Huddly delivered 34% revenue growth to a record NOK 118 million in the third quarter 2022, and 43% growth to NOK 339 million for the first nine months. The increased revenue is driven by growth in sales through the company’s strategic partners, Crestron and Google. Huddly is a leading enabler of video conferencing experiences through AI software and intelligent cameras.
Gross margins continue to be negatively affected by cost inflation, product mix, and the relatively higher sales through strategic partners and lower sales through Channels. The gross margin was 34% in the third quarter 2022, compared to 51% in the same period last year.
Our innovative software solutions are crucial to build strategic value and establish a more robust margin position in the future. As the first step in this monetization strategy, the company has launched two new products:
- Speaker Framing – a powerful AI feature designed to make meetings inclusive and immersive – was launched in Channels in the third quarter, with the first shipments scheduled for November.
- Huddly’s AI Director Multi-Camera Experience – introduced on Google Next in the third quarter– will be launched in the second quarter 2023, with the solution being made available on all IP cameras starting with the L1.