Milestone's 2014 Financials Revealed

By: John Honovich, Published on Jun 15, 2015

Before becoming a Canon subsidiary, Milestone made a big deal of releasing their annual financials.

Now, Milestone has stopped this.

However, IPVM has found Milestone's 2014 financials. Inside, we examine and explain critical details including:

  • Growth rate problems
  • The impact of their Husky NVR sales
  • The decline in their total gross profits
  • The millions spent on an 'aborted IPO'

Growth **** ********

********* ******** **.*% **** over **** *** ******* growth. *** *** ******** were:

(*) **** ****, ********* benefited **** *********** ******** exchange ***** ******. ****** Axis, ********* **** *** report ******* ****** ** local **********, ********* *** lower **** ******.

(*) **** ***********, **** was *** ***** **** Milestone ****** **** ***** Husky *** *****, ***** should **** ******* ***** revenue *************. ***** ********* traditionally *** ******** **** and ***** ******** ********, **** if **** ** *** increase ***** ******* / channels ******, *** ******* twice ** ********* ***** units ****** ***** *********** revenue ******.

Decline ** *******

***** *********'* ******** ** Husky ********** ** ****, it ** *** ********** that ***** ****** *********** dropped. *******, *** **** was **** **** ** percentage ******, ** ***** in **** *******:

**** ** ********** *********** given **** ************ *********'* reported ***** ******* **** been ****** **% *** years.

*** **** ** *********** is ** *****, **** Milestone ******** **** **** total ***** ******* ** 2014 **** **** *** in ****:

**** ** ********* ******* increasing ***** ******* ***** decreasing ***** ***** ******* is bad. ** ** ***** total ***** ******* **** pay ******** *** ******** profits, *** ********** ******* growth.

********* ***** *** *********** always ***** ** ** lower ***** ****** ********** offerings. **** ** *** a ******* ** ******. However, a ****** ********* ******** will ******** **** ***** profit ******* *** **** sold **** ******** ****, which **** ******** ***** gross *******. ********* ** these *******, ********* *** not ******* **** ** 2014.

$6.5 ******* ***** ** '******* ***'

*** *** ************* **** ***** ************* ********* $*.* ******* USD, ** ***** ** the ******* *****:

********* ***** ~**% ** their **** *** ******* on *** ******* ***.

*****

** ** ***** ****, Milestone **** ** ******* of ***** ** ***** financials. ***** ** ********* a ***-******* ********** ** Milestone's ******** ***** ***** long-standing *** ***********. ****** 2014 ********* ******* ***** no **** ** ******, now ********* ****** ******, **** **** ****** be * ******** ****** on *********'* ******* *** profits ******* ******* ***** ** their ***'******** ******'.

Milestone ******

**** ** ******* ********* ******* ****** Report ****.

Comments (2)

My information (albeit well-informed hearsay) is that Husky sales were bitterly disappointing, particularly outside the US. Promotion of the Husky through the channel has been poor to non-existent and for many integrators the so-called value add of this high priced piece of tin has been difficult to sell let alone make any margin as a result.

Proof positive that you can count on one finger the number of Software Companies that have successfully introduced a hardware offering in the last 20 years.

So to summarize, I believe Husky contributed very little in terms of a revenue contribution. That aside, the signifcant costs incurred by taking Husky to market, sacrificing margin in an attempt to win some deals, confusing the channel with no well-defined guidelines on when to sell Husky and laclustre promotion from localised Milestone Staff with no experience in selling hardware, I think the results are remarkably good! (Particularly for Canon....)

This is a major find!

As far as I can tell this is the first publication of audited financials EVER for Milestone.

..Milestone made a big deal of releasing their annual financials.

Calling them financials is being kind. Minimally financial statements consist of a balance sheet and income statement. Here's 2012's and 2013's rolled into 8 numbers.

Since they were private entity, they were under no obligation to provide documents preparded in accordance with the Danish Financial Standards (think GAAP) to the public.

But internally at least, complete financials would exist, and that's what this document seems to contain: Complete Balance Sheets, Income Statments, Cashflow Statements, Shareholder info, Subsidiary Information, etc. from 2010!

No ONSSI, but quite a bit more. Nice Discovery!

Read this IPVM report for free.

This article is part of IPVM's 6,534 reports, 880 tests and is only available to members. To get a one-time preview of our work, enter your work email to access the full article.

