Datavault AI Inc (DVLT) 2024 Q1 法說會逐字稿

Good day, and welcome to the WiSA Technologies' first-quarter 2024 results conference call. (Operator Instructions)

美好的一天，歡迎參加 WiSA Technologies 2024 年第一季業績電話會議。（操作員說明）

This event is being recorded. I would now like to turn the conference over to Mr. David Barnard. Please go ahead, sir.

該事件正在被記錄。我現在想把會議交給大衛·巴納德先生。請繼續，先生。

Greetings, and welcome to WiSA Technologies' conference call to review its first-quarter 2024 results and provide a business update.

大家好，歡迎參加 WiSA Technologies 的電話會議，回顧其 2024 年第一季業績並提供業務更新。

(Event Instructions)

（活動須知）

As a reminder, the conference is being recorded. With us today is Brett Moyer, CEO and President.

提醒一下，會議正在錄製中。今天與我們在一起的是執行長兼總裁布雷特·莫耶 (Brett Moyer)。

Before turning the call over to Brett, I'd like to remind everyone that today's conference call will include forward-looking speakers, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Any such forward-looking statements should be considered in conjunction with the cautionary statements in our earnings release and risk factors discussed in our filings with the SEC. WiSA assumes no obligation to update any of these forward-looking statements, except as required by law.

在將電話轉交給布雷特之前，我想提醒大家，今天的電話會議將包括前瞻性發言者，他們面臨各種風險和不確定性，可能導致我們的實際結果與這些陳述有重大差異。任何此類前瞻性陳述應與我們的收益發布中的警示性陳述以及我們向 SEC 提交的文件中討論的風險因素結合起來考慮。WiSA 不承擔更新任何這些前瞻性聲明的義務，除非法律要求。

With that, I'll turn the call over to Brett. Please go ahead.

這樣，我會將電話轉給布雷特。請繼續。

Thank you, David, and good morning, ladies and gentlemen. Thank you for joining us on WiSA Technologies' Q1 investor update.

謝謝大衛，女士們先生們早安。感謝您接受 WiSA Technologies 第一季投資者更新。

Today, we'll go over a quick overview of WiSA for any new investors or listeners. We'll cover WiSA E's competitive advantage and how we architected it and we're going to market. We'll discuss licensing deals and financial highlights. And finally, we'll talk a little bit about the shareholder vote on May 31, designed to encourage everybody to get out and vote.

今天，我們將為新投資者或聽眾簡要概述 WiSA。我們將介紹 WiSA E 的競爭優勢以及我們如何建立它以及我們將如何推向市場。我們將討論許可交易和財務亮點。最後，我們將談談 5 月 31 日的股東投票，旨在鼓勵每個人都出去投票。

For the highlights, when we launched WiSA E late last year and started licensing it in Q4, we think that's a major inflection point for the company that'll start demonstrating itself in revenue in the second half of this year and for the industry, because as we'll talk about later in this presentation, it's a very powerful platform, this software that we've developed for transmission.

重點來說，當我們在去年年底推出WiSA E 並在第四季度開始獲得許可時，我們認為這對該公司和整個行業來說是一個重大轉折點，該公司將在今年下半年開始在收入中展示自己的實力，因為正如我們稍後將在本演示中討論的那樣，它是一個非常強大的平台，我們為傳輸而開發的軟體。

And in October, we announced we would start licensing it to TV and set-top box companies for the transmission piece of it, not the piece in the speaker. And to date, in the first six months, we've signed five licenses, which we think is a terrific start to a new technology.

十月份，我們宣布將開始向電視和機上盒公司授權其傳輸部分，而不是揚聲器中的部分。到目前為止，在前六個月內，我們已經簽署了五個許可證，我們認為這是新技術的一個極好的開始。

We continue to have a strong portfolio of patents in the wireless space for multi-channel, high-resolution audio, and uniquely to us, we have the WiSA association, referred to as WiSA LLC, which is designed to make sure there's interoperability between products that have the source of content with a WiSA E transmitter and that have a WiSA E receiver.

我們在無線領域繼續擁有強大的多通道、高解析度音訊專利組合，並且我們擁有獨一無二的 WiSA 協會，簡稱 WiSA LLC，旨在確保產品之間的互通性具有WiSA E 發射器的內容源和WiSA E 接收器。

And that organization works with both sides of the fence for interoperability testing, works with retailers to make sure they understand what WiSA E does, and with -- makes sure the branding's properly displayed so that consumers know which products work with which. This is modeled after how HDMI started and went to market, and we're continuing to build that out.

