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

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       215            214            1,395          856
income
EBITDA                -670           -5,536         -7,250         -14,026
Profit/loss for       -2,320         -12,019        -13,361        -24,362
the period
Cash and cash         434            6,948          434            6,948
equivalents
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         43,050,846     9,349,010      28,747,024     9,349,010
beginning of the
period
No. of shares end     59,384,322     28,747,024     59,384,322     28,747,024
of period
Average number of     51,217,584     19,048,017     44,065,673     19,048,017
shares
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:st@audientes.com
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.