Wed, Mar 5, 9:33 PM (55 days ago)
Auddia Inc. (AUUD) reported no revenue for the fiscal year ending December 31, 2024, maintaining an accumulated deficit of $89.4 million. The company incurred a net loss of $8.7 million, a slight improvement from $8.8 million in 2023. Operating expenses rose to $7.9 million, primarily driven by increased research and development costs. Auddia's cash position stood at $2.7 million at year-end, bolstered by $10.9 million in financing during 2024, which is expected to sustain operations only until mid-2025. The company's flagship product, the faidr app, aims to revolutionize audio consumption by allowing users to listen to AM/FM radio without ads. Auddia plans to explore mergers and acquisitions to accelerate growth and expand its market reach. However, it faces risks related to cash flow, competition, and compliance with Nasdaq listing requirements, notably regarding stock price. Auddia underwent a reverse stock split on February 26, 2024, to regain compliance with Nasdaq's $1.00 minimum bid requirement, which remains a concern as it has until April 2025 to achieve this. The company is classified as an emerging growth company and continues to seek additional funding to support its operations and product development.