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Wearable Devices Announces First Half 2023 Results
YOKNE’AM ILLIT, Israel, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Wearable Devices Ltd. (Nasdaq: WLDS, WLDSW) (“Wearable Devices” or the “Company”), a technology
About this update from Wearable Devices Ltd.
[{"type":"text","content":"YOKNE’AM ILLIT, Israel, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Wearable Devices Ltd. (Nasdaq: WLDS, WLDSW) (“Wearable Devices” or the “Company”), a technology growth company specializing in AI-powered touchless sensing wearables, today announced its financial results for the six months ended June 30, 2023. Financial Review The Company continued its investment in research and development activities, and together with increased costs associated with the ramping up of production related to the upcoming shipment of the Mudra Band for Apple Watch, net loss increased to $3.9 million, or $(0.26) per basic and diluted share, for the six months ended June 30, 2023, compared to a net loss of $2.1 million, or $(0.18) per basic and diluted share, for the six months ended June 30, 2022. Year-To-Date Operational Highlights Announced preorder availability for flagship consumer product, Mudra Band for Apple WatchCommenced commercial manufacturing of Mudra Band for Apple WatchLaunched AI-based Air-Touch functionality for AndroidFiled patent application with United States Patent and Trademark Office for expanded AI-based immersion technologyStrengthened leadership team with the addition of Tamar Fleisher as Chief Operating Officer and Pankaj Kedia to advisory boardAnnounced Mudra Band compatibility with B2B and B2C smart glasses brandsEnabled new user experience for mobile gamingShowcased Mudra technology at numerous industry conferences around the globeSubsequent to the second quarter of 2023: Completed first manufacturing batch of the Mudra Band for Apple Watch; expects to begin shipments in coming weeks Asher Dahan, Chairman of the Board of Directors and Chief Executive Officer of Wearable Devices, commented, “We are focused on manufacturing a revolutionary product that will transform the way people interact with their electronic devices. In the near future, we believe that neural-based interfaces will become the universal input standard for wearable computing and digital devices in the same way that the touchscreen is for smartphones.” “In these nascent stages, we continue to deploy capital in the form of strategic investments in our growth, primarily in the initial manufacturing process and continued research and development to refine and optimize our technology. AI and the metaverse are burgeoning domains, capturing the attention and resources o...