Audinate held a conference call this morning on the Iris acquisitiobn. My main takeaways:

• Iris has launched a white labelled product with PTZ Optics called Hive. The full Iris branded version coming in September. https://ptzoptics.com/hive/
• Hive appears to support almost all networked PTZ cameras including BirdDog, Bolin, Panasonic, Sony, Vizrt
• Iris works with NDI, Dante AV and also just the existing camera hardware. So it doesn't even need protocols like NDI.
• Management is excited about the young, whirlwind team that comes with Iris and has supplemented this with a veteran in TJ Adams from QSC.

It's almost a competing protocol to NDI and Dante AV. So as well as offensive, it's also defensive. Gives them a way to disintermediate NDI, by sitting a layer above.

Not sure if this strategy will be successful. But I certainly understand the rationale better after the presentation.

https://www.youtube.com/watch?v=JyYCCeyoX_M

Details from subsequent release (both dropped after 4:30 pm):

About Iris

• US based SaaS remote video production platform

• Control-first platform - simple remote/cloud AV device control via a browser-based interface

• Enables AV professionals to remotely access, manage and monitor cameras and other devices in real-time, on a manufacturer agnostic basis

• Initially targeting cameras with advanced features including AI-driven auto tracking, colour correction, cloud recording. Potential beyond cameras: encoders, decoders, mixers

• Market launch stage

• Initial market validation - commercial agreements with 14 leading camera brands

• White-label launched April 2025. Public launch planned for September 2025

• Recurring SaaS revenue model, based on monthly and annual subscriptions

• Founder-led. CEO and team joining Audinate

• Iris CEO, Noah Johnson and his team have a strong track record in this sector

with a focus on developing intelligent, user-friendly tools for the AV industry

Strategic Rationale

• Strengthens Audinate’s video platform while accelerating our broader vision for interoperable AV control and management

• Clear alignment with Dante customer base across key verticals such as corporate, entertainment, sports, government, houses of worship and higher education

• Complementary to existing Dante offerings including Dante Director and Dante Studio

Iris Use Cases:

Remote Production

Iris targets lower-end production use cases with two or more cameras

Industry verticals include House of Worship, Education, Corporate, Sports, Funerals etc.

Fleet Management

Iris enables technicians to view live room video and remotely adjust the camera for precise troubleshooting.

Cameras maintain uniform settings, controls, and user experience across all manufacturers, ensuring consistency and ease of operation

Financial Impact of the Transaction

Transaction Structurenly

• Upfront cash: US$20M

• Up to US$8M deferred earn-out: cash + equity (3 years)

• US$4M in cash, subject to achieving revenue-based performance conditions, payable after 3 years

• US$4M in Audinate shares, subject to achieving service-based conditions over a 3-year period

• Funded from cash reserves and new shares. Completion expected July 2025

• Post transaction, Audinate will have a strong balance sheet with net cash of A$78 million

Early Stage of Market Launch. Further investment required

• In addition to the transaction consideration, Audinate will continue to invest in operating and development

expenditure to support go-to-market activities and scaling of the Iris business.

• Depending on the pace of market adoption and execution milestones, Audinate currently expects a material contribution to free cashflow from the investment in Iris within three to four years.

Discl: AD8 held in RL and SM