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SeaChange SeaChange Reports Fiscal Second Quarter 2022 Financial and Operational Results September 13 , 2021 - Execution of Growth Strategy Drives 29 % Sequential Increase in Revenue ; Gross Margin Expands to 63 % , Up 700 Basis Points Compared to the Prior Quarter - SeaChange Positioned to Capitalize on Convergence of Streaming and Ad Tech with Leading Cloud - Based OTT and Advanced Advertising Platform BOSTON , Sept. 13 , 2021 ( GLOBE NEWSWIRE ) -- SeaChange International , Inc. ( NASDAQ : SEAC ) , a leading provider of video delivery platforms , today reported financial and operational results for the fiscal second quarter ended July 31 , 2021 . Fiscal Second Quarter 2022 and Recent Highlights • Introduced StreamVid , a cloud - based OTT platform to help operators and content owners manage and optimize their streaming businesses . • Selected by Screen iL to launch streaming platform featuring Israeli TV and film content for Israeli ex - pats and consumers worldwide . • Chosen by Chicken Soup for the Soul Entertainment ( NASDAQ : CSSE ) as its streaming and advanced advertising platform for new Popcornflix App . • Realized 29 % sequential revenue growth and expanded gross margin to 63 % , driven by growth and profitability initiatives . • Maintained a strong balance sheet with $ 18.9 million in cash and cash equivalents and no debt . • Decreased operating expenses by 17 % compared to the second quarter of last year due to ongoing efficiency measures . Management Commentary " As our results for the second quarter demonstrate , SeaChange's growth strategy focused on the video streaming and Ad Tech markets is gaining traction , " said Executive Chairman Robert Pons . " In particular , we are capitalizing on the explosive growth in streaming , which was exemplified by the 29 % sequential revenue growth we delivered in Q2 , along with robust gross profit margins and improved profitability . Our increasing financial momentum reveals the traction we're achieving on our key sales initiatives , including enhancing our product portfolio , securing new streaming customers , extending our footprint as a video Ad Tech provider , and driving more predictable growth . Today , SeaChange enables content owners and cable companies to deliver profitable TV and streaming services to more than 100 million subscribers across 35,000 linear channels and serving up over 100 million ads monthly . " Chris Klimmer , senior vice president of global sales and marketing at SeaChange ,