2024 Annual Report (including Appendix 4E)
Released
Released
Announcement PDF
Appendix 4E
Ai-Media Technologies Limited
Preliminary
Appendix
4E final report
Preliminary final report
1. Company details
Name of entity:
ABN:
Reporting period:
Previous period:
Ai-Media Technologies Limited
12 122 058 708
For the year ended 30 June 2024
For the year ended 30 June 2023
2. Results for announcement to the market
$
Revenues from ordinary activities
up
7.2% to
66,236,058
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA)
up
24.2% to
4,111,855
Loss from ordinary activities after tax attributable to the owners of AiMedia Technologies Limited
down
66.6% to
(1,340,996)
Loss for the year attributable to the owners of Ai-Media Technologies
Limited
down
66.6% to
(1,340,996)
Dividends
There were no dividends paid, recommended or declared during the current financial period.
Comments
The loss for the Group after providing for income tax amounted to $1,340,996 (30 June 2023: $4,017,064).
Revenue for the period was $66,236,058, up 7.2% from the prior year (30 June 2023: $61,769,967). Revenue share of
technology sales (including hardware and SaaS) increased to 50% of total revenue, compared to 39% in the prior year.
EBITDA for the Group was $4,111,855 up 24.2% from the prior period (30 June 2023: $3,310,552). EBITDA growth was driven
by increase in higher margin technology sales.
EBITDA is a financial measure which is not prescribed by the Australian Accounting Standards (AASBs) and represents the
profit under AASBs adjusted for specific items. The directors consider EBITDA to be one of the key financial measures of the
Group.
The loss for the Group after providing for income tax amounted to $1,340,996, an improvement of 66.6% year on year (30
June 2023: $4,017,064).
Refer to the attached Directors' report 'Review of Operations' section for further explanation.
Appendix 4E
Ai-Media Technologies Limited
Preliminary
Appendix
4E final report
Preliminary final report
The following table summarises key reconciling items between statutory loss after income tax and EBITDA:
Consolidated
2024
2023
$
$
Revenue
Less: Direct employee costs
Less: Other direct costs including inventory expenses
66,236,058
(18,375,556)
(5,389,045)
61,769,967
(20,750,957)
(4,158,191)
Gross profit*
Add: Other revenue**
Less: Indirect costs or overheads
Less: Income tax expense
42,471,457
(42,767,740)
(1,044,713)
36,860,819
456,469
(39,623,352)
(1,711,000)
Loss after income tax expense
Add: Finance costs
Add: Income tax expense
Less: Interest income
(1,340,996)
162,487
1,044,713
(164,822)
(4,017,064)
761,594
1,711,000
(50,169)
Loss before interest and taxation (EBIT)
Depreciation and amortisation expense
(298,618)
4,410,473
(1,594,639)
4,905,191
EBITDA
4,111,855
3,310,552
*
**
Not all allocations of indirect costs or overheads to direct employee costs and other direct costs are included.
This consists of a reversal of an over accrual of USA sales tax.
3. Net tangible assets
Reporting
period
Cents
Net tangible assets per ordinary security
8.10
Previous
period
Cents
6.91
The net tangible assets calculation includes rights-of-use assets of $500,675 (30 June 2023: $318,220) and the corresponding
lease liabilities of $532,486 (30 June 2023: $345,713).
4. Control gained over entities
Not applicable.
5. Loss of control over entities
Not applicable.
6. Dividends
Current period
There were no dividends paid, recommended or declared during the current financial period.
Previous period
There were no dividends paid, recommended or declared during the previous financial period.
Appendix 4E
Ai-Media Technologies Limited
Preliminary
Appendix
4E final report
Preliminary final report
7. Dividend reinvestment plans
Not applicable.
8. Details of associates and joint venture entities
Not applicable.
9. Foreign entities
Details of origin of accounting standards used in compiling the report:
Not applicable.
10. Audit qualification or review
Details of audit/review dispute or qualification (if any):
The financial statements have been audited and an unmodified opinion has been issued.
