Mirada shares (LON: MIRA) were down almost 12% on Thursday as the group shared interim results for the six months to 30 September 2020.
The group reported a 4.5% fall in revenue from core activities to $5.47m due to the temporary reduction in investment in deployments by their largest customer amid the pandemic.
As well as a decrease in revenue, the provider of integrated software and solutions for Digital TV operators also reported a increase in net debt from $5.05m to $7.09m.
During the period, Mirada did successfully launch the Iris solution with ATNi owned Viya TV+, in the US Virgin Islands.
José Luis Vázquez, the group’s chief executive, said:
“We have made considerable operational progress both during and since the period under review. Commercial launches of Android TV and Disney+ were major milestones, further future-proofing our product and providing excellent reference cases. These will help bolster our strong pipeline, which should be further improved by new reseller agreements; the ability to now demonstrate our product remotely; and investments made in our sales team.
“Although investment in deployments from our customers temporarily slowed in 2020 due to uncertainty around Covid-19, this investment is now returning as the pandemic ultimately drove increased media consumption. We are already seeing an improvement in trading conditions and this is a trend we expect will continue going forward.”
Mirada shares (LON: MIRA) are trading -11.18% at 75,50 (1440GMT). In the year to date, shares have fallen from highs of 148,00.