Datavault AI Inc. 已提交 10-Q 季度報告，截至 2026 年 3 月 31 日止季度

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

or

oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________to _______________.
Commission File Number: 001-38608
Datavault AI Inc.
(Exact name of registrant as specified in its charter)

Delaware30-1135279
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

One Commerce Square
2005 Market Street, Suite 2400
Philadelphia, PA 19103
(Address of principal executive offices) (Zip Code)
(408) 627-4716
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, par value $0.0001 per shareDVLTThe Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filero
Accelerated filer o

Non-accelerated filer 
x
Smaller reporting company x

Emerging growth company o

If an emerging growth company, indicate by check-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. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
The number of shares of the registrant’s common stock outstanding as of May 11, 2026 is 855,561,995.

Table of Contents

DATAVAULT AI INC. and Subsidiaries
QUARTERLY REPORT ON FORM 10-Q
For the quarter ended March 31, 2026

Page 
Number

PART I: FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

Condensed Consolidated Balance Sheets
3

Condensed Consolidated Statements of Operations
4

Condensed Consolidated Statements of Stockholders’ Equity
5

Condensed Consolidated Statements of Cash Flows
6

Notes to Condensed Consolidated Financial Statements
7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
43

Item 3. Quantitative and Qualitative Disclosures About Market Risk
45

Item 4. Controls and Procedures
45

PART II. OTHER INFORMATION

Item 1. Legal Proceedings
47

Item 1A. Risk Factors
47

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
47

Item 3. Defaults Upon Senior Securities
47

Item 4. Mine Safety Disclosures
47

Item 5. Other Information
47

Item 6. Exhibits
48

SIGNATURES
50

2

Table of Contents

PART I: FINANCIAL INFORMATION

Item 1. Financial Statements

DATAVAULT AI INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)

March 31, 2026December 31, 2025
(unaudited)(1)
Assets
Current Assets:
Cash and cash equivalents$2,205 $2,004 
Accounts receivable1,066 888 
Related party receivable29,500 30,000 
Unbilled accounts receivable1,304 1,705 
Inventories717 636 
Note receivable500 — 
Crypto assets57,111 92,222 
Deferred offering costs745 5,500 
Prepaid software license, current8,368 7,759 
Prepaid expenses and other current assets4,752 2,159 
Total current assets106,268 142,873 
Property and equipment, net1,199 606 
Intangible assets102,618 94,816 
Goodwill27,285 19,135 
Prepaid software license, noncurrent6,058 6,956 
Investments in non-marketable securities1,766 4,300 
Deposit for business combination— 1,000 
Other assets4,919 5,018 
Total assets$250,113 $274,704 

Liabilities, Convertible Redeemable Preferred Stock and Stockholders’ Equity
Current Liabilities:
Accounts payable$7,051 $10,832 
Accrued liabilities12,053 11,002 
Due to related party760 98 
Short-term convertible note payable, related party— 3,936 
Short-term promissory notes3,160 1,013 
Total current liabilities23,024 26,881 
Convertible notes3,380 5,917 
Warrant liabilities9 9 
Other liabilities3,672 3,923 
Total liabilities30,085 36,730 

Common stock, par value $0.0001; 2,000,000,000 shares authorized; 617,813,176 and 573,438,153 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively
63 59 
Additional paid-in capital650,541 615,360 
Accumulated deficit(430,576)(377,445)
Total stockholders’ equity220,028 237,974 
Total liabilities and stockholders’ equity$250,113 $274,704 

________________________________________________
(1)The condensed consolidated balance sheet as of December 31, 2025 was derived from the audited consolidated balance sheet as of that date.
The accompanying notes are an integral part of these condensed consolidated financial statements
3

Table of Contents

DATAVAULT AI INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the three months ended March 31, 2026 and 2025
(in thousands, except share and per share data)
(unaudited)

Three Months Ended March 31,
20262025
Live event production revenue2,499 — 
Consumer audio products, components, and other revenue, net917 629 
Total net revenue3,416 629 

Cost of revenue, live events2,795 — 
Cost of revenue, consumer audio products, components, and other510 560 
Total cost of net revenue3,305 560 
Gross profit111 69 

Operating Expenses:
Research and development5,729 2,361 
Sales and marketing6,636 1,495 
General and administrative18,696 5,644 
Total operating expenses31,061 9,500 
Income (loss) from operations(30,950)(9,431)

Interest expense, net(1,121)(120)
Change in fair value of warrant liabilities— 17 
Extinguishment of debt(1,725)— 
Impairment of investment in nonmarketable security(2,534)— 
Other expense, net(16,801)(29)
Loss before provision for income taxes(53,131)(9,563)
Provision for income taxes— — 
Net loss attributable to common stockholders$(53,131)$(9,563)
Net loss per common share - basic and diluted$(0.09)$(0.18)
Weighted average number of common shares used in computing net loss per common share574,220,923 53,681,828 

