Clearone Inc is a US-listed company in the communications equipment industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Clearone has little or no product revenue yet; it used $14m of cash in the twelve months to June 2026. That puts it 30 of 30 for growth among the communications equipment companies we cover.
Our models give no value for Clearone at present, so past values are not shown.
Source: 10-Q filed August 14, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Clearone Inc's trailing-twelve-month revenue fell 100.0% year on year, with a free-cash-flow margin of -353.0%. Where it lags: revenue growth of -100.0% ranks 40 of 40 communications equipment companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 124.7% while net income fell 72.0%: a 53pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No model value for Clearone Inc at the moment. Current status: no valuation model gives a value we can rate yet. Available reported financials are shown below.
We value Clearone Inc as an operating company, with every model that fits that kind of business. Cost of equity 10.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.25 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: book value or earnings not available |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | — | Does not apply: no positive revenue in the latest twelve months |
| Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | — | No model applies: the filings don’t yet support a value. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Clearone Inc with Communications Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Weak moat
How hard Clearone's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Cash operating profit has been a median 2.1% of total assets over 10 years.
Gross margin has been a median 43.0%, moving by 19.1 percentage points (standard deviation) across 10 years.
Operating margin has been a median -33.5%; its worst year was -183.6%.
Free cash flow was positive in 3 of 10 years, at a median -15.8% of revenue.
The diluted share count rose 105.2% over five years; stock-based pay has been a median 1.0% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (30 before it).
No analyst estimates are published for Clearone Inc: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2018 | $0.30 | −$3.30 | −1200.0% |
| Mar 2018 | $1.05 | −$2.70 | −357.1% |
| Dec 2017 | $0.82 | −$4.05 | −590.9% |
| Sept 2017 | $0.90 | $1.35 | +50.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| CLRO | −43% | +18% | +27% | +5% | −57% | +11% |
| Industry peers (median) | +18% | −18% | −12% | +33% | +3% | −6% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| CLRO | 42% | 42% | 42% | 33% | 33% | 55% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| CLRO | −70% | −67% | −55% | −67% | −80% | −88% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 98% from December 15, 2015 to October 19, 2026. Getting back needed a 4148% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| May 19, 2025 | −1.9% | −0.2% | −23.1% | −19.4% |
| March 31, 2025 | −11.5% | +1.0% | −26.2% | −6.6% |
| November 15, 2024 | −14.0% | −0.9% | −12.3% | −3.5% |
| August 15, 2024 | −4.8% | +1.9% | −3.2% | −9.5% |
| May 21, 2024 | −2.6% | 0.0% | −2.6% | −9.0% |
| April 3, 2024 | −11.8% | −1.1% | −5.9% | −6.8% |
| November 14, 2023 | +7.5% | +2.2% | +16.4% | +23.9% |
| August 10, 2023 | 0.0% | 0.0% | +5.3% | +2.6% |
| May 22, 2023 | −18.4% | −1.1% | −6.7% | −37.8% |
| April 6, 2023 | −4.4% | +0.5% | −3.0% | −8.1% |
| November 16, 2022 | +3.4% | −1.1% | +13.8% | +181.0% |
