Wearable Devices Announces FY23 EPS $(0.48) Vs $(0.53) YoY; Revenue $82K Vs $45K YoY

Benzinga03-16

Full Year 2023 Financial Highlights:

Research and Development Expenses: Research and development expenses increased 46% to $3.3 million in the full year of 2023 compared to the full year of 2022 as the Company continued to focus on creating disruptive, industry leading technology that leverages AI and proprietary algorithms, software and hardware.

Sales and Marketing Expenses: Sales and marketing expenses increased 47% to $2.0 million in the full year of 2023 compared to the full year of 2022 related to the Company driving awareness of its technology and products across various channels including participation at multiple leading industry conferences.

Net Loss: Net loss increased to $(7.8 million), or $(0.48) per diluted share, for the year ended December 31, 2023, as compared to a net loss of $(6.5 million), or $(0.53) per diluted share, for the year ended December 31, 2022.

Cash Position: Cash and Deposits at December 31, 2023 were $4.9 million.

Inventory: Inventory significantly increased to $1.0 million the end of 2023, as part of the completion of the transition phase from R&D to production and to serve our planned B2C business growth in 2024.

For further details on the Company's financial results for the year ended December 31, 2023, please refer to the company's annual report on Form 20-F which is being filed with the SEC today.

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