WISA TECHNOLOGIES, INC. Releases Q2 2024 10-Q Report

WISA TECHNOLOGIES, INC., a company specializing in wireless audio technology, has released its Form 10-Q report for the second quarter of 2024. The report provides a detailed overview of the company's financial performance and operational activities for the three and six months ended June 30, 2024.

Financial Highlights

• Revenue, net: $0.6 million, reflecting a decrease from the previous period due to lower sales in Consumer Audio Products.
• Gross profit (deficit): $(0.072) million, indicating a negative gross margin primarily due to higher cost of revenue.
• Loss from operations: $(9.563) million, driven by increased operating expenses in research and development, sales and marketing, and general and administrative costs.
• Net loss: $(39.958) million, significantly impacted by changes in the fair value of warrant liabilities and interest expenses.
• Net loss per common share - basic and diluted: $(21.95), reflecting the impact of the net loss on shareholders.

Business Highlights

Revenue Segments

The company generates revenue primarily from two product categories: Components and Consumer Audio Products. For the three months ended June 30, 2024, Components contributed $314,000, while Consumer Audio Products contributed $31,000. For the six months ended June 30, 2024, Components contributed $473,000, and Consumer Audio Products contributed $127,000.

Geographical Performance

The company operates globally, with significant revenue contributions from four major customers. For the three months ended June 30, 2024, these customers accounted for 33%, 27%, 20%, and 11% of net revenue. For the six months ended June 30, 2024, the same customers accounted for 28%, 27%, 19%, and 10% of net revenue.

Sales Units

The company reported a decrease in inventories from $2,737,000 as of December 31, 2023, to $2,330,000 as of June 30, 2024, indicating a reduction in finished goods from $2,116,000 to $1,660,000.

Future Outlook

The company expects operating losses to continue in the foreseeable future due to additional costs related to research and development activities and plans to expand its product portfolio and market share. The company is also focused on raising additional funds through equity or debt to support its operations.

SEC Filing: WISA TECHNOLOGIES, INC. Releases Q2 2024 [ NASDAQ:DVLT ] - 10-Q - Aug. 14, 2024