The Wall Street Transcript Interviews CEO Mickey Miller

TWST: Let's start with a brief overview and history of the company and how it has evolved over the years.

Mr. Miller: I think the best way to describe Vislink is that we're essentially a combination of market-leading companies brought together over the years, all with the principal focus of live video content.

And it goes back to the early days of broadcast. If you can remember the days when they would send out news trucks with dishes on the top, that's how all these businesses got started, largely around news gathering for broadcast.

And that evolved from trucks to putting the technology into helicopters. I think the OJ Simpson chase with the white Bronco in the 1990s showed the world what you could do from air-to-ground live video communications.

So those were the two fundamental businesses that started and then as live sports and live production became big, that's when our wireless camera system business started to take off.

And the examples of that are, during the NFL Super Bowl, for instance, there'll be 20-plus wireless cameras with Vislink transmitters because they give camera operators the ability to not be tethered to a cable. It gives a lot more flexibility to have really unique and intimate views of sports, as well of the halftime shows put on by these super talented people.

And so with Vislink's solution we offer the ability to have tetherless wireless capability and be able to film, whether it's a dancing group or any kind of situation where you want to get up close and personal. So typically at any large sports media entertainment venue we see a lot of our technology being deployed.

That's effectively how the company got started. And from there, government and military organizations saw our technology and thought, oh, I see the use capability. And then they started to deploy it too.

So for public safety, throughout the U.S. in places such as D.C. Metropolitan, Baltimore City, Baltimore County, they all use our technology to bring video images from the air to the ground to help with situational awareness and more proactively deal with issues that are happening in their areas.

TWST: What does video-centric networking mean and how is it different from typical networking?

Mr. Miller: That's a great question. Typical networking, if it's voice or data, you can miss packets here and there and it's fine, but with video, you've got to be able to offset that because you'll see dropout in the picture, you'll see pixelization, you'll see a variety of things. So video-centric means it has to be super low latency, because if you have latency, you see those times where the audio is out of sync.

All those things are a function of the distribution capability and the medium that's being used. So, our focus is video first, and then we layer on voice and data on top of that, and metadata as well. And so, with that, our customers can be assured that they're going to have the highest quality, lowest latency video transmission, leveraging whatever network they have, whether it's a traditional broadcast network or an IP network.

TWST: Earlier this year, the company unveiled what was called the world's smallest video transmitter. How does that work and where does it work?

Mr. Miller: We introduced DragonFly V, which is our lightest, smallest transmitter yet and it's focused on body-worn and drone type applications. So, you see this type of technology being deployed today in base cams, in ref cams.

So, if you look at an NCAA game from this past weekend you'll see that when they have a shot that's very immersive and intimate on the goal line, as an example, that's coming from a ref cam hat. And to be able to do that, you need a very low weight, small transmitter. That's what DragonFly V solves.

But we're seeing everything from jockey cams to ref cams, base cams, you name it. Anywhere where small player cams are required because someone's going to wear it, ultimately, they'll need a small transmitter.

We're having requests around player cams, not necessarily in the NFL or places like that just yet, but ultimately someday you're going to see cameras in the players' helmets and you'll be able to see Patrick Mahomes' game perspective and what it's like to be an NFL quarterback. You'll be able to witness a 300-pound human running at you at 4.4 seconds in a 60 while you're trying to figure out where the receiver is.

So, I think that ultra-immersive experience is where this is all headed.

TWST: And can you share some details about the other new products you offer and what you may have in the pipeline?

Mr. Miller: So, we've got a whole host of products, and we focus on two key areas. One is leveraging the cellular 4G and 5G networks with our bonded products. We also have the same products available over our own proprietary COFDM networks. So, we're able to take whatever the scenario is and allow our customers to use our range of live video solutions across their network of choice.

We can also bond with Starlink which is being deployed quite extensively throughout the world, as well as Mesh, which is another transport mechanism. But we're agnostic in that way and allow our customers to bond across any of those mediums to be able to get the live video content back to where they need it.

