Fund Manager Summary
The fund managers believe that Ai-Media Technologies Ltd presents a significant opportunity despite current challenges. In their opinion, the recent 3% decline in revenue and the increase in net loss from $1.2m to $2.7m reflect a strategic shift rather than fundamental weakness. They note that the company is phasing out low-margin human-based services while heavily investing in its high-margin technology segment. Although there are concerns regarding Technology revenue growth of only 12%, the introduction of subscriptions for the Lexi automated translation service is expected to enhance future revenue recognition. This has resulted in a spike in deferred revenue and a robust $2.5m free cash flow, indicating a healthy cash position as AIM secures upfront payments for annual subscriptions.
Source: Trading View
Commentary From The Managers
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Salter Brothers
23 Oct 2025
$0.90
Summary
- Ai-Media is recognized as a global leader in AI-powered captioning, transcription, and translation, utilizing the Lexi platform for real-time media accessibility.
- Salter Brothers has been a long-term holder since July 2022, supporting the company's transformation to a higher margin, technology-led model.
- In September, AIM was the top portfolio contributor following a positive FY25 trading update, reporting a 19% growth in technology revenue.
- The company is on track to phase out lower-margin legacy offerings by December 31, 2025, enhancing its technology momentum and profitability.
- Over the past three years, technology revenue has grown at over 30% CAGR, with progress towards achieving Rule of 40 metrics.
- At the September AGM, management introduced Lexi Voice, the next-gen AI captioning product, along with customer case studies showcasing operational efficiency.
- Ai-Media is executing a "9 Squares" expansion strategy, targeting growth in broadcast, government, and enterprise sectors, aligning with FY29 goals of $150m revenue and $60m EBITDA.
- The position was modestly adjusted as part of active portfolio management, but Ai-Media remains a core conviction holding due to its technology transition and innovation momentum.
- Ai-Media's stock rose 59.4% in September, enhancing portfolio performance as a long-term top holding.
- The late August update emphasized a clear plan to replace low-margin legacy services with technology-based revenue streams.
- FY26 is expected to mark the final transition to a tech-led revenue mix, supporting the pathway towards ambitious FY29 targets.
- Despite trimming into strength, Salter Brothers maintains long-term support for AIM due to its expanding tech mix and product momentum.
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Commentary From The Managers
Salter Brothers
23 Oct 2025
$0.90
- Ai-Media is recognized as a global leader in AI-powered captioning, transcription, and translation, utilizing the Lexi platform for real-time media accessibility.
- Salter Brothers has been a long-term holder since July 2022, supporting the company's transformation to a higher margin, technology-led model.
- In September, AIM was the top portfolio contributor following a positive FY25 trading update, reporting a 19% growth in technology revenue.
- The company is on track to phase out lower-margin legacy offerings by December 31, 2025, enhancing its technology momentum and profitability.
- Over the past three years, technology revenue has grown at over 30% CAGR, with progress towards achieving Rule of 40 metrics.
- At the September AGM, management introduced Lexi Voice, the next-gen AI captioning product, along with customer case studies showcasing operational efficiency.
- Ai-Media is executing a "9 Squares" expansion strategy, targeting growth in broadcast, government, and enterprise sectors, aligning with FY29 goals of $150m revenue and $60m EBITDA.
- The position was modestly adjusted as part of active portfolio management, but Ai-Media remains a core conviction holding due to its technology transition and innovation momentum.
- Ai-Media's stock rose 59.4% in September, enhancing portfolio performance as a long-term top holding.
- The late August update emphasized a clear plan to replace low-margin legacy services with technology-based revenue streams.
- FY26 is expected to mark the final transition to a tech-led revenue mix, supporting the pathway towards ambitious FY29 targets.
- Despite trimming into strength, Salter Brothers maintains long-term support for AIM due to its expanding tech mix and product momentum.
Summary
Endeavor Asset Management
30 Sept 2025
$0.85
- Endeavor Asset Management initiated a position in Ai-Media Technologies Ltd (AIM) in September.
- AIM is transitioning from human services and hardware to an AI-led SaaS model focused on LEXI.