11. Attachments
Details of attachments (if any):
The Annual Report of Ai-Media Technologies Limited for the year ended 30 June 2024 is attached.
12. Signed
As authorised by the Board of Directors.
Signed ___________________________
Anthony Abrahams
Director
Sydney
Date: 28 August 2024
Annual Report 2024
Annual Report 2024
About AI Media
World leading AI-powered captioning solutions
Contents
01
About AI-Media
02
Highlights
04
Chair and CEO letters
08
Products and technology
10
Growth priorities
12
Board of directors
15
Directors’ report
28
Auditor’s independence declaration
29
Financial report
67
Directors’ declaration
73
Shareholder information
75
Corporate directory
Highlights
Chair & CEO letters
Products & technology
Growth priorities
Board of directors
Directors' report
Financial report
Corporate directory
ABOUT AI-MEDIA
AI-Media is the leading captioning,
transcription and translation provider
globally, with over 9 million minutes
captured on its iCap platform. The
Company has deployed the latest in
artificial intelligence (AI) technology
to transform its market offering to
better serve the growing demand for
high-quality captioning worldwide. The
demand for captioning, transcription
and translation has grown far beyond
its broadcasting origin. AI-Media’s
best-in-class technology, provides the
only end-to-end captioning solution in
market, from encrypting source data to
encoding, captioning and translation.
We are uniquely positioned as a global
leader in the live captioning and
translation industry with six offices
across three continents servicing live
streaming in media, events, corporate,
education, government, municipalities
and more.
01
Annual Report 2024
About AI Media
Highlights
Chair & CEO letters
Highlights
Continued success in executing on transformation strategy
to grow technology revenue at higher margins
Total revenue1
Total gross margin
$66.2m 64%
Up 7% FY23 $61.8m
Tech gross margin
85%
Up 4% FY23 60%
EBITDA
$4.1m
Up 1% FY23 84%
Up 24% FY23 $3.3m
Tech revenue2
Tech gross profit
$32.9m
Up 37% FY23 $24.0m
Cash balance3
$10.9m
Down $6.1m FY23 $17.0m
$28.0m
Up 39% FY23 $20.2m
Operating cash flow
$3.6m
Up 3% FY23 $3.5m
1. FY24 and FY23 revenue from ordinary activities, excluding interest and other income.
2. Including revenue from Hardware, SaaS & Support with gross margins >80%.
3. Cash balance as at 30 June 2024 reduced mainly due to $8.1m final vendor payments from acquisitions paid in H1 FY24.
02
Products & technology
Growth priorities
Board of directors
Directors' report
JOHN MARTIN CHAIR
Corporate directory
TECH REVENUE CAGR
35%
"We remain
committed to
driving further
growth and
profitability. "
Financial report
Targeting >80%
Technology revenue
by December 2025
REVENUE COMPOSITION ($M) AND GROSS PROFIT MARGIN (%)
64%
55%
60%
66.2
59.8
41.8
61.8
33.3
37.8
32.9
24.0
18.0
FY22
FY23
FY24
TECH
SERVICES
GP MARGIN
03
Annual Report 2024
About AI Media
Highlights
Chair & CEO letters
Chair’s letter
Dear fellow Shareholders,
As I reflect on the past three years, I
am proud of the accomplishments
achieved by our Company. Since
we acquired New York-based EEG
in May 2021, we have successfully
transitioned our legacy human services
business to offer a suite of AI-powered
technology solutions to a diverse range
of customers globally. This shift has
enabled us to broaden our customer
base, expanding into new segments
and territories, and transition to more
recurring, higher-margin revenue
while increasing service quality and
customer satisfaction.
From FY22 to FY24 we increased our
technology revenue at a compound
annual growth rate (CAGR) of 35%,
and we significantly improved our
gross profit margins from 55% to 64%.
In FY24, approximately 50% of our
revenue is derived from technology
sales, reflecting our ability to build
a scalable business model while
delivering sustainable growth. In FY24,
total revenue grew 7% to $66.2 million,
and we saw a 24% increase on FY23
to Earnings Before Interest Tax and
Depreciation (EBITDA) to $4.1 million.
