STOCK TITAN

ClearOne, Inc. Reports Second Quarter 2024 Financial Results

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags

ClearOne (NASDAQ: CLRO) reported Q2 2024 financial results, showing a significant revenue decline of 58% sequentially and 39% year-over-year. The company attributes this decline primarily to past production shortages and lack of Microsoft Teams certification. Key highlights include:

- Revenue: $2.3 million, down from $5.5 million in Q2 2023
- GAAP gross profit: $(0.02) million, compared to $1.8 million in Q2 2023
- GAAP net loss: $(2.8) million, or $(0.12) per share
- Non-GAAP net loss: $(2.7) million, or $(0.11) per share

Despite challenges, ClearOne reduced operating expenses by 10.1% sequentially and 9.33% year-over-year. The company introduced new products and saw increased interest at Infocomm 2024, capturing 60% more sales leads compared to the previous year.

ClearOne (NASDAQ: CLRO) ha riportato i risultati finanziari del secondo trimestre 2024, evidenziando un significativo calo dei ricavi del 58% rispetto al trimestre precedente e del 39% rispetto allo stesso trimestre dell'anno precedente. L'azienda attribuisce questa diminuzione principalmente a carenze di produzione passate e alla mancanza di certificazione per Microsoft Teams. I punti salienti includono:

- Ricavi: 2,3 milioni di dollari, in calo rispetto ai 5,5 milioni di dollari del secondo trimestre 2023
- Profitto lordo GAAP: $(0,02) milioni, rispetto a 1,8 milioni di dollari del secondo trimestre 2023
- Perdita netta GAAP: $(2,8) milioni, ovvero $(0,12) per azione
- Perdita netta non GAAP: $(2,7) milioni, ovvero $(0,11) per azione

Nonostante le sfide, ClearOne ha ridotto le spese operative del 10,1% rispetto al trimestre precedente e del 9,33% rispetto all'anno precedente. L'azienda ha introdotto nuovi prodotti e ha visto un aumento dell'interesse a Infocomm 2024, catturando il 60% in più di lead di vendita rispetto all'anno scorso.

ClearOne (NASDAQ: CLRO) reportó los resultados financieros del segundo trimestre de 2024, mostrando una disminución significativa de ingresos del 58% en comparación con el trimestre anterior y del 39% en comparación con el año anterior. La compañía atribuye esta caída principalmente a problemas de producción anteriores y la falta de certificación de Microsoft Teams. Los puntos destacados incluyen:

- Ingresos: 2.3 millones de dólares, en comparación con 5.5 millones de dólares en el segundo trimestre de 2023
- Beneficio bruto GAAP: $(0.02) millones, en comparación con 1.8 millones de dólares en el segundo trimestre de 2023
- Pérdida neta GAAP: $(2.8) millones, o $(0.12) por acción
- Pérdida neta no GAAP: $(2.7) millones, o $(0.11) por acción

A pesar de los desafíos, ClearOne redujo los gastos operativos en un 10.1% en comparación con el trimestre anterior y un 9.33% en comparación con el año anterior. La compañía introdujo nuevos productos y vio un aumento del interés en Infocomm 2024, capturando un 60% más de oportunidades de ventas en comparación con el año anterior.

ClearOne (NASDAQ: CLRO)는 2024년 2분기 재무 결과를 발표했으며, 이익이 전분기 대비 58%, 전년 동기 대비 39% 감소했음을 보여주었습니다. 회사는 이러한 감소를 주로 과거 생산 부족과 Microsoft Teams 인증 부족에 기인한다고 설명했습니다. 주요 내용은 다음과 같습니다:

- 매출: 230만 달러, 2023년 2분기에서 550만 달러 감소
- GAAP 총 이익: $(0.02) 백만, 2023년 2분기의 180만 달러와 비교
- GAAP 순손실: $(2.8) 백만, 즉 주당 $(0.12)
- 비GAAP 순손실: $(2.7) 백만, 즉 주당 $(0.11)

어려움에도 불구하고 ClearOne은 전분기 대비 운영비용을 10.1%, 전년 대비 9.33% 줄였습니다. 회사는 새로운 제품을 출시했으며 Infocomm 2024에서 관심이 증가하여 전년 대비 60% 더 많은 판매 리드를 확보했습니다.

