Audientes A/S’ (CVR 36047631) financial results for the period January 01 – December 31, 2024 have been approved by the Board of Directors, and the company has now published its Annual Report 2024.

 

Auditor’s opinion

The Board of Directors has prepared the Annual Report 2024 on a going concern basis, based on its belief that Audientes will succeed in executing its capitalization plans and securing the necessary funding to meet its commercial objectives over the next 12 months. This approach has also been applied in the preparation of the financial statements for the past two years.

 

However, Christensen Kjærulff, State Authorized Public Accountant Firm, the Company’s independent auditor, has issued an adverse opinion, stating a reservation regarding the going concern assumption. The auditor concluded that Management has not at this point in time been able to provide sufficient documentation to support the assumption, and has therefore expressed a reservation that the annual financial statements have been prepared on a going concern basis.

 

For further information, please refer to the Independent Auditor’s Report on page 23 of the Annual Report 2024.

 

Performance highlights for 2024

 

TDKK	2024	2023	2022	2021
Revenue	630	1,266	79	0
Other operating income	1,068	1,395	856	214
EBITDA	-5,379	-7,299	-13,964	-13,217
Profit/loss for the year	-10,733	-13,405	-24,362	-12,901
Cash and cash equivalents	9	434	6,948	10,554
Equity	1,199	4,020	13,049	25,484
Equity ratio (%)	14	28	49	81
Earnings per share (DKK)	-0.05	-0.30	-1.28	-1.38
Number of shares beginning of the period	59,384,318	28,747,020	9,349,010	9,349,010
Number of shares end of period	399,411,640	59,384,318	28,747,020	9,349,010
Average shares	229,397,979	44,065,669	19,048,015	9,349,010

 

 

Steen Thygesen, CEO Audientes A/S, comments:

"2024 was a year of transition and foundation-building for Audientes. We made significant progress in expanding our international footprint and launching our products in China and Japan. We formed a strategic joint venture with our partner Hengtong in Shenzhen to create products for the Greater China and export markets, which also became the first licensee of the Audientes software platform. While full-year sales remained modest and below our earlier expectations, the groundwork we’ve laid puts us in a strong position for growth. We are excited about the year ahead, with development of new markets, incl. the MENA region, product innovations, and the planned bond issuance to support our business and product roadmap. Our team is energized, our vision remains clear, and we are grateful for the continued support from our shareholders. We look forward to delivering on our mission to improve hearing accessibility globally, with optimism and determination."

    

Financial summary for the Group

• Sales of products and of product development services (included in "other income") totaled DKK 0.8 million in 2024 (compared to DKK 1.3 million in 2023), the relative low figure reflecting longer-than-expected ramp-up in new markets and a transitional year for commercial operations.
• EBITDA improved to DKK -5.4 million (2023: DKK -7.3 million), with a net loss of DKK -10.5 million, improved from DKK -13.4 million in 2023.
• Net funding of DKK 6.3 million secured in 2024 through a combination of cash contributions and debt conversions, with additional capital increase and debt conversion to equity of DKK 2.2 million in Q1 2025.
• Equity at DKK 1.2 million at year-end 2024 (2023: DKK 4.0 million).
• Cash position at year-end 2024 was TDKK 10, with ongoing funding efforts including a now completed directed issue and debt conversion, and a planned bond issuance in Q2 2025.
• Intangible assets and inventory were valued at DKK 4.7 million and DKK 2.1 million respectively, reflecting readiness for the 2025 product rollout.
• Depreciation, amortizations, and impairment amounted in 2024 to DKK 5.4 million compared to DKK 4.9 million in 2023.
• Organization: By the close of 2024, Audientes had 3 full-time employees in Denmark and 5 full-time staff members across the Indian and Japanese subsidiaries.

