Datavault AI Inc., formerly known as WiSA Technologies, Inc., reported a significant increase in revenue for the fiscal year ending December 31, 2024, achieving $2.67 million, a 28% rise from $2.08 million in 2023. This growth is attributed primarily to increased engineering revenue from a key customer. The company also reported a gross profit of $376,000, a notable recovery from a gross deficit of $3.46 million in the previous year, reflecting a gross margin of 14% compared to a negative margin of 166% in 2023. The improvement in gross profit is largely due to a reduction in inventory reserves that had previously inflated costs.
In terms of operational changes, Datavault AI underwent a strategic transformation following its acquisition of intellectual property assets from EOS Technology Holdings Inc. on December 31, 2024. This acquisition is expected to shift the company’s revenue model towards software solutions, particularly through its Data Vault® platform, which aims to redefine data management and monetization in the Web 3.0 landscape. The company has also made significant organizational changes, including the appointment of Nathaniel Bradley as CEO and Brett Moyer as CFO, both effective December 31, 2024.
Datavault AI's workforce as of March 12, 2025, consisted of 66 employees, with a focus on research and development, which employed 36 individuals. The company is actively expanding its capabilities and anticipates hiring additional staff to support the monetization of its new assets. The company’s strategic vision includes enhancing its Data Vault® platform and leveraging its Adio® technology for data-over-sound applications, which are expected to unlock new revenue streams across various industries.
The company reported a net cash position of $3.33 million as of December 31, 2024, a significant increase from $411,000 in 2023. However, it continues to face challenges, including substantial operating losses, which totaled $17.53 million for the year. Management has indicated that additional funding will be necessary to support ongoing operations and growth initiatives, raising concerns about the company's ability to continue as a going concern without securing further capital.
Looking ahead, Datavault AI is focused on expanding its market presence through both organic growth and strategic acquisitions. The company aims to capitalize on the growing demand for decentralized data solutions and the integration of AI technologies in enterprise operations. With the anticipated launch of its Data Vault® platform and the ongoing development of its Adio® technology, Datavault AI is positioning itself to meet the evolving needs of businesses in the Web 3.0 ecosystem.
About WISA TECHNOLOGIES, INC.
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