1. A smaller Poly (HP-owned) for professional audio and video conferencing.

2. Like Logitech for high-end, integrated meeting room audio and video.

3. The professional meeting room hardware provider, much like Cisco or Microsoft provide for their own collaboration platforms.

• Professional Audio Conferencing Solutions: A suite of digital signal processors (DSPs) and advanced microphone arrays designed to deliver crystal-clear audio in meeting rooms and large venues.
• Professional Video Conferencing Solutions: High-definition pan-tilt-zoom (PTZ) cameras and integrated systems that provide clear visual communication for diverse meeting environments.
• Unified Communications & Collaboration Platforms: Cloud-based software and personal devices, including speakerphones and webcams, facilitating seamless remote and hybrid work collaboration.
• Networked Audio-Video Distribution: Encoders and decoders for distributing high-quality audio and video content over standard IP networks, primarily for commercial applications.

ClearOne (symbol: CLRO) primarily sells its products and solutions to other companies (Business-to-Business or B2B).

Its immediate customers are a global network of independent distributors, value-added resellers (VARs), and integrators who then sell and implement ClearOne's professional audio and video conferencing, collaboration, and network streaming solutions for end-user organizations.

According to its Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission, ClearOne has explicitly stated that no single customer accounted for more than 10% of its net revenues in its most recent fiscal years (e.g., 2022 and 2021). This indicates that ClearOne does not have major individual customer companies that dominate its sales.

Therefore, specific names of major customer companies cannot be provided as they are not publicly disclosed by ClearOne due to their non-material revenue contribution. Instead, ClearOne's products are ultimately deployed within a diverse range of organizations, which serve as the end-users of their technology. These end-user categories include:

• Businesses and Corporations: For boardrooms, conference rooms, huddle spaces, and remote workforces across various industries.
• Educational Institutions: For lecture halls, classrooms, training rooms, and remote learning environments.
• Government Agencies: For secure and reliable communication and collaboration systems.
• Healthcare Organizations: For telehealth, administrative meetings, and facility-wide communication.

Derek Graham, Chief Executive Officer

Derek Graham was appointed as CEO of ClearOne in January 2023, after serving as interim CEO since May 2022. He joined ClearOne in 2003 as a Lead Engineer and has since held various positions, including Engineering Operations Manager, Director of Research and Development, and Senior Vice President of Research and Development. Before his tenure at ClearOne, Mr. Graham held engineering and management roles at Intel Corporation. He is also the author of 13 patents crucial to ClearOne's success.

Simon Brewer, Chief Financial Officer

Simon Brewer was appointed Chief Financial Officer in April 2024. Prior to joining ClearOne, he served as CFO and Chief Operating Officer for Operation Underground Railroad, Inc. since 2021. From 2018 to 2021, he was the CFO of Predictive Technology Group, Inc. Mr. Brewer is a Certified Public Accountant (since 2006) and a Chartered Global Management Accountant (since 2012), holding Bachelor's and Master's degrees in Accounting from the University of Utah.

Ketan Merchant, Vice President of Video Technologies

Ketan Merchant has been with ClearOne since 2015 and leads the Video Engineering, Technical Support, and Marketing teams.

David Lambert, Vice President of Audio Technologies

David Lambert has been with ClearOne since 1986 and is responsible for leading the Audio Engineering team.

Jim Mergens, Vice President of Sales for Americas

Jim Mergens has been with ClearOne since 2003 and leads the sales team for the Americas region.

Dominance of Software-Defined Collaboration Platforms: The increasing consolidation and functional breadth of software-defined, cloud-based collaboration platforms (e.g., Zoom, Microsoft Teams, Google Meet, Webex) are fundamentally changing how meeting room AV is designed and consumed. These platforms are becoming the central nervous system for communication, pushing hardware solutions to either become deeply integrated peripherals or to offer simplified, "appliance-like" experiences that run the software directly. ClearOne has historically focused on high-performance, modular audio and video hardware requiring professional integration. As these software platforms advance their own audio processing (echo cancellation, noise reduction) and simplify hardware integration via USB or direct software embeds, the value proposition of highly complex, dedicated DSPs and components for certain market segments (especially mid-market) may diminish. Customers increasingly prioritize ease of use, seamless integration with their chosen platform, and simplified deployment over highly customized, multi-component systems, driving towards solutions that are certified "for Teams" or "for Zoom."

Rise of Integrated All-in-One AV Appliances: A growing trend in the meeting room market is the adoption of integrated "all-in-one" AV appliances (e.g., Logitech Rally Bar, Poly Studio series, Neat Bar). These devices combine cameras, speakers, microphones, and sometimes computing power into a single unit, designed for rapid deployment and seamless operation with major software collaboration platforms. These integrated solutions directly compete with ClearOne's modular product strategy, which often involves separate microphones, DSP mixers, amplifiers, and cameras. For a significant portion of the meeting room market, particularly huddle spaces and medium-sized rooms, these all-in-one solutions offer simplicity, reduced installation complexity, lower total cost of ownership, and a more streamlined user experience compared to multi-component systems. This trend threatens to commoditize or displace ClearOne's discrete hardware offerings in these segments by offering a more convenient, often equally effective, alternative.

ClearOne (CLRO) operates in the addressable markets of audio conferencing, video conferencing and collaboration, and AV networking solutions.

