From Globenewswire:

Wearable Devices Ltd. announced financial results for 2023, highlighting strategic capital allocation and growth strategy. The Company’s net loss increased due to investments in sales, marketing, and R&D. New partnerships and collaborations with Qualcomm and a global defense company were announced. The B2B Mudra Developer Kit was launched with enhanced capabilities for OEMs.

The Mudra Band for Apple Watch, the Company’s B2C product, gained considerable interest in 2023. The first manufacturing batch was successfully delivered to preorder customers, with orders continuing to come in. Wearable Devices showcased its technology at leading trade shows, receiving recognition for innovation in the tech field. The Company is focused on increasing production capacity for the Mudra Band.

2023 and recent business highlights include a collaboration agreement with Qualcomm, showcasing technology at industry conferences, and opening a new office in Silicon Valley. Financially, research and development expenses increased by 46%, sales and marketing expenses grew by 47%, and the net loss for 2023 was $(7.8 million). The Company’s cash position at the end of 2023 was $4.9 million with a significant increase in inventory to serve B2C business growth in 2024.



Read more at Globenewswire:: Wearable Devices Announces Full Year 2023 Financial Results