Already a member? Login here | Join now

Related Reports

Uniview H1 2020 Financials Examined on Sep 08, 2020
While Dahua and Hikvision, helped by fever camera sales, are recovering from...
Costar Technologies / Arecont H1 2020 Financials Examined on Sep 16, 2020
Costar's financial results have been hit by the coronavirus with the company...
Hanwha and Hikvision Selling H.265 Without HEVC Licensing on Aug 19, 2020
IPVM has confirmed that Hanwha and Hikvision do not have H.265 licenses from...
Milestone Presents XProtect On AWS on May 04, 2020
Milestone presented its XProtect on AWS offering at the April 2020 IPVM New...
Integrators Rising Against Coronavirus on May 27, 2020
IPVM integrator statistics make it clear - Coronavirus's impact on business...
Manufacturers Not Interested in October 2020 ISC West Show on Apr 13, 2020
Manufacturers overwhelmingly say they are not interested in going to the...
Sunell Panda Cam Body Temperature Measurement Camera Tested on May 14, 2020
Sunell is far less well known than its gargantuan domestic competitors Dahua...
Hikvision Illicitly Uses Back To The Future In Marketing on Jul 03, 2020
NBCUniversal told IPVM that Hikvision UK's ongoing coronavirus marketing...
Hikvision Returns To Growth Driven By Overseas Fever Cameras on Jul 29, 2020
While Hikvision's revenue fell in Q1 2020, it rebounded in Q2 attributed to...
Spectron IR Thermal Fever Screening System Examined on Apr 14, 2020
Most are quick to avoid "fever screening" and "medical" labels, but...
Uniview Heat-Tracker Temperature Screening Series Examined on Apr 22, 2020
Uniview is marketing #UNVagainstCOVID19 with their Heat-Tracker series,...
Hikvision Admits Minority Recognition, Now Claims Canceled on Jul 23, 2020
For the first time, Hikvision has directly addressed its minority recognition...
2020 Mid Year Video Surveillance Industry Guide on Jul 27, 2020
The first half of 2020 has been shocking, for the world generally, and for...
Anyvision Presents AI Facial Recognition and Mask Detection on Jun 08, 2020
AnyVision presented its AI facial recognition and mask detection at the May...
Meditherm Medical Thermal Cameras Examined on May 07, 2020
US-based Meditherm emphasized to IPVM its 20+ year development history and...

Recent Reports

OnTech Smart Services Partners With Google and Amazon To Compete With Integrators on Sep 25, 2020
A pain point for many homeowners to use consumer security and surveillance is...
The Future of Metalens For Video Surveillance Cameras - MIT / UMass / Immervision on Sep 25, 2020
Panoramic cameras using 'fisheye' lens have become commonplace in video...
Hikvision Sues Over Brazilian Airport Loss on Sep 24, 2020
Hikvision was excluded from a Brazilian airport project because it is owned...
China General Chamber of Commerce Calls Out US Politics on Sep 24, 2020
While US-China relations are at an all-time low, optimism about relations...
Verkada Disruptive Embedded Live Help on Sep 24, 2020
Call up your integrator? Have someone come by the next day? Verkada is...
IP Networking Course Fall 2020 - Last Chance - Register Now on Sep 23, 2020
Today is the last chance to register for the only IP networking course...
Drain Wire For Access Control Reader Tutorial on Sep 23, 2020
An easy-to-miss cabling specification plays a key role in access control, yet...
Norway Council of Ethics Finds Hikvision Human Rights Abuses "Ongoing" on Sep 23, 2020
Hikvision's involvement in "serious human rights abuse" in Xinjiang is...
IPVM Camera Calculator User Manual / Guide on Sep 23, 2020
Learn how to use the IPVM Camera Calculator (updated for Version 3.1). The...
Installation Course Fall 2020 - Save $50 - Last Chance on Sep 22, 2020
This is a unique installation course in a market where little practical...
SimpliSafe Business Security Launched Examined on Sep 22, 2020
SimpliSafe has launched "SimpliSafe Business Security" that the company...
FLIR CEO: Many New Fever Entrants "Making Claims That The Science Just Won't Support" on Sep 22, 2020
FLIR's CEO joins a growing number calling out risks with fever / screening...
China Bems Temperature Measurement Terminal Tested on Sep 22, 2020
Guangzhou Bems (brand Benshi) is the manufacturer behind temperature...
Axis Exports To China Police Criticized By Amnesty International on Sep 21, 2020
Axis Communications and other EU surveillance providers are under fire from...
Milestone XProtect on AWS Tested on Sep 21, 2020
Milestone finally launched multiple cloud solutions in 2020, taking a...