– Advances WiSA E for TVs to transmit Immersive Audio devoid of an HDMI cable or Soundbar –
– Expects around $1.1 million decrease operating expenditures in Q1 2023 versus Q4 2022 –

BEAVERTON, Ore., March 16, 2023–(Organization WIRE)–WiSA Technologies, Inc. (Nasdaq: WISA), a developer of spatial, wireless sound technologies for clever devices and subsequent-generation residence entertainment systems, reported fourth quarter and complete year 2022 monetary outcomes. In its conference contact and presentation to be held on March 16, eight am pacific time, management will talk about the company’s outcomes and give a organization update.

“Q4 2022 income was $.9 million, related to income in Q3 2022, as sector circumstances continued to influence our organization and contributed to excess finish item inventory at retailers due to the slow down in customer spending on customer electronics,” stated Brett Moyer, CEO, President, and Chairman of WiSA Technologies. “In response to this soft demand, we have lowered discretionary spending in Q1 2023, and we count on operating expenditures to be about $1.1 million decrease in Q1 2023 than in Q4 2022.”

Expanding Client Interest and Engagement

WiSA Technologies is experiencing powerful client interest and responses to its expanded item portfolio, which targets a broad variety of middle marketplace goods, like HDTVs, clever speakers, residence theater speakers, PCs/laptops, amongst other individuals. On its update contact, the enterprise will assessment its technologies for WiSA E and WiSA DS, its revolutionary options for total audio immersion.

“WiSA continues to drive sector innovation in immersive audio at all cost points. Our planet class engineering group continues to create and advance WiSA E, our interoperable IP targeted for licensing and to run on third-celebration chips as properly as our personal modules, enables excellent audio transmission devoid of an HDMI cable,” stated Moyer. “Beta samples for WiSA E have shipped to our very first client, and we count on to ship to the subsequent 3 buyers in Q2 2023.

Story continues

“WiSA produced a powerful displaying at CES in January 2023, with 22 businesses engaging in demos of various new goods. The advertising and marketing group is finishing two weeks of stick to-up meetings with major customer electronics businesses in Korea, Japan and Taiwan, and we are confident these activities will outcome in new possibilities for soundbar style wins which would be a powerful start off to the year,” added Moyer.

Q4 2022 Monetary Highlights

• Q4 2022 income was $.9 million, compared to $two. million in Q4 2021 and $.9 million in Q3 2022.

• Q4 2022 gross margin as a percentage of sales was two%, compared to 30% in Q4 2021 and 14% in Q3 2022.

• On December 1, 2022, we closed a public providing for gross proceeds of around $7.six million.

• At December 31, 2022, money and money equivalents have been $two.9 million.

February 2023 Financing

On February three, 2023, the enterprise closed a registered direct providing and concurrent private placement priced at-the-marketplace for gross proceeds of around $six.two million.

Income Guidance

Even though present sector circumstances give restricted visibility and the very first half of the year is ordinarily a seasonally slow period, WiSA Technologies expects complete year income development in 2023 compared to 2022 primarily based on new WiSA HT and WiSA DS styles getting into into production, launching Platin Audio’s Rio five.1.four Soundbar, and later in the year replenishing lowered inventories at its buyers.

Q4 2022 and Current Highlights

• Demonstrated Dolby Atmos Music was trending with the Dolby Atmos at the LD Micro Key Occasion XV.

• Premiered WiSA Association’s newest category expansion at CEDIA Expo 2022, exactly where members won various awards.

• Platin Audio debuted the world’s very first wireless Dolby Atmos enabled WiSA Certified speaker technique.

• Launched a new App delivering highly effective and intuitive handle of WiSA-Enabled TVs, Soundbars, and External Transmitters.

• Platin Audio showcased its New Monaco five.1.two at B&ampH Photo Video SuperStore in New York City.

• At CES 2023, demonstrated:

  • WiSA’s multichannel audio application IP operating on an Android Television SoC Platform

  • WiSA E 5GHz multichannel audio application operating on a Realtek wireless chip

  • A wireless five.1.four Dolby Atmos soundbar technique platform powered by WiSA DS.

• Started shipping WiSA E multichannel audio improvement kits to initial Beta buyers.

• Mesanovic’s newest studio monitor speaker earned WiSA HT Interoperability Certification.

• Pylon Audio’s Jasper loudspeakers line earned WiSA HT Interoperability Certification.

WiSA Technologies Investor Conference Contact

Management will hold a conference contact to talk about the outcomes and give a organization update at eight:00 am PT / 11:00 am ET, on Thursday, March 16, 2023. The conference contact will be out there via a reside webcast located right here:
WiSA Technologies Fourth Quarter 2022 Outcomes webcast

These devoid of world-wide-web access or who want to dial in may possibly contact: 1-877-270-2148 (domestic), or 1-412-902-6510 (international). All callers need to dial in around ten minutes prior to the scheduled start off time and ask to be joined into the WiSA Technologies contact.

