Wisa Technologies, Inc. reported its financial results for the three and nine months ended September 30, 2024, showing notable changes in revenue, profitability, and strategic developments compared to the previous fiscal period.

For the third quarter of 2024, Wisa Technologies generated revenue of $1,172,000, a 52% increase from $769,000 in the same period of 2023. This growth was primarily driven by a significant rise in Components sales, which increased by $726,000, although Consumer Audio Product sales decreased by $323,000. For the nine months ended September 30, 2024, total revenue reached $1,772,000, up 7% from $1,663,000 in the prior year, with Components sales increasing by $558,000 while Consumer Audio Product sales fell by $449,000.

Despite the revenue growth, the company reported a gross profit of $226,000 for Q3 2024, a substantial recovery from a gross deficit of $(1,669,000) in Q3 2023. However, for the nine-month period, Wisa experienced a gross deficit of $(3,123,000), compared to a gross profit of $154,000 in the same period of 2023. The gross margin for Q3 2024 was 19%, a significant improvement from (217%) in Q3 2023.

Wisa Technologies reported a net loss of $(5,092,000) for Q3 2024, a decrease from $(6,111,000) in Q3 2023. However, the net loss for the nine months ended September 30, 2024, ballooned to $(45,050,000), compared to $(12,358,000) in the same period of 2023. The increase in net loss was attributed to higher operating expenses, particularly in general and administrative costs, which rose to $2,261,000 in Q3 2024 from $1,428,000 in Q3 2023.

The company’s total assets increased to $8,017,000 as of September 30, 2024, up from $4,823,000 at the end of 2023, while total stockholders’ equity improved to $4,295,000 from a deficit of $(5,157,000). Cash and cash equivalents also saw a significant rise, reaching $3,921,000 compared to $411,000 at the end of 2023.

Strategically, Wisa Technologies has been active in raising capital, with net proceeds from various offerings totaling approximately $19,558,000 for the nine months ended September 30, 2024, compared to $7,995,000 in the same period of 2023. The company plans to continue raising funds through equity sales or debt to support its operations, as it anticipates ongoing operating losses due to increased costs related to research and development and market expansion efforts.