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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ClearOne Inc | NASDAQ:CLRO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.02 | 1.85% | 1.10 | 0.98 | 1.60 | 1.11 | 1.04 | 1.08 | 156,184 | 05:00:02 |
ClearOne Inc. (NASDAQ: CLRO), a global provider of audio and visual communication solutions, reported financial results for the three and six months ended June 30, 2022.
"Our core audio conferencing products which include mixers and BMA Ceiling Tile-based solutions posted impressive year over year revenue growth in Q2. Our revenue performance was constrained due to our inability to fully meet the demands of our channel as we continue to fight the raw material shortages caused by the unprecedented global supply chain crisis that hasn't spared our industry," said Derek Graham, ClearOne's Interim CEO.
"We are fully prepared for the current challenges faced by ClearOne and will prioritize returning ClearOne back to profitability, energizing our employees to tap into their full potential, and re-establishing ClearOne as a premium brand in our industry and channels," Graham added.
Recent Highlights
Financial Summary
The Company uses certain non-GAAP financial measures and reconciles those to GAAP measures in the attached tables.
($ in 000, except per share)
Three months ended June 30,
Six months ended June 30,
2022
2021
Change in % Favorable/(Adverse)
2022
2021
Change in % Favorable/(Adverse)
GAAP
Revenue
$
7,375
$
7,735
(5
)
$
14,920
$
14,773
$
1
Gross profit
2,807
3,424
(18
)
5,623
6,427
(13
)
Operating expenses
4,456
4,910
9
9,125
9,437
3
Operating loss
(1,649
)
(1,486
)
(11
)
(3,502
)
(3,010
)
(16
)
Net loss
(257
)
(1,586
)
84
(2,224
)
(3,241
)
31
Diluted loss per share
(0.01
)
(0.08
)
88
(0.09
)
(0.17
)
47
Non-GAAP
Non-GAAP gross profit
$
2,809
$
3,426
(18
)
$
5,627
$
6,432
$
(13
)
Non-GAAP operating expenses
3,746
4,336
14
7,712
8,324
(7
)
Non-GAAP operating loss
(937
)
(910
)
(3
)
(2,085
)
(1,892
)
(10
)
Non-GAAP net loss
(1,073
)
(1,010
)
(6
)
(2,335
)
(2,123
)
(10
)
Non-GAAP Adjusted EBITDA
(892
)
(802
)
(11
)
(1,961
)
(1,688
)
(16
)
Non-GAAP loss per share (diluted)
(0.04
)
(0.05
)
20
(0.10
)
(0.11
)
14
Balance Sheet Highlights
As of June 30, 2022, cash, cash equivalents and investments were $1.2 million, compared to $4.1 million as of December 31, 2021. As of June 30, 2022, the Company carried $2.3 million in debt on account of senior convertible notes issued in December 2019.
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 with 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 and the possible outcomes of litigation, 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 Annual Report on Form 10-K (the “10-K”) 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, 2021 (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, 2022
December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents
$
1,203
$
1,071
Marketable securities
—
1,790
Receivables, net of allowance for doubtful accounts of $326 and $326, respectively
4,112
4,991
Inventories, net
9,858
10,033
Income tax receivable
7,535
7,535
Prepaid expenses and other assets
2,924
4,021
Total current assets
25,632
29,441
Long-term marketable securities
—
1,220
Long-term inventories, net
2,985
3,567
Property and equipment, net
614
744
Operating lease - right of use assets, net
1,237
1,537
Intangibles, net
24,289
25,086
Other assets
4,592
4,597
Total assets
$
59,349
$
66,192
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
2,047
$
5,388
Accrued liabilities
2,570
2,549
Deferred product revenue
43
54
Short-term debt
810
3,481
Total current liabilities
5,470
