Summit Wireless Technologies Posts
181% Q1 2021 Revenue Increase and Guides for 250+% Q2 2021
Revenue Increase, Year-over-Year
Respectively
SAN JOSE, Calif., May 12, 2021 --
InvestorsHub NewsWire - Summit Wireless Technologies,
Inc. (NASDAQ: WISA), a leading provider of immersive,
wireless sound technology for intelligent devices and
next-generation home entertainment
systems, provided an update for the first quarter ended March 31,
2021.
Q1 2021 Financial
Highlights:
- Revenue increased 181% to $1.2
million, compared to $0.4 million in the first quarter of
2020.
- Gross margin expanded to 25.6%,
compared to 23.9% in the fourth quarter of 2020 and 15.3% in the
first quarter of 2020.
- Operating expense was $3.0
million, including $0.3 million of non-cash charges.
- Cash and cash equivalents were
$9.7 million at March 31, 2021, compared to $7.4 million at
December 31, 2020.
Q2 2021 Financial
Guidance:
- Revenue is expected to increase
250+%, compared to the second quarter of 2020.
- Gross margin is expected to
improve sequentially.
- Operating expense is expected to
be approximately $3.1 million, including $0.4 million of non-cash
charges.
"Summit's significant sales growth
momentum is accelerating with year-over-year increases of 181% in
Q1 and 250+% expected in Q2, reflecting new products introductions
and extensions as well as effective marketing," said Brett Moyer,
CEO of Summit Wireless. "Leading brands including LG, Hisense,
Onkyo, Bang & Olufsen, and Harman, to name a few, have launched
incredible new products featuring WiSA immersive sound
technology. Later this year, we anticipate announcing two
more TV brands, which will bring the total to six. Additionally,
this month, the Summit SoundSend will enhance features and
performance via a software update and begin its international
rollout, available first in the UK and
Japan.
"The WiSA Wave marketing program
continues to drive website traffic. In Q1 2021, we exceeded
our guidance with 139,000 visitors, up from 34,000 in Q1 2020. We
continue to expect more than 1 million visitors in 2021. To that
end, we strengthened our board and digital marketing capabilities,
welcoming our new director who will be advising the company
in building the consumer category with the WiSA Wave. Further, we
expect to open the WiSA Amazon store soon, which will allow all
WiSA Certified™ products being sold on Amazon to be highlighted in
the category as well as enable bundling promotions with WiSA Ready™
TVs, transmitters, and speakers. This traction fuels our belief
that 2021 will be a breakout year for Summit Wireless," concluded
Moyer.
Recent Product
Launches:
- LG Electronics 2021 WiSA Ready
OLED and Nanocell TVs are bringing unmatched entertainment straight
to any living room, leading in integrating immersive audio
connectivity.
- Hisense's 2021 TV models have been
certified WiSA Ready, enabling quick and simple connection to all
WiSA USB transmitters and WiSA Certified Speakers to create amazing
and immersive home cinema systems for the fifth leading TV brand in
the US.
- Bang & Olufsen's slim, elegant
WiSA Certified Beolab 28 high-resolution wireless stereo speakers
are designed for simple setup to deliver big cinematic sound
streaming anything instantly from anywhere in a room.
- Onkyo SOUND SPHERE Audio System,
its first WiSA Certified audio system, will deliver wireless,
cinema-quality sound to the Japanese market in 2.1, 3.1 and 5.1
system bundles, giving customers flexibility to purchase a format
that best suits their needs and environment.
- Lithe Audio's WiSA Certified Pro
Series in-ceiling speaker ushers in a new era of convenience in
creating Dolby Atmos home cinema systems.
- LG Electronics 4K UHD Smart Dual
Laser CineBeam Projector, notably the first WiSA Ready projector to
be introduced, can easily connect to WiSA USB transmitters,
allowing seamless wireless audio and control communication with all
WiSA Certified speakers.
- Platin Milan 5.1 combines fashion,
function, and affordability together into a totally immersive,
360-degree sensory experience, following the 2020 success of the
Platin Monaco 5.1 wireless surround sound system.
