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- Artificial Intelligence (AI) specialist Unith (UNT) narrowed its focus on conversational technology for the six-month period ending December 31, 2022
- During the half-year, Crowd Media rebranded to Unith, prioritising the advancement of its Talking Head towards commercialisation
- While half-yearly revenue dipped 21 per cent to $2.25 million, Unith’s net profit after tax increased by 149 per cent to $137,000
- The company is now focused on integrating ChatGPT into the Talking Head tech, remaining “well-funded” following a $4.5 million share placement in February
- Shares in UNT are up 7.89 per cent, trading at 4.1 cents at 2:18 pm AEDT
Artificial intelligence (AI) specialist Unith (UNT) made “major” progress in driving its new focus as an AI technology provider during the six months to the end of December 2022.
Over the half-year, the company rebranded from Crowd Media, shifting its core focus towards developing and commercialising its Talking Head platform under the new brand Unith.
While half-yearly revenue dipped by 21 per cent compared to the same time the year before to $2.25 million, Unith posted earnings before interest, taxes, depreciation and amortisation (EBITDA) of $500,000 — up 394 per cent on the same time a year prior.
The company posted an increase in net profit after tax of 149 per cent, tabling a $137,00 profit for the first half of FY23 versus a $280,000 net loss during the first half of FY22.
Unith secured a Big-Five-Tech company as a client during the period, which purchased three licenses.
“The development work already undertaken on our Talking Head platform led to the signing of a Big Five Tech company as our first major customer, which was a major validation for our technology,” Unith CEO Idan Schmorak commented.
The company also highlighted that its mobile subscription division continued to run profitably, expanding into four new geographies. During the half-year, Unith’s subscription retention rate rose by 49 per cent.
Unith also focused on integrating ChatGPT into its Talking Head platform during the period, with integration tests indicating positive results for the company.
“We are very proud of the progress we have achieved over the last six months,” Mr Schmorak said.
“We have sharpened our vision and strategy and have put the foundations in place for UNITH to be a leading provider of conversational AI.”
The company said it remained well-funded to kick on with development and commercialisation activities it had planned, supported by its $4.5 million placement in February 2023.
“We are at a very exciting point in time, with demand and interest in conversational AI exploding, and we have a very clear pathway to capitalise on this growing demand,” Mr Schmorak said.
“Following the strongly supported capital raising, we are well-funded to further progress our sales and development activities to win more customers, and scale the platform for much wider adoption.”
Mr Schmorak added that the company looked forward to scaling its business in a bid to win over new large enterprise clients while also building out self-service capabilities.
Shares in UNT were up 7.89 per cent, trading at 4.1 cents at 2:18 pm AEDT.