| August 10, 2022 | +1.4% | +2.1% | +4.3% | −11.6% |
Source: SEC EDGAR filings. Retrieved October 31, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $18.6M |
| FY23 Q4 | $18.7M |
| FY24 Q1 | $18.1M |
| FY24 Q2 | $15M |
| FY24 Q3 | $10.1M |
| FY24 Q4 | $5.9M |
| FY25 Q1 | $2.3M |
| FY25 Q2 | $0 |
| FY25 Q3 | $0 |
| FY25 Q4 | $0 |
| FY26 Q1 | $0 |
| FY26 Q2 | $0 |
Source: SEC EDGAR filings. Retrieved October 31, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q2 | -31.5% |
| FY23 Q3 | -34.6% |
| FY23 Q4 | -25.8% |
| FY24 Q1 | -16.9% |
| FY24 Q2 | -25.0% |
| FY24 Q3 | -45.7% |
| FY24 Q4 | -68.3% |
| FY25 Q1 | -87.3% |
| FY25 Q2 | -100.0% |
| FY25 Q3 | -100.0% |
| FY25 Q4 | -100.0% |
| FY26 Q1 | -100.0% |
Source: SEC EDGAR filings. Retrieved October 31, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY22 Q2 | -27.4% |
| FY22 Q3 | -25.0% |
| FY22 Q4 | -28.7% |
| FY23 Q1 | -34.6% |
| FY23 Q2 | -36.4% |
| FY23 Q3 | -41.0% |
| FY23 Q4 | -36.2% |
| FY24 Q1 | -36.7% |
| FY24 Q2 | -55.0% |
| FY24 Q3 | -75.2% |
| FY24 Q4 | -92.5% |
| FY25 Q1 | -183.6% |
Source: SEC EDGAR filings. Retrieved October 31, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY22 Q2 | -28.5% |
| FY22 Q3 | -18.2% |
| FY22 Q4 | -16.8% |
| FY23 Q1 | 261.5% |
| FY23 Q2 | 256.1% |
| FY23 Q3 | 261.8% |
| FY23 Q4 | 290.1% |
| FY24 Q1 | -31.3% |
| FY24 Q2 | -8.0% |
| FY24 Q3 | -12.4% |
| FY24 Q4 | -106.5% |
| FY25 Q1 | -353.0% |
| Fiscal year | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||||||||
| Revenue | 41 | 46 | 46 | 50 | 58 | 58 | 49 | 42 | 28 | 25 | 29 | 29 | 25 | 19 | 0 | 0 | 0 |
| Gross profit | 25 | 28 | 27 | 30 | 35 | 37 | 29 | 24 | 13 | 11 | 13 | 12 | 9 | 6 | −0 | −0 | −0 |
| EBITDA | — | 11 | 44 | 8 | 10 | 12 | 5 | −15 | −9 | −7 | −3 | −5 | −4 | −6 | −2 | −4 | — |
| Operating income | 2 | 11 | 43 | 8 | 8 | 10 | 4 | −16 | −10 | −9 | −6 | −7 | −7 | −7 | −2 | −4 | −4 |
| Net income | 2 | 7 | 27 | 5 | 6 | 7 | 2 | −14 | −17 | −8 | 1 | −8 | 21 | −1 | −9 | −26 | −20 |
| Diluted EPS | $4.05 | $0.75 | $2.89 | $0.55 | $0.58 | $0.71 | $0.26 | −$1.65 | −$1.87 | −$0.51 | $0.03 | −$0.39 | $0.83 | −$0.02 | −$5.61 | −$14.77 | −$8.82 |
| Growth (year on year) | |||||||||||||||||
| Revenue | — | +11.6% | +0.8% | +6.8% | +16.8% | −0.2% | −15.8% | −14.0% | −32.6% | −11.1% | +16.1% | −0.4% | −13.0% | −25.8% | −100.0% | — | — |
| EBITDA | — | — | +281.7% | −80.8% | +18.4% | +23.9% | −55.9% | −369.6% | — | — | — | — | — | — | — | — | — |
| Operating income | — | +488.3% | +302.2% | −82.1% | +4.6% | +28.7% | −65.3% | −554.1% | — | — | — | — | — | — | — | — | — |
| Net income | — | +191.9% | +284.6% | −80.6% | +8.1% | +21.1% | −63.9% | −679.9% | — | — | — | — | — | −102.7% | — | — | — |
| Diluted EPS | — | −81.5% | +285.3% | −81.0% | +5.5% | +22.4% | −63.4% | −734.6% | — | — | — | — | — | −102.4% | — | — | — |
| Margins | |||||||||||||||||
| Gross margin | 59.7% | 59.8% | 58.9% | 60.2% | 61.0% | 63.5% | 60.6% | 57.4% | 47.5% | 44.7% | 43.2% | 41.1% | 37.5% | 34.0% | — | — | — |
| EBITDA margin | — | 24.9% | 94.3% | 16.9% | 17.2% | 21.3% | 11.2% | −35.1% | −31.0% | −26.5% | −11.2% | −16.0% | −16.9% | −31.2% | — | — | — |
| Operating margin | 4.4% | 22.9% | 91.6% | 15.4% | 13.8% | 17.8% | 7.3% | −38.7% | −36.7% | −34.2% | −19.2% | −25.9% | −28.7% | −36.2% | — | — | — |
| Net margin | 5.8% | 15.0% | 57.4% | 10.4% | 9.7% | 11.7% | 5.0% | −33.9% | −59.3% | −33.6% | 1.7% | −26.6% | 81.6% | −3.0% | — | — | — |
| Free-cash-flow margin | 12.6% | 11.8% | 93.4% | −22.2% | 10.5% | 12.5% | 14.6% | −23.7% | −24.7% | −19.4% | −4.4% | −15.9% | −16.8% | 290.1% | — | — | — |
| Cash flow | |||||||||||||||||
