Auddia Inc. Reports Mixed Results in Third Quarter

RADIO ONLINE | Thursday, November 7, 2024

Auddia Inc.

Auddia Inc., a technology firm specializing in audio solutions, reported a net loss of $1.95 million for the third quarter ended September 30. This marks a slight reduction in losses compared to $2.12 million for the same period last year.

While the company's revenue remains stalled at zero, its financial health shows some signs of improvement with a significant boost in cash and cash equivalents, which stood at $3.77 million as of the quarter's close, up from $804,556 at the end of 2023. The company attributed this increase largely to successful fundraising efforts and stringent cost management.

Operating expenses for the quarter totaled approximately $1.95 million, a marginal rise from the $1.83 million reported in the previous year's quarter. The increased spending was primarily driven by general and administrative expenses, which rose to $881,439 from $777,496, reflecting the company's ongoing investment in its infrastructure and staffing.

Auddia highlighted the impact of its cost-cutting measures, particularly in its direct service costs and research and development, which have been streamlined to align with current operational targets. Despite the continued net losses, the company's management remains optimistic about its strategic direction and the development of its proprietary AI platform for audio, which they believe will drive future revenue growth.

As of November 7, Auddia reported having 5,673,675 shares of common stock outstanding, with no dividends declared for the quarter. The company continues to navigate challenges but maintains a focus on innovation and market expansion as it seeks to revolutionize the audio industry with its offerings.