WiSA Technologies, Inc. reported its financial results for the first quarter of 2024 on May 21, 2024. The company announced a decrease in revenue to $0.3 million, down 46% from the previous year's first quarter, primarily due to a slowdown in consumer electronics spending. However, the gross margin improved significantly from negative 267% to negative 33% year-over-year, as the previous year's figures included a substantial increase in inventory reserves which did not recur in 2024. Net income for Q1 2024 was $2.7 million, a notable improvement from a net loss of $0.9 million in Q1 2023, largely due to changes in the fair value of warrant liabilities and the absence of inventory reserve increases that had impacted the prior year's gross profit. The company also highlighted its WiSA E...Show More

WiSA Technologies, Inc. reported its financial results for the first quarter of 2024 on May 21, 2024. The company announced a decrease in revenue to $0.3 million, down 46% from the previous year's first quarter, primarily due to a slowdown in consumer electronics spending. However, the gross margin improved significantly from negative 267% to negative 33% year-over-year, as the previous year's figures included a substantial increase in inventory reserves which did not recur in 2024. Net income for Q1 2024 was $2.7 million, a notable improvement from a net loss of $0.9 million in Q1 2023, largely due to changes in the fair value of warrant liabilities and the absence of inventory reserve increases that had impacted the prior year's gross profit. The company also highlighted its WiSA E initiatives and the expected contribution to revenue from the first WiSA E-enabled products in the second half of 2024. WiSA Technologies has secured five WiSA E licensing agreements to date, with three more expected by year-end. The company has also completed financing transactions to strengthen its balance sheet, with a cash balance of approximately $8 million as of May 20, 2024. Additionally, WiSA Technologies 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.