ClearOne (NASDAQ: CLRO) a publié les résultats financiers du deuxième trimestre 2024, montrant une baisse significative des revenus de 58 % par rapport au trimestre précédent et de 39 % par rapport à l'année précédente. L'entreprise attribue cette chute principalement à des pénuries de production passées et à l'absence de certification Microsoft Teams. Les points saillants incluent :

- Revenus : 2,3 millions de dollars, en baisse par rapport à 5,5 millions de dollars au deuxième trimestre 2023
- Bénéfice brut GAAP : $(0,02) million, comparé à 1,8 million de dollars au deuxième trimestre 2023
- Perte nette GAAP : $(2,8) millions, soit $(0,12) par action
- Perte nette non GAAP : $(2,7) millions, soit $(0,11) par action

Malgré les défis, ClearOne a réduit ses dépenses d'exploitation de 10,1 % par rapport au trimestre précédent et de 9,33 % par rapport à l'année précédente. L'entreprise a introduit de nouveaux produits et a constaté un intérêt accru lors de l'Infocomm 2024, capturant 60 % de leads supplémentaires par rapport à l'année précédente.

ClearOne (NASDAQ: CLRO) hat die Finanzzahlen für das zweite Quartal 2024 veröffentlicht, die einen signifikanten Umsatzrückgang von 58 % im Vergleich zum vorherigen Quartal und von 39 % im Vergleich zum Vorjahr zeigen. Das Unternehmen führt diesen Rückgang hauptsächlich auf frühere Produktionsengpässe und den Mangel an Microsoft Teams-Zertifizierungen zurück. Zu den wichtigsten Höhepunkten gehören:

- Umsatz: 2,3 Millionen Dollar, im Vergleich zu 5,5 Millionen Dollar im zweiten Quartal 2023
- GAAP Bruttoergebnis: $(0,02) Millionen, im Vergleich zu 1,8 Millionen Dollar im zweiten Quartal 2023
- GAAP Nettoverlust: $(2,8) Millionen, beziehungsweise $(0,12) pro Aktie
- Non-GAAP Nettoverlust: $(2,7) Millionen, beziehungsweise $(0,11) pro Aktie

Trotz der Herausforderungen hat ClearOne die Betriebskosten um 10,1 % im Vergleich zum vorherigen Quartal und um 9,33 % im Vergleich zum Vorjahr gesenkt. Das Unternehmen stellte neue Produkte vor und verzeichnete auf der Infocomm 2024 ein gestiegenes Interesse, wobei 60 % mehr Vertriebsanfragen im Vergleich zum Vorjahr akquiriert wurden.

Positive
  • Operating expenses reduced by 10.1% sequentially and 9.33% year-over-year
  • 60% increase in sales leads captured at Infocomm 2024 compared to 2023
  • Introduction of new product: Versa Lite BMA 360D bundle
Negative
  • Revenue declined 58% sequentially and 39% year-over-year to $2.3 million
  • GAAP gross profit turned negative at $(0.02) million, down from $1.8 million in Q2 2023
  • GAAP net loss increased to $(2.8) million from $(1.0) million in Q2 2023
  • Non-GAAP net loss widened to $(2.7) million from $(0.9) million in Q2 2023
  • Gross profit margin decreased to -1% from 34% in Q2 2023

Insights

ClearOne's Q2 2024 results paint a concerning picture. Revenue plummeted 58% sequentially and 39% year-over-year to $2.3 million, primarily due to a significant decrease in audio conferencing product sales. The company attributes this decline to past production shortages and lack of Microsoft Teams certification.

The gross profit margin turned negative at -1%, down from 32% in Q1 2024, due to increased inventory scrap costs and rising vendor expenses. This resulted in a GAAP net loss of $2.8 million, or $0.12 per share, compared to a $1.0 million loss in Q2 2023.

