The highlights for FY2018-Q4 (CY2018-Q4) are as follows:
- Q4-2018 revenue was $7.2 million, compared to $9.3 million in Q4-2017 and $6.7 million in Q3- 2018. The good news here is sequential revenue growth, although it appears to be within the video segment only.
- According to the company, overall revenue continues to be impacted by infringement of ClearOne’s strategic patents, defense of which is a focus of the company. In April, the company announced it has filed a lawsuit against Shure Incorporated for trade secret misappropriation and patent infringement.
- Under-absorption (too few units shipped) of overhead costs continued to reduce gross margin.
- Balance sheet strengthened through an over-subscribed rights offering ($1.20 per share) to current shareholders. This raised $10M for the company.