Today, Audientes ("Audientes" or the "Company"), CVR 36047631, releases its financial results for
Q3, 2023.
Performance highlights for Q3 2023
+------------------+----------+---------+----------+----------+----------+
|TDKK              |   Q3 2023|  Q3 2022|Q1-Q3 2023|Q1-Q3 2022|      2022|
+------------------+----------+---------+----------+----------+----------+
|Revenue           |         8|    2,224|     1,261|     3,232|        79|
+------------------+----------+---------+----------+----------+----------+
|Other operating   |       214|      214|     1,180|       642|       856|
|income            |          |         |          |          |          |
+------------------+----------+---------+----------+----------+----------+
|EBITDA            |    -2,246|   -1,804|    -6,580|    -8,490|   -14,026|
+------------------+----------+---------+----------+----------+----------+
|Profit/loss for   |    -3,716|   -3,713|   -11,041|   -12,343|   -24,362|
|the period        |          |         |          |          |          |
+------------------+----------+---------+----------+----------+----------+
|Cash and cash     |       342|      114|       342|       114|     6,948|
|equivalents       |          |         |          |          |          |
+------------------+----------+---------+----------+----------+----------+
|Equity            |     4,315|   13,141|     4,315|    13,141|    13,049|
+------------------+----------+---------+----------+----------+----------+
|Equity ratio (%)  |     25.0%|    46.6%|     25.0%|     46.6%|     49.1%|
+------------------+----------+---------+----------+----------+----------+
|Earnings per share|     -0.09|    -0.40|     -0.31|     -1.32|     -1.28|
|(DKK)             |          |         |          |          |          |
+------------------+----------+---------+----------+----------+----------+
|No. of shares     |39,150,472|9,349,010|28,747,024| 9,349,010| 9,349,010|
|beginning of the  |          |         |          |          |          |
|period            |          |         |          |          |          |
+------------------+----------+---------+----------+----------+----------+
|No. of shares end |43,050,846|9,349,010|43,050,846| 9,349,010|28,747,024|
|of period         |          |         |          |          |          |
+------------------+----------+---------+----------+----------+----------+
|Average number of |41,100,659|9,349,010|35,898,935| 9,349,010|19,048,017|
|shares            |          |         |          |          |          |
+------------------+----------+---------+----------+----------+----------+
Highlights Q3 2023
         Due to a later market introduction and rollout in India with Ven V2 through Earkart and their channels compared to earlier expectations, follow-on orders did not materialize in Q3. Coupled with the ongoing effort to localize and prepare products for introduction in Japan and China later in the year, sales revenue recognized in Q3 was only TDKK 8.
         Dialogue ensuing with Earkart on revising commercial agreement terms and the remaining part of Audientes receivables, aiming at addressing an acceleration of the Indian market development. 
         The Chinese distributor and investor Shenzhen Hengtong Partner Company Ltd placed an initial pre-paid product order for TDKK 562 for Companion products to be delivered in late 2023, subject to local GTM readiness.
         Our advanced hearable product, Companion by Audientes, was launched in Japan today on November 9, 2023 in Tokyo, and will initially be available in distribution with TD SYNNEX retailers later in 2023 and subsequently also in online distribution channels.
         Cost saving initiatives executed earlier in the year around staff cost and external costs in general have started to have a positive impact on EBITDA.
         Agreement with existing bridge-lenders to refinance existing bridge loans with convertible loans of DKK 5.85 million with no interest and no installments due until the loans are maturing end of September 2024; loans may be partially of fully converted at certain times in the year.
         An interest-bearing short-term bridge loan of TDKK 780 including accrued interest and a debt of TDKK 50, in total TDKK 830 were converted into equity and new shares issued.
Highlights after Q3 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.
Financial calendar
The Company has updated its financial calendar as follows:
Date               Event
February 22, 2024  Q4 / end of year 2023 reporting
March 28, 2024     Annual Report 2023
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.