A couple of our most recent announcements beyond DragonFly V, which you mentioned, is our Aero5, which is an advanced aircraft 5G video link. That means when you're in an aircraft for news gathering or for public safety, instead of having a proprietary network where you have to have proprietary receive stations, you can now use a cellular network infrastructure to be able to receive the transmission.

So, it brings down the cost for our customers because we're leveraging the infrastructure of the 5G networks like Verizon or T- Mobile or AT&T.

LiveLink is our latest bonded product focused on leveraging the cellular infrastructure. It's used in all different types of applications for public safety and broadcasts, and it effectively allows you to bond together up to eight different SIM cards. So it's like having eight phones where you can take all those transmissions, bond them together, and then bring them together on the other side.

Basically, what we do is we take the packets and we figure out what's the best transmission channel to send that on and then we bring the content together on the other side.

We also provide a range of COFDM solutions, including the DragonFly V, HCAM, and AeroLink, to deliver low-latency, high- reliability video transmission in demanding environments.The HCAM for example supports 4K UHD and HDR, providing exceptional image quality for sports and production workflows. AeroLink ensures seamless air-to-ground video delivery from helicopters or drones, serving news gathering, public safety, and defense.

These solutions are trusted for their resilience in congested RF environments, delivering uninterrupted, high-quality live video worldwide.

TWST: Now, some of your customers are in the media, in sports. How do they use your technology, which you touched on a little bit, and how have streaming services changed or influenced your products?

Mr. Miller: Vislink technology is used at every major event. We're talking Wimbledon, the U.S. Open, the Super Bowl, the Premier League, as well as the forthcoming World Cup 2026 here in the Americas, so our technology will be deployed extensively to bring live action to global audiences.

The other big application for our solutions we're seeing is concerts. There's just an insatiable demand globally for live content, both at the event and remotely, and to be able to do that, you've got to have a way to seamlessly do it over the air. So that's what our customers rely on us to provide.

We're seeing exciting developments not only in concerts but also in large-scale venues. To provide some context, venues like SoFi Stadium in Los Angeles, with its 2,700 screens, rely on technology like ours to provide live event coverage and real-time updates.

These screens require a constant flow of high-quality content - live event footage, real-time information, and engaging visuals. That's where our technology comes in, enabling seamless content delivery to meet these demands.

Beyond entertainment, the same core technology is revolutionizing the public safety sector. By enhancing situational awareness, we empower public safety organizations to respond proactively and effectively.

Moreover, the rise of streaming has significantly increased the demand for live content across platforms, and we're uniquely positioned to meet that need across industries.

TWST: Amazon and now Netflix are offering live sporting events. Does that change what you offer at all?

Mr. Miller: It is. What we have to be able to do is make sure that we have all the transcoding schemes that they need to be able to power their networks. So, we make sure it's available not just on their streaming networks but also on accompanying social networks as well. Because the younger generation typically doesn't sit down to watch a full event, they want to see snippets. And so, we are able to provide those clips through AI automation for our customers as well.

TWST: You work in defense as well as public safety. What do you offer that your customers in defense might want?

Mr. Miller: What we're finding more and more is defense historically has been very expensive, very high end, very high grade, but they're recognizing that there are fantastic technologies that are as good as what they have, but at a lower price point. And so, we've been able to win market share in the defense sector globally as well as here in the U.S.

I think we're going to see more and more of that happening. You see what's happening in Ukraine where very low-cost drones are being used. But what we bring, and I think this is an interesting opportunity for our company, is we have the ability to be able to communicate, command, and control those drones through a lot of different schemes.

Over time, we envision a future where a single drone can command a thousand drones, and each of those thousand drones can control another thousand. This exponential network requires seamless communication, precise command, and effective control across all levels.

We're actively developing the technology to make this vision a reality, enabling advanced coordination and scalability in complex drone operations.

TWST: Have we covered all of your targeted customers?

Mr. Miller: Yes, certainly broadcasting and entertainment is one we've been in a long time. Our military and government customers are expanding, but there are other areas we support as well, such as enterprise.