On a positive note, operating expenses decreased by 10.1% sequentially and 9.33% year-over-year, reflecting the company's cost optimization efforts. However, these savings were not enough to offset the revenue decline.

ClearOne's market position appears precarious. The 60% increase in sales leads at Infocomm 2024 is encouraging, but it hasn't translated into immediate revenue growth. The transition to a new distributor in the Middle East has temporarily disrupted sales in that region, adding to the company's challenges.

The lack of Microsoft Teams certification is a significant hurdle in the competitive conferencing market. While ClearOne claims functional compatibility, official certification is often a key decision factor for enterprise customers.

The company's efforts to regain lost customers and maintain dialogues with end-users and channel partners are crucial. However, the effectiveness of these initiatives remains to be seen, especially given the lag between product specification and purchase in the professional conferencing sector.

ClearOne's product innovation continues despite financial challenges. The introduction of the Versa Lite BMA 360D bundle demonstrates the company's ability to create integrated solutions for modern conferencing spaces. This product combines their advanced beamforming microphone array with a Dante-enabled USB adapter, potentially simplifying installation and improving audio quality for end-users.

However, the company's struggle with production transitions from China to Singapore has severely impacted product availability. This supply chain disruption, coupled with the lack of Microsoft Teams certification, has likely pushed some customers towards competitors. Regaining market share will require not only resolving these issues but also accelerating innovation to differentiate ClearOne's offerings in a crowded market.

- Sequential and Year-over-Year OpEx Reductions Reflect Continued Benefits of Cost Optimization Initiatives-

SALT LAKE CITY--(BUSINESS WIRE)-- ClearOne (NASDAQ: CLRO), a global provider of audio and visual communication solutions, reported financial results for the three-month period ended June 30, 2024.

Revenue declined 58% sequentially and 39% year over year, primarily due to a significant decrease in revenues from the audio conferencing category, which includes our DSP mixer products. “We believe this revenue decline was primarily due to the cumulative impact of past production shortages,” said Derek Graham, CEO of ClearOne. “Historically, we have seen a lag of several months between the time that our professional conferencing products are specified for a project and the date when those products are purchased for installation. Since our product availability was constrained through a significant part of Q4 2023 as a result of delays in the transition of outsourced manufacturing from China to Singapore throughout 2023, we believe our revenue was impacted negatively by these market dynamics through much of Q2 2024. We have also faced sales headwinds from our products’ lack of Microsoft Teams certification, despite their longtime functional compatibility with this platform. Our work through early 2024 has focused on mitigating these impacts through maintaining consistent dialogues, product demonstrations, and feedback cycles with end users and channel partners, along with improving our visibility at key industry events. Our sales in Q2 2024 were also impacted by our transition to a new distributor in the Middle East. We anticipate, although there can be no assurance, that our new Middle East distributor will continue our previous history of sales growth in the region, but there was an impact to our sales in that region due to the transition.”

Operational Highlights

  • The Company showcased its full line of collaboration and conferencing solutions at Infocomm 2024, including seamless integration with popular collaboration solutions from other companies and a comprehensive portfolio of solutions for various applications and meeting room sizes. The Company captured 60% more sales leads due to in-person visitors during Infocomm USA 2024 compared to Infocomm USA 2023.
  • The Company introduced the Versa Lite BMA 360D in Q2 2024. This innovative bundle combines ClearOne’s industry-leading BMA 360D Dante® enabled microphone array ceiling tile with the Versa® USB22D Dante® adapter, offering a perfect audio solution for any conferencing space with an easy connection to any computer or room device via USB.
  • The Company reduced operating expenses by 10.1% sequentially and 9.33% year-over-year.

Graham continued, “During the first half of 2024, our team has been diligently working to win back customers who have defected to competing brands. We believe, although there can be no assurance, those efforts will bear fruit soon. We continue to see strong interest in our innovative products as demonstrated by the 60% increase in visitors at our Infocomm USA booth even though overall Infocomm USA attendance was only up 3% this year.”

