liabilities 8,279 6,714 Operating lease obligations, net of current portion 291 755 Deferred tax liabilities 401 546 Total liabilities 8,971 8,015 Commitments and contingencies (See Note 20) Series A Preferred stock, $0.00001 par value per share: -0- shares authorized on December 31, 2024, and 2023, respectively; -0- and shares issued and outstanding on December 31, 2024, and 2023, respectively. — — Stockholders' equity Preferred stock, $0.00001 par value per share: 10,000,000 shares authorized on December 31, 2024, and 2023, respectively — — Common stock, $0.00001 par value per share, 100,000,000 shares authorized on December 31, 2024, and 2023, respectively: Common stock, 2,467,618 and 2,439,923 were issued, and 2,467,485 and 2,439,790 were outstanding on December 31, 2024 and 2023, respectively. — — Additional paid-in capital 348,663 347,507 Accumulated other comprehensive loss (1,452) (1,027) Treasury stock, at cost – 133 shares as of December 31, 2024, and 2023, respectively (277) (277) Accumulated deficit (329,727) (309,226) Total stockholders' equity 17,207 36,977 Total liabilities and stockholders' equity $ 26,178 $ 44,992 COMPREHENSIVE LOSS (IN THOUSANDS EXCEPT NET LOSS PER SHARE DATA) For the Years Ended December 31, 2024 2023 Revenue, net $ 27,729 $ 27,482 Cost of revenue and operating expenses Cost of revenue: Cost of components and personnel 13,955 13,380 Inventory impairments and valuation write-downs 6,828 487 Total cost of revenue 20,783 13,867 Operating expenses: General and administrative expenses 21,596 19,376 Research and development 4,561 3,493 Restructuring costs 489 — Impairment of right-of-use operating assets 168 83 Impairment of intangible assets 330 — Depreciation and amortization 1,310 1,261 Total operating expenses 28,454 24,213 Total cost of revenue and operating expenses 49,237 38,080 Loss from operations (21,508) (10,598) Other income (expenses) Unrealized gain on investments in debt securities held to maturity (25) 68 Realized loss of investments in debt securities (24) (82) Other income 400 332 Dividend income 211 375 Interest income (expense), net 300 560 Total other income 862 1,253 Net loss before income taxes (20,646) (9,345) Income taxes Deferred tax benefits 145 218 Net loss attributable to common shareholders $ (20,501) $ (9,127) Net loss per share attributable to Common Shareholders: Basic and diluted loss per share $ (8.35) $ (3.83) Weighted average number of shares outstanding: Basic and diluted 2,456 2,381 Comprehensive loss: Net loss $ (20,501) $ (9,127) Unrealized (loss) gain on currency translation adjustment (425) 310 Comprehensive loss $ (20,926) $ (8,817) VISLINK TECHNOLOGIES, INC. YEARS ENDING DECEMBER 31, 2024 AND 2023 (IN THOUSANDS) For the Twelve Months Ended December 31, 2024 2023 Reconciliation of net income to EBITDA Net loss $ (20,501) $ (9,127) Amortization and depreciation 1,310 1,261 Dividend income (211) (375) Interest income, net (300) (560) Tax (145) (218) EBITDA $ (19,847) $ (9,019) Stock-based compensation 996 1,942 Impairment 6,507 83 Severance 239 585 Restructuring costs other than severance 250 — EBITDA Non-GAAP Adjusted $ (11,855) $ (6,409)