The accompanying notes are an integral part of these condensed consolidated financial statements.
4

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DATAVAULT AI INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the three months ended March 31, 2026 and 2025
(in thousands, except share and per share data)
(unaudited)

Common SharesAdditional
Paid-in CapitalAccumulated
DeficitTotal
Stockholders’
Equity
SharesAmount
Balance as of December 31, 2025573,438,153$59 $615,360 $(377,445)$237,974 
Stock-based compensation211,131— 5,234 5,234 
Equity issuance costs—— (250)(250)
Issuance of common stock for intangible asset acquisition7,500,0001 5,400 5,401 
Issuance of common stock in connection with ATM offering, net of fees36,663,8923 24,797 24,800 
Net loss—— — (53,131)(53,131)
Balance as of March 31, 2026617,813,176$63 $650,541 $(430,576)$220,028 

Common SharesAdditional
Paid-in CapitalAccumulated
DeficitTotal
Stockholders’
Equity
SharesAmount
Balance as of December 31, 202452,034,060$5 $384,172 $(298,451)$85,726 
Stock-based compensation5,986,893— 648 — 648 
Issuance of common stock in connection with the February Offering4,757,1261 4,859 — 4,860 
Issuance of common stock in connection with warrant exercise3,246,111— — — - 
Conversion of liability warrants to equity warrants—— 15 — 15 
Net loss—— — (9,563)(9,563)
Balance as of March 31, 202566,024,1906 389,694 (308,014)81,686 

The accompanying notes are an integral part of these condensed consolidated financial statements.
5

Table of Contents

DATAVAULT AI INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three months ended March 31, 2026 and 2025
(in thousands)
(unaudited)

Three Months Ended March 31,
20262025
Cash flows from operating activities:
Net loss$(53,131)$(9,563)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation5,234 648 
Depreciation and amortization3,161 2,321 
Amortization of debt discounts and paid-in-kind interest902 120 
Fair value of equity warrants in interest expense— (17)
Change in fair value of crypto currency16,133 — 
Loss on sale of bitcoin822 — 
Debt extinguishment1,725 — 
Impairment of nonmarketable security2,534 — 
Changes in operating assets and liabilities:
Accounts receivable220 69 
Related party receivable500 — 
Unbilled accounts receivable401 — 
Inventories(81)276 
Prepaid expenses and other current assets(2,554)359 
Prepaid software289 — 
Other assets99 54 
Accounts payable(4,339)(291)
Due to related party18,818 — 
Accrued liabilities780 30 
Other liabilities(240)(30)
Net cash used in operating activities(8,727)(6,024)
Cash flows from investing activities:
Issuance of note receivable(500)— 
Deposit for business combination— (1,000)
Cash paid for acquisition of API Media, net(12,949)— 
Purchases of property and equipment(264)(52)
Disposals of property and equipment(171)— 
Net cash used in investing activities(13,884)(1,052)
Cash flows from financing activities:
Repayments on notes payable(6,963)(406)
Proceeds form issuing shares through an At-The-Market (ATM) program29,985 4,945 
Equity issuance costs(210)— 
Repurchase of common stock warrants— (622)
Net cash provided by financing activities22,812 3,917 

Net increase (decrease) in cash and cash equivalents201 (3,159)
Cash and cash equivalents as of beginning of period 2,004 3,330 
Cash and cash equivalents as of end of period$2,205 $171 

Noncash Investing and Financing Activities:
Capitalized acquisition costs— 117 
Unpaid financing issuances costs— 86 
Unpaid deferred offering costs469 117 
Settlement of Related Party Payable with Bitcoin18,156 — 
Intangible assets acquired with issuance of common stock5,400 — 
ATM Non cash offering costs5,812 — 
Reclass liability warrant to equity— 15 

The accompanying notes are an integral part of these condensed consolidated financial statements.
6

Table of Contents
DATAVAULT AI INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the Three and Three Months Ended March 31, 2026 and 2025
(unaudited)

 