該組織與雙方合作進行互通性測試，與零售商合作以確保他們了解 WiSA E 的用途，並確保品牌正確展示，以便消費者知道哪些產品可與哪些產品配合使用。這是以 HDMI 的啟動和上市方式為藍本的，我們將繼續對其進行開發。

And finally, fortunately for us, while this is a powerful, innovative new technology, WiSA E, we have the great advantage of launching it into a premier customer base, and we'll go through a few of those today. But we've been selling the highest performance wireless multi-channel audio for 11 years, and that customer base is very supportive of us, albeit they understand that we had a very expensive solution that we've now addressed.

最後，對我們來說幸運的是，雖然 WiSA E 是一項強大的創新技術，但我們擁有將其推向首要客戶群的巨大優勢，今天我們將介紹其中的一些技術。但 11 年來，我們一直在銷售最高性能的無線多通道音頻，並且客戶群非常支持我們，儘管他們知道我們現在已經解決了一個非常昂貴的解決方案。

All right. So what's immersive audio, spatial audio? You think about what the innovation that's going on in video recording and mixing and the audio industry. We're all trying to create that environment, whether it's a bedroom, a family room, a patio, a garage, but create that environment so that the audio sounds like you would experience it if you were there, in the concert, in the symphony, at the NFL game, in the movie theater.

好的。那什麼是沉浸式音訊、空間音訊？您想一下視訊錄製和混音以及音訊行業正在發生的創新。我們都在努力創造這樣的環境，無論是臥室、家庭活動室、庭院、車庫，但要創造這樣的環境，讓音訊聽起來就像你在場、在音樂會、在現場一樣。電影院。

That's what spatial audio or immersive audio is trying to do, create that three-dimensional audio for the consumer. And this picture in the shaded green is demonstrating what they're trying to get to. So Dolby has Atmos, which is their immersive technology. Google has IAMF, which is their solution, and Xperia has DTS X. All of them are trying to make it easy for you to understand and hear all the audio that occurs when you're at that event or at that movie theater or in the NFL stadium. Above you, behind you, on the side of you.

這就是空間音訊或沉浸式音訊正在嘗試做的事情，為消費者創建三維音訊。這張綠色陰影的圖片展示了他們想要達到的目標。所以杜比有Atmos，這是他們的沉浸式技術。Google 有 IAMF，這是他們的解決方案，Xperia 有 DTS X。在你上方、在你身後、在你身邊。

When you go wireless and not make those speakers wired, then it becomes easy for the consumer to set up and enjoy that immersive audio. And that's where we come in. We're not the publishers. We're not YouTube creating content or Hollywood. We're not the Wi-Fi network. And we're not one of the technology companies that have the decoders, audio decoders, for immersive audio.

當您採用無線技術而不是透過有線方式連接這些揚聲器時，消費者就可以輕鬆設定並享受身臨其境的音訊。這就是我們的切入點。我們不是出版商。我們不是 YouTube 創作內容，也不是好萊塢。我們不是 Wi-Fi 網路。我們不是擁有沉浸式音訊解碼器、音訊解碼器的科技公司之一。

What we are is, we believe, the best solution to get that audio from the source device, whether it's a TV, phone, projector, set-top box, to the audio devices in that room flawlessly, with the best sync, the tightest latency, and the most reliable signal. So we are the transport.

我們相信，我們是最好的解決方案，可以將音訊從來源設備（無論是電視、電話、投影機、機上盒）完美地傳輸到房間內的音訊設備，並具有最佳同步、最緊密的性能延遲和最可靠的訊號。所以我們是交通工具。

Second, we are the association that makes sure that consumers know what products work with who, and manufacturers build products that work with each other. I mentioned earlier, we have a strong customer base that have used us over the last 10 years. This is a summary of some of the bigger ones. But it's important when you're launching a new technology to not be a new company with a new technology. We're a well-established company with a killer new technology, which we'll talk more about.

其次，我們是一個協會，確保消費者知道哪些產品適合誰，並且製造商製造出可以彼此使用的產品。我之前提到過，我們擁有強大的客戶群，在過去 10 年裡一直使用我們的產品。這是一些較大的總結。但重要的是，當你推出一項新技術時，不要成為一家擁有新技術的新公司。我們是一家成熟的公司，擁有殺手級新技術，我們將詳細討論這一點。

All right. So the power of WiSA E. So if you would have heard a lot about home theater 5 years ago, 10 years ago, that's really not the focus. The focus is to get that immersive audio in any platform, or any room, or any area in your house that you want to enjoy audio at and get it from any source.

好的。所以，如果您在 5 年前、10 年前聽說過很多有關家庭劇院的內容，那麼這確實不是重點。重點是在您想要享受音頻的任何平台、任何房間或家中的任何區域獲得身臨其境的音頻，並從任何來源獲取音頻。

So when you look at the sources that we had at CES, you had two TV companies playing WiSA E. You had two set-top boxes playing WiSA E in our suite, and a third set-top box in a private suite. You had a Google phone. You had a Samsung tablet. All of these sources were able to play WiSA E from them to the same speakers in the room.

