Audinate delivers 15% US dollar revenue growth as Dante platform expands across audio, video and control
Audinate Group delivered FY26 full-year revenue of US$46.0 million, up 14.9% on FY25, landing at the upper end of market guidance. Gross profit rose to US$37.7 million, up 14.7%, with gross margin held broadly flat at 82.0%.
The result reflects a two-sided story: continued revenue and platform growth alongside a deliberate restructure of the Group’s operating cost base, positioning FY27 for improved operating profit. During the year, Audinate also launched Iris in December 2025, extending the Dante platform across audio, video and control.
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FY26 result headlines and financial performance
Revenue is reported entirely in US dollars, making USD the primary lens for growth. On that basis, revenue grew 14.9% to US$46.0 million (FY25: US$40.0 million), while gross profit increased 14.7% to US$37.7 million (FY25: US$32.9 million).
Gross margin held at 82.0%, compared with 82.1% in FY25. Underlying EBITDA was a loss of A$3.6 million (FY25: profit of A$0.7 million), which reflects increased investment in Iris, Dante Director and broader platform development ahead of their expected revenue contribution.
Audinate ended the year with cash and term deposits of A$65.1 million, providing substantial liquidity to fund its growth initiatives.
In Australian dollar terms, revenue grew 9% to A$67.8 million, a lower rate than the USD figure due to AUD/USD movements over the year. While revenue is 100% US dollar-denominated, the Group carried US dollar-denominated expenses covering roughly half of that revenue, providing a partial natural hedge against exchange rate movements.
| Product Category (US$m) | FY25 | FY26 | Variance |
|---|---|---|---|
| Embedded Components (CCM / Software) | 28.2 | 31.7 | +12.2% |
| Adaptors | 6.3 | 8.6 | +36.1% |
| Platform Software | 4.7 | 5.4 | +13.7% |
| Other | 0.8 | 0.4 | – |
| Total Revenue | 40.0 | 46.0 | +14.9% |
Adaptor growth of 36.1% was supported by the launch of the ‘AVIOs for Installation’ range, targeting corporate meeting rooms, boardrooms and education environments. Embedded software adoption, including DEP and Dante IP Core, grew as OEM partners transitioned from hardware-based implementations to software-enabled solutions. Platform Software performance included an initial US$0.2 million revenue contribution from Iris, reflecting its early-stage commercial ramp.
Ecosystem momentum and the launch of Iris
Each new device deployed deepens the Dante ecosystem’s value, creating self-reinforcing network effects that reinforce Dante’s position as the professional AV standard. The scale of that installed base continued to expand during the year.
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8 million+ Dante devices shipped
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5,158 products in market, with 555 launched during the year
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542 OEM partners globally, with a further 229 developing Dante-enabled products
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137 design wins during the year (FY25: 129), sustaining the pipeline of products expected to generate revenue in future periods
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14x adoption of the nearest competitor
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More than 375,000 AV professionals trained and certified across 24 countries
Design wins represent OEM commitments to build Dante-enabled products, feeding a future revenue pipeline as those products reach market. The consistent growth in this metric points to continued demand from partners globally.
Iris, launched in December 2025, is a SaaS-based subscription offering that enables intelligent camera control and cloud-enabled video production workflows. The platform now covers 20 camera manufacturers, extending Dante’s reach across video and AV control.
Aidan Williams, Co-founder and CEO
“This year marks twenty years since Audinate was founded with a vision to pioneer the future of AV. FY26 is a year that reflects how far we have come and the scale of the opportunity ahead. The Dante ecosystem now spans over 8 million devices shipped, 5,100+ products and 542 OEM partners. The platform has never been broader, extending across audio, video and control in ways we could only imagine when Audinate began. FY26 saw Audinate deliver revenue growth, continue to advance major platform investments, and reshape its cost base for the next phase of growth. Twenty years in, the foundation is strong, the direction is clear, and the opportunity in front of us is the largest it has ever been.”
Understanding Dante and why the network effect matters
Dante is Audinate’s AV networking technology. It replaces traditional analogue AV cabling by transmitting synchronised audio and video signals over standard Ethernet networks, allowing signals to travel across large distances to multiple locations using nothing more than a network cable.
The network effect is central to the business model. As more devices support Dante, interoperability improves, which makes the standard more valuable, which in turn encourages more OEMs to adopt it, creating a reinforcing loop that positions Dante as the default professional AV standard.
For investors, this is an infrastructure and installed-base model rather than a seat-based SaaS business. Because Dante moves signals onto IP networks with APIs, Audinate has stated it forms a natural foundation for AI-driven workflow automation. Iris is an example of this, where video networking and deep camera control enable automation. On this view, the company frames AI as a tailwind rather than a threat.
Cost realignment sets up FY27 operating leverage
During FY26, Audinate restructured its workforce and operations to sharpen focus on the highest-return opportunities across the Dante platform. The company presented the changes as a strategic realignment designed to preserve growth investment.
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Completed an operating restructure, resulting in a net reduction of 10% of roles across the broader Group, despite the addition of headcount from Iris.
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Reduced overhead in areas where major build programs are now complete, while preserving the R&D investment that supports future growth.
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One-off items in FY26 included restructure costs of A$1.8 million and Iris acquisition-related payments of A$3.5 million, accounted for as remuneration for future services as the entitlement is conditional on continued employment.
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The full benefit of these changes is expected to flow from FY27.
| Metric (A$m) | FY25 | FY26 |
|---|---|---|
| Revenue | 62.1 | 67.8 |
| Gross Profit | 51.1 | 55.5 |
| Gross Margin % | 82.3% | 81.9% |
| Operating Costs | (50.5) | (59.1) |
| Underlying EBITDA | 0.7 | (3.6) |
| Reported EBITDA | 0.03 | (8.9) |
Operating costs increased 17% to A$59.1 million, reflecting ongoing investment in core capabilities and product innovation including Iris, Dante Director and the wider Dante platform. Sales and marketing expenses fell 15% to A$5.7 million, reflecting the normalisation of expenditure following the launch of Dante Director.
FY27 outlook and the investment case
Audinate enters FY27 with sustained revenue and gross profit growth momentum, strong gross margins and a stated pathway to positive free cash flow. Guidance was disclosed as follows:
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US dollar gross profit growth is expected to be in line with or slightly ahead of the rate achieved in FY26.
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Gross margins are expected to be maintained at approximately 82%.
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Australian dollar operating costs are expected to remain flat against FY26, excluding one-off restructuring and Iris acquisition-related payments.
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Together, these are expected to deliver an improvement in operating profit and cash flows in FY27.
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The Group maintains a robust balance sheet, with A$65.1 million in cash and term deposits.
The investment case rests on a market-leading installed base, a platform now spanning audio, video and control, a software monetisation runway, and a leaner cost base positioned to deliver operating leverage as revenue scales. Management has framed FY27 as a year of expected improvement in operating profit and cash flows.
Audinate will host a webinar via Zoom to discuss its FY26 results at 9.30am AEST on 17 August 2026, expected to last approximately 45 minutes including question time.
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