UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event
reported): August 17, 2022 (
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company
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mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
| Item 2.02 | Results of Operations and Financial Condition. |
On August 15, 2022, WiSA Technologies, Inc. (the “Company”) issued a press release announcing its financial and business highlights for the quarter ended June 30, 2022, recent business highlights and projected financial guidance for the remainder of December 31, 2022. The press release is attached as Exhibit 99.1 to this Report on Form 8-K (“Form 8-K”) and is incorporated herein by reference.
Additionally, on August 15, 2022, the Company hosted a conference call to deliver to the Company’s stockholders a presentation of the Company’s second quarter results. The Company released presentation materials that incorporate the Company’s second quarter 2022 update, expected customer product rollout, projected growth and financial guidance and recent business highlights. The presentation materials of such conference call are hereby furnished as Exhibit 99.2 to this Form 8-K and are incorporated herein by reference.
The information contained in this Form 8-K provided under Item 2.02 and Exhibits 99.1 and 99.2 attached hereto are furnished to, but shall not be deemed filed with, the U.S. Securities and Exchange Commission (the “SEC”) or incorporated by reference into the Company’s filings under the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
| Item 7.01 | Regulation FD Disclosure. |
Reference is made to the disclosure in Item 2.02 of this Form 8-K, which disclosure is incorporated herein by reference.
The information contained in this Form 8-K provided under Item 7.01 and Exhibits 99.1 and 99.2 attached hereto are furnished to, but shall not be deemed filed with, the SEC or incorporated by reference into the Company’s filings under the Securities Act or the Exchange Act.
Forward-Looking Statements
Exhibits 99.1 and 99.2 attached hereto contain, and may implicate, forward-looking statements regarding the Company, and include cautionary statements identifying important factors that could cause actual results to differ materially from those anticipated.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. |
Description | |
| 99.1 | Press release, dated August 15, 2022. | |
| 99.2 | August 15, 2022 Presentation Materials. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: August 17, 2022 | WISA TECHNOLOGIES, INC. | ||
| By: | /s/ Brett Moyer | ||
| Name: | Brett Moyer | ||
| Title: | Chief Executive Officer | ||
Exhibit 99.1

