Audientes' Q1 2022 Financial Report: Ven™ now selling in India

In the first quarter of 2022 Audientes generated revenue for the first time in the company’s history. With the sales launch of Ven™ in India, an expanding partner and distribution network, plus a doubling in the number of sales outlets to over 350, Audientes is now beginning its commercial scaling from a very satisfactory platform.

Steen Thygesen, CEO Audientes A/S, comments:

“It is very fulfilling to see how far we have come overall and particularly in this quarter. We commenced 2022 by ramping up to mass production, closely followed by the shipping of Ven™ to our partner customers in India. We also expanded the commercial sales platform with the addition of several new partners as well as the addition of many further retail outlets, all of whom will bring Ven to Indian consumers nationwide, via both classic retail outlets and online via ecommerce. Our teams in India and Denmark have worked tirelessly to deliver on all expectations, and we continue to do so despite the current global challenges.” Steen Thygesen, CEO, Audientes A/S.

Performance highlights for Q1 2022

Highlights Q1 2022

• In January, Audientes began mass production of its first product, Ven.
• In February we secured the final Equipment Type approval from the Indian Ministry of Telecommunications, which is a requirement from the Indian authorities to sell commercially there.
• Audientes’ subsidiary in India was officially inaugurated in March, with the presence of the Danish Minister for Health, Mr. Magnus Heunicke.
• In March we began shipping the initial products to customers in India and have been in a satisfactory flow since then.
• During the Quarter we entered into collaboration agreements with three further retail partners - Priority Hearing, Times Health Care and Ear Solutions - all with strategically important presence in the large Tier 1 cities.

2022 outlook maintained

• Ven is now being sold in hearing clinic chains, independent outlets and online and we still expect – despite the minor delay due to COVID-19 at the beginning of the year – that we can reach our growth target for the year.
• Audientes expects revenue in 2022 to be in the range of DKK 23-27 million, mainly generated from its activities in India through wholesalers and chains, as well as via Amazon, Flipkart and other online marketplaces.
• Operating profit/loss (EBITDA) is expected to be in the range of DKK -13 to -15 million and should be seen as a result of intensified marketing and advertising activities following product launch.

Financial calendar

Investor presentation: May 19^th, 2022 at 3:00 pm (CET)

On Thursday, May 19^th 2022 at 3:00 pm / 15:00 (CET), Audientes CEO Steen Thygesen presents the Q1 Financial Report at HC Andersen Capital’s online platform.

Register for Audientes Q1 2022 Financial Report webinar.

For further information, please contact:

Steen Thygesen, CEO, Audientes A/S

Phone: +45 53 17 26 10

Email: st@audientes.com

www.audientes.com

Certified advisor

Kapital Partner A/S

Phone: +45 89 88 78 46

www.kapitalpartner.dk

About Audientes A/S

Audientes A/S is a Danish technology company specializing in smart, self-fitting and affordable hearing aids. Audientes’ unique hearing aid solution, Ven™ by Audientes, is available for purchase in the Indian market, online and in retail, and will be introduced to the US over-the-counter market and other markets in the coming years. Audientes’ mission is to help the approximately 500 million people globally suffering from disabling hearing loss who either cannot afford to buy one of the very expensive hearing aids on the market, or who do not currently have access to a solution to their hearing loss.

Audientes is listed on Nasdaq First North Growth Market Denmark (AUDNTS) and headquartered in Copenhagen, Denmark with a subsidiary in Hyderabad, India.

For additional information please refer to the company’s website, https://audientes.com.