In This Story
Datavault AI Inc. (DVLT-4.64%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in revenue to $2,674,000 from $2,083,000 in the previous year. The increase is primarily attributed to higher engineering revenue from one customer.
Cost of revenue for the year was $2,298,000, resulting in a gross profit of $376,000, compared to a gross deficit of $3,457,000 in the prior year. The improvement is due to a reduction in inventory reserves related to excess raw materials.
Research and development expenses increased to $7,818,000 from $7,456,000, mainly due to higher salaries and recruitment fees.
Sales and marketing expenses decreased to $3,974,000 from $5,177,000, driven by reductions in salary expenses and various marketing costs.
General and administrative expenses rose to $9,722,000 from $5,367,000, largely due to increased investor relations expenses and legal fees.
The company reported a net loss of $51,409,000 for the year, compared to a net loss of $18,721,000 in the previous year. The larger loss is primarily due to a $29,120,000 charge related to the change in fair value of warrant liabilities.
Cash and cash equivalents were $3,330,000 as of December 31, 2024, compared to $411,000 at the end of 2023. The increase is attributed to proceeds from the issuance of common stock and warrants.
Datavault AI completed an asset purchase from EOS Technology Holdings Inc., acquiring information technology assets, patents, and trademarks for $92,000,000, which was funded through a combination of a convertible note and issuance of common stock.
The company continues to explore financing options to support ongoing operations and address its liquidity needs. Management plans to raise additional funds through equity or debt issuance.
The filing also discusses various strategic initiatives, including the integration of acquired assets and expansion into new markets, as well as the company's focus on data management and monetization technologies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Datavault AI Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.