- LEXI offers automated translation at a significantly lower cost than human solutions while enhancing uptime and accuracy.
- This shift supports a potential margin expansion from ~40% to 80% as the software scales.
- AIM’s competitive advantage is reinforced by its installed infrastructure across major broadcast workflows and long-standing integrations with key customers.
- The company’s software toolkit includes Lexi Voice, enabling live audio translation without additional on-premise investment.
- Management is targeting FY29 revenue of $150 million and EBITDA of $60 million, significantly higher than current revenue of about $65 million.
- Consensus estimates are currently below these targets.
- Endeavor Asset Management invested due to the combination of high-margin SaaS growth, defendable infrastructure, and regulatory tailwinds.
- These factors provide a clear pathway to materially higher EBITDA and free cash flow as AI adoption accelerates.
- Shares are currently trading 50% above Endeavor's entry price.
Summary
Wilson Asset Management
30 Sept 2025
$0.85
- AI-Media Technologies offers a comprehensive range of technology and services for accurate captioning of live broadcasts, in-venue displays, and online content in various languages.
- In September, the company showcased LEXI Voice, an AI-driven real-time multilingual voice translation solution, during their annual general meeting webcast.
- On 26 September 2025, AI-Media Technologies reiterated its transition to a tech-led model through the Chair and CEO addresses, emphasizing the adoption of the LEXI AI suite.
- The company reported strong full-year results, highlighting a shift towards technology product revenue.
- AI-Media Technologies has set ambitious long-term goals of $150 million in revenue and $60 million in earnings before interest, taxes, depreciation, and amortisation by FY2029.
Summary
Cyan Investment Management
30 Sept 2025
$0.85
- Cyan Investment Management is observing strong early returns on their investment in AI-Media (AIM+56%).
- The FY25 report from AI-Media shows significant growth in tech revenues, hardware sales, and deployed encoders.
- AI-Media is at a major inflection point with its artificial intelligence technology surpassing the efficiency of previous human-involved processes.
- This shift from a human workforce to AI is resulting in significantly improved margins for AIM.
Summary
Mereweather Capital
31 Aug 2025
$0.56
- Mereweather Capital notes that AI-Media (AIM) reported revenue of $64.9m, reflecting a 2% decline.
- Despite the revenue drop, underlying EBITDA increased by 11% to $4.6m, adjusted for one-off restructuring costs.
- The market has misunderstood AIM, primarily viewing it as a competitor to AI language models.
- In reality, AIM benefits from integrating AI language models into their live broadcast captioning infrastructure.
- AIM is undergoing a significant transformation, winding down their legacy human-based Services division.
- They are transitioning customers to their high-margin automated Technology division, a shift that accelerated in the second half of the financial year.
- AIM is also moving from lumpy purchases of captioning minutes to long-term software contracts, impacting revenue reporting.
- This transition boosts cash flow and leads to a significant spike in cash earnings in the second half.
- Despite a strong performance in the second half, AIM's stock was sold off post-results.
- Mereweather Capital was pleased to add to their position during this sell-off.
Summary
Salter Brothers
28 Aug 2025
$0.55
- Ai-Media Technologies Ltd (AIM) has positively contributed to the fund over FY25, indicating operational progress and strategic growth.
- The transition to a SaaS-based revenue model is gaining momentum, evidenced by a 45% increase in LEXI revenue and a 67% rise in deferred revenue.
- Gross profit grew by 5%, with margins improving to 67%, showcasing efficiency gains as the company scales.
- AIM expanded into 14 new countries in FY25, including 12 in Europe, broadening its global footprint.
- The launch of LEXI Voice, providing real-time multilingual translation, marks a significant milestone and has seen strong early customer demand.
- While near-term earnings reflect ongoing investments in growth initiatives, Salter Brothers remains confident in the company’s strategic execution and long-term plans to reach $150 million in revenue and $60 million in EBITDA by FY29.
Summary
Salter Brothers
31 May 2025
$0.55
- AIM has continued to drift lower through May on no news flow.