When you look at companies like Meta and you look at Google, they're all recognized for their brands and they're broadcast companies themselves. So, we sell technology to those types of customers, as well as houses of worship which is a large market for us.

When you think of the very high-end houses of worship, they may have a global community. They want to be able to create very immersive and intimate content for their consumers to view.

TWST: And how does artificial intelligence influence what you do and the products you offer?

Mr. Miller: AI is a game-changer for us and our customers. The first area that we're seeing is with our product called IQ Sports Producer. It uses AI to deliver broadcast-quality video without the need for camera operators. It tracks the ball, recognizes players, and produces professional-grade content autonomously, significantly reducing production costs.

Over time, this solution will advance to include intelligent scene and player tracking, enabling personalized viewing experiences. Imagine being able to follow your favorite player effortlessly, with AI recognizing your preferences and delivering tailored content directly to you.

Operationally, AI enhances our platforms by introducing real-time analytics, automated workflows, and increased efficiency across software systems.

In the drone sector, AI plays a pivotal role in optimizing communications, bandwidth usage, and radio frequency management. It enables advanced techniques like nulling and beam steering to minimize interference and maximize performance. These innovations are reshaping how we approach both media delivery and drone operations.

TWST: And can you talk a little bit more about your aircraft-based transmission unit and how it has become the cornerstone of your downlink solution?

Mr. Miller: AeroLink is our proprietary solution used throughout the world for military and police surveillance and electronic newsgathering from helicopters mainly. It's an ultra reliable and proprietary COFDM solution which is an orthogonal frequency domain type of a technology that allows you to bring images with very low latency from the air to the ground. This product's been on the market for some time and has been very successful.

We've also now introduced the Aero5, which is the exact same type of capability with higher latency, but it's leveraging the infrastructure of the 4G, 5G mobile operators. It's a much lower cost because you don't need the receive side. So Aerolink and Aero5 are a key piece of our Airborne Video Downlink System.

And then we have Q-Link, which is basically our video content controller on the ground. This solution has a lot of capability to enable live video to be distributed to command centers to guide proactive decision making when dealing with often hostile situations in real time.

TWST: How would you describe your geographical footprint?

Mr. Miller: We're global with tier 1 customers in every region. We're certainly very strong here in the U.S. and in Europe, but the Middle East has been our fastest growing market over the last few years. And we're seeing Asia pick up post Covid as well, where historically we've had a strong presence for many years.

So our footprint is pretty much throughout the world supporting both our public safety, government and military customers, as well as our broadcast and sports and media customers.

TWST: And can you discuss the sustainability of your gross margins, given the current product mix and customer base?

Mr. Miller: We're fortunate to have a very nice gross margin profile because of the markets that we target and the solutions that we provide bringing a complete end-to-end solution for our customers. We're unique in our ability to offer both bonded cellular as well as COFDM technologies in our proprietary products.

We are continuing with the cost reduction of our products and working with our suppliers will bring more value, which we have a very strong focus on.

We're also keen to expand our services capability through service level agreements to give our customers the support they need and be able to do that in a very economic fashion. So we see an opportunity to grow our service and support revenues at very equitable margins for us. That's an area where we'll see continuous improvement and growth.

And then as we expand into more military and government applications, which are the highest growth areas for us, these are relatively high margin sectors for us to develop.

TWST: And what can you share about your sales and marketing investments and how it relates to your overall growth strategy?

Mr. Miller: We have a global sales team and that includes not only regional sales leaders, but also the key part of that is our solutions engineering team who work with customers to help them understand how they can create more value with our solutions at a technical level, which is super important. And then we have inside sales support as well.

The big area that we've invested in in the last year has been our digital marketing efforts to help us understand the needs of our customers, to segment our markets and to be able to communicate effectively in those segmented markets to help them create more value for themselves using our solutions.

This is an area we'll continue to see growth in. It's an area that if you looked at our website six months ago, it was very 20th century, I would say. I think we've done a lot of recent improvements to our digital marketing and it's helping us reach our client base and new customers that we may not have had a chance to engage with before to show them what our technology can do for them. And when we do that, we're finding excellent returns.