因此，當您查看我們在 CES 上獲得的資源時，您會發現有兩家電視公司正在播放 WiSA E。你有一部谷歌手機。您有一台三星平板電腦。所有這些訊號源都能夠透過房間內的相同揚聲器播放 WiSA E。

And we think that's important. You don't want to have Bluetooth -- like with Bluetooth, fine. That will work with any Bluetooth, but it won't work with other stuff. We want any Wi-Fi-enabled device to be able to play with the same speakers in that room, regardless of how it is.

我們認為這很重要。你不想有藍牙——就像藍牙一樣，很好。這適用於任何藍牙，但不適用於其他裝置。我們希望任何支援 Wi-Fi 的裝置都能夠使用該房間中的相同揚聲器進行播放，無論情況如何。

So that's what we demonstrated at CES, and that's what -- when you look at what we're trying to do, that's how we're going forward.

這就是我們在 CES 上展示的內容，這就是——當你看到我們正在嘗試做的事情時，這就是我們前進的方向。

Now why do we think WiSA E is so powerful? Well, historically, we have always had the high-performance audio transmission, so we have not given that up. But now, with a software solution, we cross into the world of universality for technology vendors. So we can implement WiSA E across all the major SOCs. We demonstrated it on MediaTek, on an Amlogic, and a Qualcomm SOC at CES.

為什麼我們認為 WiSA E 如此強大？嗯，從歷史上看，我們一直擁有高性能音訊傳輸，所以我們沒有放棄它。但現在，透過軟體解決方案，我們進入了技術供應商的通用世界。因此我們可以在所有主要 SOC 上實施 WiSA E。我們在 CES 上在 MediaTek、Amlogic 和 Qualcomm SOC 上進行了演示。

We can use different operating systems. Currently it's Google, but there's no reason that can't be -- we won't expand in the future into WebOS or the other operating systems. But for now, all resources are going for the Android operating system by Google.

我們可以使用不同的作業系統。目前是 Google，但沒有理由不這樣做——我們將來不會擴展到 WebOS 或其他作業系統。但目前，所有資源都流向了Google的Android作業系統。

Finally, we're agnostic to Wi-Fi. We've shown that software can be loaded onto a Realtek and an expressive chip. One is 2.4, one is 5 gigahertz. We can do it on the other ones. So when the industry looks at us, they know that they have a broad line of TVs with different SOCs in it. A different Wi-Fi chips. The same product, audio products that they design will work with any other TVs regardless of the SOC and the Wi-Fi chip.

最後，我們對 Wi-Fi 不可知。我們已經證明軟體可以載入到 Realtek 和富有表現力的晶片上。一種是 2.4GHz，一種是 5GHz。我們可以對其他的進行同樣的操作。因此，當業界關注我們時，他們知道我們擁有廣泛的電視產品線，其中包含不同的 SOC。不同的 Wi-Fi 晶片。他們設計的相同產品、音訊產品可以與任何其他電視配合使用，無論 SOC 和 Wi-Fi 晶片如何。

So that's powerful to them because they only have to design one set of audio products and they're not constrained going forward on which SOC they choose or which Wi-Fi they choose as they design future generations of TVs.

這對他們來說非常強大，因為他們只需設計一套音訊產品，並且在設計下一代電視時，他們在選擇哪種 SOC 或哪種 Wi-Fi 方面不受限制。

So you've got universality across the components. And you've got -- we're agnostic to device. So for us, again, consumer needs to be able to have it everywhere. The TV, the mobile, the set-top box, the projector. We've shown it working on all those. And we think -- and so we're agnostic to whatever device the consumer wants, we'll roll it out.

因此，您擁有跨組件的通用性。你已經知道了——我們對設備是不可知的。因此，對我們來說，消費者需要能夠在任何地方擁有它。電視、手機、機上盒、投影機。我們已經證明它在所有這些方面都有效。我們認為，無論消費者想要什麼設備，我們都會推出它。

That's all great technical challenges. In our first five months, what we've seen is being able to go in and talk to TV and set-top box companies and say, look, this is not going to change your bill of material costs. That's a game changer. Nobody else can go in and say that and be agnostic to device and cross different SOC platforms. That lets the TV guy, or a set-top box build in the feature for the consumer and only incur the cost if the consumer wants to buy the audio and trigger the use.

