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.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20210512005195/en/
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210512005195/en/
Kirsten Chapman, LHA Investor Relations, 415.433.3777,
summit@lhai.com
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