BEAVERTON, Ore. - WiSA Technologies, Inc. (NASDAQ: WISA), known for its wireless audio technology for intelligent devices and home entertainment systems, announced the immediate appointment of Kimberly Briskey to its Board of Directors today.
Briskey, bringing over 15 years of experience in strategic finance and business operations, currently serves as the Brand CFO of Eddie Bauer at SPARC Group LLC. Her expertise includes financial planning, budgeting, and operational oversight. She has held senior roles at notable retail and e-commerce brands, including Lucky Brand and GUESS? INC. Briskey's academic credentials include a Bachelor of Science from Arizona State University and a Professional Designation in Product Development from the Fashion Institute of Design and Merchandising.
The company's CEO, Brett Moyer, praised Briskey's multi-channel experience and her proficiency in financial forecasting and investment analysis as invaluable to the leadership team. He emphasized her role in building the WiSA E brand and advancing the future of home audio with WiSA's wireless audio solutions.
In conjunction with Briskey's appointment, WiSA Technologies also announced the resignation of Lisa Cummins (NYSE:CMI) from the Board of Directors, effective today. The company expressed gratitude for Cummins' contributions during her tenure.
WiSA Technologies continues to collaborate with industry-leading consumer electronics brands to deliver wireless sound experiences for various forms of media content. The company, which is a founding member of the WiSA Association, aims to promote spatial audio in the home entertainment sector.
This news is based on a press release statement from WiSA Technologies, Inc.
In other recent news, WiSA Technologies announced its Q1 2024 results and the launch of WiSA E, a new technology for wireless immersive audio transmission. The company has already secured five licenses for WiSA E, with three additional licenses expected by year-end. This cutting-edge technology allows consumers to customize their audio experience to fit their budget and room size. Revenue from these licenses is anticipated in the second half of 2024.
WiSA Technologies has also bolstered its cash balance to meet NASDAQ listing requirements and is strategically targeting the TV market, with plans to diversify into other sectors. The company's diverse revenue streams include royalties, licensing fees, engineering services, and module sales. Despite some agreements not including a royalty, product launches are expected to generate revenue.
Furthermore, WiSA E has attracted interest from multinational companies, indicating strong market performance. The company maintains a healthy cash balance of approximately $8 million, and future revenue is expected to be bolstered by anticipated license agreements and royalties.
InvestingPro Insights
As WiSA Technologies, Inc. (NASDAQ: WISA) welcomes Kimberly Briskey to its Board of Directors, the company's financial health and market performance remain a focal point for investors and stakeholders alike. With a strategic finance expert like Briskey joining the team, it's worth noting the current financial metrics and market dynamics surrounding WiSA.
InvestingPro Data reveals a challenging financial landscape for WiSA. The company holds a market capitalization of 12.46 million USD, which reflects its size in the competitive tech industry. Additionally, the company's revenue has seen a sharp decline, with a -42.81% change in the last twelve months as of Q1 2024. This is further compounded by a significant -122.36% gross profit margin, indicating that the company is currently spending more to produce its goods than it is earning from sales.
Despite these hurdles, WiSA's stock has experienced a significant return over the last week, with a 28.99% total return. This short-term performance could be indicative of market reactions to internal changes or external factors influencing investor sentiment.
InvestingPro Tips for WiSA highlight the company's position with more cash than debt on its balance sheet, which provides some financial flexibility. However, the company is also quickly burning through its cash reserves, which could be a concern for future operations. With Briskey's expertise in financial planning and operational oversight, her appointment could be timely as the company navigates these financial challenges.
For those looking to delve deeper into WiSA's financial details and stock performance, InvestingPro offers additional insights. There are 15 more InvestingPro Tips available, which could guide investors in making more informed decisions. Interested readers can explore these tips further by visiting: https://www.investing.com/pro/WISA. Additionally, a special promotion is available: use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing even more value to those seeking comprehensive investment analysis.
The recent board changes and the current financial data underscore the importance of strategic leadership at WiSA Technologies. As the company aims to enhance its market position and financial stability, the insights from Briskey and the real-time data from InvestingPro will be crucial for shaping the company's future.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.