WiSA Technologies reports financials and acquisition details

WiSA Technologies, Inc. (NASDAQ:WISA), a semiconductor and related devices manufacturer with a market capitalization of $67.64 million, has disclosed financial statements and details of a recent acquisition in its latest SEC filing today.

According to InvestingPro analysis, the company’s current trading price suggests overvaluation relative to its Fair Value, while maintaining a weak overall financial health score. The company, headquartered in Beaverton, Oregon, announced the audited financial statements of CompuSystems, Inc. (CSI), a business it recently acquired.

The audited financials reveal CSI’s balance sheets as of December 31, 2023, and 2022, along with income statements for the years ending on those dates. These documents, integral to the acquisition, provide insights into CSI’s financial health and performance.

While WiSA Technologies holds more cash than debt and maintains a healthy current ratio of 2.26, InvestingPro data indicates the company is quickly burning through its cash reserves. WiSA Technologies also shared CSI’s unaudited balance sheet as of September 30, 2024, and financial performance for the nine months leading up to that date.

In addition to the historical financials of CSI, WiSA Technologies presented unaudited pro forma financial information. This includes a combined condensed consolidated balance sheet as of September 30, 2024, and statements of operations for the nine months ending on that date and the year ended December 31, 2023.

These pro forma statements are designed to illustrate the financial impact of the acquisition on WiSA Technologies’ financial position and results of operations. For deeper insights into WiSA’s financial health and 16 additional ProTips, investors can access the comprehensive Pro Research Report available on InvestingPro.

The filing also includes the consent of BG Advisors CPA, LTD., the auditor responsible for the financial statements, and a cover page interactive data file embedded within the Inline XBRL document.

This SEC filing provides investors with a comprehensive view of the financial implications of WiSA Technologies’ acquisition of CSI and the company’s current financial status. The information is based on a press release statement and is intended to offer a transparent and factual report on the company’s latest business developments.

In other recent news, WiSA Technologies, Inc. has been actively expanding its business and technology portfolio.

The company recently amended its asset purchase agreement with CompuSystems, Inc. (CSI), aiming to acquire certain assets and interests including customer contracts and intellectual property. This amendment introduces a revised breakup fee and allows WiSA Technologies to secure a majority of the company’s stockholders’ approval for the acquisition.

In addition, WiSA Technologies has introduced a suite of wireless audio innovations at CES 2025, including new reference designs, mobile applications, and the SoundSend E transmitter. The company also announced the integration of its WiSA E wireless multichannel audio software into Sagemcom’s Video Soundbox set-top boxes, enhancing the home entertainment experience.

WiSA Technologies is also set to acquire CompuSystems, Inc., a service provider for live event management. This acquisition is projected to contribute significantly to WiSA’s revenue and EBITDA in 2025. Furthermore, WiSA Technologies’ shareholders have approved several key proposals at the 2024 Annual Meeting of Stockholders, including the election of eight nominees to serve as directors and the ratification of BPM LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024.

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