- The Manager has remained in regular contact with the company.
- Salter Brothers maintains confidence in the investment thesis.
- The manager’s conviction was reinforced during a visit to the United States earlier this year.
- Attendance at AIM’s sales conference highlighted positive feedback from significant customers.
- The portfolio manager understands the investments the company has made.
- Salter Brothers recognizes the transition AIM is undergoing.
- The manager maintains high conviction in the company.
Summary
Jencay Capital
31 Mar 2025
$0.73
- Centennial Asset Management believes Zip has the potential to rally in the short term.
- Zip is well positioned to deliver further strong growth in revenues and profitability.
- The US buy now, pay later market remains relatively immature, allowing Zip’s US footprint to grow rapidly.
- New product launches are expected to contribute to the company’s transaction volumes and earnings growth in the coming year.
- Zip’s balance sheet strength and ongoing buyback are expected to support share price performance.
- Zip has surprised the market with better-than-expected earnings over the past year.
- The company has upgraded expectations post the most recent quarter, indicating potential for additional upside earnings risk.
Summary
Mereweather Capital
28 Feb 2025
$0.72
- Mereweather Capital continues to assess the impact of AI-Media's recent revenue decline of 3% and an increase in net loss from $1.2m to $2.7m.
- The reported figures are influenced by the company’s strategic decision to accelerate the decline of its low margin human-based Services segment.
- AI-Media is heavily investing in growth within its high margin Technology segment, positioning itself for future success.
- Concerns have arisen regarding Technology revenue growth of only 12%, which is below necessary rates for medium-term targets.
- It’s important to understand that the company has started offering subscriptions for its Lexi automated translation service.
- This subscription model leads to revenue being recognized over time, not immediately, contributing to deferred revenue spikes.
- Despite the declining revenue, AI-Media reported a robust cash flow of $2.5m, supported by upfront cash from annual subscriptions.
Summary
Salter Brothers
31 Jan 2025
$0.73
- AI-Media Technologies (AIM) experienced a moderate decline in January, attributed to minimal news flow.
- There is likely profit taking from some shareholders ahead of the 1H25 result.
- Salter Brothers continues to hold their position, maintaining high conviction in the company.
- The company is aggressively pursuing organic growth across their product range and geographies.
- Focus on achieving 3-5 year ambitions remains a priority for AI-Media Technologies.
Summary
Salter Brothers
31 Dec 2024
$0.88
- Salter Brothers continues to hold their position in Ai-Media Technologies Ltd (AIM) due to positive sentiment towards profitable global tech microcaps.
- There has been no material market information released in December, maintaining investor interest.
- The Manager is anticipating the release of December half trading results to assess ongoing performance.
- AIM has achieved a remarkable 200% growth in EBITDA from -$9.3m to +$3.3m since 2021, driven by higher margin technology revenue and strategic operational expenditure investment.
- Salter Brothers notes the business's commitment to continue investing in growth strategies.
Summary
Jencay Capital
31 Dec 2024
$0.88
- Centennial Asset Management believes Zip has the potential to rally in the short term.
- Zip is well positioned to deliver further strong growth in revenues and profitability.
- The US buy now, pay later market remains relatively immature, allowing Zip’s US footprint to grow rapidly.
- New product launches are expected to contribute to the company’s transaction volumes and earnings growth in the coming year.
- Zip’s balance sheet strength and ongoing buyback are expected to support share price performance.
- Zip has surprised the market with better-than-expected earnings over the past year.
- The company has upgraded expectations post the most recent quarter, indicating potential for additional upside earnings risk.
Summary
Oracle Advisory Group
31 Dec 2024
$0.88
- Oracle Advisory Group has updated their investment thesis on Ai-Media Technologies Ltd (AIM).
- The company provided a positive update at their AGM.
- Oracle Advisory Group was impressed by the investor day attended in Sydney.
- Ai-Media is expanding its reach with significant deals signed in the UK and Eastern Europe.
- These deals focus on captioning services.
- New regulations in the EU create a strong tailwind for the company, mandating closed captioning from broadcasters.