As we continue to drive adoption of
our technology products, we remain
committed to growing technology
revenues and are targeting this
segment to account for greater than
80% of total revenue within the next
18 months.
The growth in technology sales in FY24
was driven by the successful launch of
LEXI 3.0 in May 2023. LEXI 3.0 is a new
and improved version of our flagship
live automatic captioning solution
that takes advantage of the latest
innovations in AI.
04
LEXI 3.0 delivers results that rival
human captions at a fraction of the
cost. It is capable of live captioning a
wide range of content types from linear
TV broadcasts, Over-the-Top (OTT),
live sports, government and court
proceedings, meetings, events and
more. Captions are delivered through
our encoders (hardware or virtual) and
connected to our iCap Cloud Network.
This integrated end-to-end solution
fits into our customers’ workflows,
providing superior service for them and
a competitive moat for us.
During FY24, we were pleased to grow
and diversify our revenue mix and
customer base to include sportsrights holders, local, state and federal
governments and an increasing
number of large enterprises and
universities. To continue growing our
technology sales and our iCap Cloud
Network, we enhanced our global
presence by expanding our sales
team and increasing our attendance
at key industry tradeshows, and we
established new strategic distribution
partnerships. These initiatives resulted
in major new contract wins and
renewals in FY24 and building out our
sales pipeline for FY25.
To drive future growth, we continued
to invest in the Company’s ongoing
Research and Development (R&D)
initiatives and leveraged new LEXI
product releases, including LEXI
Disaster Recovery (DR) and LEXI
Recorded, adding to our LEXI solutions
suite and leading to additional
cross-selling opportunities. By
continuously incorporating the latest
advancements in AI, we continue to
offer market leading solutions, further
strengthening and extending our
defensive moat.
The triumphs over the course of the
year would not have been possible
without the dedication of the broader
AI-Media team led by CEO and CoFounder Tony Abrahams. I would like
to express my gratitude for being
nominated as Chair of the Company
and recognise Deanne Weir for her
stewardship in the Chair role over
the past ten years. I have appreciated
working alongside Deanne on the Board
and on behalf of all Directors and staff,
thank her for her valuable contribution
and dedication over the years. Her
efforts have been instrumental to our
success. I would also like to thank my
fellow Board members Cheryl Hayman
and Alison Loat for their continuous
efforts in driving the Company
to success.
As we move into the new financial
year, I am pleased to announce
the appointment of Brent Cubis as
Independent, Non-Executive Director
as of 1 July 2024. Brent is a highly
experienced Non-Executive Director
and CFO with over 30 years of board
level experience in senior finance
roles for global businesses in health,
medical devices, media, property
and tourism; we look forward to his
contribution as we execute on our
growth priorities.
As we look forward into FY25, we
are well positioned to continue our
growth trajectory. We remain focused
on deepening our engagement with
existing customers, continuously
improving our solutions via our
ongoing R&D investment initiatives
and investing in sales and
marketing activities to acquire new
customers across new territories
and market segments.
Products & technology
Growth priorities
Board of directors
Directors' report
Financial report
Corporate directory
24%
Increase in FY24 EBITDA
As we continue to deliver sustainable
growth, we are confident in our ability to
keep increasing our technology revenue,
further improving gross profit margins,
to deliver a valuation uplift and enhance
shareholder value.
On behalf of the Board, I would like to
express our gratitude to our dedicated
employees for their hard work and our
shareholders for their ongoing support.
Together, we will continue to execute on
our transformation and position AI-Media
for substantial growth. I look forward
to updating you with recent wins and
milestones at our Annual General Meeting
to be held in November 2024.
Thank you,
JOHN MARTIN
CHAIR
AI-Media
John Martin Chair
05
Annual Report 2024
Dear fellow Shareholders,
FY24 was a pivotal year in which
AI-Media successfully transitioned
the majority of its key customers
in our core Live Captioning market
from human Services to technology
products and began to extend
the AI-driven LEXI Toolkit beyond
live captioning to the much larger
language services market.
