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WiSA Technologies, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports revenue of $1,172,000 for the quarter, an increase from $769,000 in the same quarter of the previous year, primarily due to an increase in Components sales.
Gross profit for the quarter was $226,000, compared to a gross deficit of ($1,669,000) in the same period last year, with the improvement attributed to increased revenue and reduced inventory reserves.
Research and development expenses rose to $2,225,000 from $1,838,000, driven by higher salary, benefit, and consulting expenses.
Sales and marketing expenses decreased to $983,000 from $1,404,000, mainly due to reduced salary, consulting, and advertising expenses.
General and administrative expenses increased to $2,261,000 from $1,428,000, primarily due to higher investor relations and legal fees.
Interest income for the quarter was $9,000, compared to an interest expense of $52,000 in the same period last year.
The company reported a gain of $6,000 from the change in fair value of warrant liabilities, compared to a gain of $284,000 in the previous year.
Net loss for the quarter was $5,092,000, compared to a net loss of $6,111,000 in the same quarter of the previous year.
Cash and cash equivalents as of September 30, 2024, were $3,921,000, up from $411,000 as of December 31, 2023.
WiSA Technologies expects to raise additional funds through equity or debt issuance to support operations for fiscal year 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the WiSA Technologies Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.