WiSA Technologies, Inc. ( (WISA) ) has released its Q3 earnings. Here is a breakdown of the information WiSA Technologies, Inc. presented to its investors.
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WiSA Technologies, Inc. is a company specializing in immersive wireless sound technology for intelligent devices and home entertainment systems, working with major consumer electronics brands to enhance audio experiences.
WiSA Technologies has announced a significant increase in its Q3 2024 earnings, reporting a 240% rise in revenue compared to the previous quarter. This growth is attributed to the successful production of its WiSA HT and WiSA E IP with a multinational licensee, and the anticipated market presence of products using its technology during the holiday season.
Key financial achievements for the third quarter include a revenue increase of 52% year-over-year, reaching $1.2 million. This was primarily driven by a rise in component sales, alongside a notable improvement in gross margin, which climbed from a negative 217% to 19%. The company also executed licensing agreements with leading HDTV brands covering a substantial portion of the market.
Additionally, WiSA made strategic advancements by embedding its audio software on a reference design available for customers and expanding its team with a new Vice President of Finance. These efforts are aligned with its plan to adapt its technology for broader applications in 2025.
Looking ahead, WiSA Technologies is poised to continue leveraging its innovative sound technology to capture further market opportunities, with expectations for additional design wins and production advancements in the coming year.
