Gary Williams, Chief Accounting Officer and VP of Finance at WiSA Technologies, Inc. (NASDAQ:WISA), recently sold 58 shares of common stock on November 20, 2024. The shares were sold at a price of approximately $1.978 each, amounting to a total transaction value of $114. Following this sale, Williams retains ownership of 60,125 shares. The transaction was conducted by the company on behalf of Williams to cover tax obligations related to equity award vesting, as noted in the filing.
In other recent news, WiSA Technologies reported substantial growth in its Q3 earnings call, with revenue reaching $1.2 million, marking a 240% increase from the previous year. This growth was attributed to improved gross margins and a shift toward direct-to-consumer sales. The company also reduced its inventory by 17% and ended the quarter with a strong cash position of $3.9 million.
Significant developments for WiSA include the shipment of its intellectual property for a set-top box, expected to launch in Europe by Christmas 2023, and a major acquisition of Data Vault Holdings' intellectual property and trademarks. This acquisition aims to expand WiSA's market reach and leverage high-margin licensing models across various sectors by 2025.
Furthermore, WiSA anticipates an increase in revenue for Q4 2023 and plans to hold an investor day in January 2024 to outline its future direction and technology offerings. The integration of WiSA's audio technologies with Data Vault's blockchain and AI capabilities targets high-growth markets, with new data technology initiatives in development. These recent developments underscore WiSA's strategic pivot towards innovative data technologies and direct-to-consumer sales.
InvestingPro Insights
As Gary Williams, Chief Accounting Officer and VP of Finance at WiSA Technologies, Inc. (NASDAQ:WISA), recently sold a small portion of his shares, it's worth examining the company's financial health and market performance to provide context for this transaction.
According to InvestingPro data, WiSA Technologies has a market capitalization of $13.24 million, reflecting its small-cap status. The company's revenue for the last twelve months as of Q3 2024 stands at $2.19 million, with a concerning revenue growth of -15.01% over the same period. This decline in revenue aligns with an InvestingPro Tip indicating that the company's net income is expected to drop this year.
Despite the recent insider sale, it's important to note that WiSA holds more cash than debt on its balance sheet, as highlighted by an InvestingPro Tip. This financial cushion could provide some stability as the company navigates challenging market conditions. However, another InvestingPro Tip warns that WiSA is quickly burning through cash, which may explain the need for tax-related share sales by executives.
The stock's performance has been notably weak, with a one-year price total return of -90.87% as of the latest data. This significant decline is further emphasized by an InvestingPro Tip stating that the stock has taken a big hit over the last week and generally trades with high price volatility.
For investors seeking a more comprehensive analysis, InvestingPro offers 14 additional tips for WiSA Technologies, providing a deeper understanding of the company's financial position and market outlook.
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