1.    Business and Summary of Significant Accounting Policies
Datavault AI Inc., formerly known as WiSA Technologies, Inc., and before then Summit Wireless Technologies, Inc. (together with its subsidiaries also referred to herein as “we”, “us”, “our”, “Datavault”, “Datavault AI” or the “Company”), was originally formed as a limited liability company in Delaware on July 23, 2010. The Company’s business is to deliver the best-in-class data management and monetization, as well as using wireless audio to transmit data and audio for consumer use. Datavault stands at the forefront of innovation, delivering cutting-edge Web 3.0 data management and high-performance computing solutions to a global audience.
On May 20, 2025, the Company completed its previously announced asset purchase of technology assets, customer contracts, trademarks, and other intellectual property (collectively, the “CSI Acquired Assets”) from CompuSystems, Inc. (“CSI”). CSI is a provider of registration, data analytics, and lead management services for live events, offering customer support to clients in the trade, association, corporate, and government event markets. Only the results of operations attributable to the CSI Acquired Assets acquired from CompuSystems, Inc. are included in the Company’s unaudited condensed consolidated financial statements from May 20, 2025, onward. Following the acquisition, the Company began operating the CSI Acquired Assets under the brand name “Event Citadel."
On January 22, 2026, the Company completed its previously announced acquisition of all of the outstanding shares of API Media Innovations Inc. (“API Media”). API Media is a technology provider specializing in on-site media capture, data collection, and digital engagement services for live outdoor events, including sporting events and large-scale experiential activations. The results of operations of API Media are included in the Company’s unaudited condensed consolidated financial statements from January 22, 2026, onward. Accordingly, the results of operations of API Media are included in the Company’s unaudited condensed consolidated financial statements for the three months ended March 31, 2026.
Nasdaq Compliance
On February 24, 2026, the Company received a letter from The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it was not in compliance with Nasdaq Listing Rule 5550(a)(2), which requires listed securities to maintain a minimum bid price of $1.00 per share (the “Minimum Bid Price Requirement”), because the closing bid price of the Company’s common stock had remained below $1.00 per share for 30 consecutive business days.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been granted an initial compliance period of 180 calendar days, or until August 24, 2026, to regain compliance with the Minimum Bid Price Requirement. If at any time during the compliance period the closing bid price of the Company’s common stock is at least $1.00 per share for a minimum of ten consecutive business days, Nasdaq will provide written confirmation that the Company has regained compliance.
If the Company does not regain compliance by August 24, 2026, the Company may be eligible for an additional 180-calendar day compliance period, provided it satisfies all other continued listing requirements for the Nasdaq Capital Market, other than the Minimum Bid Price Requirement, and provides written notice to Nasdaq of its intention to regain compliance, including, if necessary, by effecting a reverse stock split.
If the Company does not regain compliance within the applicable compliance period(s), including any extensions that may be granted by Nasdaq, Nasdaq would provide notice that the Company’s common stock would be subject to delisting from the Nasdaq Capital Market.
Previously, on May 6, 2025, the Company received notice from Nasdaq that it was not in compliance with the Minimum Bid Price Requirement. The Company subsequently regained compliance on October 10, 2025 after the closing bid price of the Company’s common stock remained at or above $1.00 per share for ten consecutive business days, and Nasdaq confirmed the matter had been closed.
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Table of Contents
DATAVAULT AI INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the Three and Three Months Ended March 31, 2026 and 2025
(unaudited)

Basis of Presentation
The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. The condensed consolidated financial statements reflect the accounts of Datavault AI Inc. and its wholly-owned subsidiaries, WISA Technologies Korea, LTD, a Korean limited company, which was established in September 2022, and WiSA, LLC, a Delaware limited liability company. All intercompany balances and transactions are eliminated.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Concentration of Credit Risk and Other Risks and Uncertainties
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. Cash and cash equivalents are deposited in demand and money market accounts at one financial institution. At times, such deposits may be in excess of insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents.
The Company’s accounts receivable are derived from revenue earned from customers located throughout the world. The Company performs credit evaluations of its customers’ financial condition and may, in certain circumstances, require full or partial payment in advance of shipping. As of March 31, 2026 and December 31, 2025, there was no allowance for credit losses. As of March 31, 2026, the Company had two customers accounting for 65% and 31% of accounts receivable. As of December 31, 2025, the Company had two customers accounting for 65% and 32% of accounts receivable.
The Company had two customers accounting for 14% and 11% of its net revenue for the three months ended March 31, 2026. The Company had three customers accounting for 29%, 25% and 18% of its net revenue for the three months ended March 31, 2025.
The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, rapid technological change, continued acceptance of the Company’s products, competition from substitute products and larger companies, protection of proprietary technology, strategic relationships and dependence on key individuals.
The Company relies on sole-source suppliers to manufacture some of the components used in its product. The Company’s manufacturers and suppliers may encounter problems during manufacturing due to a variety of reasons, any of which could delay or impede their ability to meet demand. The Company is heavily dependent on a single contractor in China for assembly and testing of its products, a single contractor in Japan for the production of its transmit semiconductor chips and a single contractor in China for the production of its receive semiconductor chips.
The Company also generates revenue through the licensing of its proprietary intellectual property and through the provision of live event and media-related services. Revenue derived from intellectual property licensing arrangements may be concentrated among a limited number of counterparties and is subject to risks including the licensee’s ability to commercialize the underlying technology, maintain sufficient funding, and comply with contractual payment terms. Additionally, certain licensing arrangements may include variable consideration or milestone-based payments, which could impact the timing and amount of revenue recognized.
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Table of Contents
DATAVAULT AI INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the Three and Three Months Ended March 31, 2026 and 2025
(unaudited)

