CLRO

ClearOne is no longer an operating company. Per the 10-K, on October 24, 2025 it sold its intellectual property, inventory and customer data to Biamp for just $3.0M gross — but only after taking a $10.7M inventory impairment in Q3, and the sale itself booked an $11.1M loss on disposal. The former core (conferencing/collaboration audio) is now reported entirely as discontinued operations, which lost $21.5M in 2025. What remains is a transitional husk whose only activities are servicing legacy warranties, liquidating scraps, collecting receivables and 'maintaining public-company compliance' — management explicitly states these 'are not expected to generate material revenue.' The XBRL confirms it: FY2025 revenue $0.00, down from $18.7M in FY2023, with continuing operations generating no revenue in Q4.

The balance sheet is a shell in distress. Total assets are $2.30M against $3.01M of liabilities, leaving stockholders' equity at NEGATIVE $714K — the company owes more than it owns. Cash is a token $220K, down 84.5%, while FY2025 operating cash flow was -$14.6M. Retained earnings sit at -$36.1M. Net income was -$26.1M and diluted EPS -$14.77 (distorted by the June 2025 15-for-1 reverse split and the 89.7% collapse in share count to 2.68M). This is not a business with a margin or growth problem; it is a business that no longer exists.