Technology revenues accounted for
half of the Company’s total revenue
at a gross margin of 85%, mainly
driven by the uptake of LEXI solutions.
With over 80% of FY24 revenue derived
from Live Captioning products, the
transformational performance of
LEXI has accelerated the uptake
of a technology-only solution by an
increasing number of customers,
including broadcasters.
About AI Media
Chair & CEO letters
CEO’s
letter
The value proposition for LEXI is
clear: LEXI offers superior quality,
latency, security and resilience over
traditional live human captioning –
at a fraction of the cost.
LEXI TOOLKIT UPDATE
AI-Media’s value proposition is
to embed the best AI language
products within our customers’
existing workflows. For the first
time in FY24, the quality of
our AI captioning product LEXI
overtook the significantly more
expensive legacy ‘human-in-theloop’ Live Captioning workflows.
This monumental milestone
was achieved in Live Captioning
first, and over the next few years
we anticipate LEXI superseding
humans in other products serviced
by our LEXI Toolkit.
Tony Abrahams CEO and co-founder
06
Highlights
In Q4 FY24 AI-Media launched
innovative product LEXI DR (Disaster
Recovery), an on-premise device
providing failover for cloud and
connectivity issues. During the
quarter, the Company sold 13 LEXI
DR devices and 66 licenses to four
different customers. LEXI DR is the
final module required to remove the
traditional requirement for humans
as a backup or failover workflow,
therefore as we continue to sell
devices, human services revenue will
continue to decline.
LEXI Recorded was also launched
in FY24, offering fast and secure
AI-driven captioning of media
clips. The quality of LEXI Recorded
already exceeds that of LEXI Live
and has generated great interest
from early adopters. With 100
times more recorded content than
live content produced, the total
addressable market for LEXI Recorded
is considerably larger than the
market for LEXI Live. Continuing to
improve the quality and features
of LEXI Recorded is a key product
development priority for the Company.
As we step into FY25, AI-Media
will continue to invest in our R&D
initiatives and several product
releases are scheduled throughout
the financial year, including an
upgrade to LEXI Translate and LEXI
Library, and the first launch of AIMedia’s LEXI Voice products, LEXI
Audio Description, LEXI Voice and
LEXI Dub.
Products & technology
Growth priorities
OPERATIONAL HIGHLIGHTS
AI-Media earns technology revenue
from new encoder sales when a) a
new customer is won; b) an existing
customer replaces an old encoder; and
c) when an existing customer adds
additional encoders. In FY24, AI-Media
sold over 800 hardware encoders to
50 new customers, and it was the
Company’s most successful year in
terms of up-selling additional encoders
to existing customers.
Revenue from encoding hardware
grew 40% year-on-year to $12.8 million
in FY24, compared to $9.1 million in
FY23. As we look to extend our market
leading position from live closed
captioning into other AI–powered
language services, our ability to persist
with increased encoder penetration
will create exciting opportunities for
revenue growth.
AI-Media successfully implemented
the monetisation of our iCap network
for third-party captioning agencies,
previously supplied at no cost by
EEG. Over the last three years, the
iCap network usage grew at a CAGR
of 18% and is estimated to contribute
to over $1.6 million per annum. This
will fund further improvements in the
resilience of the network from 99.80%
in 2021 at the date of EEG acquisition to
a target of 99.999% in FY25 (Five Nines).
Between FY21 and FY24, the usage of
LEXI products grew at a CAGR of 76%.
This exceptional growth underscores
the increasing effectiveness and
demand for our technology solutions,
specifically with improved accuracy
and automation features.
FINANCIAL PERFORMANCE
In FY24 technology represented 66%
of our gross profit, with gross margin
expansion reaching 64% in FY24, up
from 60% in the prior corresponding
year (pcp). EBITDA has also increased
by over 24%, reaching $4.1 million,
reflecting improved performance and
growing technology revenue, while still
allowing for growth investments in
sales, product and engineering teams.