WiSA Technologies Reports Q2 2022 Results
- Q2 2022 revenue increases 67% vs. Q1 2022 -
- WiSA DS gaining design traction with TVs and soundbars -
BEAVERTON, OR — (August 15, 2022) — WiSA Technologies, Inc. (Nasdaq: WISA), a developer of spatial, wireless sound technology for smart devices and next-generation home entertainment systems, reported its second quarter 2022 financial results.
“As anticipated, Q2 2022 revenue rebounded 67% from Q1 2022, and we expect an additional sequential revenue boost in Q3 2022. While it is difficult to predict end market consumer spending in the all-important Fall season, we expect sequential revenue growth for the remainder of 2022,” said Brett Moyer, CEO, President, and Chairman of WiSA Technologies.
Moyer continued, “WiSA DS technology, our IP using a 2.4 GHz IoT Wi-Fi module from Espressif, is performing strongly in the testing and evaluation cycles of our target customers. As a result, 12 companies have 15 WiSA DS projects under consideration. Those projects include:
| ● | 3 TV brands testing for integration into TVs |
| ● | 8 soundbar brands and speaker companies |
| ● | 1 application targeting the automotive aftermarket |
The first two projects are planned to go into production in Q4 2022.”
WiSA E
WiSA E’s technology launch is progressing rapidly. The Company anticipates sampling to the first 4-5 Beta customers in Q4 2022. As a refresher, WiSA E uses the Company’s IP on 5 GHz Wi-Fi chips and its first partner is Realtek. WiSA E will be licensable to smart devices for transmission to WiSA E certified speakers.
“A key element of our long-term growth strategy is built around WiSA E, our interoperable IP targeted for licensing and to run on third-party chips as well as our own modules,” commented Moyer. “WiSA E greatly expands our addressable market to a broad range of middle market products, including HDTVs, smart speakers, home theater speakers, PCs/laptops, among others. We intend to extend WiSA E technology into licensing partnerships in these markets, as our IP can be adapted and implemented without relying on the use of WiSA Technologies’ modules.”
Patents
Patent filings under both WiSA DS and WiSA E continued to expand, as the Company ended Q2 2022 with a total of 24 issued patents, pending patent applications or patent filings.
WiSA Wave
WiSA Wave, one of the Company’s branding initiatives, which includes direct-to-consumer, e-tail/retail programs and WiSA stores, had over 570,000 visitors to WiSA’s websites in the first half of 2022.
“Based on changing consumer behavior, we slowed the WiSA Wave promotional activity during this quarter and shifted our WiSA Wave marketing spending to the Fall selling season, which adjusted our overall target to approximately 2 million to 3 million visitors for the full year 2022. Building on growing interest in this category, we expect to add 3 to 5 new WiSA Wave storefronts by year end,” said Moyer.
Q2 2022 Financial Highlights
| ● | Q2 2022 revenue was $0.9 million, compared to $1.6 million in Q2 2021 and $0.6 million in Q1 2022. |
| ● | Q2 2022 gross margin was 20%, compared to 29% in Q2 2021 and 11% in Q1 2022. Gross margin in Q2 2022 was impacted by lower sales volumes. |
| ● | At June 30, 2022, cash and cash equivalents were $4.8 million. |
$3 Million Convertible Security
| ● | In a separate announcement today, WiSA Technologies signed a definitive agreement with an existing investor for funding of approximately $3.0 million in a private placement of a senior secured convertible security with funding to occur when all closing conditions have been met. |
Q2 2022 and Recent Highlights
| ● | Hisense U7H and U8H 2022 TVs received WiSA SoundSend’s certification. |
| ● | Dynaudio’s New Focus Series, a complete wireless sound system, earned WiSA HT Interoperability Certification. |
| ● | Wharfedale’s WiSA certified Opal Wireless Home Theater Speaker System launched for sale in China. |
| ● | JBL launched their new hi-fidelity JBL 4305P Studio Monitor. |
| ● | WiSA Technologies’ new 2.4 GHz Multichannel DS audio soundbar module outperformed the leading 5 GHz modules in independent testing. |
| ● | WiSA SoundSend named a Top New Technology (TNT) award winner. |
Financial Guidance
| ● | Revenue increase in Q3 2022 compared to Q2 2022, and a sequential revenue increase in Q4 2022 vs. Q3 2022. |
| ● | Gross margin target range in the mid-20s % range for Q3 2022. |
| ● | With the abovementioned $3 million secured convertible security commitment, the Company believes it will have sufficient cash to execute its business plan into 2023. |
“We grew revenue in Q2 2022 from Q1 2022, and we expect to again deliver strong sequential growth in Q3 2022, and then again in Q4 2022 as compared to Q3 2022,” said Mr. Moyer. “We are nevertheless taking a cautious approach to expectations in the balance of the year, as parts shortages and lagging consumer demand limit visibility and may challenge margins into Q4 2022. We reiterate that WiSA DS and WiSA E products, comprising the core of our long-term growth strategy, are positioned to constitute a growing percentage of our sales mix as we aim to penetrate larger and faster growing segments of the immersive sound market.”
WiSA Technologies Investor Conference Call
A conference call is scheduled for today to provide the Company’s business update, including second quarter 2022 results, at 9:00 a.m. PT / 12:00 a.m. ET. Shareholders and interested participants may listen to a live broadcast of the conference call by dialing 669-900-6833 and entering the meeting ID 95912577140 and passcode: 369678 approximately 10 minutes prior to the start time. A live webcast of the call and accompanying slide presentation will be on the investor relations section of the Company’s website at ir.wisatechnologies.com and here, and a replay will be available for approximately one year. An audio archive can be accessed for one week by dialing 669-900-6833 Meeting ID 95912577140 and Passcode: 369678 approximately.
About WiSA Technologies, Inc.
WiSA Technologies (Nasdaq: WISA) develops, markets, and sells spatial audio wireless technology for smart devices and next-generation home entertainment systems. Its consortium—the WiSA Association—works with leading consumer electronics companies, technology providers, retailers, and industry partners to make spatial audio an experience that everyone can enjoy. The Company is headquartered in Beaverton, OR. For more information, please visit: www.wisatechnologies.com.
About WiSA Association
WiSA® educates, evangelizes, and promotes solutions for spatial audio in the home. Working in collaboration with technology developed by WiSA Technologies Inc., WiSA Association engages with leading consumer electronics companies, technology providers, retailers, and ecosystem partners to make immersive audio an experience everyone can enjoy. WiSA, LLC, which operates the Wireless Speaker and Audio Association, is a wholly owned subsidiary of WiSA Technologies Inc. For more information about WiSA, please visit: www.wisatechnologies.com.
© 2022 WiSA Technologies Inc. All rights reserved. WiSA Technologies Inc. and the WiSA Technologies Inc. logo are trademarks of WiSA Technologies Inc. The WiSA logo, WiSA®, WiSA Ready™, and WiSA Certified™ are trademarks and certification marks of WiSA, LLC. Third-party trade names, trademarks and product names are the intellectual property of their respective owners.
Safe Harbor Statement
This press release contains forward-looking statements, which are not historical facts, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements, including statements herein regarding revenue growth, production, stores and launches, are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. As a result, readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting WiSA Technologies’ business, including current macroeconomic uncertainties associated with the COVID-19 pandemic; our inability to predict or measure supply chain disruptions resulting from the COVID-19 pandemic and other drivers; our ability to predict the timing of design wins entering production and the potential future revenue associated with our design wins; our rate of growth; our ability to predict direct and indirect customer demand for our existing and future products and to secure adequate manufacturing capacity; our ability to hire, retain and motivate employees; the effects of competition, including price competition within our industry segment; technological, regulatory and legal developments that uniquely or disproportionately impact our industry segment; developments in the economy and financial markets and other risks detailed from time to time in WiSA Technologies’ filings with the Securities and Exchange Commission.
Contact Information
David Barnard, LHA Investor Relations, 415-433-3777, [email protected]
Exhibit 99.2

