ClearOne(CLRO) - 2024 Q1 - Quarterly Results

Revenue Performance - Q1 2024 revenue was $3.6 million, a decrease of 13% year over year from $4.2 million in Q1 2023[11] - Revenue for Q1 2024 was $3,622,000, a decrease of 13.3% compared to $4,178,000 in Q1 2023[25] - Microphone revenue increased by 31% year over year, while revenue from Asia, including India and the Middle East, rose by 18% year over year[2][3] Profitability and Loss - GAAP net loss for Q1 2024 was $(1.9) million, or $(0.08) per share, compared to a net loss of $(0.8) million, or $(0.03) per share in Q1 2023[7] - Non-GAAP net loss for Q1 2024 was $(1.8) million, or $(0.07) per share, an improvement from $(2.0) million, or $(0.09) per share in Q1 2023[13] - Net loss for Q1 2024 increased to $(1,898,000) compared to $(832,000) in Q1 2023, representing a year-over-year increase of 128.5%[25] - The company reported a comprehensive loss of $(1,878,000) for Q1 2024, compared to $(827,000) in Q1 2023[25] Operating Expenses - Operating expenses in Q1 2024 were reduced to $3.2 million, down 7.8% year over year from $3.5 million in Q1 2023[12] - Total operating expenses decreased to $3,229,000 in Q1 2024 from $3,504,000 in Q1 2023, a reduction of 7.8%[25] - The operating loss for Q1 2024 was $(2,078,000), slightly improved from $(2,189,000) in Q1 2023[25] Gross Profit and Margins - GAAP gross profit margin for Q1 2024 was 32%, a slight improvement from 31% in Q1 2023, but down from 38% in Q4 2023[6] - Gross profit for Q1 2024 was $1,151,000, down from $1,315,000 in Q1 2023, reflecting a gross margin of 31.8%[25] Cash and Investments - Cash, cash equivalents, and investments as of March 31, 2024, totaled $22.6 million, up from $22.2 million as of December 31, 2023[9] - A one-time special cash dividend of $0.50 per share was announced, payable on April 10, 2024[3] Compliance and Other Information - The company regained compliance with NASDAQ's minimum bid requirement[3] - Other income for Q1 2024 was $178,000, a significant decrease from $1,666,000 in Q1 2023[25] - GAAP diluted loss per share for Q1 2024 was $(0.08), compared to $(0.03) in Q1 2023[26] - Non-GAAP diluted loss per share for Q1 2024 was $(0.07), an improvement from $(0.09) in Q1 2023[26] Product Launch - The company launched the DIALOG® 20 USB wireless microphone system at ISE 2024, which saw a 319% increase in unique visitors compared to the previous year[3]