Financial Performance - Q1 2025 revenue was $2.3 million, a 36% decrease from $3.6 million in Q1 2024 and a 21.8% sequential decrease from $3.0 million in Q4 2024[5] - GAAP gross profit in Q1 2025 was $0.1 million, down 89% from $1.2 million in Q1 2024, resulting in a gross profit margin of 5% compared to 32% in Q1 2024[5] - GAAP net loss for Q1 2025 was $(2.8) million, or $(0.11) per share, compared to a net loss of $(1.9) million, or $(0.08) per share, in Q1 2024[5] - Revenue for the three months ended March 31, 2025, was $2,313 million, a decrease of 36.1% compared to $3,622 million in the same period of 2024[16] - Gross profit for the same period was $121 million, down from $1,151 million, reflecting a significant decline[16] - Operating loss increased to $2,846 million in Q1 2025 from $2,078 million in Q1 2024, indicating worsening financial performance[16] - Net loss for Q1 2025 was $2,834 million, compared to a net loss of $1,898 million in Q1 2024, representing a 49.2% increase in losses[16] - Non-GAAP net loss for Q1 2025 was $(2.8) million, or $(0.11) per share, compared to a Non-GAAP net loss of $(1.8) million, or $(0.07) per share, in Q1 2024[5] - Non-GAAP net loss for Q1 2025 was $2,760 million, compared to $1,762 million in Q1 2024, highlighting ongoing financial challenges[18] - Basic and diluted loss per share for Q1 2025 was $0.11, compared to $0.08 in Q1 2024, indicating a decline in shareholder value[16] - Comprehensive loss for Q1 2025 was $2,847 million, compared to $1,878 million in Q1 2024, further emphasizing the company's financial struggles[16] Operating Expenses and Cost Management - Operating expenses improved to $3.0 million in Q1 2025, down from $3.2 million in Q1 2024, reflecting continued cost-cutting measures[5] - Total operating expenses for Q1 2025 were $2,967 million, down from $3,229 million in Q1 2024, showing some cost management efforts[16] Inventory and Cash Management - Cash and cash equivalents decreased to $1.0 million as of March 31, 2025, down from $1.4 million as of December 31, 2024[7] - The company experienced a significant reduction in inventory levels, decreasing by approximately $1.4 million compared to December 31, 2024[5] - ClearOne is actively evaluating strategies to optimize inventory levels and production schedules to mitigate future impacts from cash flow constraints[5] - ClearOne secured a $1 million investment in February 2025 to restart product inventory purchases[2] Product Development - ClearOne introduced five new products in Q1 2025, including the award-winning BMA 360DX microphone array[2] Shareholder Impact - The number of shares used in computing diluted loss per share increased to 24,748,551 in Q1 2025 from 23,969,148 in Q1 2024, indicating potential dilution for existing shareholders[18] - Non-GAAP Adjusted EBITDA for Q1 2025 was $(2,686) million, compared to $(1,764) million in Q1 2024, reflecting continued operational difficulties[18]
ClearOne(CLRO) - 2025 Q1 - Quarterly Results