WiSA (WISA) 16 Mar 232022 Q4 Earnings call transcript

Welcome to the WiSA Technologies Fourth Quarter and Full Year 2022 Results Conference Call. [Operator Instructions].

Please note this event is being recorded. I would now like to turn the conference over to David Barnard, LHA Investor Relations. Please go ahead.

Great. Anthony. Thanks, on George Brett Oliva. today President; CEO call CFO, and the us Moyer, are and With

the XXA Before remind XXXX Securities presentation within Exchange everyone to as that of turning Brett, XXE XXXX today's contains I'd amended, and Act forward-looking of Act of the Securities of like Section to meaning of Section the statements amended. as

drivers. a may these not on uncertainties business, these our Actual the measure as the results disruptions or reliance forward-looking and to by forward-looking supply COVID-XX predict indicated undue differ resulting of from place cautioned pandemic as impacting are including COVID-XX other Readers uncertainties materially risks current pandemic, result statements associated chain to statements. WiSA's inability macroeconomic with and

from today, filed on described Form XX, has the the in end be reports design ability filed which the later consumer updated of as future time to annual report and existing on markets and subsequently to the competition, secure effects Form risks associated the products, and of Risk quarterly our revenue future regulatory capacity, and in for for ability XX-K competition, for entering hire, manufacturing year Commission, in economy potential predict Factors including design wins, the the ability and in wins, of adequate financial including in Our December with and affecting price material customer filings demand demand the predict SEC developments and any rate technical markets, and employees, production time ended been developments, will XX-Q. to uncertainties with to -- growth, and timing retain other motivate any company's changes legal detailed XXXX, to consumers' the those conditions described

as to Go turn unless With is call ahead, date so over undertakes obligations company no to this and the Brett. required the law. that, to The information I'll update hereof, the presentation do of in by Brett.

to and good the David, today. investors welcome participants you, having a like I'd to our and forward conversation to Thank looking We're call.

an we've year. quite had So exciting and quarter

top electronics to E. the WiSA fits of We'll the consumer a We for entire industry, at in So into list, about the we're how right? compelling right? world, and talk technology think the E TVs explain the ecosystem, WiSA the advancement it's going audio

Next, WiSA soundbars. X for solution DS, that's so our low-cost targeted channel

have RFQs issue upfiring We're with company starting Atmos to and along. that the We DS of brands to over WiSA specifying the go speakers. sales and cycles to are ODMs focus the the Wave trucking now going marketing

strengths really is since particularly have to upfiring of audio. have important more And wireless high one count want if the This is audio you immersive, you need speakers. to to technically channel channels of go that and we for

through we'll that today. So

overbuilding full is over plus electronics and to operation demand. year, growth still the the drop from industry slump weak XXXX. on expect of side, the a despite expenses and the into impact QX. slump -- In consumer response certainly This consumer continuing still On full year by inventory that, year from million the in $X impacted QX will first the we But to half XXXX us.

a new be about for the some talking seen years been the road lays of that of will have one participants, only we you But slides -- map. what This few before. probably have out for multiple slide as this

in one CES. was the or companies form here demonstrated to another in everything Now is difference at

finishing in lot this concept-goal-desire moved finished for to So technology process that's or off of a map. of all has off on this the we've team engineering from the road is

to average the $XX, HT targeted in is market. audiophile our $XX is to cost module, So brief for speaker class history as WiSA a best refresh it's everybody, original and

of I market, the would -- So more right? markets the than what top consumer generally Sonos, level is expensive expensive say, which

units players DS and the worldwide. cost somewhere in is significant will substantial. penetrate mid-XX over market DS months. WiSA soundbar think We which And million think number WiSA DS of the into there's we the of the think it's the us year takes but couple a feature of let from us audiophile market, in WiSA of next set we there, designs the XX a the a

Well, already we've them. slide, on the we've penetrating -- as first I mentioned started

was New map at road E. CES, but our on WiSA still, was this

powerful the Wi-Fi from So DS but X it's gigahertz a on enhanced in software WiSA this Realtek. chip same is because running of more

why a channels, some the in WiSA WiSA let's WiSA And performance do in the modules run IP E just an and finally, in smart that case, SOC and just proximate using and, exceed a higher again, it. with it take with from X DS on conjunction more So HT less then to gigahertz? have -- and Let's performance device. embedded

demonstrated All of this was at CES.