- This enhances accessibility for the hearing-impaired community.
- Oracle Advisory Group continues to hold a 1% position in Ai-Media.
Summary
Salter Brothers
30 Nov 2024
$0.79
- Salter Brothers notes a modest decline in Ai-Media Technologies Ltd share price during November.
- The company’s AGM and operational strategy update contained no adverse developments.
- Commitment reaffirmed to achieving aspirational targets of $150 million in revenue and $60 million in EBITDA by FY29.
- The investment team observed a product demonstration highlighting significant advancements in the product portfolio.
- Significant signs of accelerated market penetration in Europe were noted.
- Salter Brothers continues to hold because of the confidence in the company’s long-term growth.
Summary
Salter Brothers
31 Oct 2024
$0.86
- Ai-Media Technologies Ltd (AIM) shares have shown sustained upward growth in October.
- Market enthusiasm is high regarding AIM’s 5-year target of $150m Revenue and $60m EBITDA.
- The appointment of two high-quality US directors is expected to further accelerate growth in the US market.
- Otto Berkes brings 30 years of experience as a founding member of Xbox and former CTO at HBO and CA Technologies.
- Brad Bender, with 25 years of experience, was previously head of Google news and search ecosystems.
- With continued execution, Salter Brothers remains positive on the long-term performance of AIM.
Summary
Jencay Capital
30 Sept 2024
$0.76
- Centennial Asset Management believes Zip has the potential to rally in the short term.
- Zip is well positioned to deliver further strong growth in revenues and profitability.
- The US buy now, pay later market remains relatively immature, allowing Zip’s US footprint to grow rapidly.
- New product launches are expected to contribute to the company’s transaction volumes and earnings growth in the coming year.
- Zip’s balance sheet strength and ongoing buyback are expected to support share price performance.
- Zip has surprised the market with better-than-expected earnings over the past year.
- The company has upgraded expectations post the most recent quarter, indicating potential for additional upside earnings risk.
Summary
Salter Brothers
30 Sept 2024
$0.76
- Salter Brothers continues to hold an optimistic view on Ai-Media Technologies Ltd (AIM).
- AIM is performing strongly, bolstered by two significant partnerships.
- The landmark partnership with ITV, the UK’s largest commercial broadcaster, aims to transform captioning services via AIM’s AI-powered LEXI solution.
- AIM has also expanded its partnership with Speechmatics, enhancing its AI-driven product offerings.
- These advancements reinforce AIM’s market-leading position in captioning technology and AI-based transcription services.
- There is potential for further upside as these solutions are deployed across greater markets.
- Salter Brothers is confident in AIM’s long-term growth trajectory, anticipating substantial revenue and EBITDA growth in upcoming years.
Summary
Oracle Advisory Group
30 Sept 2024
$0.76
- Oracle Advisory Group highlighted AI Media as a standout business on the ASX benefitting from AI advancements.
- The fund manager initiated a position due to AI Media’s innovative transcription services for broadcasters, facilitating accurate captioning.
- AI Media’s AI program, LEXI, enhances accuracy by eliminating the need for human transcription, representing a significant advancement in the industry.
- The company is experiencing strong growth and rapidly gaining market share in the US.
- There is substantial potential in Europe, spurred by upcoming legislation in 2025 requiring accurate broadcasting captioning.
- Using LEXI offers broadcasters a cost-effective alternative compared to traditional human services.
Summary
Salter Brothers
31 Aug 2024
$0.57
- Ai-Media Technologies Ltd (AIM) has shown strong performance, particularly after the release of its FY24 annual report.
- The report indicated strong revenue growth and a defined path for future expansion.
- Results for FY24 were broadly in line with expectations, showing revenue and earnings growth.
- The flagship AI-powered LEXI product experienced a 40% increase in revenue.
- AIM's five-year plan aims for $150 million in revenue and $60 million in EBITDA.
- This plan positions AIM for continued success as a global leader in AI-driven captioning and translation services.
- There is significant upside in valuation over the next 5 years with successful execution of this strategy.
