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

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 a significant loss of $37,255,000 due to the change in fair value of warrant liability, compared to a gain of $246,000 in the same quarter of the previous year. WiSA Technologies' cash and cash equivalents stood at $6,113,000 as of June 30, 2024, a substantial increase from $411,000 at the end of 2023. The company has been financing operations through equity sales, warrant exercises, debt sales, and product revenue. In 2024, WiSA Technologies raised funds through promissory notes, public offerings, and common stock sales. The company plans to raise additional funds in the fourth quarter of 2024 to support operations for the fiscal year 2025.