Addressable Market Sizes:

Audio Conferencing:

• The global audio conferencing services market was valued at approximately USD 20.83 billion in 2025 and is projected to reach USD 32.14 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.06% during this period.
• Another estimate places the global audio conferencing services market size at USD 28.55 billion in 2024, with a projected growth to USD 69.55 billion by 2033 at a CAGR of 10.4% from 2025.
• The global market for audio conferencing systems and components is estimated at USD 5 billion in 2025, with a projection to reach approximately USD 8 billion by 2033, growing at a CAGR of 7%.
• North America is expected to hold the largest market share in the audio conferencing services market, exceeding 35%.

Video Conferencing and Collaboration:

• The global video conferencing market generated USD 14.2 billion in revenue in 2024.
• The global video conferencing market size was estimated at USD 11.65 billion in 2024 and is projected to reach USD 24.46 billion by 2033, growing at a CAGR of 8.2% from 2025.
• Another report indicates the global video conferencing market size was valued at USD 26.22 billion in 2024 and is expected to grow to USD 68.79 billion by 2033, with a CAGR of 11.31% from 2025.
• North America dominated the video conferencing market in 2024, accounting for over 38% of the revenue share. The U.S. video conferencing market is anticipated to grow at a CAGR of over 7% from 2025 to 2033. The Asia Pacific video conferencing market is projected to grow at a CAGR of over 15.2% through 2031.

AV Networking (AV over IP):

• The global AV-over-IP market was valued at approximately USD 11.32 billion in 2024 and is expected to reach USD 693 billion by 2033, at a CAGR of about 57.94% from 2025.
• Another projection for the global AV-over-IP platform market indicates it will reach approximately USD 15.5 billion by 2025, with an expected CAGR of around 18% through 2033.
• The global AV over IP market size is expected to reach USD 5.79 billion by the end of 2025 and USD 19.13 billion by 2033, growing at a CAGR of 16.1% from 2025 to 2033.
• North America is a significant contributor to the AV over IP market, holding 37.85% of the global market revenue in 2025.

1. Launch and Growth of New Products: ClearOne has a stated focus on continuous development and introduction of advanced audio and video conferencing solutions. The company introduced five new products in Q1 2025, with one, the BMA 360DX, winning a "Best of Show" award. Other recent launches include the DIALOG® 20 USB 2-Channel Wireless Microphone and the DIALOG® AERO. The successful market adoption and growth of these and future innovative products are expected to drive revenue.
2. Addressing Microsoft Teams Certification: ClearOne has acknowledged facing sales headwinds due to its products lacking Microsoft Teams certification, despite functional compatibility. Efforts to introduce new products that meet the evolving communication environment needs, which could include achieving certification, are aimed at mitigating these impacts and increasing competitiveness, thereby driving sales.
3. Market Expansion and Enhanced Channel Partner Support: The company is focused on increasing its visibility at key industry events, maintaining consistent dialogues and feedback cycles with customers and distributors, and increasing marketing investments. Strategic partnerships, such as the appointment of a new distributor for the Middle East and Africa in July 2024, and improving support for channel partners, are key elements of their strategy to enhance market penetration and expand into new domestic and international markets.
4. Improved Supply Chain and Production Efficiency: Past revenue declines have been attributed to production shortages and inventory sourcing challenges, partly due to the transition of outsourced manufacturing. ClearOne has been actively working to mitigate these impacts, and successful efforts to ensure uninterrupted inventory flow and optimize production schedules to meet customer demand are expected to support revenue growth.

Share Repurchases

• ClearOne repurchased outstanding common stock purchase warrants from Edward Bryan Bagley for $2,464 in September 2025.
• The company also repurchased outstanding common stock purchase warrants from Intracoastal Capital for $3,927.77 in September 2025.
• As of June 2025, the company is required to use reasonable best efforts to repurchase outstanding warrants to purchase up to 334,816 shares of Common Stock that were issued in private placement transactions in December 2019, September 2020, and September 2021.

Share Issuance

• In September 2020, ClearOne issued 2,116,050 shares of common stock at a purchase price of $2.4925 per share in a registered direct offering, resulting in gross proceeds of approximately $5.275 million.
• Concurrently in September 2020, the company issued unregistered warrants to purchase up to an aggregate of 1,058,025 shares of common stock with an exercise price of $2.43 per share.
• In June 2025, ClearOne entered into a $3 million Note Purchase Agreement that converts into Class B Convertible Preferred Stock.
• On June 10, 2025, ClearOne effected a 1-for-15 reverse stock split of its Common Stock to maintain Nasdaq listing compliance.
• In June 2025, ClearOne declared a one-time special stock dividend of Class A Redeemable Preferred Stock, with each outstanding share of common stock and common stock equivalent receiving one share, redeemable for the net proceeds of any eventual asset sale.

Inbound Investments

• In February 2025, ClearOne secured a $1 million investment from Edward Bagley to support product inventory purchases.
• On June 25, 2025, ClearOne entered into a $3 million Note Purchase Agreement.

Capital Expenditures

• ClearOne's capital expenditures were $0 million in 2020, $1 million in 2021, $0 million in 2022, $1 million in 2023, and $0 million in 2024.
• The company's historical capital expenditures have represented a small percentage of revenue, ranging from 1% to 3%.
• Projected capital expenditures are $0 million annually from 2025 to 2029.