Le Lézard
Classified in: Business
Subjects: EARNINGS, Business Update

ClearOne Reviews 2023 Operational and Financial Progress, Provides Early 2024 Highlights

ClearOne, Inc. (NASDAQ: CLRO) ("ClearOne" or the "Company"), a global provider of audio and visual communication solutions, is providing a review of its 2023 operational and financial progress, along with several recent 2024 highlights.

"2023 represented a key transition year for ClearOne," said Derek Graham, CEO of ClearOne. "Since my appointment as permanent CEO last January, we have focused on recovering from our multi-year litigation process and navigating the transition of our outsourced manufacturing from China to Singapore. Through our work on these fronts, we drove improvements in our manufacturing output and reduced our backlog in the second and third quarters of 2023. We also meaningfully enhanced our balance sheet and continued to reduce our operating expenses on a year-over-year and sequential basis.

"I am proud to announce that our outsourced manufacturing transition is now complete as of the fourth quarter of 2023. Finishing the transition marks a significant milestone as we continue to increase our production output, improve lead times, and support greater normalization in our customers' ordering patterns. Our progress over the past year has allowed us to operate from a lean, efficient, and well-capitalized foundation in these early months of 2024."

2023 Financial and Operational Highlights

Product Highlights

Graham continued: "In tandem with our corporate and operational progress, we made strong advancements in our product innovation and broader industry presence. We launched several new camera, speakerphone, and microphone products over the past year, making several of these debuts at major global industry tradeshows to positive reception and increased foot traffic. Most recently, we introduced our new DIALOG® 20 USB microphone at ISE 2024 in Barcelona, Spain, and our booth at this show received a substantially higher number of visitors than we recorded during last year's ISE appearance.

"In 2024, we are working to execute additional new product rollouts and increase traction for our core audio conferencing solutions. With our manufacturing transition complete, we are also ramping shipments of our most recently launched products, with the expectation that these shipments will yield greater revenue contributions as their cadence grows. I am proud of the momentum we have driven with new product introductions and industry event attendance heading into this year, and we remain focused on expanding our brand visibility and AV market share in the coming months."

Regained Compliance with Nasdaq Minimum Bid Price Requirement

On January 26, 2024, ClearOne received a letter from Nasdaq providing notice that the Company had regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) for continued listing on the Nasdaq Capital Market. To regain compliance, the Company's common shares were required to maintain a minimum closing price of $1.00 or more for a period of 10 consecutive business days. This requirement was met on January 25, 2024.

Graham concluded: "Regaining compliance with Nasdaq's minimum bid price requirement is another welcome step forward in our 2024 trajectory. With our robust balance sheet, efficient cost structure, and steady cadence of new product introductions, we are making progress in our recovery from headwinds related to the litigation and manufacturing transition processes. Both of these events are now past us, but our work is far from finished.

"We are deeply committed to expanding the breadth and penetration of our innovative, high-quality product portfolio and tracking towards improving our runway for growth. We would like to thank our team and shareholders for their support as ClearOne enters a new chapter this year."

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.

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.

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