這都是巨大的技術挑戰。在我們的前五個月裡，我們看到的是能夠與電視和機上盒公司交談並說，看，這不會改變您的材料成本。這是一個遊戲規則的改變者。沒有其他人可以對設備和跨不同 SOC 平台持不可知論者的態度。這使得電視公司或機上盒可以為消費者內建該功能，並且只有在消費者想要購買音訊並觸發使用時才需要支付費用。

So for example, the last, the fifth license we talked about, there's an activation fee. If the consumer buys the audio speakers, then a royalty is paid back to us. But for the product that isn't attached to audio, there's no bond cost, which is a big factor for TV and set-top box and phone guys.

例如，我們談到的最後一個許可證，即第五個許可證，需要支付啟用費。如果消費者購買音訊揚聲器，則會向我們支付版稅。但對於不附加音訊的產品，沒有保證金成本，這對電視、機上盒和電話製造商來說是一個重要因素。

And finally, not unique to us, but to our strategy, but it has to work in all products, whether it's smartphones, smart speakers, sound bars, subwoofers, that is fundamental. So when we did that press release on universality, that's what we're talking about. We're not giving up our audio performance, but however you want to architect your product, whatever product you want to architect on, we're going to deliver the software to run it, and we're going to make sure that your bomb isn't burdened with costs unless the consumer is using the audio around it.

最後，這不是我們獨有的，而是我們的策略所獨有的，但它必須適用於所有產品，無論是智慧型手機、智慧揚聲器、條形音箱、低音炮，這根本是根本。因此，當我們發布有關普遍性的新聞稿時，這就是我們正在談論的內容。我們不會放棄我們的音訊效能，但是無論您想要建立您的產品，無論您想要建立什麼產品，我們都將提供運行它的軟體，並且我們將確保您的炸彈除非消費者使用周圍的音頻，否則不會承擔成本負擔。

All right. So in those five licenses that are signed, the new information on this slide is there is at least one TV, one set-top box, and one projector in those five licenses. So we've already penetrated three of the market segments, in some case, more than once. And we have guidance later in this presentation that we expect to get at least three more this year to end the year with eight licenses. But all these licenses are with multinational companies.

好的。因此，在簽署的這五個許可證中，這張投影片上的新資訊是，這五個許可證中至少有一台電視、一台機上盒和一台投影機。因此，我們已經滲透了三個細分市場，在某些情況下，甚至不只一次。我們在本簡報的後面部分給出了指導，我們預計今年將至少再獲得三個許可證，以在年底獲得八個許可證。但所有這些許可證都是由跨國公司頒發的。

So we've got a great strategy on technology. We've got some licenses going. What's the strategy to go to market and make revenue? All right. So we see the TV as the beachhead and the license to them, start getting speakers around it. But as we demonstrated at CES, it's a quick port into set-top box or phones or tablets. All right.

所以我們有一個很好的技術戰略。我們已經獲得了一些許可證。進入市場並賺取收入的策略是什麼？好的。因此，我們將電視視為灘頭堡和許可證，開始在電視周圍安裝揚聲器。但正如我們在 CES 上演示的那樣，它可以快速移植到機上盒、手機或平板電腦中。好的。

So we're going to start with the TV, but we've already moved on into some of the other sectors. Now, once the license is in a source device, what's our royalty stream or what's our revenue stream? It's multifaceted. It can be royalties upon activation or a straight license. Any audio product connecting to it will receive a module from us, an RX module with WiSA E on it. So we can make that revenue.

所以我們將從電視開始，但我們已經進入了其他一些領域。現在，一旦許可證進入來源設備，我們的版稅流或收入流是什麼？它是多方面的。它可以是啟動時的版稅或直接許可證。任何連接到它的音訊產品都會收到我們提供的一個模組，一個帶有 WiSA E 的 RX 模組。這樣我們就可以賺取收入。

Any customization is engineering services fees, and there will be the capability to have annual support contracts. So there's multiple ways to make revenue off of licensing into the TVs and other source devices in addition to selling the RX modules that go into the speakers and sound bars.

任何客製化都是工程服務費，並且有能力簽訂年度支援合約。因此，除了銷售揚聲器和條形音箱中的 RX 模組之外，還有多種方法可以透過電視和其他來源設備的許可來獲取收入。

So the consumer sees is none of the stuff we just talked about. What the consumer sees is a TV, but that TV, if it has WiSA E on it, gives them a lot of flexibility based on their budget, their use case, the size of the room, and the functionality that the TV implemented. So if they want to just do a subwoofer, because TVs really have no base, okay, that's a quick step. If they want a couple rear speakers or front speakers to open up the sound field, you can still do that. All of these architectures can be done from WiSA E if the consumer wants to do it and if the TV supports it.

