WiSA Technologies reports Q4 revenue $0.9M vs. $2.0M last year

"Q4 2022 revenue was $0.9 million, similar to revenue in Q3 2022, as industry conditions continued to impact our business and contributed to excess end product inventory at retailers due to the slow down in consumer spending on consumer electronics," said Brett Moyer, CEO. "In response to this soft demand, we have reduced discretionary spending in Q1 2023, and we expect operating expenses to be about $1.1 million lower in Q1 2023 than in Q4 2022." The company also states: "While current industry conditions provide limited visibility and the first half of the year is typically a seasonally slow period, WiSA Technologies 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."