Workflow
ClearOne(CLRO) - 2024 Q3 - Quarterly Results
CLROClearOne(CLRO)2024-11-15 14:00

Financial Performance - Q3 2024 revenue was 2.5million,adecreaseof492.5 million, a decrease of 49% compared to 4.9 million in Q3 2023, but an increase of 8.7% from 2.3millioninQ22024[5]−GAAPgrossprofitinQ32024was2.3 million in Q2 2024[5] - GAAP gross profit in Q3 2024 was 0.6 million, down 62% from 1.6millioninQ32023,withagrossprofitmarginof241.6 million in Q3 2023, with a gross profit margin of 24% compared to 33% in Q3 2023[6] - Operating expenses in Q3 2024 were 2.8 million, a 10% decrease from 3.1millioninQ32023,reflectingcontinuedcostoptimizationefforts[7]−GAAPnetlossinQ32024was3.1 million in Q3 2023, reflecting continued cost optimization efforts[7] - GAAP net loss in Q3 2024 was (2.1) million, or (0.09)pershare,comparedtoanetlossof(0.09) per share, compared to a net loss of (1.4) million, or (0.06)pershare,inQ32023[8]−Non−GAAPnetlossinQ32024was(0.06) per share, in Q3 2023[8] - Non-GAAP net loss in Q3 2024 was (2.0) million, or (0.08)pershare,comparedtoaNon−GAAPnetlossof(0.08) per share, compared to a Non-GAAP net loss of (1.2) million, or (0.05)pershare,inQ32023[9]−OperatinglossforthethreemonthsendedSeptember30,2024,was(0.05) per share, in Q3 2023[9] - Operating loss for the three months ended September 30, 2024, was (2,188,000), compared to (1,489,000)forthesameperiodin2023,representinga46.9(1,489,000) for the same period in 2023, representing a 46.9% increase in loss[20] - Net loss for the three months ended September 30, 2024, was (2,062,000), compared to (1,351,000)inthesameperiodof2023,indicatinga52.5(1,351,000) in the same period of 2023, indicating a 52.5% increase in loss[20] - Non-GAAP operating loss for the three months ended September 30, 2024, was (2,118,000), compared to (1,315,000)forthesameperiodin2023[22]−Non−GAAPnetlossforthethreemonthsendedSeptember30,2024,was(1,315,000) for the same period in 2023[22] - Non-GAAP net loss for the three months ended September 30, 2024, was (1,992,000), compared to (1,177,000)inthesameperiodof2023[22]−BasiclosspershareforthethreemonthsendedSeptember30,2024,was(1,177,000) in the same period of 2023[22] - Basic loss per share for the three months ended September 30, 2024, was (0.09), compared to (0.06)forthesameperiodin2023[20]AssetsandLiabilities−AsofSeptember30,2024,cash,cashequivalents,andinvestmentswere(0.06) for the same period in 2023[20] Assets and Liabilities - As of September 30, 2024, cash, cash equivalents, and investments were 3.0 million, down from 22.2millionasofDecember31,2023[12]−Totalcurrentassetsdecreasedto22.2 million as of December 31, 2023[12] - Total current assets decreased to 23,039,000 as of September 30, 2024, down 46.8% from 43,317,000atDecember31,2023[19]−Totalliabilitiesdecreasedto43,317,000 at December 31, 2023[19] - Total liabilities decreased to 4,878,000 as of September 30, 2024, down 18.6% from 6,009,000atDecember31,2023[19]−Shareholders′equitydecreasedto6,009,000 at December 31, 2023[19] - Shareholders' equity decreased to 23,501,000 as of September 30, 2024, down 47.4% from $44,685,000 at December 31, 2023[19] Market and Product Developments - The company recorded a 31% increase in unique visitors at the 2024 Infocomm India trade show, while overall attendance increased by only 17%[3] - ClearOne's BMA 360 beamforming microphone array won the Utah Innovation Awards in the Consumer Product Category, highlighting its advanced technology[3] - The company is focusing on regaining customers lost to competitors, with Q3 revenue increase indicating early signs of recovery[4] - The company anticipates continued recovery in sales as it addresses past production shortages and transitions to a new distributor in the Middle East[2]