Summary by Futu AI
WiSA Technologies reported Q3 2024 revenue of $1.17 million, up 52% from $769,000 in Q3 2023, driven by a $726,000 increase in Components sales. Gross profit improved to $226,000 compared to a deficit of $1.67 million in Q3 2023, with gross margin reaching 19%. The company ended the quarter with $3.92 million in cash.Research and development expenses increased by $387,000 to $2.23 million due to higher salary and recruiting costs, while sales and marketing expenses decreased by $421,000 to $983,000. General and administrative expenses rose by $833,000 to $2.26 million, primarily due to increased investor relations expenses and legal fees.The company raised significant capital through multiple offerings in 2024, including $10 million from a February public offering and approximately $11 million from subsequent offerings through May. Despite the improved revenue and fundraising success, management indicated additional funding will be needed in Q4 2024 to support operations for fiscal year 2025, as the company continues to invest in its wireless sound technology development.
