ClearOne, Inc. Reports Fourth Quarter 2022 Financial Results

ClearOne (NASDAQ: CLRO), a global provider of audio and visual communication solutions, reported financial results for the three and twelve month periods ended December 31, 2022.

“The continued delays in the transition of our outsourced manufacturing from China to Singapore caused us to lose revenue on our core audio conferencing products. This combined with the decline in video products, especially our professional cameras, contributed to a 44% decline in revenues. The delay in the transition is expected to affect our 2023-Q1 revenues also. However, with our recent legal settlements which have provided us with over $56 million in cash (before paying taxes) and with our new products that are expected to increase our market share due to better interoperability features, we are confident that we will be able to weather these difficult times. We also take comfort in the fact that our unfilled backlog is continuing to increase as we strive to satisfy our customers’ demand,” said Derek Graham, CEO of ClearOne.

Recent Highlights

On January 30, 2023, we introduced the new CHAT® 150 BT group speakerphone with USB and Bluetooth connectivity that enhances the conferencing experience for the ultimate in business class performance. With simple, instant connection to personal computers, mobile devices or Bluetooth-enabled desk phones, the CHAT® 150 BT group speakerphone provides users with an affordable way to upgrade home offices, executive offices, and mid-size meeting rooms with BYOD convenience and superior audio clarity for audio conferences and video meetings. The CHAT® 150 BT speakerphone also has an audio bridging feature that allows far end conference participants connected via a software conferencing application through USB, local users of the speakerphone, and far end callers on a mobile call connected through Bluetooth to all join the same call and hear each other clearly. Featuring a steerable microphone array with first-mic priority, the CHAT® 150 BT speakerphone intelligently activates the microphone closest to the person speaking, reducing interference from ambient noise. Like all ClearOne microphone products, the CHAT® 150 BT speakerphone is compatible with popular collaboration platforms including Microsoft® Teams, Zoom™, WebEx™, Google® Meet™, and many more. The new BT model retains all the class-leading features of the original CHAT® 150 speakerphone, including Advanced Noise Cancellation, Full Duplex Distributed Echo Cancellation™ and Automatic Level Control algorithms, to ensure highly intelligible, natural audio capture and playback. It also supports NFC tap-to-pair and includes a wired USB connection for compatibility with the full variety of modern devices