Summary by Moomoo AI
Auddia Inc. reported financial results for Q2 2024 on June 30. The company had no revenue for the quarter, unchanged from Q2 2023. Net loss narrowed slightly to $2.3 million from $2.32 million year-over-year. Operating expenses decreased 7.3% to $1.65 million, driven by lower general and administrative costs.Cash and cash equivalents stood at $1.88 million as of June 30, up from $804,556 at the end of 2023. The company raised $7.1 million in additional financing during 2024 and repaid $2.75 million in secured bridge notes. Auddia continues to invest in developing and enhancing its faidr and podcasting apps to establish new revenue streams.Management expects operating losses and cash burn to increase as Auddia continues product development and commercialization efforts. The company projects current cash will fund operations into Q4 2024 and is exploring additional financing options. Auddia is also evaluating potential acquisitions to accelerate user growth and enter new markets.
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