Financial Summary

The Company uses certain non-GAAP financial measures and reconciles those to GAAP measures in the attached tables.

 

Q2 2024 revenue was $2.3 million, compared to $5.5 million in Q2 2023 and $3.6 million in Q1 2024. The 36.1% sequential decrease was driven by reduced demand across all product categories. We believe the flow of sales orders during Q2 2024 was reduced due to the cumulative impact of past product shortages. We believe the revenue decrease was mainly due to sustained inventory sourcing and order fulfillment challenges for the Company's core audio conferencing and beam forming microphone arrays as a result of delays in the transition of outsourced manufacturing from China to Singapore throughout 2023.

 

 

 

 

GAAP gross profit/(loss) in Q2 2024 was $(0.02) million, compared to $1.8 million in Q2 2023 and $1.2 million in Q1 2024. GAAP gross profit margin was- 1% in Q2 2024, compared to 32% in Q1 2024 and 34% in Q2 2023. The large decrease in gross profit margin occurred due to increased inventory scrap costs, increasing the inventory reserve to write down the value for certain items, and an increase in purchase price variance from increasing vendor costs.

 

 

 

 

Operating expenses in Q2 2024 improved to $2.9 million, compared to $3.2 million in Q2 2023 and $3.2 million in Q1 2024. Non-GAAP operating expenses in Q2 2024 improved to $2.8 million compared to $3.1 million in Q1 2024 and $3.1 million in Q2 2023. The sequential and year-over-year decrease in non-GAAP operating expenses was mainly due to the continued benefits of the cost-cutting measures initiated in 2022.

 

 

 

 

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 and a net loss of $(1.9) million, or $(0.08) per share, in Q1 2024. The year-over-year increase in net loss was primarily due to the aforementioned decrease in revenue and gross profit, partially offset by a decrease in operating expenses.

 

 

 

 

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 and a Non-GAAP net loss of $(1.8) million, or $(0.07) per share, in Q1 2024. The year-over-year increase in Non-GAAP net loss was driven by the aforementioned decrease in revenue and gross profit partially offset by a decrease in operating expenses.

($ in 000, except per share)

 

Three months ended June 30,

   

Six months ended June 30,

 

 

 

2024

 

 

 

2023

 

 

Change in %
Favorable/(Adverse)

 

 

 

 

2024

 

 

 

2023

 

 

Change in %
Favorable/(Adverse)

 

GAAP

 

 

 

 

 

 

 

 

 

   

 

 

 

 

 

 

 

 

Revenue

 

$

2,304

 

 

$

5,483

 

 

(58

)

   

$

5,926

 

 

$

9,661

 

 

(39

)

Gross profit

 

 

(20

)

 

 

1,848

 

 

(101

)

   

 

1,131

 

 

 

3,163

 

 

(64

)

Operating expenses

 

 

2,904

 

 

 

3,203

 

 

9

 

   

 

6,133

 

 

 

6,707

 

 

9

 

Operating loss

 

 

(2,924

)

 

 

(1,355

)

 

(116

)

   

 

(5,002

)

 

 

(3,544

)

 

(41

)

Net loss

 

 

(2,820

)

 

 

(1,019

)

 

(177

)

   

 

(4,718

)

 

 

(1,851

)

 

(155

)

Diluted loss per share

 

 

(0.12

)

 

 

(0.04

)

 

(200

)

   

 

(0.20

)

 

 

(0.08

)

 

(150

)

Non-GAAP

 

 

 

 

 

 

 

 

 

   

 

 

 

 

 

 

 

 

Non-GAAP operating expenses

 

$

2,830

 

$

3,051

 

 

7

   

$

5,925

 

 

$

6,413

 

 

8

 

Non-GAAP operating loss

 

 

(2,835

)

 

 

(1,201

)

 

(136

)

   

 

(4,777

)

 

 

(3,250

)

 

(47

)