Revenue from the Company’s live event and media services business is dependent on the successful execution of events, customer demand, and the continuation of relationships with key customers and partners. This line of business may be subject to seasonality, event timing, and external factors such as economic conditions, venue availability, and potential disruptions to scheduled events. The Company may also rely on a limited number of significant customers, which could result in revenue concentration and variability in operating results from period to period.
Cash and Cash Equivalents
The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents.
Accounts Receivable and Allowance for Credit Losses
Accounts receivable are recorded at the invoice amount and are generally not interest bearing. The Company reviews its trade receivables aging to identify specific customers with known disputes or collection issues. The Company exercises judgment when determining the adequacy of these reserves as it evaluates historical bad debt trends and changes to customers’ financial conditions. No allowance for credit losses was deemed necessary as of March 31, 2026 or December 31, 2025.
Fair Value of Financial Instruments
Carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable and accrued liabilities approximate fair value due to their relatively short maturities. The carrying value of the Company’s borrowings and capital lease liabilities approximates fair value based upon borrowing rates currently available to the Company for loans and capital leases with similar terms. The Company’s Crypto assets, NYIAX Investment, Convertible note payable and Warrant liability, are the only financial instruments that are adjusted to fair value on a recurring basis.
Inventories
Inventories, principally purchased components, are stated at the lower of cost or net realizable value. Cost is determined using an average cost, which approximates actual cost on a first-in, first-out basis. Inventory in excess of salable amounts and inventory which is considered obsolete based upon changes in existing technology is written off. At the point of loss recognition, a new lower cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in the new cost basis.
Deferred Offering Costs
Deferred offering costs, consisting of legal, accounting and filing fees relating to public offerings, are capitalized. The deferred offering costs will be offset against public offering proceeds upon the effectiveness of an offering. The offering costs for the July ATM were offset with proceeds on a pro-rata basis. In the event that an offering is terminated, deferred offering costs will be expensed. As of March 31, 2026 and December 31, 2025, the Company had capitalized $0.7 million and $5.5 million deferred offering costs, respectively.
Goodwill and Intangible Assets
The Company's intangible assets include goodwill and other intangible assets. Goodwill is recorded when the purchase price paid for an acquisition exceeds the estimated fair value of the net identified tangible and intangible assets acquired. Other intangible assets include trademarks and trade names, patents and customer-related intangibles. Indefinite-lived intangible assets consist of goodwill. All other intangible assets are definite-lived intangible assets and are amortized over their respective estimated lives, ranging from 3 to 10 years.

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Table of Contents
DATAVAULT AI INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the Three and Three Months Ended March 31, 2026 and 2025
(unaudited)

The Company is required to perform an impairment review of indefinite-lived intangible assets, including goodwill annually, and more frequently under certain circumstances. Indefinite-lived intangible assets are subjected to this annual impairment test during the fourth quarter of the Company's fiscal year. The Company's impairment evaluation consists of a qualitative impairment assessment in which management evaluates whether it is more likely than not that the indefinite-lived intangible assets are impaired. If it is determined that it is more likely than not, the Company performs a quantitative impairment test, which compares the fair value of the reporting unit or indefinite-lived intangible asset to its carrying value. If the Company determines through the impairment process that the indefinite-lived intangible asset has been impaired, the Company will record the impairment charge in its results of operation. Through March 31, 2026, the Company has never recorded a goodwill impairment charge. In the event that facts and circumstances indicate definite-lived intangible assets may be impaired, the Company evaluates the recoverability and estimated useful lives of such assets. If such indicators are present, recoverability is evaluated based on whether the sum of the estimated undiscounted cash flows attributable to the asset (group) in question is less than their carrying value. If less, the Company measures the fair value of the asset (group) and recognizes an impairment loss if the carrying amount of the assets exceeds their respective fair values.
Property and Equipment, Net
Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation of property and equipment is computed using the straight-line method over their estimated useful lives of two to five years. Leasehold improvements and assets acquired under capital lease are amortized on a straight-line basis over the shorter of the useful life or term of the lease. Upon retirement or sale, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations. Maintenance and repairs are charged to operations as incurred.
Convertible Financial Instruments
The Company bifurcates conversion options and warrants from their host instruments and accounts for them as freestanding derivative financial instruments if certain criteria are met. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. An exception to this rule is when the host instrument is deemed to be conventional, as that term is described under applicable U.S. GAAP.
When the Company has determined that the embed