Financial Performance - Q3 2024 revenue was $2.5 million, a decrease of 49% compared to $4.9 million in Q3 2023, but an increase of 8.7% from $2.3 million in Q2 2024[5] - GAAP gross profit in Q3 2024 was $0.6 million, down 62% from $1.6 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 $3.1 million in Q3 2023, reflecting continued cost optimization efforts[7] - GAAP net loss in Q3 2024 was $(2.1) million, or $(0.09) per share, compared to a net loss of $(1.4) million, or $(0.06) per share, in Q3 2023[8] - Non-GAAP net loss in Q3 2024 was $(2.0) million, or $(0.08) per share, compared to a Non-GAAP net loss of $(1.2) million, or $(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) 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) 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) 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) 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) 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 $22.2 million as of December 31, 2023[12] - Total current assets decreased to $23,039,000 as of September 30, 2024, down 46.8% from $43,317,000 at December 31, 2023[19] - Total liabilities decreased to $4,878,000 as of September 30, 2024, down 18.6% from $6,009,000 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]
ClearOne(CLRO) - 2024 Q3 - Quarterly Results