Non-GAAP net loss

 

 

(2,731

)

 

 

(865

)

 

(216

)

   

 

(4,493

)

 

 

(2,907

)

 

(55

)

Non-GAAP Adjusted EBITDA

 

 

(2,660

)

 

 

(710

)

 

(275

)

   

 

(4,367

)

 

 

(2,389

)

 

(83

)

Non-GAAP diluted loss per share

 

 

(0.11

)

 

 

(0.04

)

 

(175

)

   

 

(0.19

)

 

 

(0.12

)

 

(55

)

About ClearOne

ClearOne is a global company that designs, develops, and sells conferencing, collaboration, and network streaming solutions for voice and visual communications. The performance and simplicity of its advanced comprehensive solutions offer unprecedented levels of functionality, reliability, and scalability. Visit ClearOne at www.clearone.com.

Non-GAAP Financial Measures

To supplement our consolidated financial statements presented on a GAAP basis, ClearOne uses non-GAAP measures of gross profit, operating income (loss), net income (loss), adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and net income (loss) per share, which are adjusted to exclude certain costs, expenses, gains and losses we believe appropriate to enhance an overall understanding of our past financial performance from period to period and also our prospects for the future. These adjustments to our current period GAAP results are made with the intent of providing both management and investors a more complete understanding of ClearOne’s underlying operational results and trends and our marketplace performance. The non-GAAP results are an indication of our baseline performance before certain gains, losses, or other charges that are considered by management to be outside of our core operating results. In addition, these adjusted non-GAAP results are among the primary indicators management uses as a basis for our planning and forecasting of future periods. The presentation of this additional non-GAAP financial information is not meant to be considered in isolation or as a substitute for gross profit, operating income (loss), net income (loss), income (loss) per share or other financial measures prepared in accordance with GAAP. There are limitations to the use of non-GAAP financial measures. Other companies, including companies in ClearOne’s industry, may calculate non-GAAP financial measures differently than ClearOne does, limiting the usefulness of those measures for comparative purposes. A detailed reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures is included in this release below.

Forward Looking Statements

This release contains “forward-looking” statements that are based on present circumstances and on ClearOne’s predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements and any statements of the plans and objectives of management for future operations and forecasts of future growth and value are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements. Such forward-looking statements are made only as of the date of this release and ClearOne assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. The information in this press release should be read in conjunction with and is modified in its entirety by, the Quarterly Report on Form 10-Q (the “10-Q”) filed by the Company for the same period with the Securities and Exchange Commission (the “SEC”) and all of the Company’s other public filings with the SEC (the “Public Filings”).

In particular, the financial information contained herein is subject to and qualified by reference to the financial statements contained in the 10-Q, including the footnotes thereto, as well as the Company’s annual report on Form 10-K for the year ended December 31, 2023 (the “10-K”), the footnotes thereto and the limitations set forth therein. Investors may not rely on the press release without reference to the 10-Q, the 10-K, and the Public Filings.

CLEARONE, INC
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except par value)

 

 

 

June 30, 2024

 

December 31, 2023

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,450

 

 

$

17,835

 

Current marketable securities

 

 

1,852

 

 

 

3,480

 

Patent cross license receivable

 

 

 

 

 

4,000

 

Receivables, net of allowance of $326

 

 

2,574

 

 

 

3,279

 

Inventories, net

 

 

14,599

 

 

 

10,625

 

Income tax receivable

 

 

27

 

 

 

36

 

Prepaid expenses and other assets

 

 

3,855

 

 

 

4,062

 

Total current assets

 

 

25,357

 

 

 

43,317

 

Long-term marketable securities

 

 

621

 

 

 

916

 

Long-term inventories, net

 

 

1,772

 

 

 

3,143

 

Property and equipment, net

 

 

552

 

 

 

530

 

Operating lease - right of use assets, net

 

 

804

 

 

 

990

 

Intangibles, net

 

 

1,582

 

 

 

1,689

 

Other assets

 

 

108

 

 

 

109

 

