Summit Wireless Technologies (WISA) Reports Q3 Revenues Miss

Summit Wireless Technologies (NASDAQ: WISA) reported Q3 revenue for the quarter came in at $419 thousand versus the consensus estimate of $480 thousand.

“In the past 90 days, we began the broad retail rollout of WiSA ReadyTM* and WiSA CertifiedTM products with multiple brands,” said Brett Moyer, CEO of Summit Wireless. “LG Electronics led with TVs, and Samsung’s Harman division led with speakers. Additionally, Best Buy suppliers Klipsch and Savant launched speakers and soundbars. We continue to work with our partners, including Enclave Audio and Platin Audio, to bring additional products to retail and raise consumer awareness of the superior performance of the WiSA technology.

“In the first quarter of 2020, we believe the next WiSA Ready TV brand will go into production and will include both 8K resolution and speakerless TVs that require accompanying WiSA enabled speakers. We continue to anticipate approximately 20 million WiSA Ready TVs will be produced next year. With WiSA membership of over 60 consumer brands and a product line-up extending past 2020, we are setting the stage to scale WiSA wireless immersive sound for consumers around the world.”

For earnings history and earnings-related data on Summit Wireless Technologies (WISA) click here.

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