High - quality Wireless Spatial Audio WiSA Technologies, Inc. Second Quarter, 2022 Results Presentation August 15, 2022

Forward Looking Statements This presentation of WiSA Technologies Inc . , formerly Summit Wireless Technologies, Inc . (NASDAQ : WISA) (the “Company” or “ WiSA ”) contains forward - looking statements within the meaning of Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E of the Securities Exchange Act of 1934 , as amended . Readers are cautioned not to place undue reliance on these forward - looking statements . Actual results may differ materially from those indicated by these forward - looking statements as a result of risks and uncertainties impacting Summit Wireless’ business including, current macroeconomic uncertainties associated with the COVID - 19 pandemic, our inability to predict or measure supply chain disruptions resulting from the COVID - 19 pandemic and other drivers, our the ability to predict the timing of design wins entering production and the potential future revenue associated with design wins ; rate of growth ; the ability to predict customer demand for existing and future products and to secure adequate manufacturing capacity ; consumer demand conditions affecting customers’ end markets ; the ability to hire, retain and motivate employees ; the effects of competition, including price competition ; technological, regulatory and legal developments ; developments in the economy and financial markets and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including those described in “Risk Factors” in our Annual Report on Form 10 - K for the year ended December 31 , 2021 filed with the SEC, as revised or updated for any material changes described in any subsequently - filed Quarterly Reports on Form 10 - Q . The information in this presentation is as of the date hereof and the Company undertakes no obligations to update unless required to do so by law . * WiSA Ready TVs, gaming PCs and console systems are "ready" to transmit audio to WiSA Certified speakers when a WiSA USB Tra nsm itter is plugged in and a user interface is activated through an APP or product design like LG TVs. © SoundSend , The WiSA logo, WiSA, WiSA Ready, and WiSA Certified are trademarks, or certification marks of WiSA LLC. Third - party trade names, trademarks and product names are the intellectual property of their respective owners and product names are the intell ect ual property of their respective owners.

