Financial Performance - Q4 2024 revenue was $3.0 million, a decrease of 29% year-over-year from $4.2 million in Q4 2023, but an increase of 18.1% sequentially from $2.5 million in Q3 2024[7] - Total revenue for the year ended December 31, 2024, was $11,386,000, a decrease of 39% compared to $18,704,000 in 2023[18] - Gross profit for 2024 was $2,629,000, down from $6,357,000 in 2023, reflecting a gross margin decline[18] - Operating loss for the year was $9,211,000, compared to a loss of $6,772,000 in 2023, indicating increased operational challenges[18] - Net loss for 2024 was $8,983,000, significantly higher than the loss of $560,000 in 2023, resulting in a basic loss per share of $0.37[18] - Non-GAAP net loss for Q4 2024 was $(2.1) million, or $(0.09) per share, compared to a non-GAAP net loss of $(1.2) million, or $(0.05) per share, in Q4 2023[7] - Non-GAAP net loss for 2024 was $8,625,000, compared to a loss of $5,284,000 in 2023, indicating ongoing financial difficulties[20] - The company reported a comprehensive loss of $8,979,000 for 2024, compared to a loss of $582,000 in 2023, highlighting worsening financial performance[18] Operating Expenses - Full Year 2024 operating expenses decreased by 9.8% compared to the prior year[1] - Operating expenses for 2024 totaled $11,840,000, down from $13,129,000 in 2023, showing a reduction in spending[18] Assets and Liabilities - Cash, cash equivalents, and investments as of December 31, 2024, were $1.4 million, down from $21.3 million as of December 31, 2023[9] - Total current assets decreased to $18,753,000 in 2024 from $43,317,000 in 2023, a decline of approximately 57.5%[16] - Total liabilities reduced to $5,213,000 in 2024 from $6,009,000 in 2023, a decrease of about 13.2%[16] - Shareholders' equity fell to $21,331,000 in 2024 from $44,685,000 in 2023, representing a decline of approximately 52.3%[16] Product Development and Market Strategy - The company introduced new products to address the lack of Microsoft Teams certification, aiming to improve sales and customer engagement[2] - The DIALOG® 20 USB 2-Channel Wireless Microphone was launched at ISE 2024, enhancing hybrid meetings with low audio latency[5] - The company plans to expand its market presence in regions like the Middle East and India, where sales have shown strength[4] Dividends - A special one-time cash dividend of $0.50 per share was announced in March 2024, reflecting the company's strong balance sheet[5] Profitability Metrics - Q4 2024 gross profit was $0.9 million, with a gross profit margin of 30%, down from 38% in Q4 2023 but up from 24% in Q3 2024[7] - GAAP net loss for Q4 2024 was $(2.2) million, or $(0.09) per share, compared to a net income of $2.6 million, or $0.11 per share, in Q4 2023[7]
ClearOne(CLRO) - 2024 Q4 - Annual Results