A webcast replay of the contact will be out there around one particular hour soon after the finish of the contact and will be out there for one particular year, at the above webcast hyperlink. A telephonic replay of the contact will be out there via March 23, 2023 and may possibly be accessed by calling 1-877-344-7529 (domestic) or 1-412-317-0088 (international) or Canada (toll absolutely free) 855-669-9658 and utilizing access code 5039532.

A presentation of the Q4 2022 outcomes will be accessible on Thursday, March 16, 2023, below the “Investors” section of WiSA Technologies’ site.

About WiSA Technologies, Inc.

WiSA Technologies (Nasdaq: WISA) develops, markets, and sells spatial audio wireless technologies for clever devices and subsequent-generation residence entertainment systems. Its consortium—the WiSA Association—works with major customer electronics businesses, technologies providers, retailers, and sector partners to make spatial audio an knowledge that every person can delight in. The Organization is headquartered in Beaverton, OR. For far more facts, please take a look at: www.wisatechnologies.com

© 2023 WiSA Technologies Inc. All rights reserved. WiSA Technologies Inc. and the WiSA Technologies Inc. logo are trademarks of WiSA Technologies Inc. The WiSA logo, WiSA®, WiSA Ready™, and WiSA Certified™ are trademarks and certification marks of WiSA, LLC. Third-celebration trade names, trademarks and item names are the intellectual house of their respective owners.

Protected Harbor Statement

This press release includes forward-seeking statements, which are not historical details, inside the which means of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some circumstances, you can recognize forward-seeking statements by the use of words such as “may possibly,” “could,” “count on,” “intend,” “program,” “seek,” “anticipate,” “think,” “estimate,” “predict,” “prospective,” “continue,” “probably,” “will,” “would” and variations of these terms and related expressions, or the damaging of these terms or related expressions. Such forward-seeking statements, like statements herein relating to income development, future operating expenditures, style production, licensing possibilities, shipment of our interoperable IP, item and app launches, are necessarily primarily based upon estimates and assumptions that, although regarded affordable by us and our management, are inherently uncertain. As a outcome, readers are cautioned not to location undue reliance on these forward-seeking statements. Actual outcomes may possibly differ materially from these indicated by these forward-seeking statements as a outcome of dangers and uncertainties impacting WiSA Technologies’ organization, like our capacity to predict the timing of style wins getting into production and the prospective future income connected with our style wins our price of development our capacity to predict direct and indirect client demand for our current and future goods and to safe sufficient manufacturing capacity our capacity to employ, retain and motivate personnel the effects of competitors, like cost competitors inside our sector segment technological, regulatory and legal developments that uniquely or disproportionately influence our sector segment developments in the economy and monetary markets present macroeconomic uncertainties connected with the COVID-19 pandemic our inability to predict or measure provide chain disruptions resulting from the COVID-19 pandemic and other drivers and other dangers detailed from time to time in WiSA Technologies’ filings with the Securities and Exchange Commission.

WISA TECHNOLOGIES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

For the years ended December 31, 2022 and 2021

(in thousands, except share and per share information)

(unaudited)

Year Ended December 31,

2022

2021

Income, net

$

three,365

$

six,541

Price of income

two,970

four,677

Gross profit

395

1,864

Operating Expenditures:

Study and improvement

7,144

five,236

Sales and advertising and marketing

six,140

four,123

Basic and administrative

five,155

four,016

Total operating expenditures

18,439

13,375

Loss from operations

(18,044

)

(11,511

)

Interest expense, net

(898

)

(9

)

Alter in fair worth of warrant liability

two,852

—

Alter in fair worth of derivative liability

(47

)

—

Get on forgiveness of Paycheck Protection Plan loan

—

859

Other expense, net

(12

)

(11

)

Warrant inducement expense

—

(1,146

)

Loss just before provision for earnings taxes

(16,149

)

(11,818

)

Provision for earnings taxes

two

two

Net loss

(16,151

)

(11,820

)

Convertible preferred stock dividend

—

(34

)

Deemed dividend on exchange of convertible preferred

stock for prevalent stock

—

(1,192

)

Net loss attributable to prevalent stockholders

$

(16,151

)

$

(13,046

)

Net loss per prevalent share – standard and diluted

$

(82.89

)

$

(105.20

)

Weighted typical quantity of prevalent shares made use of in computing net loss per prevalent share

194,852

124,016

Note: Share and per share amounts have been retroactively adjusted to reflect the influence of a 1-for-one hundred reverse stock split effected in January 2023.

View supply version on businesswire.com: https://www.businesswire.com/news/residence/20230315005902/en/

Contacts

David Barnard, LHA Investor Relations, 415-433-3777, wisa@lhai.com