The board named digital marketing
executive Wendy Wilson as a director effective May 10, 2021 and
thanked retiring director Jonathan
Gazdak for his service. Wilson,
currently VP of Marketing at ChargePoint, one of the world's
largest EV charging networks, has held leadership roles in small VC
funded startups as well as publicly traded firms including Disney,
Jive and
Yahoo.
Summit Wireless Investor Update
Conference
Call
Summit Wireless will host a
conference call at 8:30 a.m. PT / 11:30 a.m. ET on Wednesday, May
12, 2021 to provide a business update. Shareholders and interested
participants may listen to a live broadcast of the conference call
by dialing 877-423-9813 or 201-689-8573 and
referencing code 13718663 approximately 10 minutes prior to the
start time and view accompanying slides at ir.summitwireless.com/events. To bypass the operator and
receive a call rather than dialing in, please use the
following link approximately 15
minutes prior to the call. A live webcast of the call and
accompanying slide presentation will be on the investor relations
section of the company's website at ir.summitwireless.com and available for
approximately one year. An audio archive can be accessed for one
week by dialing 844-512-2921 or 412-317-6671 and entering
conference ID
13718663.
About Summit Wireless
Technologies,
Inc.
Summit Wireless Technologies, Inc.
(NASDAQ: WISA) is a leading provider of immersive, wireless sound
technology for intelligent devices and next-generation home
entertainment systems. Working with leading CE brands and
manufacturers such as Harman International, a division of Samsung,
LG Electronics, Klipsch, Bang & Olufsen, Xbox, a subsidiary of
Microsoft, and others, Summit Wireless delivers seamless, dynamic
audio experiences for high-definition content, including movies and
video, music, sports, gaming/esports, and more. Summit Wireless is
a founding member of WiSA, the Wireless Speaker and Audio
Association and works in joint partnership to champion the most
reliable interoperability standards across the audio industry.
Summit Wireless is headquartered in San Jose, CA with sales teams
in Taiwan, China, Japan, and Korea. For more information, please
visit: www.summitwireless.com.
About WiSA,
LLC
WiSA®, the Wireless Speaker and
Audio Association, is a consumer electronics consortium dedicated
to creating interoperability standards utilized by leading brands
and manufacturers to deliver immersive sound via intelligent
devices. WiSA Certified™ components from any member brand can be
combined to dramatically increase the enjoyment of movies and
video, music, sports, gaming/esports, and more. WiSA also combines
robust, high definition, multi-channel, low latency surround sound
with the simple setup of a soundbar. For more information about
WiSA, please visit: www.wisaassociation.org.
© 2021 Summit Wireless
Technologies, Inc. All rights reserved. Summit Wireless
Technologies and the Summit Wireless logo are trademarks of Summit
Wireless Technologies, Inc. The WiSA logo, WiSA, WiSA Ready, and
WiSA Certified are trademarks, or certification marks of WiSA
LLC.
Safe Harbor
Statement
This press release contains
forward-looking statements, which are not historical facts, within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Our actual results, performance or achievements may differ
materially from those expressed or implied by these forward-looking
statements. In some cases, you can identify forward-looking
statements by the use of words such as "may," "could," "expect,"
"intend," "plan," "seek," "anticipate," "believe," "estimate,"
"predict," "potential," "continue," "likely," "will," "would" and
variations of these terms and similar expressions, or the negative
of these terms or similar expressions. Such forward-looking
statements are necessarily based upon estimates and assumptions
that, while considered reasonable by us and our management, are
inherently uncertain. As a result, readers are cautioned not to
place undue reliance on these forward-looking statements. Actual
results may differ materially from those indicated by these
forward-looking statements as a result of risks and uncertainties
impacting Summit Wireless' business including, current
macroeconomic uncertainties associated with the COVID-19 pandemic,
our ability to predict the timing of design wins entering
production and the potential future revenue associated with our
design wins; our rate of growth; our ability to predict customer
demand for our existing and future products and to secure adequate
manufacturing capacity; consumer demand conditions affecting our
customer's end markets; our ability to hire, retain and motivate
employees; the effects of competition, including price competition;
technological, regulatory and legal developments; developments in
the economy and financial markets and other risks detailed from
time to time in Summit Wireless' filings with the Securities and
Exchange
Commission.
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