Audinate's Ecosystem Expands
Audinate Reports FY26 Revenue Growth, Expands Dante Ecosystem and Iris Platform
Key Points
FY26 breakdown for Embedded Components shows a broad mix: Embedded Components contributed US$31.7 million (up ~12%), with Adapters at US$8.6 million (up ~36%), Platform Software US$5.4 million (including Iris at US$0.2 million), and Other US$0.4 million, underscoring diversification beyond the core Dante hardware.
The Dante ecosystem expanded materially in FY26 to 5,158 products, with 137 design wins (up from 129), 555 new product launches, and 542 OEM partners marketing Dante-enabled products; 229 partners are developing new Dante-compatible products, highlighting its market lead (Dante is reported as ~14x larger than the nearest competitor).
Iris, launched in December 2025, is a SaaS platform for intelligent camera control and cloud-enabled workflows, and it now supports 20 camera manufacturers; Dante Certification training has certified over 375,000 AV professionals across 42 training partners in 24 countries.
Audinate restructured its workforce to lower overhead while preserving R&D, with a year-end cash balance of A$65.1 million (down from A$109.9 million in FY25), and management expecting full benefits in FY27 as it aims for positive free cash flow; FY26 underlying EBITDA remained negative at A$3.6 million as investments in Iris and broader platform development continued.
Audinate Group (ASX:AD8) posted FY26 revenue of US$46.0 million, up 15% from US$40.0 million a year earlier, as its Dante audio networking platform continued to dominate the professional AV market, according to Kalkinemedia. The stock gained 7.14% on the news, though heavy investment in new products kept underlying EBITDA in the red at negative A$3.6 million.
The Dante ecosystem now spans more than 8 million shipped devices and 5,158 enabled products — roughly 14 times larger than its nearest competitor, Kalkine reported. But the bigger story for investors is whether Audinate can turn that scale into positive free cash flow by FY27.
Revenue Grows Across Every Business Line
Embedded Components — Audinate's core hardware chips that manufacturers build into AV gear — brought in US$31.7 million, up 12% from US$28.2 million in FY25, according to Kalkinemedia. Adapters posted the strongest jump, rising 36% to US$8.6 million. Platform Software added US$5.4 million, which includes an early US$0.2 million contribution from Iris, the company's new cloud software product.
Gross profit came in at US$37.7 million. The gross margin held steady at 82%, which is unusually high for a hardware-adjacent tech company, Kalkine noted. That margin stability gives management room to keep investing without cutting prices.
Dante Ecosystem Locks In 542 OEM Partners
The Dante platform added 555 new product launches in FY26 and recorded 137 design wins, up from 129 the year before. A total of 542 OEM partners — the manufacturers who pay to put Dante inside their products — are now actively marketing Dante-enabled gear, according to Kalkinemedia. Another 229 partners are developing new compatible products, which signals a strong pipeline ahead.
Audinate also runs a professional training program. It has now certified more than 375,000 AV professionals across 42 training partners in 24 countries. That number matters because certified engineers are more likely to specify Dante gear on future projects, deepening the platform's competitive moat.
Iris SaaS Platform Targets Cloud Video Production
Audinate launched Iris in December 2025. It is a software-as-a-service platform that lets operators control cameras intelligently and run cloud-based video production workflows. The product already supports 20 camera manufacturers, Kalkine reported. It generated US$0.2 million in its first partial year — a small number, but management is treating it as a strategic growth driver for FY27 and beyond.
Iris extends Dante beyond audio networking into video and cloud, which is a meaningful shift. Until now, Audinate's revenue came almost entirely from chips and adapters. A recurring SaaS revenue stream would give the company a more predictable income base and higher long-term margins if it scales.
Workforce Cuts Set Up FY27 Cash Flow Push
Audinate restructured its workforce during FY26 to cut overhead costs while protecting its R&D team. The company ended the year with A$65.1 million in cash, down from A$109.9 million in FY25, as it funded platform development and absorbed the EBITDA loss, according to Kalkine. Management said the full benefit of the restructuring will show up in FY27.
The company's stated goal for FY27 is positive free cash flow, with gross profit growth expected to match or beat FY26's pace. Kalkinemedia reported total FY26 revenue in Australian dollar terms at A$67.8 million, with a net loss of A$19.6 million. The path to breakeven hinges on Iris gaining traction and the Dante ecosystem continuing to add partners and product launches.
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