11,472
Long-term debt, net
1,184
1,535
Operating lease liability, net of current
717
1,026
Other long-term liabilities
655
655
Total liabilities
8,026
14,688
Shareholders' equity:
Common stock, par value $0.001, 50,000,000 shares authorized, 23,952,555 and 22,410,126 shares issued and outstanding, respectively
24
22
Additional paid-in capital
74,861
72,795
Accumulated other comprehensive loss
(266
)
(241
)
Accumulated deficit
(23,296
)
(21,072
)
Total shareholders' equity
51,323
51,504
Total liabilities and shareholders' equity
$
59,349
$
66,192
CLEARONE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Dollars in thousands, except per share values)
Three months ended June 30,
Six months ended June 30,
2022
2021
2022
2021
Revenue
$
7,375
$
7,735
$
14,920
$
14,773
Cost of goods sold
4,568
4,311
9,297
8,346
Gross profit
2,807
3,424
5,623
6,427
Operating expenses:
Sales and marketing
1,562
1,755
3,122
3,328
Research and product development
1,177
1,487
2,530
2,761
General and administrative
1,717
1,668
3,473
3,348
Total operating expenses
4,456
4,910
9,125
9,437
Operating loss
(1,649
)
(1,486
)
(3,502
)
(3,010
)
Interest expense
(94
)
(107
)
(195
)
(219
)
Other income, net
1,505
15
1,508
10
Loss before income taxes
(238
)
(1,578
)
(2,189
)
(3,219
)
Provision for income taxes
19
8
35
22
Net loss
$
(257
)
$
(1,586
)
$
(2,224
)
(3,241
)
Basic weighted average shares outstanding
23,948,631
18,775,817
23,923,110
18,775,795
Diluted weighted average shares outstanding
23,948,631
18,775,817
23,923,110
18,775,795
Basic loss per share
$
(0.01
)
$
(0.08
)
$
(0.09
)
$
(0.17
)
Diluted loss per share
$
(0.01
)
$
(0.08
)
$
(0.09
)
$
(0.17
)
Comprehensive loss:
Net loss
(257
)
(1,586
)
(2,224
)
(3,241
)
Unrealized gain (loss) on available-for-sale securities, net of tax
26
(3
)
(2
)
(5
)
Change in foreign currency translation adjustment
(12
)
(10
)
(23
)
(22
)
Comprehensive loss
(243
)
(1,599
)
(2,249
)
(3,268
)
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,
2022
2021
2022
2021
GAAP gross profit
$
2,807
$
3,424
$
5,623
$
6,427
Stock-based compensation
2
2
4
5
Non-GAAP gross profit
$
2,809
$
3,426
$
5,627
$
6,432
GAAP operating loss
$
(1,649
)
$
(1,486
)
$
(3,502
)
(3,010
)
Stock-based compensation
30
33
65
64
Amortization of intangibles
682
543
1,352
1,054
Non-GAAP operating loss
$
(937
)
$
(910
)
$
(2,085
)
$
(1,892
)
GAAP net loss
$
(257
)
$
(1,586
)
$
(2,224
)
(3,241
)
Stock-based compensation
30
33
65
64
Amortization of intangibles
682
543
1,352
1,054
CARES Act PPP loan forgiveness
(1,528
)
—
(1,528
)
—
Non-GAAP net loss
$
(1,073
)
$
(1,010
)
$
(2,335
)
$
(2,123
)
GAAP net loss
$
(257
)
$
(1,586
)
$
(2,224
)
$
(3,241
)
Number of shares used in computing GAAP loss per share (diluted)
23,948,631
18,775,817
23,923,110
18,775,795
GAAP loss per share (diluted)
$
(0.01
)
$
(0.08
)
$
(0.09
)
$
(0.17
)
Non-GAAP net loss
$
(1,073
)
$
(1,010
)
$
(2,335
)
$
(2,123
)
Number of shares used in computing Non-GAAP loss per share (diluted)
23,948,631
18,775,817
23,923,110
18,775,795
Non-GAAP loss per share (diluted)
$
(0.04
)
$
(0.05
)
$
(0.10
)
(0.11
)
GAAP net loss
$
(257
)
$
(1,586
)
$
(2,224
)
$
(3,241
)
Stock-based compensation
30
33
65
64
Depreciation
68
93
144
194
Amortization of intangibles
682
543
1,352
1,054
Interest expense
94
107
195
219
CARES Act PPP loan forgiveness
(1,528
)
—
(1,528
)
—
Provision for income taxes
19
8
35
22
Non-GAAP Adjusted EBITDA
$
(892
)
$
(802
)
$
(1,961
)
$
(1,688
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20220809005473/en/
Bob Griffin 801-975-7200 investor_relations@clearone.com http://investors.clearone.com
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