Auddia net loss narrows; shares up

BOULDER — Auddia Inc. (Nasdaq: AUUD) reported a net loss of $753,000 for the three months ended June 30, compared with a net loss of $1.3 million in the same period last year, according to its quarterly filing with the U.S. Securities and Exchange Commission.

The AI podcasting platform reported no revenue in the quarter, compared with $45,000 year-over-year but booked the forgiveness of a $269,000 paycheck protection program loan, which accounted for half that improvement.

Shares, which rose more than 24% in intraday trading to $3.62 and a $45 million market cap, closed up about 6% at $3.08 and a $38 million market cap on five times its average daily trading volume.

Auddia had cash and cash equivalents of about $6.5 million on June 30, compared with $118,000 at the end of last year, but down from about $9.4 million earlier this year.

Its filing showed liabilities of $2.7 million, down from $15.4 million on Dec. 31. BizWest reported in July that the company had raised $4.9 million and paid down its line of credit.

Separately last week Auddia awarded various stock options and inducements to directors and officers.

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