WiSA Technologies, Inc., a leading provider of immersive wireless sound technology for intelligent devices and home entertainment systems, has reported its financial results for the fiscal year ended December 31, 2023. The company faced a net loss of $18.7 million, a slight increase from the previous year's loss of $16.1 million. Despite this, WiSA saw a decrease in revenue from $3.4 million in 2022 to $2.1 million in 2023. The company attributes the decline to a slowdown in consumer spending on electronics, which led to reduced sales of both Consumer Audio Products and Components. WiSA also reported a gross deficit of $3.5 million compared to a gross profit of $395,000 in the prior year. The company's financial position includes cash and cash equivalents of $411,000, down from $2.9 million at...Show More

WiSA Technologies, Inc., a leading provider of immersive wireless sound technology for intelligent devices and home entertainment systems, has reported its financial results for the fiscal year ended December 31, 2023. The company faced a net loss of $18.7 million, a slight increase from the previous year's loss of $16.1 million. Despite this, WiSA saw a decrease in revenue from $3.4 million in 2022 to $2.1 million in 2023. The company attributes the decline to a slowdown in consumer spending on electronics, which led to reduced sales of both Consumer Audio Products and Components. WiSA also reported a gross deficit of $3.5 million compared to a gross profit of $395,000 in the prior year. The company's financial position includes cash and cash equivalents of $411,000, down from $2.9 million at the end of 2022. WiSA has been actively managing its capital structure, including a reverse stock split and public offerings to raise funds. The company's ability to continue as a going concern is uncertain, and it plans to seek additional financing through equity or debt to support its operations. WiSA's stock is listed on Nasdaq under the symbol 'WISA'.