Board of directors
Directors' report
Our successful transition away from
legacy human Services has seen a
reduction in operational expenditure
for that product line. A large investment
has been made during the year to grow
our sales team, up by 13% on FY23.
As we aim to penetrate new regions
specifically in the Americas and
EMEA as well as target growth in the
enterprise and government segments,
we will continue to invest in additional
sales resources, trade show attendance,
and product development, permitting
us to remain at the forefront of the
market in terms of innovation and to
further advance our defensive moat.
We achieved operating cash flow of
$3.6 million signalling sustained
performance and scalable growth
potential within our technology
business. Our inventories increased
from a very low $0.9 million in FY23 to
$2.4 million in FY24 as a direct result of
a strategic decision to keep additional
stock to meet latent customer demand.
During the first half of the financial
year, we paid the final instalment of
$8.1 million related to the acquisition
of EEG and ACS. While this reduced
our cash position, we remain well
positioned to execute on future growth
objectives with a solid cash balance of
$10.9 million.
STRATEGY & OUTLOOK
Looking ahead, AI-Media will continue to
focus on expanding into new segments
and territories and growing technology
revenues at higher margins to improve
the Company’s overall profitability. Our
future growth plans draw on three key
strategic goals:
1. Global expansion: harness our
leadership position in North America
and Australia to extend to EMEA, APAC
and Latin America.
Financial report
Corporate directory
3. Drive adoption of new AI-powered LEXI
products: Live Captioning represents
less than 1% of the total addressable
market by our LEXI Toolkit yet currently
comprises 80% of FY24 revenues.
Continuing to expand the LEXI
Toolkit and grow sales outside of Live
Captioning is our third growth goal.
Our continued growth in building a
vertically integrated ecosystem of
customer workflows has been the
cornerstone to our success and our
accomplishments this year have set a
strong foundation for continued growth.
We remain committed to innovating
and enhancing our technology solutions
to capture a greater share of the
language services market.
Our success and achievements to
date would not have been possible
without the dedicated AI-Media team,
the wisdom of the Board, and the
continued support of our customers.
Thank you to our shareholders for your
continued support and I look forward
to updating you as we advance towards
our strategic goals and capitalise on
emerging opportunities.
TONY ABRAHAMS
CEO AND CO-FOUNDER
AI-Media
2. Expand beyond broadcast: AI-driven
language services have innate
demand in Government, Enterprise
and Education sectors. AI-Media’s
focus in coming years is to increase
the percentage of revenue generated
by sectors outside of broadcast.
07
Annual Report 2024
About AI Media
Highlights
Chair & CEO letters
Products &
technology
Ecosystem
AI-Media’s unique product suite offers an end-to-end
ecosystem of captioning, translation and transcription
solutions to a large and growing customer base.
AI-Media’s encoding solutions make it easy to deliver a highquality, low-latency broadcast with near real-time captions
for any need.
Our product suite combines the best technology, security
and service, differentiating AI-Media from the competition
as we are able to deliver end-to-end solutions to meet any
customers captioning needs.
The iCap network integrates seamlessly with AI-Media’ ASR
cloud captioning solutions LEXI and third-party captioners
across the globe. iCap’s scalable cloud-based network
separates us from the competition by delivering a secure,
encrypted connection with a global standard of service with
the highest accuracy at an affordable price to customers
anywhere in the globe.
Our world leading captioning network is comprised of
an ecosystem of hardware, infrastructure, and software
solutions. Our network of end-to-end solutions begins with a
range of on-premise, virtualised, cloud-captioning encoders
that seamlessly integrate via iCap to our world-leading
proprietary speech recognition solutions.
Our encoders, Falcon, Alta and Encoder Core are compatible
with multiple resolutions and deliver physical, virtual,
and cloud-based encoding technology to our customers,
captioning content reliably, flexibly and securely.
Fast, accurate, efficient and scalable LEXI is our proprietary
speech recognition solution. Underpinned by AI, LEXI has
leading captioning capabilities, delivering coherent captions
using advanced algorithms with enterprise grade accuracy
of 98.7%.