所以消費者看到的不是我們剛才談到的東西。消費者看到的是電視，但電視如果配備 WiSA E，就會根據他們的預算、用例、房間大小以及電視實現的功能為他們提供很大的靈活性。因此，如果他們只想做一個低音炮，因為電視確實沒有底座，好吧，這是一個快速的步驟。如果他們想要幾個後置揚聲器或前置揚聲器來打開聲場，您仍然可以這樣做。如果消費者願意且電視支援的話，所有這些架構都可以透過 WiSA E 完成。

So headphones, sure, ultimately there's no reason we shouldn't be able to do that. Combinations of sound bars and Atmos speakers where you have both forward firing and up firing audio to get that dome effect of the audio. That works.

所以耳機，當然，最終我們沒有理由不能做到這一點。條形音箱和全景聲揚聲器的組合，您可以同時擁有向前發射和向上發射的音頻，以獲得音頻的圓頂效果。這樣可行。

From the industry configuration side, we are seeing a tremendous amount of innovation with TVs in audio. I think this is the first time in 20 or 25 years that I can say that. But we even see TVs that are experimenting with prototyping up firing speakers for Atmos in the front of the room, which means what's the consumer going to want? They're going to want rear firing Atmos speakers and subwoofers to complement that great TV.

從行業配置方面來看，我們看到電視在音訊方面有大量的創新。我認為這是 20 或 25 年來我第一次這麼說。但我們甚至看到電視正在嘗試在房間前面為 Atmos 發射揚聲器進行原型設計，這意味著消費者想要什麼？他們需要後置全景聲揚聲器和低音炮來補充那台出色的電視。

So we think from all the technologies we talked about, the consumer has delivered an easy way to expand and enhance their audio experience around their display device, whether it's held in the hand or on the wall with WiSA E.

因此，我們認為，從我們討論的所有技術來看，消費者已經提供了一種簡單的方法來擴展和增強他們的顯示設備的音訊體驗，無論是手持式還是透過 WiSA E 掛在牆上。

All right, we've signed five licenses. We think we're going to sign at least three more this year. What does that mean to you, the investor? No multinational is going to sign a WiSA E license unless they've gone through and done their technical test. So that's the first thing it tells you. So in this case, it tells us point in time today, five licenses, so five multinationals have signed off on WiSA E's performance.

好的，我們已經簽署了五個許可證。我們認為今年我們將至少再簽下三名球員。這對投資者來說意味著什麼？任何跨國公司都不會簽署 WiSA E 許可證，除非他們已經通過並完成了技術測試。這是它告訴你的第一件事。因此，在這種情況下，它告訴我們今天的時間點，有五個許可證，因此有五個跨國公司已經簽署了 WiSA E 的表現。

Then we go to the license negotiation. These are lists of any of the -- some or all of these could show up in that license agreement. A royalty rate, an activation pricing, engineering services, and even speaker module pricing.

然後我們進行許可談判。這些是任何一個的清單——其中一些或全部可能會出現在該授權協議中。版稅率、啟動定價、工程服務，甚至揚聲器模組定價。

From there, the brands will generally start laying out what their roadmap is. Do they do a high-end product? A low-end product? Start with a small or big or medium rollout? All that has to get decided during, between the demo of the technology and the final licensing and beyond. So sometimes, we'll announce a license, and that's the beginning of the process of the brand deciding what to do after they've tested it. Sometimes we'll announce a license as was the case with the fifth license. We've been working with them and designing with them since middle of Q4, I believe.

從那裡開始，品牌通常會開始製定他們的路線圖。他們生產的是高階產品嗎？低端產品？從小型、大型或中型部署開始？所有這些都必須在技術演示和最終許可等過程中決定。因此，有時，我們會宣布許可，這是品牌在測試後決定要做什麼的過程的開始。有時我們會宣布一個許可證，就像第五個許可證的情況一樣。我相信，從第四季度中期開始，我們就一直在與他們合作並與他們一起設計。

But we only got the license finalized in April. But at a minimum, we've gone through another multinational's testing and pass when we say we have a signed license. For those trying to build out a model, you can think about a TV having anywhere from single digit attach rates of audio to 20% or 25%. And if they are attaching audio, minimum is one RX speaker, which would be a subwoofer, but more likely is two to three modules that would be around that TV.

但我們直到四月才拿到了許可證。但至少，當我們說我們擁有簽署的許可證時，我們已經通過了另一家跨國公司的測試並通過了測試。對於那些試圖建立模型的人來說，您可以想像一台電視的音訊附加率從個位數到 20% 或 25%。如果他們要連接音頻，則至少需要一個 RX 揚聲器（即低音炮），但更有可能是電視周圍的兩到三個模組。

Under our financial guidance, so from a '24 perspective, as I mentioned earlier, we do expect revenue in the second half from our licensees. We expect to sign three more licensees this year. And we are actually starting to see this quarter our traditional customer, our audio file customer using WiSA HT start to reorder, which is a good sign. It means their excess inventory from the COVID cycle of buying and bust is now in line, and they're beginning to drop orders on us.

