- Increases revenue 240% in Q3 2024 from Q2
2024 -
WiSA Technologies, Inc. (NASDAQ: WISA), which is in a definitive
agreement to acquire AI, blockchain and Data Web 3.0 IP assets of
Data Vault Holdings, Inc.® (“Data Vault”) to form a data technology
& licensing company leveraging IP & proprietary HPC
software, reported third quarter 2024 financial results in its Form
10-Q, which was filed on November 14, 2024. In its conference call
and presentation today at 8:00 am PT / 11:00 am ET, WiSA CEO Brett
Moyer will discuss the Company’s results and provide a general
business update.
“In Q3 2024, we delivered 240% 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. “With WiSA E TX intellectual property now shipping in
media boxes with android OS and expected to be in stores for
Christmas, we expect to further this momentum with additional
design wins and production advancements in 2025. Further leveraging
our WiSA E technology, we are expanding the addressable market by
adapting this software for Linux implementations in 2025.”
WiSA Technologies Q3 2024 and Recent Operating
Highlights
- Hired Stanley Mbugua as Vice President of Finance, who will
also assume the role of Chief Accounting Officer, effective
November 30, 2024.
- Achieved WiSA E wireless milestone with immersive audio
software embedded onto an Amlogic reference design, which became
available for customer implementation and showcased the IBC show in
Amsterdam.
- Executed licensing agreements with leading HDTV brands,
covering 43% of the HDTV market that uses the Android operating
system.
Q3 2024 and Subsequent Financial Highlights
- Q3 2024 revenue was $1.2 million, up 52% from $0.8 million in
Q3 2023. The increase in revenue was a result of an increase in
Components sales of $0.7 million, partially offset by a decrease in
Consumer Audio Product sales of $0.3 million.
- Q3 2024 gross margin as a percentage of sales was 19%, compared
to negative 217% in Q3 2023. The improvement in gross margin
compared to the prior period is mainly attributable to an increase
of $0.4 million increase in revenue between comparison periods and
due to the fact that Q3 2023 included a $1.4 million increase in
inventory reserves whereas Q3 2024 had only a nominal increase in
inventory reserves.
- Held $3.9 million cash at September 30, 2024.
WiSA Technologies Investor Conference Call
Management will host its third quarter 2024 results conference
call at 8:00 am PT / 11:00 am ET, on Friday, November 15, 2024.
The conference call will be available through a live webcast
found here: Webcast | Third Quarter 2024 Results
Those without internet access or who wish to dial in may call:
1-833-366-1124 (domestic), or 1-412-317-0702 (international). All
callers should dial in approximately 10 minutes prior to the
scheduled start time and ask to be joined into the WiSA
Technologies call.
A webcast replay of the call will be available approximately one
hour after the end of the call and will be available for 90 days,
at the above webcast link. A telephonic replay of the call will be
available through November 22, 2024, and may be accessed by calling
1- 877-344-7529 (domestic) or 1- 412-317-0088 (international) or
Canada (toll free) 855-669-9658 and using access code 4877124.
A presentation of the Q3 2024 results will be accessible on
Friday, November 15, 2024, under the “Investors” section of WiSA
Technologies’ website.
About WiSA Technologies, Inc.
WiSA is a leading provider of immersive, wireless sound
technology for intelligent devices and next-generation home
entertainment systems. Working with leading CE brands and
manufacturers such as Harman International, a division of Samsung;
LG; Hisense; TCL; Bang & Olufsen; Platin Audio; and others, the
company delivers immersive wireless sound experiences for
high-definition content, including movies and video, music, sports,
gaming/esports, and more. WiSA Technologies, Inc. is a founding
member of WiSA™ (the Wireless Speaker and Audio Association) whose
mission is to define wireless audio interoperability standards as
well as work with leading consumer electronics companies,
technology providers, retailers, and ecosystem partners to
evangelize and market spatial audio technologies driven by WiSA
Technologies, Inc. The company is headquartered in Beaverton, OR
with sales teams in Taiwan, China, Japan, Korea, and
California.
About Data Vault Holdings, Inc.
Data Vault Holdings Inc. is a technology holding company that
provides a proprietary, cloud-based platform for the delivery of
blockchain objects. Data Vault Holdings Inc. provides businesses
with the tools to monetize data assets securely over its
Information Data Exchange® (IDE). The company is in the process of
finalizing the consolidation of its affiliates Data Donate
Technologies, Inc., ADIO LLC, and Datavault Inc. as wholly owned
subsidiaries under one corporate structure. Learn more about Data
Vault Holdings Inc. here.
