Business
ClearOne, Inc. Reports First Quarter 2023 Financial Results
SALT LAKE CITY--(BUSINESS WIRE)-- ClearOne (NASDAQ: CLRO), a global provider of audio and visual communication solutions, reported financial results for the
About this update from Clearone, Inc.
[{"type":"text","content":" SALT LAKE CITY--(BUSINESS WIRE)--\nClearOne (NASDAQ: CLRO), a global provider of audio and visual communication solutions, reported financial results for the three-month period ended March 31, 2023.\n\n\n“During the first quarter, we maintained our focus on developing unique products that meet our partner and end user needs, supported by a leaner, improved cost structure,” said Derek Graham, CEO of ClearOne. “We have continued to support a growing backlog for our core audio conferencing products, as well as roll out the new CHAT® 150 BT group speakerphone, and UNITE 260 Pro camera products we introduced in January. Though our first quarter revenues remained pressured by the ongoing transition of our outsourced manufacturing from China to Singapore, we expect our revenue performance to improve in the second half of this year. We will continue working to increase our market share and deliver long-term value to our investors in the year ahead.\n\n\n“The recent announcement of a special dividend by our Board of Directors further signifies our commitment to rewarding our investors. Our strong balance sheet, especially our cash position after paying the special dividend, provides us the necessary ramp to launch our products, build strong teams, and compete effectively in the market.\"\n\n\nRecent Highlights\n\n\n\nOn May 8, 2023, the Company announced that the Company’s Board of Directors had declared a special one-time cash dividend of $1.00 per share of the Company’s common stock or eligible warrants, payable on May 31, 2023 to shareholders of record on May 22, 2023. The ex-dividend date for this distribution is June 1, 2023, in accordance with FINRA UPC (Uniform Practice Code) Rule 11140. This dividend distribution is expected to generate cash outflows of approximately $29.0 million.\n\n\n\nFinancial Summary \n\n\nThe Company uses certain non-GAAP financial measures and reconciles those to GAAP measures in the attached tables.\n\n\nQ1 2023 revenue was $4.2 million, compared to $7.5 million in Q1 2022 and $4.0 million in Q4 2022. The sequential and year-over-year decrease was mainly due to (a) a decline in revenue from video products due to decline in demand and (b) continued order fulfillment challenges for our core audio conferencing and beamforming microphone arrays as a result of ongoing delays in the transition of our outsourc...