Infinova, March Networks and Swann H1 2020 Financials Examined

By Isabella Cheng, Published Sep 02, 2020, 09:34am EDT (Info+)

While Dahua and Hikvision, helped by fever camera sales, are recovering from COVID-19 shocks, Infinova, is still experiencing significant decreases in sales and profits.

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However, Infinova's results are mixed. The US/China video surveillance manufacturer who, in addition to its own Infinova branded sales, also owns March Networks and Swann. Of these 3 businesses, one modestly grew, one modestly fell and the other fell sharply.

In this post, we examine Infinova's H1 2020 financial disclosures and what this means for Infinova going forward, including:

  • Infinova management feedback to IPVM on overall strategy
  • Breakdown in revenue growth / decline
  • Declining sales in video surveillance
  • March Networks management feedback to IPVM on March's positioning
  • H2 performance potential

Background ********

********** * **/***** ***** ************ ************ headquartered ** *** ******, ***. ***** relatively *******, ** **** **** $*.* ******* *** *** in **** *** ****** $*** ******* USD ** ****, ***** ** ********* ***** *** the ***** ************ ********. ******** *** since *************, * ***** ****** ** ***-**** manufacturer, ********, ****-**** *** ********. **** *** previously ******** ** ********'************ ** *********** ****** *********** ***********, ******** ********** ********, ***** ** owned ** *** *** **********.

Strategy *** ******** ******** - ******** ***

********'* ********** ********* ** **** *** they *** ******** ***** ******** ** be **** ** * ******** *** solutions ********:

********’* ******* ******* **** ***** ************ in ***** *** ********* **** *** years, ** ** ***** *** ***** to ******* ********* *** *********** ******* integration.

[** ******* ***********] ** *** * broad *********** ** *********** ********** ******* building *** ********* * ******** ******** that ********** ******** ** ****** ********. Smart **** ******** *** *** **** application *** **** ********, ** ***** Infinova ******** ********, ********, ******* ***********, and *****-***** ******** ***** *** ****** is ************.

Revenue **** **% ***, *** **** ********* ***

** **** ***** **** **** **.**% YoY ** $*** ******* *** (******* below *** ** ******* ***):

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******** ******** * *** **** ** 77.9 ******* *** (~$** ******* ***), which ** ****** **-**** *** *** loss ** ** ****. ********* ** Infinova's ******* ******, *** *** **** is ****** ****** ** *** ********, which ******** ******* ***** *** ******* progress ** ********.

Video ************ ******** *********

** *** ***** ***** *****, ********-******* Swann ****, ***** ********-******* ***** ****** moderately *** *****-******* ******** ***** ************ feel *******:

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Profitability ********* ********

************* ********* *** *** *** *** Infinova. ** **** ******** **********, ***** Infinova's ******* *** ***** *************,*********** **** ***** $** ******* ** 2009 ** ***** $*** ******* ** 2018, **** ****** ***** **** *** acquisitions ** ******* ******** ***** ****** than ********'* ****** ** *** *** video ************ *****. ****** ********** ***** manufacturers ********* *** *****, ******** *** struggled ** **** * ****** ** recent *****, **** ****** *** ******** have *****.

** ** ****, *** *** * of ********'* * ************ *** *** losses.****************, * ******* ********* *******, **** the **** **** ** **** **** a ******** ******, ******** **** ********* worse ******** ** **** ****.

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* **** ***, ********'* ************ **** performing ******. ** ** ****, ***** and ******** ************ **** *** **** 2 ************ *** *** *** ******. While ***** ** ***** ****** ***** in ****, ****** ******* *** ******** industry ** ***********, *** *** ****** have ******** *********. ** ********, ******** Intelligence *** ****** ******* *** ****** in *** **** ****.

March ******** ********

***** ******** ********** ** **** **** had *** **** ****** *** *** that **** **** **** ********* ******* including **** **** ********* ********:

*** ***** ********, **** **** ****** in *** ********, *** ** *** line ******* *** ******** ******** ** Covid-19. ******* *** ******* ******, ***** Networks *** ********** *** *** ** 2020. ************, ** **** *** ********** or **** *** *** ********* ** a ****** ** ***** *** **** continued ** ****** ******* ** *&* and *** ******* ********. *** ****** launch ** *** **** ********* *-****** NVRs ** * ***** ***** ** these *******.

Majority ** ******* ***** **** ******* *********, *** ***** ************

***** ******** ************ *** ***** ************ focused, *** ******** ** *** ******* now ***** **** ******* *********, ** shown *****:

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***** ******** ** ******** ** **** 50% ** *** ********'* *******, ** brings ** ****** ******. ********'* ***** surveillance ******** *** **% ***** ******* while *** ******* ********* ******** *** only *% ***** *******.

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Domestic ***** **** **% *******, ******** ***** **** *%

********'* ******** *** ******** ***** **** down **% *** *%, ************. ***** shrinking ******** ******** *** **** ******** by ******** ****** ********* *** *****,*****************'* ******** ********** *** * *% growth ** ** ****. ***** ****** sales ***** **** ******** ******, ******* overseas ******* ** ****** *******.

***** ******** ** **** ******** ***** cameras, **** **** *** *** *** same ***** ******* ** ***** ******** rivals. ********, ** ****** **** ******** ****, **** ********* **** *** ******* had **** ******** * ***** ****** solution, *** *** *********** ******* ** ** *** *** "AI-based **** *********** ***** ******* *******"** *****. *******, ********'* ************* ********* and ******* ********* ** ******* **** the ***** ** ***** *** *********.

Current ******** *** ***** *********** ** **

***, * ***** ******** ******** ***********, is******* ***** ********'* *********** ** **, ****** ********'* ******** ** ******** bids ** *** **** ****** ** revenue *** *** ******* ***** **** year.

*** *******, ** ****, ******** *** a *** *** *** "**** ***** Cloud ***** ** *********" *******, ***** 317 ******* *** (~$** ******* ***). Peng ***** **********'* **** ** ** "build * ********-***** ***** ****-****** ******** for ********** ************", *** ******** **** help ********** ***** **********'* ******* ************** ** ****** ******* AI ********. *** ****** *** **** this ** * ********** *****-**** ******* lasting **** ** **** *** ******** will ****** ********* ******* ** *** end ** *** ** ****. $** million *** **** **** *** ******* is ******* */* ** ********'* ** 2020 *******.

*** **** ******* ******** *** *** bids ** **** ***** *** ****** ***** ***'* *** *********** ***** "***** ****" *** ******** ******* ****** ** *******, ****** ********. ********, ***** **** are ***** ******* *** ******* *** (~$20 ******* ***).

Infinova ***** ****** **** *** *** **** ****

********'* ******* ***** *****, *.** **** per *****, ** ************* ***** *** peak ***** ** ****, **** *** stock *** **.** **** *** *****. While ****** ** $*.* ******* *** at *** **** ***, ********'* ******* market ************** ** ~$*** ******* ***. Despite *** ********* ** *** *** video ************ ******, *** *******'* ********* has ********* ** *** **** ******.

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*******

******** *** ** ********** ** ******** smart **** ******** ** * ****** and ***** ****** ****** ***** *** support ***** ******. *******, ** **** be *********** ** *** ****, ** anything, **** ** **** *****, * global ********-******* ********, *** ***** ********, a ***** ******** ******* / ****** focused ********.

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