Here are 1-3 brief analogies for Auddia (AUUD):

• SiriusXM for traditional AM/FM radio: Its Auddia App offers a subscription for commercial-free AM/FM radio, similar to how SiriusXM provides premium satellite radio.
• Spotify or Apple Podcasts with interactive features: Its Vodacast platform focuses on an interactive podcasting experience, enhancing the standard podcast listening found on major apps.

• Auddia App: A subscription-based software application that provides commercial-free AM/FM radio.
• Vodacast: An interactive podcasting platform and application.

Auddia Inc. (AUUD) primarily sells its subscription-based software applications directly to individuals.

Here are up to three categories of customers that it serves:

1. Ad-Averse Traditional Radio Listeners: This category includes individuals who desire to listen to live AM/FM radio broadcasts without commercial interruptions and are willing to pay a subscription fee for this enhanced, personalized experience through the Auddia App.
2. Engaged Podcast Consumers: These are individuals who actively listen to podcasts and seek a more interactive and enriched content experience. They utilize features like embedded visuals, links, and polls provided by the Vodacast application to engage more deeply with their favorite shows.
3. Tech-Forward Audio Enthusiasts: This broad category encompasses individuals who are early adopters of new digital audio technologies and appreciate premium, innovative listening experiences across various audio formats. They value advanced features, convenience, and an enhanced audio consumption experience, whether it's commercial-free radio or interactive podcasts.

• Amazon.com, Inc. (AMZN)
• Alphabet Inc. (GOOGL)

Jeff Thramann, Chief Executive Officer

Dr. Thramann became Chief Executive Officer on July 9, 2025, succeeding Michael Lawless. He previously served as Executive Chairman. Dr. Thramann founded Clip Interactive in 2011, which was the predecessor to Auddia. In 2002, he founded Lanx, LLC, an innovative medical device company focused on the spinal implant market, which was subsequently sold to Biomet, Inc. in 2013. He also founded ProNerve, LLC in 2006. He is involved in establishing the company's vision, prioritizing product launches, and working with the CFO on financial plans. Dr. Thramann is currently overseeing a proposed restructuring where Auddia would become a fully owned subsidiary of an AI-focused holding company, and he would serve as CEO of the holding company.

John Mahoney, Chief Financial Officer

Mr. Mahoney was appointed Chief Financial Officer on December 13, 2023. He brings over twenty years of finance and operational experience from both publicly traded and privately held companies. Prior to joining Auddia, he served as CFO of Quality Biomedical, Inc., a private equity-backed service provider in the home medical equipment industry, where he was involved in raising funds, scaling the business, and driving financial discipline. Before Quality Biomedical, Mr. Mahoney was a Principal and Chief Financial Officer at CFO Leadership Services, LLC, a fractional CFO consulting firm. He also spent nearly a decade at First Data Corporation in various leadership roles within the finance organization, supporting investor relations, audit, SEC reporting, and SOX compliance.

Pablo Calderon, Chief Tech/Sci/R&D Officer

Mr. Calderon is listed as Chief Tech/Sci/R&D Officer as of March 2026. He was previously identified as the lead AI engineer for Auddia. As part of a proposed restructuring, Mr. Calderon is expected to join the AI engineering team at the holding company level.

Theo Romeo, Sales & Marketing

Mr. Romeo joined Auddia in a Sales & Marketing role on August 31, 2022.

Key Business Risks for Auddia (AUUD):

1. Going Concern Risk and Financial Strain: Auddia faces substantial doubt about its ability to continue as a going concern, with auditors highlighting a significant net loss in 2025 and operating cash burn that suggests current funding may only last into the second quarter of 2026. The company has reported no revenue growth over the past three years and has consistently experienced negative earnings per share and significantly negative operating and net margins. This financial instability poses an immediate and existential threat to the business. Furthermore, Auddia has received notices from Nasdaq for non-compliance with minimum bid price requirements, which could lead to its delisting from the exchange if not rectified.
2. Uncertainty and Dilution from Proposed Merger: Auddia is pursuing a business combination with Thramann Holdings, which would result in current Auddia shareholders owning approximately 20% of the combined entity, McCarthy Finney, while entities controlled by its founder would own about 80%. This proposed merger could lead to substantial dilution for existing shareholders. The completion of the merger is contingent on Auddia having at least $12 million in cash at closing, indicating a need for significant additional financing that could further dilute current holders. There is no guarantee that the merger will be approved by stockholders or ultimately consummated, creating significant uncertainty for the company's future.
3. Intense Competition and Challenges in Revenue Generation: Operating in the highly competitive technology and software sector, Auddia faces rapid technological changes and intense competitive pressures from larger players like Spotify and Apple. The company's reliance on its AI-driven "superapp strategy" for its products like faidr and Discovr Radio raises concerns about its ability to effectively implement and differentiate its technology in an evolving market. The emphasis on a superapp strategy also suggests the company is still in a developmental phase, potentially lacking fully realized offerings compared to competitors. Auddia has reported zero revenue in recent quarters and its ability to scale its new B2B SaaS approach, particularly with a small team, and generate sustainable revenue remains a critical challenge.

