Business
ClearOne, Inc. Reports Second Quarter 2023 Financial Results
- Total Revenue Increased 31% Quarter-Over-Quarter, Supported by Continued Sequential and Year-Over-Year OpEx Reductions - - Progress with Backlog Shipments
About this update from Clearone, Inc.
[{"type":"text","content":"\n- Total Revenue Increased 31% Quarter-Over-Quarter, Supported by Continued Sequential and Year-Over-Year OpEx Reductions -\n\n\n- Progress with Backlog Shipments and New Product Launches Improve Foundation for Growth in the Second Half of 2023 -\n\n\n 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 June 30, 2023.\n\n\n“Our performance in the second quarter reflects our continued focus on evolving our innovative communication solutions, supported by our work to maintain an optimized cost structure,” said Derek Graham, CEO of ClearOne. “We delivered strong sequential growth in our revenue and gross profit margin, driven by increased shipments of orders from the backlog due to improved manufacturing output relative to the first quarter of this year. Though we remain underway with the transition of our outsourced manufacturing from China to Singapore—which continued to compress our revenue performance year-over-year—we made progress with shipping backlog orders for our core audio conferencing products. We continue to see strong demand and minimal cancellations within our backlog, and we believe we are on track to resolve our contract manufacturing interruptions during the third quarter.\n\n\n“We also continued to streamline our cost and capital structure. During the second quarter, we reduced operating expenses both sequentially and year-over-year, and we completed the distribution of our special one-time cash dividend. Supported by our sequential improvements, right-sized operational framework, and $22.1 million in cash and investments at the end of the second quarter, we believe we remain on track to drive improved top-line performance in the second half of this year.”\n\n\nOperational Highlights\n\n\n\nLaunched the BMA 360D beamforming microphone array ceiling tile that offers unrivaled audio performance and native compatibility with any Dante®-enabled digital signal processor (DSP) mixer.\n\n\n\nDebuted the DIALOG® UVHF wireless microphone system, which provides businesses and institutions with professional-quality audio conferencing, video collaboration and sound reinforcement for rooms of all sizes.\n\n\n\nExhibited a comprehensive portfolio of conferencing, collaboration and communication so...