Milestone announces fourth straight year of record-high net revenues

COPENHAGEN, Denmark—Milestone Systems has announced record-high net revenues for a fourth straight year, as its newly released annual report detailed net revenues of 1.69 billion DKK (approx. $244.9 million) in 2023.

The video technology company celebrated 25 years in business in February 2023. During its anniversary year, Milestone made significant strides in delivering on its growth strategy, particularly in key industries such as healthcare and hospitality.

“As we reflect on Milestone's remarkable journey of 25 years, we not only celebrate our past achievements but also look forward to what lies ahead,” said Thomas Jensen, CEO, Milestone Systems. “The advancement of artificial intelligence and video analytics opens up endless possibilities for data-driven video technology. We already see how our strategic focus on key sectors such as healthcare and hospitality can make meaningful contributions to people, businesses, and societies around the world. We are proud of Milestone's achievements to-date, but we are even more excited about the future.”

Milestone has long advocated that technology should be developed, sold, and used responsibly. In 2023, the company established a formal program on Responsible Technology. These principles will guide the development of Milestone’s products and services and interactions throughout the value chain.

“I truly believe that technology should serve humanity, not the other way around,” Jensen noted. “Responsible Technology is not just a buzzword at Milestone – it is a crucial aspect of our commitment to serving our customers and societies at large. We are dedicated to ensuring that our software is not only innovative but also ethical.”

Growth plans

Reflecting on Milestone’s growth ambitions, Milestone Systems CFO Lars Larsen stated, “Looking ahead, we anticipate an eventful and promising 2024. We will continue our growth journey, in terms of revenue, investments, and profitability. We expect the coming financial year will bring many opportunities, particularly within the cloud and video analytics spaces.”

Highlights from the year included the launch of XProtect Hospital Assist, a video solution that allows medical staff to remotely observe multiple patients at once and respond to incidents quickly. The company also introduced an updated approach for the casinos industry, one of the most strictly regulated industries in the world, to ensure gaming compliance and to help businesses deliver exceptional guest experiences.

By year-end, Milestone added Camera to Cloud capabilities to the cloud-based offering Milestone Kite, a simple, secure, and scalable Video Surveillance as a Service (VSaaS). The addition of Camera to Cloud means computing, recording and video storage can take place on cameras.

Highlights in FY 2023

• Net revenue: 1.69 billion DKK (approx. $244.9 million)
• Pre-tax profit: 109.9 million DKK (approx. $15.9 million)
• Employees: 1,294
• Locations: 25
• 101 million DKK investment in development projects (approx. $14.6 million)

Read the 2023 Annual Report here.