SeaChange International Inc (NASDAQ:SEAC) stock rose 5.22% (As on April 6, 11:57:14 AM UTC-4, Source: Google Finance) after the company in the fourth quarter of FY 23 has reported 23% rise in the total revenue to $10.2 million and an increase of 19% from $8.6 million in the fourth quarter of fiscal 2022. The sequential increase in total revenue was primarily due to higher product revenue. Product revenue was $6.2 million (or 61% of total revenue), compared to $2.2 million (or 26% of total revenue) in the third quarter of fiscal 2023 and $5.2 million (or 60% of total revenue) in the fourth quarter of fiscal 2022. Service revenue was $3.9 million (or 39% of total revenue), compared to $6.1 million (or 74% of total revenue) in the third quarter of fiscal 2023 and $3.4 million (or 40% of total revenue) in the fourth quarter of fiscal 2022. Non-GAAP income from operations totaled $1.6 million, or $0.03 per basic and fully diluted share, compared to non-GAAP income from operations of $0.1 million, or breakeven per fully diluted share, in the third quarter of fiscal 2023, and non-GAAP income from operations of $1.2 million, or $0.02 per basic share, in the fourth quarter of fiscal 2022. The company ended the fourth quarter of fiscal 2023 with cash and cash equivalents of $13.4 million, $1.2 million of marketable securities, and no debt.

Moreover, gross profit was $7.4 million (or 73% of total revenue), an increase of 43% compared to $5.2 million (or 62% of total revenue) in the third quarter of fiscal 2023 and an increase of 30% compared to $5.7 million (or 66% of total revenue) in the fourth quarter of fiscal 2022. Total non-GAAP operating expenses were $5.8 million, compared to non-GAAP operating expenses of $5.0 million in the third quarter of fiscal 2023 and $4.5 million in the fourth quarter of fiscal 2022. Adjusted EBITDA for the quarter totaled $1.7 million, or $0.03 per basic and fully diluted share, compared $1.2 million, or $0.02 per fully and diluted share, in the prior fiscal fourth quarter period.

Meanwhile, in FY 2023 GAAP net loss totaled $11.4 million, or $(0.23) per basic share, compared to GAAP net loss of $7.4 million, or $(0.16) per basic share, in fiscal 2022. Non-GAAP income from operations totaled $0.3 million, or $0.01 per basic and fully diluted share, compared to non-GAAP loss from operations of $4.3 million, or $(0.09) per basic share, in fiscal 2022.