LEGAL DISCLAIMER
Forward-Looking Statements
This press release of WiSA Technologies, Inc. (NASDAQ: WISA)
(the “Company”, “us”, “our” or “WiSA”) contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended (the “Securities Act”), and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements, include, among others, the Company’s and Data Vault
Holdings, Inc.’s (“Datavault”) expectations with respect to the
proposed asset purchase (the “Asset Purchase) between them,
including statements regarding the benefits of the Asset Purchase,
the anticipated timing of the Asset Purchase, the implied valuation
of Datavault, the products offered by Datavault and the markets in
which it operates, and the Company’s and Datavault’s projected
future results and market opportunities, as well as information
with respect to WiSA’s future operating results and business
strategy. Readers are cautioned not to place undue reliance on
these forward-looking statements. Actual results may differ
materially from those indicated by these forward-looking statements
as a result of a variety of factors, including, but are not limited
to: (i) risks and uncertainties impacting WiSA’s business
including, risks related to its current liquidity position and the
need to obtain additional financing to support ongoing operations,
WiSA’s ability to continue as a going concern, WiSA’s ability to
maintain the listing of its common stock on Nasdaq, WiSA’s ability
to predict the timing of design wins entering production and the
potential future revenue associated with design wins, WiSA’s
ability to predict its rate of growth, WiSA’s ability to predict
customer demand for existing and future products and to secure
adequate manufacturing capacity, consumer demand conditions
affecting WiSA’s customers’ end markets, WiSA’s ability to hire,
retain and motivate employees, the effects of competition on WiSA’s
business, including price competition, technological, regulatory
and legal developments, developments in the economy and financial
markets, and potential harm caused by software defects, computer
viruses and development delays, (ii) risks related to the Asset
Purchase, including WiSA’s ability to close the Asset Purchase in a
timely manner or at all, or on the terms anticipated, whether due
to WiSA’s ability to satisfy the applicable closing conditions and
secure stockholder approval from WiSA stockholders or otherwise, as
well as risks related to WiSA’s ability to realize some or all of
the anticipated benefits from the Asset Purchase, (iii) any risks
that may adversely affect the business, financial condition and
results of operations of Datavault, including but not limited to
cybersecurity risks, the potential for AI design and usage errors,
risks related to regulatory compliance and costs, potential harm
caused by data privacy breaches, digital business interruption and
geopolitical risks, and (iv) other risks as set forth from time to
time in WiSA’s filings with the U.S. Securities and Exchange
Commission (the “SEC”). The information in this press release is as
of the date hereof and neither the Company nor Datavault undertakes
any obligation to update such information unless required to do so
by law. The reader is cautioned not to place under reliance on
forward looking statements. Neither the Company nor Datavault gives
any assurance that either the Company or Datavault will achieve its
expectations.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor will there be any sale of
these securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of such
state or jurisdiction. No offering of securities shall be made
except by means of a prospectus meeting the requirements of Section
10 of the Securities Act, or an exemption therefrom.
Additional Information and Where to Find It
In connection with the proposed Asset Purchase, WiSA intends to
file with the SEC a definitive proxy statement. The definitive
proxy statement for WiSA (if and when available) will be mailed to
stockholders of WiSA. WISA STOCKHOLDERS ARE URGED TO READ THE PROXY
STATEMENT AND OTHER DOCUMENTS THAT MAY BE FILED WITH THE SEC
CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
ASSET PURCHASE.
WiSA stockholders will be able to obtain free copies of these
documents (if and when available) and other documents containing
important information about WiSA and Data Vault, once such
documents are filed with the SEC, through the website maintained by
the SEC at http://www.sec.gov. Copies of the documents filed with
the SEC will also be made available free of charge by contacting
WiSA using the contact information below.
Participants in the Solicitation
WISA and its directors, executive officers and other members of
its management and employees may be deemed to be participants in
the solicitation of proxies from WiSA’s stockholders in connection
with the Asset Purchase. Stockholders are urged to carefully read
the proxy statement regarding the Asset Purchase when it becomes
available, because it will contain important information.
Information regarding the persons who may, under the rules of the
SEC, be deemed participants in the solicitation of WiSA’s
stockholders in connection with the Asset Purchase will be set
forth in the proxy statement when it is filed with the SEC.
Information about WiSA’s executive officers and directors will be
set forth in the proxy statement relating to the Asset Purchase
when it becomes available. You can obtain free copies of these and
other documents containing relevant information at the SEC’s web
site at www.sec.gov or by directing a request to the address or
phone number set forth below.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241115061441/en/
For further information, please contact: WiSA Technologies, Inc.
15268 NW Greenbrier Pkwy Beaverton, OR 97006 (408) 627-4716
Investors Contact for WiSA Technologies and Data Vault
Holdings: David Barnard, Alliance Advisors Investor Relations,
415-433-3777, wisa@lhai.com
WiSA Technologies (NASDAQ:WISA)
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