在我們的財務指導下，從 24 年的角度來看，正如我之前提到的，我們確實預計下半年會從我們的被授權人那裡獲得收入。我們預計今年將再簽署三位被授權人。實際上，本季我們開始看到我們的傳統客戶、使用 WiSA HT 的音訊檔案客戶開始重新訂購，這是一個好兆頭。這意味著他們在新冠疫情期間的購買和破產週期中產生的過剩庫存現在已經到位，並且他們開始向我們放棄訂單。

Anybody following the company has seen a series of financings, fundamental to for us in a couple of regards. First of all, that $8 million is on the balance sheet as of today. That will ensure that we have the cash to properly launch WiSA E, right, and roll out the new products.

任何關注該公司的人都已經看到了一系列融資，這在幾個方面對我們來說至關重要。首先，截至今天，這 800 萬美元已在資產負債表上。這將確保我們有足夠的現金來正確推出 WiSA E，並推出新產品。

Second, building up our shareholders' equity through issuing shares strengthens our application to remain in state on the Nasdaq listing. We have met the minimum bid. Now, we just have to comply with net shareholder equity, which we think we've gone a long way towards complying with.

其次，透過發行股票增加股東權益，增強了我們在納斯達克上市的申請。我們已達到最低出價。現在，我們只需要遵守淨股東權益，我們認為我們在遵守淨股東權益方面已經走了很長的路。

And finally, the shareholder meeting. Look, if you don't know how to vote your shares and you're a shareholder of record back in March, you can send an email to info@lionessconsultingllc.com, and the proxy solicitor will look you up and tell you how to vote your shares. It's important we get to 50.1% and have a quorum. So vote yes, vote no, abstain. But vote so we can get to the quorum and do the company's business on your behalf, number one.

最後是股東大會。看，如果您不知道如何投票，並且您是三月份的登記股東，您可以發送電子郵件至 info@lionessconsultingllc.com，代理律師會找到您並告訴您如何投票投票您的股份。重要的是我們要達到 50.1% 並達到法定人數。因此，投下贊成票、反對票、棄權票。但是投票，這樣我們就可以達到法定人數並代表您處理公司的業務，第一。

Proposal Number Two, I think, is misunderstood. We're asking to drop the quorum threshold from 50% to, I believe, 30% or 33%, so that it is easier to execute our business. When you think about most micro-cap stocks or small-cap stocks have a broad base of small shareholders. We are no different, and I am no different than all of you shareholders that look, when you have 1,000 shares and you get the proxy statements, first thing you do is toss it.

我認為第二項提案被誤解了。我認為，我們要求將法定人數門檻從 50% 降低到 30% 或 33%，以便更容易執行我們的業務。當你想到大多數微型股或小型股都有廣泛的小型股東基礎。我們沒有什麼不同，我和你們所有的股東沒有什麼不同，當你擁有 1,000 股並收到委託書時，你所做的第一件事就是扔掉它。

So the reason to drop the quorum threshold is so that we can execute the company's business and not spend as much money trying to get to 50.1%. Every time we adjourn, every time we do new mailers, every time we do new call-downs, new emails, and press, hard copy press, that's a lot of money we've spent over the last six months trying to get stuff approved by the shareholders.

所以降低法定人數門檻的原因是我們可以執行公司的業務，而不是花那麼多錢試圖達到 50.1%。每次我們休會，每次我們製作新的郵件，每次我們進行新的電話呼叫，新的電子郵件，以及新聞，硬拷貝新聞，我們在過去六個月里花了很多錢試圖讓東西獲得批准由股東。

And this is for you. The reverse Proposal One, the boards asked for it, is to support our application with Nasdaq to make sure that we never come back out of compliance with the minimum bid of $1. There's no plan whatsoever to use it right now, but it's to have on the back burner in case we need it.

這是給你的。董事會要求的反向提案一是支持我們向納斯達克提出的申請，以確保我們永遠不會違反 1 美元的最低出價。目前還沒有任何使用它的計劃，但會暫時擱置以備我們需要時使用。

Finally, Proposals Three and Four, these are ones that were issued to the investors. They financed a company during a really tough time between the COVID bust and rolling out YCE and having licenses done, and this is per their contract. So we're asking you to approve those as well.

最後，提案三和四是向投資者發出的。他們在新冠肺炎疫情爆發、推出 YCE 並獲得許可證之間的一段非常艱難的時期為一家公司提供了資金，這是根據他們的合約規定的。因此，我們也請求您批准這些內容。

So from that, I'd like to ask the shareholder to open up the call to questions.

因此，我想請股東開放提問。

(Operator Instructions) Jack Vander Aarde, Maxim Group.