Wireless Spatial Audio in the Home: The Time is Now Spatial Audio = Greenfield O pportunities Technology Content Audio provides differentiation • Algorithms • Spatial codecs • Fast Wi - Fi • Low - cost IoT Wi - Fi chips • Streaming • Podcasts • Encoded to take advantage of the tech • HDTV new video tech leveled off • Audio features/ products = growth market 3

Delivering Spatial Audio: Wireless Transport is Key Content Publishing and Distribution: Spotify, Tencent, Amazon, YouTube, etc. Wireless Medium: Wi - Fi Spatial Audio Codecs: Dolby Atmos, DTS - X, Spatial Wireless Transport Wireless Transport • Precise synchronization across many disparate speakers • Guaranteed reliability of the wireless link • Ability to transmit multichannel, high - bitrate audio streams • Extremely low latency 4

WiSA in Production with Quality Audio Market Leaders • Delivering wireless spatial audio technology to premier brands in the audio and CE market • Unparalleled IP in enabling high - bitrate, multichannel, uncompressed wireless audio • Latency and synchronization specs that lead the market 5

Business Model 2 BUILD SPATIAL AUDIO ECOSYSTEM 3 SELL WISA DS MASS MARKET MODULE 4 LICENSE IP TO HDTVS & OTHER AUDIO SOURCES ▪ Launch WiSA Association ▪ Seed market with WiSA transmitter ▪ Market WiSA - enabled systems ▪ Develop Wi - Fi compatible wireless audio module ▪ Based on WiSA software running on low - cost 3rd - party 2.4GHz IoT chips ▪ License transmitter IP to HDTV and other source SoCs for WiSA ubiquity ▪ Sell modules to speaker brands 1 DEVELOP CORE WIRELESS AUDIO TECHNOLOGY ▪ Launch WiSA HT proprietary wireless audio module ▪ Penetrate home theater market 6

Technology Designed for Entry - level to Audiophile 2015 - 2021 2022 2023 WiSA DS ( Soundbars ) Low - cost 2.4GHz IoT transceiver module • (4+sub) separate audio channels • Fixed transport latency (30ms) • Tight speaker sync. WiSA HT (Home Theater) • 8 channels • Custom Tx / Rx modules • 24 - bit audio • Up to 96k sample rates • +/ - 2µs speaker sync. • Ultra low latency WiSA E ( All Multichannel Audio ) Interoperable software/IP running on 3rd party 5GHz IoT and SOC's • 6 audio channels; future (8 - 10) • Fixed transport latency (20ms) • Tight speaker sync. Proprietary ASIC Software running on third - party chips Audiophile - quality chips Low - cost IoT modules Licensed software/IP Espressif Realtek 7

Licensing Enables Broad Market Expansion Module Cost Feature set Low High Low High Entry to mid - level soundbars Home theater speakers, high - end TVs, dongles WiSA HT WiSA E Licensed product WiSA DS HDTVs Set - top boxes Soundbars Home theater speakers Smart speakers PCs/laptops Mobile phones TAM = 1B+ devices 8

WiSA DS and E Growth Opportunities Home Theater Speakers 44MU Smart TVs 231MU Soundbars 42MU Smart Speakers 204MU Gaming Desktops 38MU Laptops 196MU Tablets 135MU Wireless Headsets 158MU STB's 253MU Streaming Sticks 118MU Smart Phones 1418MU HT DS E $$$$ $ $$ 9

