WiSA Technologies Reports Q1 2023 Results - Seite 2

• In April 2023, the company received aggregate gross proceeds of approximately $1.2 million in a registered direct offering and concurrent private placement priced at-the-market.
• In April 2023, the company paid off in its entirety the outstanding balance due under the company’s Senior Secured Convertible Note issued on August 15, 2022.

Revenue Guidance

While current industry conditions provide limited visibility and the first half of the year is typically a seasonally slow period, the company expects full year revenue growth in 2023 compared to 2022 based on new WiSA HT and WiSA DS designs entering into production, launching Platin Audio’s Rio 5.1.4 Soundbar, and later in the year replenishing reduced inventories at its customers.

As announced on May 15, 2023, the company expects its planned acquisition of Comhear to close in the third quarter of 2023 and be accretive in the fourth quarter of 2023. As a result, the company is guiding for full year 2024 revenue in the range of $10 million to $15 million.

The letter of intent for the proposed transaction is non-binding, and the parties expect to enter into one or more definitive agreements with respect thereto in June 2023. Completion of the transaction is subject to, among other matters, the completion of due diligence, the negotiation of definitive agreements providing for the proposed transaction, and satisfaction of various conditions to be negotiated therein and customary for transactions of the type contemplated, including, but not limited to, receipt of regulatory approvals, the provision of an audit of Comhear’s financial statements, and board of director and WiSA shareholder approvals.

The Company expects to issue a proxy statement seeking shareholder approval for the proposed transaction in July 2023. However, there can be no assurance that the parties will successfully negotiate and enter into definitive agreements regarding the proposed transaction, or that the proposed transaction will be completed as currently contemplated, or at all.

Q1 2023 and Recent Highlights

• At CES 2023 in January, demonstrated:
  • WiSA’s multichannel audio software IP running on an Android TV SoC Platform
  • WiSA E 5GHz multichannel audio software running on a Realtek wireless chip
  • A wireless 5.1.4 Dolby Atmos soundbar system platform powered by WiSA DS.
• Mesanovic’s latest studio monitor speaker earned WiSA HT Interoperability Certification.
• Pylon Audio’s Jasper loudspeakers line earned WiSA HT Interoperability Certification.
• Demonstrated new WiSA E technology designed to power next-generation of immersive audio products for TVs, providing high-quality multichannel audio transmission to as many as 8 (moving to 10) discrete speakers without the need of an HDMI cable connected to a soundbar.

WiSA Technologies Investor Conference Call