Total assets

 

$

30,796

 

 

$

50,694

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,901

 

 

$

1,945

 

Accrued liabilities

 

 

1,726

 

 

 

2,290

 

Deferred product revenue

 

 

23

 

 

 

30

 

Total current liabilities

 

 

3,650

 

 

 

4,265

 

Operating lease liability, net of current

 

 

515

 

 

 

665

 

Other long-term liabilities

 

 

1,079

 

 

 

1,079

 

Total liabilities

 

 

5,244

 

 

 

6,009

 

 

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

Common stock, par value $0.001, 50,000,000 shares authorized, 23,969,148 shares issued and outstanding

 

 

24

 

 

 

24

 

Additional paid-in capital

 

 

31,616

 

 

 

46,047

 

Accumulated other comprehensive loss

 

 

(294

)

 

 

(310

)

Accumulated deficit

 

 

(5,794

)

 

 

(1,076

)

Total shareholders' equity

 

 

25,552

 

 

 

44,685

 

Total liabilities and shareholders' equity

 

$

30,796

 

 

$

50,694

 

CLEARONE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
(Dollars in thousands, except per share amounts)

 

 

 

Three months ended June 30,

 

Six months ended June 30,

 

 

2024

 

2023

 

2024

 

2023

Revenue

 

$

2,304

 

 

$

5,483

 

 

$

5,926

 

 

$

9,661

 

Cost of goods sold

 

 

2,324

 

 

 

3,635

 

 

 

4,795

 

 

 

6,498

 

Gross profit

 

 

(20

)

 

 

1,848

 

 

 

1,131

 

 

 

3,163

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

1,191

 

 

 

1,323

 

 

 

2,503

 

 

 

2,515

 

Research and product development

 

 

868

 

 

 

873

 

 

 

1,762

 

 

 

1,916

 

General and administrative

 

 

845

 

 

 

1,007

 

 

 

1,868

 

 

 

2,276

 

Total operating expenses

 

 

2,904

 

 

 

3,203

 

 

 

6,133

 

 

 

6,707

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss

 

 

(2,924

)

 

 

(1,355

)

 

 

(5,002

)

 

 

(3,544

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

(91

)

 

 

 

 

 

(383

)

Other income, net

 

 

119

 

 

 

437

 

 

 

297

 

 

 

2,103

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

 

(2,805

)

 

 

(1,009

)

 

 

(4,705

)

 

 

(1,824

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

15

 

 

 

10

 

 

 

13

 

 

 

27

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(2,820

)

 

$

(1,019

)

 

$

(4,718

)

 

$

(1,851

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

23,969,148

 

 

 

23,955,802

 

 

 

23,969,148

 

 

 

23,955,785

 

Diluted weighted average shares outstanding

 

 

23,969,148

 

 

 

23,955,802

 

 

 

23,969,148

 

 

 

23,955,785

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic loss per share

 

$

(0.12

)

 

$

(0.04

)

 

$

(0.20

)

 

$

(0.08

)

Diluted loss per share

 

$

(0.12

)

 

$

(0.04

)

 

$

(0.20

)

 

$

(0.08

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(2,820

)

 

$

(1,019

)

 

$

(4,718

)

 

$

(1,851

)

Unrealized loss on available-for-sale securities, net of tax

 

 

(3

)

 

 

14

 

 

 

19

 

 

 

14

 

Change in foreign currency translation adjustment

 

 

(1

)

 

 

(1

)

 

 

(3

)

 

 

4

 

Comprehensive loss

 

$

(2,824

)

 

$

(1,006

)

 

$

(4,702

)

 

$

(1,833

)

CLEARONE, INC.
UNAUDITED RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
(Dollars in thousands, except per share values)

 

 

 

Three months ended June 30,

 

Six months ended June 30,

 

 

 

 

 

 

 

 

 

GAAP operating loss

 

$

(2,924

)

 

$

(1,355

)

 

$

(5,002

)

 

$

(3,544

)

Stock-based compensation

 

 