AI-MEDIA ECOSYSTEM
Leading global captioning platform, providing customers with the only end-to-end
solution in market
1
2
3
4
VIDEO INPUT
ENCRYPTED ENCODING
REAL-TIME CAPTIONING
CAPTIONED VIDEO OUTPUT
Live or recorded video source
via broadcasts, events or
over‑the-top (OTT) content.
Cloud, virtual, or physical
encoders convert audio into
digital data that is sent to
iCap network.
Matches captions to video
sources and provides
encrypted remote access to
customer data improving
contextual accuracy.
LEXI converts spoken
language into written text to
present live captions on any
screen or platform, in any
language.
ENCODERS AND ICAP NETWORK USED
BY BOTH CUSTOMERS AND COMPETITORS
08
Products & technology
Growth priorities
Board of directors
Directors' report
Financial report
Corporate directory
Operational highlights
ENCODING
» Hardware revenue grew 40% YoY (FY24
$12.8m vs FY23 $9.1m)
» Continued maturation of IP video
support in Alta
» New SDI encoder for unifying 4K /
CCMatch / AV features and improving
manufacturing yield/costs
» Non-English customization to
improve regional technical standards
and delivery.
ICAP
» 100% of iCap traffic now being
monetised with third party iCap
charging implemented in H1 FY24
» Stabilization and reliability
improvements on iCap leading to a
50% reduction in incidents
» Enhanced software development kit
for 3rd party partners.
LEXI
» SaaS & support revenue grew 35% YoY
(FY24 $20.1m vs FY23 $14.9m)
» LEXI revenue totalled $11m in FY24
(FY23: $7.8m)
» Improved LEXI accuracy and formatting,
especially speaker attribution
» LEXI Disaster Recovery launched
in February
» LEXI Recorded launched in April.
SERVICES TRANSITION
» Transition away from legacy services
successfully continues
» Resulted in a reduction in direct costs
and overheads
» No new hires since July 2022
» Over 35% headcount reduction
since peak
» Ongoing changes resulting in a
significant reduction in OPEX.
37%
LEXI DR - DISASTER RECOVERY
Dynamic Real-Time Captioning
LEXI DR (Disaster Recovery) offers peace
of mind around the clock by delivering
live, automatic captions on-premises
and off the cloud, providing a seamless
failover when access to the cloud has
been compromised. When things don’t go
as planned and you lose connectivity your
captions are not at risk.
While you’re dealing with disaster recovery,
with LEXI DR as your failover solution you
can be assured that your content will
always be accessible and you’re meeting
compliance requirements.
Benefits
» On-premise Redundant Servers
Host your own fully redundant iCap
and LEXI server, without needing to rely
on an external connection for ongoing
captioning services.
» Continuous Captioning
If the primary cloud-based captioning
service becomes unavailable due to
outages or technical issues the system
automatically switches to the LEXI
DR solution. This seamless transition
ensures that captioning services remain
operational with minimal interruption.
» Security
LEXI DR prioritizes security, with
robust encryption & advanced security
measures, your content remains
confidential and protected from
cyber threats.
» Compliance Support
LEXI DR aids in meeting compliance
requirements by providing a reliable
backup solution for captions. This is
particularly important for industries
subject to accessibility regulations
and standards.
» Seamless Integration
Designed to seamlessly integrate with
your organization’s existing captioning
workflow, making it easy to switch
between the primary cloud-based
solution and the disaster recovery
solution without major disruptions.
LEXI RECORDED
Caption recorded content
with a few clicks
LEXI Recorded makes captioning your
recorded content quick and easy. This
fully automated solution provides
lightning-fast turnaround times for
time-sensitive news clips, highlights,
and promos.
Benefits
Save time by allowing LEXI Recorded
to do all the work for you. Simply
upload your content and LEXI Recorded
automatically adds captions and
delivers your file to your preferred
content platform.
