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Tech
Digital sound specialist Audio Pixels (ASX:AKP) yesterday released its preliminary full year results, reporting another year of losses – this time a $12.1 million loss or a 94.2% decline from the previous year.
The company was also 29.7% down in revenue, reporting just $191,434 in total.
Following the announcement, the company’s share price rose slightly by 0.4% to $27.45.
Throughout the year, the company said it has been focusing on perfecting its the “wafer” prototype technology to reach mass-production of next generation digital speakers.
Wafers are essentially sheets of microchips used in the components of the speakers. The sound clarity and low frequency range of the chip was incomparable to any currently available technologies out there, according to the company.
However, the company explained that a number of flaws detected during product testing forced it to make changes to the structural design and fabrication, mainly to the MEMS (micro-electromechanical structures) transducer.
Covid-19 disruptions have also caused havoc on the company’s timelines, with severe delays in the initial batch of wafers being sent from Israel.
Audio Pixels said it will continue to focus on the development of its digital speaker technology for the reminder of the year.
The company was founded in 2006, and has been has been making net losses for the last five years, generating minimal revenues as it focuses on R&D.
The latest loss of $12.1 million is the biggest it has incurred in the last five years.
Investors however, have shown faith in the company, with the share price almost doubling since 2016.
Accorrding to the latest financial reports, it holds $4.75 million in cash as of 31 December 2020, and has total current liabilities of $2.2 million.
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