Summary
Salter Brothers
31 July 2024
$0.45
- Salter Brothers notes the strong performance of Ai-Media Technologies shares in July despite the absence of new announcements.
- Positive sentiment was driven by the Managing Director's recent share purchases on the market.
- The Managing Director has communicated more openly regarding the medium-term growth opportunities available to the company.
- Ai-Media is positioned to be a global beneficiary of advancements in AI developments, particularly in voice to text translation for live media.
- Salter Brothers continues to hold its investment based on these positive indicators.
Summary
Salter Brothers
30 June 2024
$0.34
- Ai-Media Technologies Ltd reversed its trend despite no news flow in June
- Positioned as a major beneficiary of AI developments in voice-to-text for live broadcasting
- Salter Brothers continues to hold because of a high conviction in a positive re-rate in the medium term
- Founder and Managing Director purchased an additional 5,000,000 ordinary shares
- This purchase acts as a positive lead indicator of confidence in the company
Summary
Salter Brothers
31 May 2024
$0.32
- Salter Brothers updates their investment thesis on Ai-Media Technologies Ltd (AIM)
- AIM is classified as a small cap drifting down in price with no current catalyst
- The company stands to gain significantly from advances in AI, particularly in voice to text for live broadcasting
- AIM is well positioned to accelerate profitable growth in FY25 and FY26
- The Manager maintains a high conviction view that AIM is poised for a positive re-rate in the medium term
Summary
Salter Brothers
30 Apr 2024
$0.35
- Salter Brothers continues to view Ai-Media Technologies Ltd (AIM) favorably despite recent share price retraction.
- The share price saw strong gains in the March quarter before the recent decline.
- AIM does not report quarterly results, which adds to the investment dynamics.
- Salter Brothers perceives the current reduction in share price as a potential buying opportunity.
- There is a strong belief in AIM's ongoing potential for growth and development.
Summary
Salter Brothers
28 Feb 2024
$0.39
- Ai-Media Technologies Ltd (AIM) released strong 1H24 results, positively affecting share price.
- Tech revenue growth of +38% compared to previous corresponding period (pcp).
- Improvements in gross margin resulted in EBITDA growth of +39%.
- Operating cash flow generation improved by $3.1m.
- Salter Brothers retains high conviction in their position, anticipating further upside.
- Expectations for continued scalability and sustainable profitability.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"While the headlines may paint a grim picture, it appears Ai-Media Technologies is strategically pivoting towards high-margin growth, albeit with a shaky start. The future cash flow from their Lexi service could redefine their trajectory, but investors should brace for volatility along the way."
Last Updated: 23 Oct 2025
Query The Data
Frequently Asked Questions
Who is investing in Ai-Media Technologies Ltd (ASX:AIM)?
Fund managers including Mereweather Capital, Salter Brothers, Jencay Capital, Oracle Advisory Group, Endeavor Asset Management, Wilson Asset Management and Cyan Investment Management have invested in Ai-Media Technologies Ltd (ASX:AIM).
Why do fund managers invest in Ai-Media Technologies Ltd?
Fund managers are investing in Ai-Media Technologies Ltd due to its strategic shift towards high-margin technology services, despite a recent dip in revenue and increased net loss. The company is transitioning away from low-margin human-based services, which is expected to enhance profitability in the long term. Additionally, the introduction of subscription-based revenue for its Lexi automated translation service is anticipated to generate future cash flow, evidenced by a strong free cash flow of $2.5 million. This combination of strategic investment and future revenue recognition supports fund managers' confidence in the company's growth potential.
What happened to Ai-Media Technologies Ltd (ASX:AIM)?
Fund managers are investing in Ai-Media Technologies Ltd due to its strategic transition to a high-margin SaaS model, marked by significant revenue growth and operational efficiency. The company's LEXI platform, which integrates AI for real-time captioning and translation, has shown strong demand and is set to enhance profitability. With a focus on phasing out lower-margin legacy services, Ai-Media aims for ambitious revenue and EBITDA targets of $150 million and $60 million by FY29. This transformation is supported by expanding global reach and a robust infrastructure, positioning the company favorably in the evolving market.