left, had did we companies, schedule at top, Yes, what So show CES? we not X soundbar. a picture, the a here in XX at is the which days. Up is full

the WiSA the picture right-hand On in right There's soundbar. the It's speaker the with soundbar. speakers. the not Monaco top upfiring is the of HT Platin to that little

Right.

under in So money, soundbars, again, that that right? point And a amount incremental the first to Atmos the just can Platin solution that's small feeling Atmos speakers, is the demonstrate you for to not to of industry we've the brought out consumers brand. get

which left The using next soundbar picture, is to of it, the product, a on is not the DS. WiSA just

Yet, front Now and at soundbar companies Atmos speakers for this soundbar of cheaper using the rears But audio in of experience Atmos solution. DS DS this We've with until it's an months. marketing actual had not significant WiSA specs the sat in what speakers managers a WiSA CES. is. product improvement X impact in a the front and engineers a huge the been today grasp and in

to demo, go release brand we the channels. Gun publicly. time be audio, People it, we We Third right? but X new, And WiSA showed we'll WiSA X only channels towards finally, flawlessly is E headed And simply ran E. first we XX were This at it. amazed. showed of in Top when channels,

Nobody our a demo -- SoC IP had with this on our the the is following, their half we to box Immediately aware Taiwan, so most Asia rest with TV that interest in could going that was happen, to IP executive That the demand strong a of companies picture and playing the was through of probably our in technology Japan team running right. bottom that was the is their going Korea, the X.X. peers simple enough advancements companies. share exciting set-top

the So we was Why point with took us. HT the forward. of was so mesmerizing? that What DS? continues WiSA the we And going sales practice had soundbar, this

chart, lot you audio of some before, seen room. comes the out soundbar the front which -- what Atmos a out normally speakers, purple you have a the color you've of rear companies blue the for X.X if this and of soundbar A upfiring coming Well, of at a which configuration. that's is look is of

and and it's delivers, as implementation it at away, that's price same the of DS a the in lower What why one is rear not just point upfiring module. them blew simple upfiring, well, but

So if the Atmos you drivers, have essentially, have you rear free, speakers, you right? if for rear can discount speakers

Rio from Platin them viewpoint, an simple That's release price into that of immersive audio we is This here's a blew perspective. you truly what what that's demonstrated. bubble purple Audio the that's and QX. feature what will comparison in audio soundbar blue gives relatively and be From So way. will what built a

rows comparison You chart can XX make a long.

look you fundamental the Sonos just at of you at if $XXX. look price audio So the a at experience Arc point and

include Sonos Arc does rear front upfiring speakers, does sub, in does upfiring speakers. built include include It at not does soundbar. the $XXX not rear a not include speakers

upfiring $XXX, it subwoofer, in it soundbar. Platin Audio When front will rear it'll but and deliver launches have be the speakers, it'll WiSA using it'll upfiring the rear deliver will DS, speakers, deliver speakers a

audio. prove and a limited great launched both companies prove to we great solution, audio consumers a is a WiSA quantities, deliver solution, DS the So to is this great

biggest E is WiSA really, opportunity the we here. ultimately, believe, Now

mentioned, press demonstrated the the but I nice, executives And the to Well, it. to HDMI conversation. that's cable we're we because what other currently is changing as the release saving drive this from WiSA trying what eliminate TV about industry like $XX soundbar. industry with is you about consumers, morning for nothing the see starting the E to talking that's and So

built at WiSA Why the the and an would duplicate a TV, consumer right? tremendous pricing dollars hardware, With electronics The you you Atmos retail save hundreds TV, of of expensive. amount into enabled E and stop deliver is soundbar, there, better experience. which

around it, Wi-Fi the think chip So TV module if about you Wi-Fi a small to but there may the eliminate you chip. be a added

royalty eliminate that's paid being soundbar. Atmos Dolby the in You

streaming which chip, soundbar's other eliminate devices you the which is eliminate expenses You the is do, You and to services. the duplicate HDMI the soundbar, in all right? SoC, trying the cable, around input/output connectors, the operating eliminate industry HDMI eliminate

