The following is a summary of the WiSA Technologies, Inc. (WISA) Q1 2024 Earnings Call Transcript:
Financial Performance:
WiSA Technologies reported Q1 2024 revenues of under $500,000 due to various operational expenses such as securing shareholders' approval.
They remain optimistic about increased revenue in the latter half of 2024 from their licensing deals, engineering services, and royalties.
The company strengthened its cash balance, and they hold close to $8 million in cash.
The expected operating expense will continue to be approximately $900,000/month, which they plan to offset with the income from the selling off of inventory.
Business Progress:
WiSA launched WiSA E in the previous year, and they began licensing the software in Q4 of the prior year.
They have already signed five licensing agreements this year and plan on securing at least three more by the end of the year.
In an effort to maintain its NASDAQ listing, WiSA has invested significant resources, including a new proposal that aims to decrease the quorum requirement from 50% to 30% or 33%.
There are ongoing negotiations for three additional agreements primarily catering to the TV and set-top box market.
WiSA E plans to launch internationally with different strategies for the US and European markets.
More details: WiSA Technologies IR
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