Business
Wearable Devices Announces 2022 Financial Results
YOKNE’AM ILLIT, Israel, March 22, 2023 (GLOBE NEWSWIRE) -- Wearable Devices Ltd. (Nasdaq: WLDS, WLDSW) (“Wearable Devices” or the “Company”), a growth company
About this update from Wearable Devices Ltd.
[{"type":"text","content":"YOKNE’AM ILLIT, Israel, March 22, 2023 (GLOBE NEWSWIRE) -- Wearable Devices Ltd. (Nasdaq: WLDS, WLDSW) (“Wearable Devices” or the “Company”), a growth company developing a wrist-worn neural interface technology for B2B and B2C customers, today announced its financial results for the year ended December 31, 2022. The Company continued its investment in research and development, production and business development activities and together with the expenses incurred from the Company’s initial public offering (“IPO”) in the U.S. in September of 2022, net loss increased to $(6,496,000), or $(0.53) per diluted share, for the year ended December 31, 2022, as compared to a net loss of $(2,614,000), or $(0.27) per diluted share, for the year ended December 31, 2021. Cash balance at December 31, 2022 was $10.4 million, compared to $1.3 million at December 31, 2021. Asher Dahan, Chief Executive Officer and Chairman of the Board of Wearable Devices, commented, “We are at an exciting point in the growth of our company and are working tirelessly to bring to market revolutionary solutions that enable the user’s hand to become a universal input device for touchless interaction with technology. The increased net loss is a result of careful, strategic investments in our growth, primarily in research and development to refine and optimize our technology, with capital that we expect will drive substantial shareholder returns in the future. AI and the Metaverse continue to grow rapidly in popularity, with some of the largest and most recognizable technology companies in the world pivoting their strategies to pursue these markets. This represents a tremendous market opportunity, and we believe that our technology is ideally suited to integrate seamlessly into both platforms.” “On the B2B side of our business, the Mudra Inspire continues to see encouraging early traction. More than 100 companies have purchased the Mudra Inspire development kit across industries that include consumer electronics manufacturers, consumer electronics brands, electronic components manufacturers, IT services and software development companies, industrial companies, and utility providers, demonstrating the breadth of our addressable market for the Mudra platform. We anticipate this interest in our B2B product to grow as more and more companies recognize the value that our Mud...