Audientes (AUDNTS) Q3 2024 earnings summary

Executive summary

• Q3 2024 focused on expanding market presence in China, Japan, India, and Europe through strategic partnerships and product launches.

• Joint venture "ZhiYinYou Technology Limited" with Hengtong in China is operational, marking the first licensing business relationship.

• Over 1,000 localized Companion products shipped to Japan; Greater China launch preparations completed.

• Development of new BTE/RIC hearing aid underway, targeting China and India.

Financial highlights

• Q3 2024 revenue was TDKK 63, up from TDKK 8 in Q3 2023, mainly from partial delivery to Chinese distributor.

• EBITDA for Q3 2024 was TDKK -901, improved from TDKK -1,838 in Q3 2023; Q1-Q3 2024 EBITDA at TDKK -3,930.

• Net loss for Q3 2024 was TDKK -2,513, compared to TDKK -3,716 in Q3 2023; Q1-Q3 2024 net loss at TDKK -8,253.

• Cash and cash equivalents at period end were TDKK 8, down from TDKK 434 at end 2023.

• Equity ratio at September 30, 2024 was 13.1%, down from 27.9% at end 2023.

Outlook and guidance

• 2024 revenue guidance revised to DKK 1.5–2.5 million (previously DKK 3.8–4.8 million) due to delayed product orders.

• EBITDA for 2024 now expected in the range of DKK -4.5 to -5.5 million (previously DKK -4.0 to -5.0 million).

• Expanded sales platforms in Japan, China, India, and Europe expected to drive growth in 2025.