ClearOne, Inc. reported its financial results for the fourth quarter and full year ended December 31, 2024, revealing substantial year-over-year declines. For Q4 2024, GAAP revenue was $2.956 million, a 29% decrease from $4.154 million in Q4 2023. The company's net loss for the quarter was $2.203 million, compared to a net income of $2.642 million in Q4 2023, which had benefited from a $4.0 million legal settlement.
For the full year 2024, GAAP revenue plummeted to $11.386 million, a 39% reduction from $18.704 million in 2023. The full-year net loss significantly widened to $8.983 million, or $0.37 per diluted share, compared to a net loss of $0.560 million, or $0.02 per diluted share, in 2023. Cash and cash equivalents stood at $1.4 million as of December 31, 2024, a sharp decrease from $21.3 million at the end of 2023.
Management attributed the top-line performance to slower order flow resulting from past production shortages and ongoing sales headwinds due to the lack of Microsoft Teams certification for its products. Despite these challenges, ClearOne achieved an 18.1% sequential revenue increase in Q4 2024 compared to Q3 2024, and gross margins improved by 44.8% sequentially. The company also reduced operating expenses by 9.8% year-over-year for the full year 2024.
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