Providing Forward Looking Guidance on User Metrics and Revenue for the First Time as the Company Transitions From Pre-Revenue to Revenue Generating in 2023
Investor Call and Webcast at 10:30 AM ET Today
BOULDER, CO, Nov. 15, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Auddia Inc. (NASDAQ: AUUD) (NASDAQ: AUUDW) ("Auddia" or the "Company”), developer of a proprietary AI platform for audio and innovative technologies for podcasts that is reinventing how consumers engage with audio, today provided a corporate update, and will hold an investor call and webcast at 10:30 am ET today.
Jeff Thramann, founder and executive chairman, stated, “We are excited to provide this corporate update as we achieve the critical milestone of transitioning to a revenue generating company. The past year has resulted in tremendous progress, highlighted by the on-time national launch of faidr on February 15th and the subsequent release of key cost-per-install and monthly user metrics that exceeded expectations. The last 120 days have seen an intense all-hands-on-deck effort by the team to optimize the core metrics needed to support a viable business. Although the optimization process will continue in perpetuity, the results we have seen across Q3 and Q4 to date have given us the confidence to provide revenue guidance for the first time. A major milestone for the company. We look forward to providing the details and further growth updates on the webcast.”
Management will cover the following key updates:
– Review 2022 milestones and reveal the 2023 product strategy for faidr
– Outline the differences between the free and premium experience and confirm initial pricing of $5.99 per month
– Announce the results-to-date for the key metrics that drive the business and provide guidance on those metrics for 2023 as follows:
- Cost-per-install (CPI) at $2.40 – projected to decrease to $1.80 through 1H 2023
- 30-day retention at 6% – projected to increase to 10% through 1H 2023
- Preliminary subscription conversion rates at 8.5% – projected to increase to 12% through 1H 2023
- Free tier user growth expected to increase to over 400K EOY
- Subscriber growth expected to increase to over 50K EOY
- Revenue expected to range between $1M and $1.2M EOY with an annual run rate revenue of $3.25M - $3.9M going into 2024
– Discuss the recent $12M funding initiatives put in place to finance the 2023 growth plan
- $2M non-convertible, six-month (extendable to 12 months), term debt from an existing affiliate investor with 15% private warrant coverage, strike price at 150% of 11/11/2022 closing price, and fixed, undiscounted conversion price on optional OID & interest conversions
- $10M equity line at a 3% discount and 1.5% commitment shares, with commitment shares subject to a trading restriction of 10% of daily volume
Participants may dial in or listen to the webcast with the information below:
Domestic access: 1-877-270-2148
International access: 1-412-902-6510
Upon joining, please ask to be joined into the Auddia Inc. conference call.
Participants may also access the live webcast by clicking the following link:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=NbyQSokD
A replay will also be made available on the Company’s website at:
https://investors.auddiainc.com/events
Alternatively, a replay of the call may be accessed until November 22nd, 2022 at 1-877-344-7529 or 1-412-317-0088 for international callers and entering replay access code: 1790619.
About Auddia Inc.
Auddia, through its proprietary AI platform for audio identification and classification and related technologies, is reinventing how consumers engage with AM/FM radio, podcasts, and other audio content. Auddia’s flagship audio superapp, called faidr, brings two industry firsts to the audio-streaming landscape: subscription-based, ad-free listening on any AM/FM radio station and podcasts with interactive digital feeds that support deeper stories and open untapped revenue streams to podcasters. faidr also delivers exclusive content and playlists, and showcases exciting new artists, hand-picked by curators and DJs. Both differentiated offerings address large and rapidly growing audiences with strong purchase intent. For more information, visit: www.auddia.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 about the Company's current expectations about future results, performance, prospects and opportunities, including, without limitation, statements regarding the anticipated use of proceeds from the offering. Statements that are not historical facts, such as "anticipates," "believes", “projects” and "expects" or similar expressions, are forward-looking statements. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. These and other risks and uncertainties are discussed more fully in our filings with the Securities and Exchange Commission. Readers are encouraged to review the section titled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, as well as other disclosures contained in the Annual Report and subsequent filings made with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations:
Kirin Smith, President
PCG Advisory, Inc.
ksmith@pcgadvisory.com
(646) 823-8656
www.pcgadvisory.com
SOURCE: Auddia Inc.
