ClearOne(CLRO) - 2024 Q2 - Quarterly Results

Financial Performance - Q2 2024 revenue was $2.3 million, a 58$5.5 million in Q2 2023[5] - GAAP gross profit in Q2 2024 was $(0.02) million, with a gross profit margin of -1$2.9 million, a 9% decrease year-over-year from $3.2 million in Q2 2023[6] - GAAP net loss in Q2 2024 was$(2.8) million, or $(0.12) per share, compared to a net loss of$(1.0) million, or $(0.04) per share, in Q2 2023[7] - Non-GAAP net loss in Q2 2024 was$(2.7) million, or $(0.11) per share, compared to a Non-GAAP net loss of$(0.9) million, or $(0.04) per share, in Q2 2023[7] - Total revenue for the three months ended June 30, 2024, was$2,304,000, a decrease of 58% compared to $5,483,000 for the same period in 2023[18] - Gross profit for the three months ended June 30, 2024, was$(20,000), compared to a gross profit of $1,848,000 for the same period in 2023[18] - Operating loss for the three months ended June 30, 2024, was$(2,924,000), compared to an operating loss of $(1,355,000) for the same period in 2023[18] - Net loss for the three months ended June 30, 2024, was$(2,820,000), compared to a net loss of $(1,019,000) for the same period in 2023[18] - Basic loss per share for the three months ended June 30, 2024, was$(0.12), compared to $(0.04) for the same period in 2023[18] - Non-GAAP net loss for the three months ended June 30, 2024, was$(2,731,000), compared to $(865,000) for the same period in 2023[20] - Non-GAAP Adjusted EBITDA for the three months ended June 30, 2024, was$(2,660,000), compared to $(710,000) for the same period in 2023[20] Assets and Liabilities - Cash, cash equivalents, and investments as of June 30, 2024, were$4.9 million, down from $22.2 million as of December 31, 2023[10] - Total current assets decreased to$25,357,000 as of June 30, 2024, from $43,317,000 as of December 31, 2023, representing a decline of 41.5$5,244,000 as of June 30, 2024, from $6,009,000 as of December 31, 2023, a reduction of 12.7$25,552,000 as of June 30, 2024, from $44,685,000 as of December 31, 2023, a decline of 42.8%[17] Product Development and Market Activity - The company introduced the Versa Lite BMA 360D in Q2 2024, enhancing its product offerings for conferencing solutions[3] - Operating expenses improved by 10.1% sequentially and 9.33% year-over-year due to cost optimization initiatives[3] - The company captured 60% more sales leads at Infocomm USA 2024 compared to the previous year, indicating increased interest in its products[3] - The transition to a new distributor in the Middle East impacted sales, but the company anticipates continued growth in that region[2]