| Cash from operations | 4 | 6 | 44 | −10 | 7 | 8 | 8 | −9 | −7 | −5 | −1 | −4 | −4 | 55 | −6 | −15 | −14 |
| Capital spending | −1 | 0 | 1 | 1 | 1 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 5 | 5 | 43 | −11 | 6 | 7 | 7 | −10 | −7 | −5 | −1 | −5 | −4 | 54 | −6 | −15 | −14 |
| Stock-based pay | — | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow after stock pay | — | 5 | 43 | −11 | 6 | 6 | 6 | −11 | −7 | −5 | −1 | −5 | −4 | 54 | −6 | −15 | −14 |
| Balance sheet | |||||||||||||||||
| Cash | 11 | 17 | 56 | 17 | 7 | 13 | 12 | 6 | 11 | 4 | 4 | 1 | 1 | 18 | 1 | 0 | 0 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 4 | 5 | 4 | 0 | 0 | 0 | 1 |
| Net debt (negative = net cash) | −11 | −17 | −56 | −17 | −7 | −13 | −12 | −6 | −11 | −1 | 0 | 4 | 3 | −18 | −1 | −0 | 0 |
| Diluted shares | — | — | — | — | — | — | — | — | — | 1m | 1m | 1m | 2m | 2m | 2m | 2m | 2m |
| Returned to shareholders | |||||||||||||||||
| Dividends | — | — | — | 0 | 1 | 1 | 2 | 2 | 1 | — | — | — | 0 | 29 | 14 | 0 | — |
| Buybacks | — | 0 | 0 | 2 | 3 | 0 | 6 | 5 | 0 | — | — | — | — | — | — | — | — |
| Total returned | — | 0 | 0 | 2 | 4 | 1 | 8 | 7 | 1 | — | — | — | 0 | 29 | 14 | 0 | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross profit | −0 | −0 | −0 | −0 | −0 | −0 | −0 | −0 |
| EBITDA | −1 | 0 | −1 | −1 | — | — | — | — |
| Operating income | −1 | 0 | −1 | −1 | −1 | −1 | −1 | −1 |
| Net income | −2 | −2 | −3 | −5 | −14 | −5 | −0 | −1 |
| Diluted EPS | −$1.29 | −$1.37 | −$1.71 | −$2.64 | −$7.92 | −$2.38 | −$0.18 | −$0.34 |
| Growth (year on year) | ||||||||
| Revenue | −100.0% | −100.0% | −100.0% | −100.0% | — | — | — | — |
| Operating income | — | — | — | — | — | −414.7% | — | — |
| Net income | — | −183.4% | — | — | — | — | — | — |
| Diluted EPS | — | <−999% | — | — | — | — | — | — |
| Cash flow | ||||||||
| Cash from operations | −2 | −2 | −1 | −1 | −1 | −11 | −1 | −1 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | — | 0 | 0 |
| Free cash flow | −2 | −2 | −1 | −1 | −1 | — | −1 | −1 |
| Stock-based pay | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow after stock pay | −2 | −2 | −1 | −1 | −1 | — | −1 | −1 |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -100.0% | 11.3% | 40 of 40 |
| Change in growth rate Growth | +0.0pp | +2.0pp | 26 of 40 |
| Operating margin Profitability | -183.6% | 2.4% | 39 of 40 |
| Net margin Profitability | -430.5% | 0.6% | 40 of 40 |
| Stock pay as % of revenue Cash generation | 3.9% | 3.9% | 19 of 37 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Shay Capital LLC | $151,468 | 45K | 41.5% | ▼ 18.2% |
| T3 Companies, LLC | $99,900 | 30K | 27.4% | 0.0% |
| Albion Financial Group | $48,169 | 14K | 13.2% | 0.0% |
| Geode Capital Management, LLC | $36,128 | 11K | 9.9% | ▼ 21.6% |
| Vanguard Capital Management LLC | $17,509 | 5K | 4.8% | 0.0% |
| Vanguard Fiduciary Trust Co | $7,975 | 2K | 2.2% | 0.0% |
| Tower Research Capital LLC (TRC) | $3,866 | 1K | 1.1% | ▲ 81.7% |
| Financial Consulate, Inc | $50 | 0K | 0.0% | 0.0% |
| Sbi Securities Co., Ltd. | $33 | 0K | 0.0% | 0.0% |
| Caitong International Asset Management Co., Ltd | $3 | 0K | 0.0% | New |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Clearone Inc's complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| First Finance Ltd. 10% owner | March 2, 2026 | Buy | 437,500 | $4.00 | $1.8M |
| Bagley Edward D 10% owner | November 24, 2025 | Sell | 700,000 | $3.00 | $2.1M |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around August 14, 2025 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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