（操作員說明）Jack Vander Aarde，Maxim Group。

Okay, great. Good morning, Brett. Thanks for the update.

好的，太好了。早安，布雷特。感謝更新。

Good morning, Jack.

早上好，傑克。

Thanks for taking the time, and it's encouraging to hear about the WiSA E updates, and it sounds like you're making progress on that continued Nasdaq listing. So I'll get started with some questions. In terms of the five signed WiSA E agreements, and I know you're on track for eight by the end of this year, but it just seems that these existing WiSA E agreements will be transformative. And I just think it's important to note for investors, for the income statement, your revenue scale, your margins, really transformative all around based on what I'm hearing.

感謝您抽出寶貴的時間，聽到 WiSA E 的更新令人鼓舞，而且聽起來您在納斯達克繼續上市方面正在取得進展。那我將開始回答一些問題。就已簽署的五項 WiSA E 協議而言，我知道到今年年底您將有望簽署八項，但這些現有的 WiSA E 協議似乎將具有變革性。我只是認為投資人需要注意的是，根據我所聽到的情況，損益表、收入規模、利潤率都確實具有變革性。

Can you just help us understand maybe realistic expectations in the cadence of the maybe the expected revenue ramp based on these existing agreements in 2024? Just relatively keeping in mind, you just did about under $500,000, I think, of revenue in this recent first quarter. So just juxtapose maybe what these agreements mean for the income statement. Thanks.

您能否幫助我們了解基於 2024 年這些現有協議的預期收入成長節奏中可能的現實預期？請相對記住，我認為您在最近的第一季的收入大約不到 500,000 美元。因此，只需將這些協議對損益表意味著什麼並列起來即可。謝謝。

So, we haven't put that guidance out yet, but what I think I can say is -- and the only reason we're hedging is, look, all of these are off of new projects. So we have start dates, production dates, all that stuff behind some of these license, some of the five licenses. The engineering team is heavily involved with three of the five already. But mass production dates can move around by a month or two. So we said second half.

因此，我們還沒有發布該指導意見，但我想我可以說的是 - 我們對沖的唯一原因是，看，所有這些都脫離了新項目。因此，我們有開始日期、生產日期，以及其中一些許可證（五個許可證中的一些）背後的所有內容。工程團隊已經深入參與了五個專案中的三個專案。但量產日期可能會延後一兩個月。所以我們說下半場。

But we should see a couple go out in Q3 to start at least initial shipments on first production runs, and some more come into Q4.

但我們應該會看到一些產品在第三季開始至少在首次生產中開始出貨，還有更多產品進入第四季。

Okay, great. No, that's very helpful color. I appreciate that. And maybe if I can dig a little bit further. I'm looking at slide, I believe it's 14, where you outline the base license agreement and potential revenue streams that are associated with it, royalty rates, activation pricing, engineering services, and speaker module pricing.

好的，太好了。不，這是非常有用的顏色。我很感激。也許我可以進一步挖掘一下。我正在觀看幻燈片，我相信是 14，其中概述了基本許可協議和與之相關的潛在收入流、版稅率、激活定價、工程服務和揚聲器模組定價。

Which of these licensing revenue streams do you expect to commence or begin in the back half of 2024 from your existing agreements? Do they all kind of turn on at the same time? Or is there variation across your agreements? Just help us understand these revenue streams. Thanks.

您預計哪些授權收入來源將在 2024 年下半年從現有協議中開始？它們會同時打開嗎？或者你們的協議之間是否存在差異？只需幫助我們了解這些收入來源即可。謝謝。

Yeah. Right now, each one's fairly different. But engineering services, we had a small amount of that in Q1 already, and the results we reported out. It should be significantly more in Q2 and Q3 as they prepare to go to market. I think they'll be the first high-volume one that goes to market. So yeah, there is some engineering services that are already in Q1 and should be more in Q2 and Q3 based on the license we have with them.

是的。現在，每個人的情況都相當不同。但是工程服務，我們在第一季已經有了少量的，並且我們報告了結果。當他們準備進入市場時，第二季和第三季的銷售量應該會顯著增加。我認為它們將是第一個進入市場的大批量產品。所以，是的，有一些工程服務已經在第一季提供，根據我們擁有的許可證，第二季和第三季應該會更多。

From a royalty perspective, the royalty is baked into the fifth contract, and that one, likewise, should kick in in late Q3 or early Q4. With the other ones, they do not have a royalty. They have a module price. And so when we pick up revenue from them, it'll be based on their launches.

從特許權使用費的角度來看，特許權使用費被納入第五份合約中，同樣，該合約應該在第三季末或第四季初開始生效。與其他人一樣，他們沒有版稅。他們有模組價格。因此，當我們從他們那裡獲得收入時，將基於他們的發布。

Got it. That's helpful color, Brett. And then, in terms of maybe just the three -- I don't know, what you can say at this point, but I appreciate you did mention the three additional WiSA E agreements or target agreements.

