WiSA Technologies reported a significant increase in revenue for the third quarter of 2024, with a 52% rise to $1,172,000 compared to the same period in 2023. The nine-month revenue also saw a 7% increase year-on-year. This growth was primarily driven by a surge in Components sales, despite a decline in Consumer Audio Product sales. The company achieved a gross profit of $226,000 for the quarter, a substantial improvement from a gross deficit of ($1,669,000) in the previous year, and reported a gross margin of 19%. Research and development expenses increased due to higher salary and benefit costs, while sales and marketing expenses decreased, reflecting reduced salary and various operational expenses. General and administrative expenses rose, largely due to increased investor relations costs. WiSA Technologies...Show More

WiSA Technologies reported a significant increase in revenue for the third quarter of 2024, with a 52% rise to $1,172,000 compared to the same period in 2023. The nine-month revenue also saw a 7% increase year-on-year. This growth was primarily driven by a surge in Components sales, despite a decline in Consumer Audio Product sales. The company achieved a gross profit of $226,000 for the quarter, a substantial improvement from a gross deficit of ($1,669,000) in the previous year, and reported a gross margin of 19%. Research and development expenses increased due to higher salary and benefit costs, while sales and marketing expenses decreased, reflecting reduced salary and various operational expenses. General and administrative expenses rose, largely due to increased investor relations costs. WiSA Technologies also experienced a significant change in the fair value of warrant liability, reporting a loss of $29,120,000 for the nine months ended September 30, 2024, compared to a gain in the previous year. The company's cash and cash equivalents stood at $3,921,000 as of September 30, 2024. WiSA Technologies introduced its second-generation technology, WiSA E, which promises seamless integration across platforms and devices. The company has been actively raising funds through equity securities and debt instruments to support its operations and plans to continue doing so for the fiscal year 2025.