» Accuracy above 98% NER
Unmatched accuracy combined
with automated broadcast style
& formatting.
» Secure self service
Intuitive & secure point-and-click
ordering platform.
» Multilingual captions
Captions in over 30 different languages.
» Automation & integration
Configurable no-touch automation
and integration for bulk ordering
through FTP, S3, or API.
» Fast turnaround
Content returned in as little as the
length of the video.
» Competitive rate
Caption your recorded from as little as
$0.20USD/minute!
» Global support
Rest assured with AI-Media’s 24/7
global support when you need us.
» Multi format file output
Flexible file formats including, srt, vtt,
ttml, dfxp, stl, docx, scc.
DR
RECORDED
increase in FY24 Tech
revenue to $32.9 million
09
Annual Report 2024
About AI Media
Growth
priorities
FY25
Encoders Everywhere
Grow iCap Network
» Targeting new territories
» Expansion into new industries
» Grow channel partnerships
» Improving scalability &
resilience of the network
» Leverage new LEXI Toolkit
releases to broaden
market appeal.
» Increase encoder penetration
to grow iCap user base
» Grow iCap outside of US with
3rd parties.
LEXI Toolkit Growth
Services Transition
New AI-driven media solutions
driven by Broadcast customers’
priorities:
» LEXI DR, LEXI Recorded –
launched H2FY24
» LEXI Audio Description (LEXI AD)
– launching Sept 2024
» LEXI Live Voice Dubbing –
launching Sept 2024.
» Continue transition of existing
human services customers
to LEXI
» Win new LEXI customers in
established broadcast markets
» Introduce LEXI to enterprise
customers in new markets
and territories
» Increase NER1 analysis to provide
quality assurances.
1. NER: Number edition error and recognition error is a
global metric for determining quality of live captioning.
10
Highlights
Chair & CEO letters
Products & technology
Growth priorities
Board of directors
Directors' report
Financial report
Corporate directory
FY25 outlook
Continued technology transition will drive long-term
business model
Leverage recent product
releases (LEXI 3.0 And LEXI
toolkit) to drive growth. Accelerate
conversion of 3rd party iCap users
to LEXI & upsell base
Prioritise iCap and encoding
technology development to
broaden revenue opportunity
and drive customer stickiness
Scale global presence through
new strategic partnerships, track
record and enhanced solutions
Execute on growth opportunities in
new territories and adjacent markets
11
Annual Report 2024
About AI Media
Highlights
Chair & CEO letters
Board
of directors
JOHN MARTIN
NON-EXECUTIVE CHAIR
(appointed February 2024)
» John joined the Board in
2010 and served as Chair
until 2013, NED until 2024
and has been re-elected as
Chair in February 2024.
» He is an experienced
company director and
business executive, having
served as CEO and director
of ASX-listed Babcock
& Brown Communities,
Primelife and Regeneus.
He is a former corporate
and commercial partner of
law firm Allens. John is a
Non-Executive Director of
Australian law firm Sparke
Helmore; Sydney biotech
company Biopoint; US
internet services company
Lokket and Melbourne not
for- profit CCRM Australia.
He is also a member of
the Australian Institute of
Company Directors.
12
TONY ABRAHAMS
ALISON LOAT
» Tony co-founded AI-Media
in 2003. He served as
a Director of Northcott
Disability Services
2010‑2018.
» Worked to establish the
Oxford Internet Institute in
2001, while attending the
University of Oxford as a
Rhodes Scholar.
» Tony has been a member
of the Australian Institute
of Company Directors
since 2006.
» Alison joined the Board
in 2018.
» Alison is the Managing
Director, Sustainable
Investing and Innovation
at OPTrust, a Canadian
public pension plan.
Previously, she was the
Senior Managing Director
of FCLTGlobal, a long-term
investing organization, the
CEO of a think tank and a
consultant at McKinsey
& Company. She’s also on
the board of two Canadian
educational institutions
and a privately held
media company.
» Alison received the
Queen’s Gold and Diamond
Jubilee Medals and was
named one of the 100
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