more or move But argument with a E, to in of it's with it is bring soundbar truly immersive audio can the care, discrete duplicated soundbar the a Now eliminate count tube is there speakers our WiSA the channel TV, we into whether long there's between that get and whether reduced. speaker, but speakers, things into set you it's and costs a the home. a fundamentally, don't

the a simple Update soundbar. as was it and on the just to up right. WiSA That's strategy. as All marketing in set Wave

brought review, to into we of pages. them or in more than spec an of those our than Every XXXX, X sheet X more in had one customer websites, a search million that responding come was So product visitors million our ads. visitors organic

ads, or we WiSA If by ad bringing away but just Audio bringing messaging midyear certified XXXX with Platin to Platin bringing to people model the site, them site the pivoted said XYZ WiSA an and certified we ran that WiSA. the in from them

a The organic certified. that. for on make And impact WiSA the good continue response strengthened had cycle results searches a quite shortened coming work of we'll and we to to the decision for was into growth We pure WiSA. branding consumer the buying

In DTS:X. WiSA XXXX to will in Atmos certification Dolby is linking addition that occur or

anybody. Dolby out the to So strengths of most of key is than getting Atmos And DTS:X. a channels that's implement or of our our more -- the audio we feature of have knowledge key one

that go reviews, And in is what experience. week Monaco, offering we're for. Pro or striving the to an to industry to yet Dolby its home immersive and system WiSA work powered so, out Atmos pushing cinema and we adds last product came Platin's updated to home when out X.X.X quote, what affordable create theater this be the exactly we're CE So press, headline going just

glut on in on there the state is that's And year again my comments, Rio our And soundbar with the industry, Monaco as CE fall on over and the earlier and focus speakers that's inventory. the quote. not the upfiring Atmos we the headline. see what focus a using From Pro of X.X.X WiSA DS. with of you'll over to launch we this That's touch

have be we seen we've You can on see indications do to half right? initial visible, continue the heavy the will customers think discounting we on so and pushback This particularly that is cleaned cancellations. are in it time most we to should we the TV, some indications get getting by impact but midyear. up Now seen first -- -- us

have full we the into designs believe in Despite growth perspective, -- new we and we and because Korea. WiSA year the X HT industry Japan X year-over-year have production in going

completely designs We have Rio being Audio's Platin DS QX. WiSA in new got X.X.X into going launched we've obviously soundbar production. And

So you think the in year new despite we the add we balance, product category X take inventory first with those half. and growth launches end

slide to George. turning the over Now

Brett. you, Thank

it's for slides to think while I flip quite over. the taking a

margin $X.X year in for million $X.X from On full XX.X% of were compared was revenues the XXXX, to Gross XX.X% XXXX. XX% the down million, in XXXX. financials about

noncash cost in due over including expenses $XX.X depreciation. primarily noncash to decreased depreciation expenses million, less comp $X.X $X.X in fixed $XX.X units. expense The were XXXX volumes, compared expenses spread million operating of as of stock primarily million It's the million to including and

$X.X with quarter had approximately ended we offering and of a with X revenue We offering cash. quarters million closed that last the a in of financing X, closed And That's That million year registered December million fourth of subsequent direct was $X.X and February. $X.X flat for gross the XXXX. change. was that public after $XXX,XXX in the

half year-over-year projecting, over half. second should the year. as 'XX of we're QX, mostly it with the from Brett. in a guidance, recover towards Brett In but it's will turn and said, to And back terms it early down that, of 'XX second growth to the I'll in be We

line back come we what got portfolio, We've in in reach technology If a industry. company's in a soundbar markets. that like we've both market, George. review got best you, the the product the full can to Thank and TV the the is large

it. list will We The IP expand have and with WiSA great implemented is an strong. interoperability that partners that standard partner who

And it. with to year. expect open the And return that around had to down growth we'll for operator, continue we We questions. patents we industry, add a the lineup year this with see

Instructions]. [Operator

Jack Aarde will Our first Maxim come Group. question from with

You may now ahead. go

quarterly a Okay. the DS, for Brett. your industry consumer new Great. entire start I challenging as well. the like along it's question electronics I'll products, WiSA But for appreciate whole. environment with a Brett, a update. progressing the it pretty are obviously been WiSA E, sounds

