Financial Data and Key Metrics Changes - The company finished the June quarter with $12.1 million in cash after fully repaying a $2 million bridge loan [17] - Revenue was down slightly quarter to quarter, primarily due to retail closures, but was mostly offset by initial quantities of new product launches [18] - Operating expenses (OpEx) were reduced from a run-rate of $2.9 million in Q4 to $2 million in Q2, reflecting actions taken to decrease costs [18] Business Line Data and Key Metrics Changes - The company reported that 45% of revenue in Q2 came from new projects, indicating a strong focus on initial production runs and prototypes [8] - Speaker system projects increased threefold, with expectations of having over 20 projects by Q4, covering various territories and price points [11] Market Data and Key Metrics Changes - The company expanded its display membership with SKYWORTH, the largest Chinese TV manufacturer, and anticipates multiple product announcements in the near future [10] - The company expects to have 5 to 7 TV brands supporting WiSA in 2021, indicating growth in market presence [10] Company Strategy and Development Direction - The company aims to build an ecosystem around its technology, focusing on interoperability standards for wireless audio in smart devices and TVs [6] - A new HDMI hub, SoundSend, is set to go into production next month, which will facilitate connections between TVs and WiSA-certified speakers [12] - The company is shifting towards more aggressive marketing strategies now that it has reached critical mass in retail [13] Management's Comments on Operating Environment and Future Outlook - Management noted that while demand for speakers was slow during the COVID-19 pandemic, stronger brand customers were able to ramp up direct-to-consumer digital marketing by the end of Q2 [9] - The company expects to see continued growth in consumer visits to the WiSA site, estimating around 100,000 visitors in Q3, which indicates strong consumer interest [16] Other Important Information - The company regained compliance with NASDAQ listing requirements regarding minimum shareholder equity and share price [17] - A new board member, Sri Peruvemba, was added, bringing extensive contacts in the display industry [17] Q&A Session Summary - The call concluded without specific questions being recorded, indicating a focus on the management's prepared remarks rather than an interactive Q&A session [20][21]
WiSA Technologies(WISA) - 2020 Q2 - Earnings Call Transcript