WiSA Association Building Consumer Ecosystem Interoperability Spec development , testing and compliance Retail Programs Online storefronts; point of purchase Consumer Marketing WiSA WAVE direct - to - consumer co - op programs Product WiSA transmitter for HDMI smart HDTVs WiSA Association Example: www.amazon.com/wisa 10

WiSA DS – Customer Response Summit Wireless Proprietary WiSA DS Rx WiSA DS Tx Relative to Primary Competitor: • More audio channels • Stronger wireless performance • Lower Price < $15 for wireless modules Evaluations/Designs: • Product and Potential Projects: • Soundbars 8 • TVs 3 • Auto. After market 1 11 Anticipated Production Start: • 2 in 4Q 2022

Revenue Opportunity: 2023 - 2026 Currently in 2022 • Continued HT module and system sales based on design activity through 2023 and consumer acceptance of wireless speakers • First revenue - DS module (soundbars) 2023 Revenue Drivers • DS module revenue growth based on soundbar and TV designs • First revenue – WiSA E modules in Platin Speakers 2024 Revenue Drivers • Growth of DS modules and E modules • First revenue E license with RX modules + bundles 2025 Revenue Drivers • Continued growth in DS and E modules • Strong growth of E license + bundles 2026 Revenue Drivers • Continued growth in module sales • Continued strong growth of E license + bundles 12 2023 2024 2025 2026 E Bundles E Modules DS Modules Systems G1 Modules Use of Projections and Illustrations: This page contains certain [financial forecasts] and illustrations. Neither [WISA’s] in dep endent auditors nor any other professionals have studied, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation. The material on this page is for illustrative purpos es only and should not be relied upon as being necessarily indicative of future results.

Strong IP Position/Years of Know - how Patents Know - how Strategic Partnerships Ecosystem of Interoperable Products IP Position Patents: • Fundamental patents in wireless multichannel audio across key geo’s • 24 issued patents, pending patent applications or patent filings Know - how: • 12 - years’ experience in delivering multichannel wireless technology to leading CE brands Strategic partnerships: • Key partnerships with leading IoT Wi - Fi semiconductor and TV SoC companies Ecosystem of Interoperable Products: • 100+ products from 20+ CE and speaker companies with 13

Q2 2022 and August $3M Financing $1.6 $0.9 $1.7 $2.4 $6.5 Q2 '21A Q2 '22A 2019A 2020A 2021A 18% 29% Revenue & Gross Margin ($ in M) - 4% 29 % As reported with the Q2 2022 results on August 15, 2022. 20% Q2 ‘22 • $946 K revenue, down 40 % vs. Q2 ’21, up 67% vs. Q1 ‘ 22 • 20% gross margin, dow n from 29% in Q2 ’21, up from 11% in Q1 ’22 • $ 4.3 M opex , including $0.5M of non - cash, vs. $3.3M, including $0 .4 M of non - cash in Q2 ’21 • $ 4.1 M net loss, vs. $4.6M in Q2 ’21 • $ 4.8 M cash 6/30/2022 2022 Guidance • Revenue increase in Q3 ‘ 22 compared to Q2 ‘ 22, and revenue increase in Q4 ‘ 22 compared to Q3 ‘ 22 • Mid 20’s % gross margin target • With close of $3M financing, should be s ufficient cash 2023 $3 Million Convertible Financing • Convertible security investment by largest shareholder • Warrants at 140% of conversion price

Key Highlights Highly - differentiated multichannel wireless audio technology with implementations in premium audio brands 1 World - class premium technology porte d to low - cost IoT chips to address mass market audio systems with software roadmap to address TAM of over 2 billion units 2 Establishment and management of the Wireless Speaker and Audio Association with interoperability specification, testing, and compliance standard 3 30+ brands have designed WiSA technologies into their products, 4 Strong IP position and significant patent coverage 5 Strong revenue growth from modules sales, audio systems sales, and licensing 6 15

Thank you