You XXXX that the full despite half still slower first revenue expect drive of growth year. to in year maybe

also So just this -- can guess, loaded it Or new between to also do your ramp as us the half is well drivers is the understand expect help from curious, your WiSA And back specifically? you and in WiSA E, split back you I DS more HT half? WiSA technology the modules? then legacy products

right? half, out in one, into on WiSA properly, do material will DS understand going go production production production into right? in mean, All start QX, aka in the I and HT, small have -- they They're designs will our the right? ones modules, new if so go but production there, Well, a question number second into there's any designs -- QX and legacy the going I into we one

some revenue of WiSA but driver for believe rebounding. year, is do on of this main have revenue I the the not year. drivers the E late is list it in we'll not revenue

buy So HT, good be on going lot strong it's we And -- the that consumer that's product. QX we retail X.X.X them, will soundbar solution, of then think on the revenue. product but it's response driving a We're to a not DS. based a

Great. Okay.

I appreciate So clarity there. the

and it WiSA E at revenue, WiSA driver, products, of So the some is sounds your in WiSA these HT, of DS, other but biggest least longer-term like. mind,

your into factored still not kind you of that's nonetheless. expectation expect So XXXX but growth

driver? XXXX, up sizable to and when really is or -- a expect ramp that material you and WiSA So become then then E more

think really WiSA in XXXX DS -- So is I strong.

cycles, think design decisions E we're WiSA then sales it it's a E activity I right? WiSA -- stuff So high. But around make the in. is just design CES, customers take to showing all will at and while build

So WiSA and in E sure for has big revenue generating in leap 'XX. starts a XXXX

-- a big kind we'll lag, following delivering start before, will right? E. this And just to XX months revenue next it's is DS, but like will leap months revenue XX DS year. of a delivering big start next have So year. It WiSA going the year WiSA year. have leap

check your then Understood. the like success you if CES I got demos. by them. I you products as it at look just companies at CES, I had sounds impressed from And at your that well, to was XX in mentioned out engaging also and

great. was that So

demos, not requests requests? Just about expect or others? you the inbound demos add XX more to wondering, of way or right inbound Are that do Is more you to getting the more from companies it? think

to -- able any guess, down demos from revenue come to the road? XX in expect to Just -- wondering with I of do you Are the -- and are convert customers? you able kind you these them,

how we to or into would convert? will the do one what we -- I convert I XX expect Absolutely. think Jack. next do Do other. half I many over months -- the Absolutely, -- solution think

And is overlap? overlap -- or WiSA wonder demo XX brands? any there if these customers Just them of are there's HT with any customers that any existing

company. But months them, lets HT designs. price people. as new same may the about it, be for, Absolutely. There's now, existing talked us our But of new the XX they overlap go call majority with to points we the

talk in product Harman well, XX% other may or line, system to can So less, now solutions. managers half a at we and about architecture other high-end citation where be price had us in the we point price

companies, a right? of lot for So that's true

Our Wainwright. next come with from Dede will HC Kevin question

look on in Can introduction. bit, you whether sort lot not elephant But the back? give a you great at you're made market a you Maybe what levels of consumers -- think you can new us on to there? that going Maybe it's And or inventory a assurances available that's I see how thinking -- more for we just I new a product Brett? lot think industry predicated snap. of just through at for CE walk what's think are now. room a given of I think could stuff, us little you case bouncing the is the

Yes.

risk talk launches the talk can the we WiSA's significant in technology growth our back perspective from right? product the performance, from is or is about full a launch So industry we year to less about Rio less than than right? terms can significant So driving of the bounce perspective, the new

see to move X that known last saying industry industry POs I clearly, has undersold quarter quarter QX, an since our mean from to and we to X, From QX, quarter, and X, from quarter overbuilt quarter perspective, excess quarter not But inventory X right? still QX perspective, clearly they next had the current year.

was would Christmas, XXXX's in inventory was cetera, discounts signs new out The a You they that was QX of et right? missed have QX terrible, any terrible, CE of November. balance brand told saw but and all October, lot indicate

my demand line, should from price saying of it's whether the the basis comes I cutting I'm right? that forecasting levels when address to production is back perspective, think our for it get or by that's in industry or I So imbalances, aligned above, XX all sufficient midyear. cutting So to inventory months new the say

professed That's the I Okay. though, Brett. your helpful. like answer, way you

sourcing a from I the side. Looking the at think profile it begs that because risk question on

Given need demand you're seeing to component for. your could comfort you meet availability, the pandemic hoping talk level on you to and issues maybe product

believe customers us are modules, issues. to our I no So there supplying for

The our part QX. shortages around right we more for Rio customers on is feedback now. more not from have We need don't and -- module product getting build around just customer gotten issues any less the X.X.X are

message an don't short we there Maybe. that's we're But right product shrunk. be now. that we're the Could message getting. not times need that Definitely comes IC the for have Primarily, primarily up getting somebody? of

Okay.