知道了。這是有用的顏色，布雷特。然後，也許就這三個而言——我不知道你現在能說什麼，但我很欣賞你提到了另外三個 WiSA E 協議或目標協議。

Just wondering, just relative to these existing five agreements, similar scale, smaller in maybe royalty, are you still working out the terms of those agreements?

只是想知道，相對於現有的五個協議，規模相似，特許權使用費可能較小，您還在製定這些協議的條款嗎？

Yeah, we're still in the process of working out those terms. They're going to be similar to the ones we have. I would expect them to be primarily in the TV and set-top box market segment.

是的，我們仍在製定這些條款。它們將與我們擁有的相似。我預計它們將主要集中在電視和機上盒市場領域。

Okay. And then, maybe just one more for me, on the balance sheet, you mentioned you strengthened the cash balance. So as of yesterday, it sounds like you had about $8 million of cash. Can we just talk about maybe your expected quarterly OpEx and kind of burn rate for the next couple quarters?

好的。然後，也許對我來說還有一個，在資產負債表上，你提到你加強了現金餘額。截至昨天，聽起來你有大約 800 萬美元的現金。我們可以談談您預計的季度營運支出和未來幾季的燒錢率嗎？

Yeah. So we've talked in the past about the marketing expenses coming down dramatically. I still think we're in that $900,000 a month range until an OpEx. Now, when you look at our revenue, to the extent that we're selling $100,000, $200,000 of WiSA HT, most of that is all cash. So if you're trying to get to a cash flow, we're selling off a lot of inventory around that revenue.

是的。因此，我們過去曾討論過行銷費用大幅下降。我仍然認為在營運支出之前我們的支出仍然處於每月 90 萬美元的範圍內。現在，當你看看我們的收入時，我們銷售 100,000 美元、200,000 美元的 WiSA HT，其中大部分都是現金。因此，如果你想獲得現金流，我們會圍繞該收入出售大量庫存。

Got it. Okay. Makes sense. Well, good. I'm encouraged to see the latest developments here, Brett, and look forward to tracking the story. I'll hop back in the queue. Thanks.

知道了。好的。說得通。嗯，很好。布雷特，我很高興看到這裡的最新進展，並期待著跟踪這個故事。我會跳回到隊列中。謝謝。

Ed Woo, Ascendiant Capital.

艾德·吳，Ascendian Capital。

Yeah. Congratulations on all the progress. I was wondering, is the WiSA E an international launch, or would you be focused mainly on the US market?

是的。祝賀所有的進展。我想知道，WiSA E 是在國際市場上推出的，還是主要關注美國市場？

It's an international launch. There are no -- I mean, there may be ultimately some US licenses. I would expect one or two as we roll this out. But look, all your TV brands, most of your set-top box brands and manufacturers are international.

這是一場國際發布會。沒有——我的意思是，最終可能會有一些美國許可證。當我們推出這個功能時，我預計會出現一兩個。但你看，你所有的電視品牌、大多數機上盒品牌和製造商都是國際化的。

Great. And will that, is your marketing strategy in Europe different than in the US in terms of reaching out to consumers?

偉大的。那麼，在接觸消費者方面，您在歐洲的行銷策略與在美國的行銷策略是否有所不同？

It's a little different in that -- we have very different penetration between the two markets. So the consumers in the US know WiSA certified because of the Platin Audio brands that we sell more than the Europeans. But the Europeans know more brands, because there's quite a few high-end audio brands when you go back to that customer list that have used WiSA HT.

有點不同——我們在兩個市場之間的滲透率非常不同。因此，美國消費者知道 WiSA 認證是因為我們銷售的 Platin Audio 品牌比歐洲消費者多。但歐洲人知道的品牌更多，因為當你回頭看一下客戶名單時，有不少高階音響品牌都使用過WiSA HT。

Great. Well, thanks for answering my questions. I wish you guys good luck.

偉大的。嗯，謝謝你回答我的問題。祝你們好運。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Brett Moyer for any closing remarks. Please go ahead, sir.

我們的問答環節到此結束。我想將會議轉回布雷特·莫耶先生發表閉幕詞。請繼續，先生。

Yeah, so I'd like to thank everybody for joining the call. The team is extremely excited about the progress, both technically and with customers, in terms of licensing and implementing designs. And we look forward to talking to you in another 90 days. And with that, we'll end the call.

是的，我要感謝大家加入這次電話會議。該團隊對技術和客戶在許可和實施設計方面取得的進展感到非常興奮。我們期待在下一個 90 天內與您交談。這樣，我們就結束通話了。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。