Audientes A/S: Q4/Year-end 2023 Financial Report

Today, Audientes (“Audientes” or the “Company”), CVR 36047631, releases its unaudited financial results for Q4 and the full-year 2023.

 

Company announcement no. 7-2024

February 22, 2024

 

 

Financial highlights for Q4 2023 and 2023

 

TDKK		Q4 2023	Q4 2022	2023	2022
Revenue		5	-3,153	1,266	79
Other operating income		215	214	1,395	856
EBITDA		-670	-5,536	-7,250	-14,026
Profit/loss for the period		-2,320	-12,019	-13,361	-24,362
Cash and cash equivalents		434	6,948	434	6,948
Equity		4,031	13,049	4,031	13,049
Equity ratio (%)		28.0%	49.1%	28.0%	49.1%
Earnings per share (DKK)		-0.05	-0.63	-0.30	-1.28
No. of shares beginning of the period		43,050,846	9,349,010	28,747,024	9,349,010
No. of shares end of period		59,384,322	28,747,024	59,384,322	28,747,024
Average number of shares		51,217,584	19,048,017	44,065,673	19,048,017

 

 

Highlights Q4 2023

• Completion of a directed issue of DKK 0.9 million and a conversion of debt of DKK 0.1 million, a total of DKK 1 million.
• Part of existing convertible loans total DKK 1.2 million were converted into equity and new shares issued.
• The advanced hearable product, Companion by Audientes, was launched in Japan on November 9, 2023 in Tokyo, and will initially be available in distribution with TD SYNNEX’ and their retail partners as well as in online distribution channels.
• As expected, Q4 2023 materialized as a stepping-stone quarter to 2024 due to a later market introduction and rollout in India with Ven V2 compared to earlier expectations, and contrary to the agreed quota stipulated in contract, follow-on orders from Earkart did not materialize.
• The SRRC (State Radio Regulation of China) equipment type approval was received in December 2023, allowing the localized Chinese version of the Companion by Audientes product to be introduced in China, which in practical terms will happen in the first half of 2024.
• Due to the late-2023 receipt of the SRRC equipment type approval, the pre-paid products for Hengtong can first be delivered in 2024. Expected revenue of the DKK 0.6 million pre-paid was pushed out from Q4 2023 to 2024, with the consequence that sales revenue recognized in Q4 amounted to only TDKK 5.

 

Highlights after 2023

• Audientes announced on January 12, 2024, that will include an additional area in its business, namely software platform-licensing for OEMs and brands on creating excellent and affordable offerings that in turn will help people around the world hear better, which is Audientes core mission. Over time, software platform licensing is expected to become a significant part of the Company’s business. 
• The Company announced also on January 12, 2024, that it is aiming at introducing a new hearing aid product in the more classic type called “Behind-the Ear” (BTE) in the “Receiver in Canal” style (RIC), using the Audientes app and software platform, co-developed and manufactured with a partner.
• Audientes has been preparing to establish a subsidiary in Japan, in which it will have a majority shareholding.  Today, February 22, 2024, is recorded as the official establishment date, with official registration to be completed in the coming weeks for operations to commence.

 

Financial calendar

The Company has today updated its financial calendar in Company Announcement 06-2024 as follows:

 

Date	Event
March 27, 2024	Annual Report 2023
April 12, 2024	Annual General Meeting 2024
May 23, 2024	Q1 2024 reporting
August 29, 2024	Q2 / half-year 2024 reporting
November 21, 2024	Q3 2024 reporting
February 26, 2025	Q4 / end of year 2024 reporting

 

 

For further information, please contact:

 

Steen Thygesen, CEO, Audientes A/S

Phone: ‭+45 77 34 16 80‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬

Email: [email protected]

 

 

About Audientes A/S

Audientes A/S is a Danish hearing health company specializing in smart, self-fitting and affordable hearing aids and advanced hearables. Audientes’ unique hearing aid solution, Ven™ by Audientes, is available for purchase in the Indian and Nepalese markets. Companion by Audientes is an advanced hearable consumer electronics product, marketed in Japan, China, EU and other select markets worldwide.

 

Audientes’ mission is to develop hearing aids and hearables for hearing improvement or enhancement for everyone who needs them globally. Audientes is listed on Spotlight Stock Market Denmark (AUDNTS) and headquartered in Copenhagen, Denmark with a subsidiary in Hyderabad, India.

 

For additional information please refer to the company’s websites, www.audientes.com, www.audientes.eu or www.audientes.in.