-- the and but second half? little your your risk for So risk in I Is on demand end to anticipation fair on supply guess, deliver, greater that manufacturing, your little ability a assumption? customer

assessment, the That's a products, HT right? it's fair for

Okay.

in of much mid-tier market or a in lower for... larger tier So the have even sort more you confidence range addressing

Yes.

year going designing we're product addressing DS question but E market, XXXX if people production, it larger strategy design to into no this year. look, and for that perspective, means is were a last about from a So P&L that a and

or or They they don't to in quarter, designing quarter a design the industry get this after going not -- they're right? And year assumption not a into is they're not next they my a these design year part products. the part are the to had -- -- before, going can't

Okay. -- Brett okay.

On the on confident selling available at there And and the be, for you're you'll web Rio, the production side. clearly, on holiday retail what, the season?

the That's Yes. objective. Absolutely.

retail in at We September. expect to be

I to incredible product. think amount are that we going an on reviews of get product

it CES. that solution heard prior had over spec months, but XX no people never at right, Some sheet. said the heard the and to no said the over People it, during to

Engineering, said pretty X you and quote blow-away I we've VP consumers to one type [expletive] he quickly. months. have To that through well, from of propagate that press It's telling the the experience have trade will But no been of it. like

I'm No, thought you demoed Yes. that. you on guys with I well.

X, in raise now are post in of forma quick whatever do cash Feb? post X.X $X.X think for couple George. you Where A million year-end. sort Okay. deal you questions the of pro

We're north goods right quite inventory. bit cash of finished have of we now, a $X a million and little in

of year. midyear. to the be some little that liquidate to probably in the a hope we we'll needing in But raise So half second of money

No... Okay.

that hold piece missing the on, Kevin... is -- Well,

I'm sorry, go ahead.

of et pay that's trying cash, part is missing . in you're a conversation, if piece we cetera, to did down triangulate the this the Yes, significant

Well, going in press. that's was sheet the see way because I didn't I balance where a today's

Yes, $X.X $X.X is it's note -- it was up. was, to or coming think $X.X What down a I million. million million,

Okay.

is Or -- was that Brett? year-end? now, about that that's So

Now.

revolver you a can have you tap? Do Okay.

revolver. No, we're have a we don't don't use really --

talking? you're ATM, An

million took No. No, you have. off, have the -- you side. go was you your the debt, paid I'm that to your for if you what looking of I Like, to debt do something flexibility you wondering need on back $X.X what, it? just

revolver. would it's but a so, structured I not assume

Okay.

very the That the of fund and vision fund plan been a execution. business has the supportive and

product faced you and Okay. Amidst and earth that the years. hell past brutal for shortages pandemic on the X

of the count, us give that? So share the is where sort

currently it's approaching say million. would I X

Okay.

right. All Okay.

$X.X of So million cash roughly north shares in forma, million X million pro debt out. $X and

you'll you Okay. When -- K? do think George, file you when do your

be should close after today. It market

will come Ascendiant Woo next Capital. Ed Our question from with

a in lead terms have is channel there costs inventory, glut well as input as As seen component times? you of in reductions in the

don't reduction in I -- components, have -- of I not no. no seen cost,

We see mean, have we Yes. Ed, around of I the don't products buy I all the pricing action a pretty set, wireless components right? into. go are we narrow across mean, we the just components our modules.

