Q3 FY21 was characterised by the ongoing fulfilment and strengthening in sales of IQbuds2 MAX, the rollout of HP Elite Wireless Earbuds that have now commenced mass production, and the strengthening of the Company’s balance sheet to support further growth.
- Customer receipts of $1.6 million over Q3 FY21, up 33% on Q3 FY20, with strong Direct To Consumer (DTC) cash receipts, where payment is secured on placement of order.
- Invoiced revenue of $2.3 million over Q3 FY21, for total FY21 (9 months to date) invoiced revenue of $9.2 million.
- New Q3 FY21 orders of 4,194 IQbuds2 MAX units, up 13% from Q2 FY21. Seasonally and historically, Q3 is traditionally the quietest retail quarter of the financial year.
- Stability in DTC Return On Advertising Spend (ROAS) of 2.0x for Q3 FY21, Q2 was 2.1x and Q1 was 1.7x.
- HP Inc. launched Nuheara co-developed Elite Wireless Earbuds at CES 2021.
- Mass production of Elite Wireless Earbuds now occurring, with shipping to HP Inc. expected to commence in early May 2021.
- US FDA registration for IQbuds2 PRO, new advanced hearing product with expected release later this calendar year.
- Strong balance sheet with $10.4 million cash and no debt at 31 March 2021
Comments from Co-founder & CEO Justin Miller:
“This quarter saw Nuheara continue to build its growth momentum, with new sales of our flagship IQbuds² MAX product up 13% on the previous quarter. As a result, we have generated strong growth in total invoiced sales, which over the 9 months of the current financial year stands at $9.2 million, more than 4 times higher than the entire 2020 financial year.
“The HP Elite Wireless Earbuds were featured by HP at CES 2021, and we are now mass producing them with first shipment expected next month. This is the first HP branded product to be manufactured by Nuheara under the recently announced three-year umbrella supply agreement.
“Following our strongly supported capital raising in January, Nuheara is now well capitalised with over $10 million cash and no debt on its balance sheet. Nuheara is in a very strong position to continue driving its DTC sales growth and to support its expanding OEM partnerships, including HP Inc.”
Full Report: 2204641