• The ongoing and accelerating shift of audio consumption from traditional AM/FM radio to ad-free, on-demand streaming services (music and podcasts) and integrated in-car entertainment systems. This trend directly erodes the unique value proposition of Auddia's commercial-free AM/FM application by providing alternative and often preferred ad-free listening experiences that bypass the need for traditional radio.
• The increasing market consolidation and aggressive content acquisition strategies by dominant players (e.g., Spotify, Apple Podcasts, YouTube) within the podcasting industry. These well-resourced platforms frequently secure exclusive content, establish vast user bases, and integrate sophisticated features, making it significantly challenging for smaller, independent podcast platforms like Vodacast to attract and retain creators and listeners.

Discovr Radio (B2B AI-Driven Music Discovery)

Vodacast (Interactive Podcasting Platform)

• The global podcasting market size reached USD 28.2 billion in 2025 and is projected to grow substantially to USD 191.3 billion by 2034, demonstrating a compound annual growth rate (CAGR) of 23.71% during 2026-2034.
• Another estimate values the global podcasting market at USD 4.78 billion in 2025, with a projected increase to USD 50.04 billion by 2034, exhibiting a CAGR of 29.80% during the forecast period.
• North America is a dominant region in this market, holding a 36.56% market share in 2025. The U.S. podcasting market alone was valued at USD 8.76 billion in 2024 and is expected to reach USD 60.48 billion by 2032, growing at a CAGR of 27.31% over 2025-2032.
• The subscription-based segment within the podcasting market is anticipated to be the fastest-growing, with a projected CAGR of approximately 30.26% over 2025-2032.

Auddia App (faidr) - Commercial-Free AM/FM Software Application

• The global Digital Audio Market size was USD 16.77 billion in 2025 and is projected to reach USD 45.43 billion by 2034. Another report estimates the global digital audio market at USD 23.99 billion in 2025, expected to reach USD 73.79 billion by 2035.
• The Internet Radio Market was valued at USD 3.22 billion in 2025 and is estimated to grow to USD 6.47 billion by 2031 globally, with a CAGR of 12.33% from 2026-2031. North America generated 47.20% of the internet radio revenue in 2025.
• The U.S. Internet Radio Market size specifically was valued at USD 0.75 billion in 2025 and is projected to reach USD 1.81 billion by 2035.
• The global AM/FM radio market, encompassing both traditional and digital forms, is forecasted to reach USD 4.19 billion by 2035 from USD 3.22 billion in 2026.

Auddia (AUUD) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Optimizing Subscription Conversions for the faidr App: Having achieved its user retention targets for the faidr mobile app, Auddia is now focusing on optimizing subscription conversions to significantly increase its high-margin revenue. The company aims to raise its subscription conversion rate from 5% to 12% by streamlining the paywall process and actively engaging users in subscription-related interactions.
2. B2B Monetization of Discovr Radio: Auddia is transitioning to a B2B business model for its Discovr Radio platform, where artists and labels subscribe to promote their music to mainstream AM/FM radio station listeners. The company launched the Minimum Viable Product (MVP) phase of Discovr Radio in early 2026 and expects to generate its first B2B revenue from this segment in Q1 2026. Initial results from the MVP phase have shown strong listener engagement, with a high clickthrough rate on artist profiles.
3. Expansion of the faidr "Superapp" Functionality: Auddia is pursuing a "superapp" strategy to integrate various audio services into a single platform. The faidr superapp is set to expand its features to include music playback, audiobooks, and text-to-speech capabilities, which is expected to broaden the platform's appeal and functionality, thereby attracting a larger user base.
4. Strategic Acquisitions: The company plans to grow its user base and revenue through strategic acquisitions. Auddia has previously stated its intent to acquire several AM/FM streaming providers, which, if financed, could substantially increase its annual revenue to over $5 million and its monthly active users to nearly 10 million.
5. Leveraging the LT350 Distributed AI Compute Business: As part of a proposed business combination with Thramann Holdings, LLC, Auddia is integrating the LT350 distributed AI compute business. This new venture is designed to provide high-performance AI inference at the edge by deploying a network of small, interconnected datacenters within parking lots. The LT350 business is projected to account for approximately 50% of the combined entity's valuation, aiming to generate premium revenue from AI infrastructure services.

Share Issuance

• Auddia completed an initial public offering (IPO) in February 2021, generating approximately $16.5 million in gross proceeds from the sale of units comprising common stock and Series A warrants.
• In June 2023, the company executed a registered direct offering of 4,735,000 shares of common stock, raising approximately $3.1 million in gross proceeds.
• During July and August 2025, Auddia issued a total of 970,000 shares of common stock through an Equity Line Common Stock Purchase Agreement, raising $3.67 million.

Inbound Investments

• In August 2025, Auddia announced a non-binding letter of intent for a business combination with Thramann Holdings, LLC, which is expected to result in a new holding company named McCarthy Finney (MCFN).
• Upon completion of the merger, Auddia shareholders are projected to own approximately 20% of the combined entity, while Thramann Holdings' equity holders will control the remaining 80%.
• The merger agreement is contingent on Auddia securing at least $12 million in additional capital to fund the operations of the combined business.

Capital Expenditures

• Auddia Inc. recorded -$1 in capital expenditures in Q4 2024, indicating a very minimal or net negative investment in long-term assets for that quarter.
• The company reported $0 in capital expenditures for Q3 2025.
• Auddia is generally characterized as an "asset-light R&D entity," suggesting consistently low capital expenditures.