Audio fidelity company Audinate has had a strong first year on the ASX, with the company’s full-year results today revealing they turned a $20.4 million loss into a $2.5 million profit.

The shares (ASX:AD8) rose 3.1 per cent to an intraday high of $4.01.

Audinate is the developer of Dante — an acronym for digital audio network through ethernet — which allows the transmission of high-quality media through standard IT networks.

It is an uncompressed, multi-channel digital media networking technology and has so impressed the audio-visual (AV) world that it is used by the likes of the Super Bowl, Sydney Trains and Wembley Stadium.

Audinate listed in June 2017 at $1.53. Today’s high represents a gain of 162 per cent, making it one of the best-performing electronics stocks on the exchange.

Audinate’s shares (ASX:AD8) have risen over 100 per cent since it listed in late June last year.

Last year the company reported a full-year loss of $20.4 million, which it said in a statement this morning was due to “a charge for the change in fair value of convertible redeemable preference shares amounting to $18.5 million”.

Audinate turned that into a $2.5 million profit in the 2018 financial year, a 112 per cent increase year-on-year.

Revenue was also up 30 per cent to $19.7 million, which exceeded the $18.6 million forecast in the company’s prospectus.

Audinate makes money through the sale of its digital AV solutions to “original equipment manufacturers” — including names like Bose, Bosch, Panasonic and Roland.

There was an 18 per cent increase in the number of such customers year-on-year, up to 438 manufacturer brands.

Audinate has been approached for comment.

Lee Ellison, Audinate CEO, told investors this morning the company was “very pleased” with its financial performance. “We continued to increase the penetration of our Dante audio networking technology across the professional AV market,” he said.

“New products revenues from our Dante Domain Manager software and Dante AVIO adapters also exceeded the prospectus forecast.”

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