WiSA Technologies, Inc., a developer of wireless sound technology for smart devices and home entertainment systems, has reported its financial results for the first quarter of 2024. The company filed its Form 10-Q on May 20, 2024, and held a conference call on May 21, 2024, to discuss the results and provide a business update. WiSA Technologies announced an increase in WiSA E licensing agreements, expecting to reach a total of eight by the end of 2024, up from the current five. The first products enabled by WiSA E are expected to generate revenue in the second half of 2024. The company's Q1 2024 revenue was $0.3 million, a 46% decrease from the previous year, primarily due to a slowdown in consumer electronics spending. However, the gross margin improved, and...Show More

WiSA Technologies, Inc., a developer of wireless sound technology for smart devices and home entertainment systems, has reported its financial results for the first quarter of 2024. The company filed its Form 10-Q on May 20, 2024, and held a conference call on May 21, 2024, to discuss the results and provide a business update. WiSA Technologies announced an increase in WiSA E licensing agreements, expecting to reach a total of eight by the end of 2024, up from the current five. The first products enabled by WiSA E are expected to generate revenue in the second half of 2024. The company's Q1 2024 revenue was $0.3 million, a 46% decrease from the previous year, primarily due to a slowdown in consumer electronics spending. However, the gross margin improved, and net income was $2.7 million, compared to a net loss in Q1 2023. The positive net income was largely due to a change in the fair value of warrant liabilities and no increases in inventory reserves. WiSA Technologies has also completed financing transactions, resulting in a strengthened cash balance of $8 million as of May 20, 2024. The company will reconvene its Special Meeting of Stockholders on May 31, 2024, to vote on several proposals, including a reverse stock split and amendments to the Certificate of Incorporation. WiSA Technologies is actively working to comply with Nasdaq's continued listing requirements.