WiSA Technologies, Inc. (NASDAQ:WISA) shares are trading higher on Wednesday.
The firm reported preliminary third-quarter revenue of $1.0 million to $1.2 million (consensus $0.65 million), driven by WiSA multichannel wireless audio technology sales.
"In Q3 2024, we expect WiSA to deliver over 200% sequential revenue growth, driven by both WiSA HT and our new WiSA E IP being in production with a multi-national licensee," said Brett Moyer, CEO of WiSA Technologies.
The CEO mentioned that one of the five current WiSA E licensees has integrated their WiSA E software into its source device and module in its speakers.
Moyer noted that activating the WiSA E transmit functionality triggers royalty payments and generates revenue from sales of WiSA E-enabled receiver modules using a Realtek Wi-Fi chip.
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The CEO expressed optimism about building momentum with continued shipments to this customer, with additional deployments expected in 2025.
The company stated that it has secured five WiSA E licensing agreements and aims to reach eight by the end of 2024. In fact, WiSA has successfully licensed a substantial portion of Android-based HDTVs and is actively developing an ecosystem of WiSA E-enabled speaker systems.
The company confirmed that it is well-positioned to enter multiple end markets through top-tier licensing partners, leading the industry in expanding premium audio experiences and fostering a connected ecosystem that enhances how users enjoy sound across devices.
Price Action: WISA shares are trading higher by 4.15% to $1.802 at last check Wednesday.
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