39

 

 

 

25

 

 

 

65

 

 

 

47

 

Amortization of intangibles

 

 

50

 

 

 

129

 

 

 

160

 

 

 

247

 

Non-GAAP operating loss

 

$

(2,835

)

 

$

(1,201

)

 

$

(4,777

)

 

$

(3,250

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss

 

$

(2,820

)

 

$

(1,019

)

 

 

(4,718

)

 

 

(1,851

)

Stock-based compensation

 

 

39

 

 

 

25

 

 

 

65

 

 

 

47

 

Amortization of intangibles

 

 

50

 

 

 

129

 

 

 

160

 

 

 

247

 

Other income adjustment

 

 

 

 

 

 

 

 

 

 

 

(1,350

)

Non-GAAP net loss

 

$

(2,731

)

 

$

(865

)

 

$

(4,493

)

 

$

(2,907

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss

 

$

(2,820

)

 

$

(1,019

)

 

$

(4,718

)

 

$

(1,851

)

Number of shares used in computing GAAP diluted loss per share

 

 

23,969,148

 

 

 

23,955,802

 

 

 

23,969,148

 

 

 

23,955,785

 

GAAP diluted loss per share

 

$

(0.12

)

 

$

(0.04

)

 

$

(0.20

)

 

$

(0.08

)

Non-GAAP net loss

 

$

(2,731

)

 

$

(865

)

 

$

(4,493

)

 

$

(2,907

)

Number of shares used in computing Non-GAAP diluted loss per share

 

 

23,969,148

 

 

 

23,955,802

 

 

 

23,969,148

 

 

 

23,955,785

 

Non-GAAP diluted loss per share

 

$

(0.11

)

 

$

(0.04

)

 

$

(0.19

)

 

$

(0.12

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss

 

$

(2,820

)

 

$

(1,019

)

 

$

(4,718

)

 

$

(1,851

)

Stock-based compensation

 

 

39

 

 

 

25

 

 

 

65

 

 

 

47

 

Interest expense

 

 

 

 

 

91

 

 

 

 

 

 

383

 

Depreciation

 

 

56

 

 

 

54

 

 

 

113

 

 

 

108

 

Amortization of intangibles

 

 

50

 

 

 

129

 

 

 

160

 

 

 

247

 

Other income adjustment

 

 

 

 

 

 

 

 

 

 

 

(1,350

)

Provision for income taxes

 

 

15

 

 

 

10

 

 

 

13

 

 

 

27

 

Non-GAAP Adjusted EBITDA

 

$

(2,660

)

 

$

(710

)

 

$

(4,367

)

 

$

(2,389

)

 

Investor Relations Contact:

Simon Brewer

385-426-0565

investor_relations@clearone.com

http://investors.clearone.com

Source: ClearOne, Inc.

FAQ

What was ClearOne's (CLRO) revenue for Q2 2024?

ClearOne's revenue for Q2 2024 was $2.3 million, down 58% sequentially and 39% year-over-year from $5.5 million in Q2 2023.

How did ClearOne (CLRO) perform at Infocomm 2024?

ClearOne captured 60% more sales leads at Infocomm 2024 compared to Infocomm 2023, despite overall event attendance only increasing by 3%.

What new product did ClearOne (CLRO) introduce in Q2 2024?

ClearOne introduced the Versa Lite BMA 360D, a bundle combining their BMA 360D Dante-enabled microphone array ceiling tile with the Versa USB22D Dante adapter.

How did ClearOne's (CLRO) operating expenses change in Q2 2024?

ClearOne reduced operating expenses by 10.1% sequentially and 9.33% year-over-year in Q2 2024, reflecting continued benefits from cost optimization initiatives.

ClearOne, Inc. (DE)

NASDAQ:CLRO

CLRO Rankings

CLRO Latest News

CLRO Stock Data

13.21M
12.36M
48.42%
5.81%
0.06%
Communication Equipment
Telephone & Telegraph Apparatus
Link
United States of America
SALT LAKE CITY