I increase think costs. most the cost freight is in of to related

freight during increased yet. think the come costs down I pandemic and hasn't

in then going that costs. product of the increases to reducing And this you it have half guys Okay. be revenue increase to back Will are year? operating you you as mentioned

part our it is cost No. The is of R&D the test. -- and largest operating

the more But revenue. flexible Christmas. piece there a bump in there'll the in marketing, corresponding marketing but the bump at a be will be So is

with James. come Our from Dawson will Jim next question McIlree

OpEx. on up about question the prior Following

in OpEx lower base. the that's new and you So QX

not further company for So grow and you'll Is -- baseline into expenses new reductions from that that's it's from will that use there. the right? that But there. the the

items still that that control working we're At largest through. series of expense but part, there's right, a that's

not So savings resources. some still But to G&A we're and development, engineering achieve. at we looking the a from have

for expecting helpful. year. right? That's sounds of mean, the that XX% it first kind total I just the -- of of the XX% maybe have in Okay. revenues revenue like kind The to half is Do ballpark, I you're

that. -- Of was numbers at, Jim. think third? I've percentage What All your interesting. about let me looked the all that's Well, right,

second how just -- big in Yes. the feel get a expecting It's that's I'm for just half, to a of you're trying all. ramp

refine it that's think -- could but don't the after call. I I

asked on maybe also a prior goods to write-downs? -- talked question, about prior there inventory or then finished inventory. lastly, response question, a were in And risk you Great. a Is about of you Okay.

do inventory feel of obsolescence a there's the any about better you the for? I'm account valuation the technological that if mean, you I trying price to or declines understanding need to inventory. about how just of that value get

an a obsolescence Well, these viewpoint, from some X- technology HT they George but -- into address right? tech of designs have can accounting it a from gone that X-year [indiscernible] have or life, a production,

I doesn't see of a or Pro every mean Audio X customer X every demand. years, it. speakers do risk the redesign is that or And it's They X years from speaker years year. don't just inventory right? So -- a the we so obsolescence selling

So I write-downs. a think risk we I any big don't -- currently. there's haven't don't taken

question next come from [indiscernible]. Our will

WiSA a call been been X.X it a exciting. off WiSA. Well, saying over X.X conference investor, been that now, and for little for years, as over you the a started retail it's years I've not investor exciting has very

to and dilute My split, dilute. just continues is company and reverse basically in basically company -- worthless this the then now investment

last is fourth a made fourth statements you're your a year sorry, going quarter. third and better and different year. than last last last year-over-year year same that you this be have to -- year had you basically revenue guidance year about You a gave than and statement are this -- different to made that And What's what's different? quarter. What you horrible because third the that's year going you this year better that is

Yes.

the with the suffered Jared. management, clear we've all just been Board, stock. all, the was of employees, WiSA you, let It's first impacts, the industry same me right? painful, there Well, pain So say, on

about slide. perspective, question to directors every lay across entire from right? to down company, into I the tried that no So from out employee, that a one the But

will We had or specific you decent QX COVID a when the it's and just outfitting -- products which look We as build I as us talked the had the consumer 'XX. XXXX. strong But from saw in new away moved in year. the have a about, QX at a but nest going call QX. we consumer, June We last we cave this terrible we or to not the And products, year, or revenue our it. place, and house really and COVID May had

equipment. happening this see TV can exercise you stationary So the in industry, the

Consumer retail started really lockdown a spending to shifted expire. going again to out travel COVID -- as to

-- second and that's the half. think in happened I we what

seems I a have now, different primarily, under that living. to be outfitting But people, that the with the issue think solution stopped we a control cost consumer different -- COVID somewhat. the struggling coming of But it. cave is

so we strong And clearly. you. -- we had QX, a didn't have Thank QX,

you had that you also cost. going reduction have million? you're $X.X to And stated that up What a $X.X million, in makes a

heads. We have trimmed

trim expenses. marketing plan trimming We some expenses. are We trim plan legal to all We to engineering.

