Performance highlights for Q1 2023
TDKK                                   Q1 2023     Q1 2022    2022
Revenue                                211         21         79
Other operating income                 214         214        856
EBITDA                                 -2,496      -3,358     -14,026
Profit/loss for the period             -3,722      -4,050     -24,362
Cash and cash equivalents              774         4,421      6,948
Equity                                 9,327       21,434     13,049
Equity ratio (%)                       46.1%       82.2%      49.1%
Earnings per share (DKK)               -0.13       -0.43      -1.28
No. of shares beginning of the period  28,747,024  9,349,010  9,349,010
No. of shares end of period            28,747,024  9,349,010  28,747,024
Average number of shares               28,747,024  9,349,010  19,048,017
Highlights Q1 2023
          Audientes generated new product sales revenue of DKK 0.2 million
          Expanded our sales channels to include NGOs such as the Association of People with Disability (https://audientes.com/pages/press-releases/F84413133F7B0878) in India, with whom we signed a collaboration agreement and received an initial order to supply Ven hearing aids
          Received an order to deliver Ven hearing aids to Nepal as the first country in Asia outside India through a collaboration agreement with M.B. Meditech (https://audientes.com/pages/press-releases/7A4D41BC67D130DC), a hospital equipment and surgical supplies company in Katmandu.
          Announced the v2.0 software platform release (https://audientes.com/pages/press-releases/8FEB86B62CB84DB7) for Ven and Companion that greatly enhances performance and customer experience. The v2.0 release is available as an update to Ven and Companion available via Audientes smartphone apps in Apple's and Google's app stores.
          Launched Companion by Audientes in the first quarter of 2023 in Sweden (https://audientes.com/pages/press-releases/41BA03C267747C33) and Denmark (https://audientes.com/pages/press-releases/1B9E8C012364ABA5), through online retailers, who began marketing and selling the Companion product in Q1.
          We announced a decision (https://audientes.com/pages/company-announcements/6C6327E0C93D8677) to take back all sold, however not cash collected products in India, which amended a previous provision for bad debt to a provision for negative sales revenue for 2022 of DKK 3.0 million; EBITDA-result remain almost unchanged at DKK -14 mio, but the full year 2022 revenue now amounts to DKK 0.1 million.
Outlook
          At end Q1 2022, we announced an agreement with an exclusive distribution partner in India, Earkart, and will change our distribution and retailer set up in India to this extent. As announced on 1 May 2023 (https://audientes.com/pages/company-announcements/BCE58AF63ED3ABEC), Earkart expects to order around DKK 5.0 million of Audientes' products in the coming 12 months.
          Due to the uncertainty around the size and timing of funding in the short-term as well as in the medium-term, the Company has decided not to announce any guidance for the outlook for revenue and EBITDA for 2023 at this time.
Steen Thygesen, CEO Audientes A/S comments:
"It has been a year since Audientes began mass producing and shipping its first product, Ven, unfortunately with sparse results of DKK 0.1 million for all of 2022 following the provisions of sales we have made recently. We have learned from the past year and have been working on a major v2.0 software release for Ven and Companion, which greatly enhances the performance and customer experience of both, and which we believe will lead to a good product/market fit and thus improved sales performance. In the first quarter of 2023, Companion began to sell in Sweden and Denmark, and we also partnered with a new exclusive distribution partner in India, Earkart. We believe these new collaborations will be beneficial for our future sales. Although our sales revenue for the first quarter in 2023 was only DKK 0.2 million, we have established new partnerships we can build on further during the year."  
Financial Calendar
The financial calendar for the remainder of 2023 is scheduled as follows:
+----------------+---------------------------+
|Date            |Title                      |
+----------------+---------------------------+
|13 June, 2023   |Annual Report for 2022     |
+----------------+---------------------------+
|28 June, 2023   |Annual General Meeting 2023|
+----------------+---------------------------+
|24 August, 2023 |Q2/Half-year 2023 reporting|
+----------------+---------------------------+
|9 November, 2023|Q3 2023 reporting          |
+----------------+---------------------------+
For further information, please contact:
Steen Thygesen,CEO, Audientes A/S
Phone: ‭+45 77 34 16 80‬‬‬‬‬‬
Email:st@audientes.com
Troels Torp,CFO, Audientes A/S
Phone: ‭+45 77 34 16 80
Email: tto@audientes.com‬‬‬‬‬‬
About Audientes A/S
Audientes A/S is a Danish hearing health company specializing in smart, self-fitting and affordable hearing aids and advanced hearables. Audientes' unique hearing aid solution, Ven™ by Audientes, is available for purchase in the Indian and Nepalese markets, and will be introduced in other markets in the coming years. Companion by Audientes is an advanced hearable consumer electronics product that is commercially available in Europe and later in 2023 in Japan and other markets.
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 a subsidiary in Hyderabad, India.
For additional information please refer to the company's websites, www.audientes.com, www.audientes.eu, or www.audientes.in.