Summary by Moomoo AI
WiSA Technologies, an emerging technology company specializing in immersive, wireless sound technology, reported a decrease in revenue for the second quarter of 2024. The company's revenue for the three months ended June 30, 2024, was $345,000, marking a 19% decline from the $425,000 reported in the same period in 2023. This downturn was attributed to a reduction in Consumer Audio Product sales. Despite the revenue decrease, WiSA Technologies saw an improvement in gross profit, reporting $11,000 for the quarter, compared to a gross deficit of ($201,000) in the previous year. The gross margin also improved from (47%) to 3%. Research and development expenses decreased by $144,000 year-on-year to $1,789,000, while sales and marketing expenses saw a reduction of $224,000 to $865,000. However, general and administrative expenses increased by $1,292,000 to $2,762,000. The company experienced...Show More