So do you're quarter trim? it to Or next trim looking quarters? one plans you is to further just have into just this that

to look in? and expenses expenses look, what realigned We'll So at right? at QX. looking worth in? investing need always in optimize operations. QX we're investing continue are Well, Because our it's try investment, an doesn't to we And what

basically said guys you're cash do pretty also So going based again. to Is you what statement you on correct? that high your so burn still -- have is that to a dilution made another have

to as we occur engaged have partnering. you knows, but to dilution were AQT Well, how with else and work everybody George mentioned strategic that that, on

will that be not just straight doing we we're a So out saying financing.

still not to XXX%, dilute up So a it that's but you're XX% like correct? to end probably again, XX% going probably -- to having

given, You and we've A. given build Jared, working the your we strategic partnership, to do right? plan guidance that's models, a are can we've that but

Okay.

talk partnership. the Let's about

that press on partners why about would with that? that? partner -- X potentially you guys hasn't WiSA. release potential partners out a any And You that with had What update came came there been

there's impossibles, right? We're the have way But process ongoing a occurs update agreement hypotheticals. That's going with week. a couldn't is We until that updates conversations. every can't on works. a the back-and-forth on around no definitive partner, be There's and and we will there around Well, just update -- we Jared. engaged

saying not what that still is ended? it's So you're ongoing, is process

the No, industry, Wi-Fi team it look, very we best we right? achievement has technical a CES map product by not. at road showed We -- in audio the is -- Wi-Fi team believe compelling that

believe We to that substantially markets. into what last was as go goal, what we're And positions I've year, we said that our achieved. it That's us that's larger doing.

not believe you products all And products, want problem why that Brett, to make the That's And why because your invested up. burn reason want to I The in to purchased I buy them. but your company. seems cash in you great continues being down and nobody reason know to they're make. the go guys seeing I'm the is revenue to go continues the I

the continuously up just goes And because I burn go continues to your understand goes that. cash R&D down, get down. and revenue your But it cost, I

One have are keep we it say, revenues but to that you are continued of doing, start using in I that. dilution you're finance don't got I are, to When we you at doing the and basically these company. and basically that think where kick -- the look times, to going you shareholders -- right direction? in like what

don't out is had Jared, sets to revenues of this products growth growth There XXX% -- We to of I new XXXX. get we year. of that coming X disagree, that. in. kick off We've revenue addressed got in expect revenue

employees companies. technology hard really year was functioning Last to a who the for across to year bad a presentation many year year was worked this many, consumer shareholders of CES. bad great a industry, for get Was the bad across electronics at have

I think... So

company, -- done. in it's What invested All the -- that I I worth results It's -- right. I'm like I is to and said, nothing basically now. say is everybody everything trying But this worthless me. am to when say basically I've I appreciate

guys money into anymore. really dilution. and direction concerned I put you And I and that dilution dilution it's the So this, worth my basically not I'm still using anything see hard-earned and of

to for the be you investors why opportunity retail protect avenue? the price explain the please is that. me not question all guys doing you didn't there, at look a to shareholder my split and an explain wanted had get when When I I'm guess to should last do to XXX you and did I and that even you're days and reverse you a trying out to extension you share

in are you what assessment at, not we and we did, know we're we statement, So that's look Well, $X.XX, at your was We the not and the thorough look at, Board, Jared. right, let's that or correct right? looked right? did at of pretty what do what

you $X.XX? do mean What

that So Minimum right? bid risk delisted. We $X, getting It's simple. want address we on to it. did NASDAQ not to had is

it. So we did address

it an go an it, you basically have automatically soon Or tried? wasn't reverse seemed did do is it split at conveyed board, a on may I you there days anything to -- is okay But -- that I'm extension. as XXX the like saying that to looked overnight. you as saying you And did you got mean, option it -- to

want the just that. that I stock know you now, $X.XX, stock look something at if to rationale at behind price right price So because the like our today, is

I the again. $X price stock to going to going before. same that basically low with and going you're at And quarter, look next have you to did be in You're up the to you're guarantee thing come as

So you're thing the doing just over insanity. and just and again, same basically over that's

at everybody look not this certain mean, mean, with, the is anything have do it hurts now. people you're understand that I think to things continuously you than and want in earned same hurts it money I hard why company. your but diluted. people worth invested because involved I other hardly gets stock that I avenues other split the reverse And continuously

pain, have is We considered be reasons is feel right? have question, me. is better That's this company, we it Jared. -- always finance? to to on the merge, and one last the which Everything versus partner, going I the of hired trust AQT, sell I

year month equation. will that until everybody the think that, terminate we to cannot that the operator, I'd how continue we with plays and okay? year, equation And And August work discuss to year, this of worked for I call. we that since like it thank out, plays out So we'll So every last coming.

The has concluded. now attending conference today's for Thank presentation. you

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