Summary by Moomoo AI
Auddia Inc. reported financial results for Q3 2024, with no revenue generated as the company continues developing its faidr and podcasting apps. Net loss narrowed to $1.95 million from $2.12 million in Q3 2023. Operating expenses increased 6.5% to $1.95 million, driven by higher general and administrative costs.Cash and cash equivalents stood at $3.77 million as of September 30, 2024, up from $804,556 at the end of 2023. The company raised $10.4 million in additional financing during 2024, enabling it to repay $2.75 million in secured bridge notes. However, Auddia expects current funds to only last into Q1 2025 and will need additional capital to complete product development.Management continues to explore merger and acquisition opportunities to accelerate user adoption and subscriber growth. The company is also working to address a Nasdaq deficiency notice regarding the $1.00 minimum bid price requirement. Auddia remains focused on developing its audio AI platform and faidr app as it aims to establish new revenue streams in the audio streaming and podcasting markets.