 

Operational Highlights

• Expanded international footprint with the establishment of a new subsidiary in Japan and a joint venture in China (ZhiYinYou Technology Ltd.), in partnership with Shenzhen Hengtong Partner Company Ltd.
• Launched Companion in fully localized versions in China and Japan, supported by regional go-to-market strategies and newly appointed distribution partners.
• Regained direct distribution responsibility in India, enabling focused sales and marketing efforts, particularly within e-commerce and new channel development, to improve commercial performance.
• Advanced product development, including localization of the Ven hearing aid for Chinese regulatory approval (NMPA), and initiated development of a new affordable hearing aid.
• Upgraded the Audientes App for iOS and Android, adding language support for key target markets including Japan and China.
• Enhanced quality systems, making progress toward ISO 13485 certification, passing the Stage 1 audit, and implementing a similar Quality Management System (QMS) in the China joint venture.

 

Recently in 2025 and Outlook

The Company expects to provide an update on its key objectives for the year in the near future.

 

However, the Company has already made several important strides in early 2025 that support its outlook for the year:

• In January 2025, Audientes announced a new strategic partnership with Audivista, a forward-looking provider of hearing solutions based in Istanbul, Turkey, with solid access to the Middle East and North Africa (MENA) region. This partnership combines traditional sales channels with government procurement networks and a growing e-commerce platform. The collaboration is ramping up and initial sales projections from this collaboration are expected to exceed DKK 4 million over the next two years, while also establishing a presence in the key Turkish market.
• In early March 2025, Audientes strengthened its capital base through the conversion of convertible loans totaling DKK 1.0 million into equity. This was followed in late March 2025 by a directed issue, securing DKK 0.4 million in cash and DKK 0.8 million via debt conversion.
• In February 2025, Audientes engaged a specialized financial advisor in Bulgaria to structure and manage a corporate bond issuance of up to DKK 15 million (approx. EUR 2 million) on the Bulgarian Enterprise Accelerator Market (BEAM). The issuance, expected in Q2 2025, will provide non-dilutive funding to support product development, market expansion, and the refinancing of existing convertible loans.
• Looking ahead, Audientes continues to develop its next-generation Behind-the-Ear (BTE) / Receiver-in-Canal (RIC) hearing aid with its partners, with a targeted availability in 2026, subject to securing the necessary funding and regulatory approvals.
• The Company also plans to further develop its software licensing business, targeting OEMs and consumer electronics brands with its platform for hearing aids and hearables. Discussions with potential partners are underway.
• The business and financial outlook for 2025 remains highly dependent on the successful execution of sales targets, the management of commercial uncertainties, and, most critically, the securing of additional funding. While Management believes it is possible to obtain the necessary financing and meet both current and future financial obligations, there are significant risks and uncertainties involved.
• As previously communicated throughout 2024, Audientes has a substantial capital need to meet existing commitments and support future investments in market expansion and new product development. To address this, the Company continues to evaluate various short- to medium-term financing alternatives, while also exploring longer-term strategic options such as partnerships, mergers, asset or business sales, licensing agreements, or a strategic investment.

 

Link to Annual report 2023

Audientes annual report for 2024 can be found here: https://www.audientes.com/investor-relations/

 

Financial calendar

The Company’s financial calendar (has as announced recently) been updated with the date for its Annual General Meeting 2025, as follows:

 

Date	Event
May 8, 2025	Annual General Meeting 2025
May 29, 2025	Q1 2025 reporting
August 29, 2025	Q2 / half-year 2025 reporting
November 21, 2025	Q3 2025 reporting
February 24, 2026	Q4 / end of year 2025 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 technology company specializing in smart, self-fitting and affordable hearing aids and advanced hearables. Audientes’ mission is to make high-quality hearing aids and hearables for hearing improvement or hearing enhancement accessible to everyone who needs them globally.

 

Audientes is listed on Spotlight Stock Market Denmark (AUDNTS) and headquartered in Copenhagen, Denmark with subsidiaries in Hyderabad, India and in Tokyo, Japan. Audientes has a 40% stake in a joint venture with Shenzhen Hengtong Partner Co. Ltd. in China.

 

For more information, please visit our websites www.audientes.com, www.audientes.eu, www.audientes.co.jp, www.audientes.in, or follow us on our social media channels.