Summit Wireless Technologies (WISA) Reports Q4 Revenues Beat

Summit Wireless Technologies (NASDAQ: WISA) reported Q4 revenue for the quarter came in at $1 million versus the consensus estimate of $930 thousand.

Q4 2020 Financial Highlights:

• Revenue increased 141% to over $1.0 million, compared to $430,000 in the fourth quarter of 2019.
• Gross margin expanded to 24%, compared to 17% in the third quarter of 2020.
• Cash and cash equivalents of $7.4 million at December 31, 2020, compared to $298,000 at December 31, 2019.

Recent Business Highlights:

• WiSA Wave marketing program drove record consumer traffic to over 185,000 visitors in the fourth quarter of 2020, which is expected to increase to over 1 million customers in 2021.
• WiSA Association membership grew to over 70 brands in 2020.
• Over 25 brands are shipping Summit Wireless technology in 2021.
• LG Electronics WiSA Ready™ 4K UHD Smart Projector is now available in the United States.
• Discovery, Summit’s first low-cost IoT module targeted at high volume, entry-level systems, launched at CES 2021.
• WiSA SoundSend won three awards: CES 2021 Innovation Award Honoree, Dealerscope !MPACT Winner 2021 and Twice 2021 Picks Awards Winner.

“With our WiSA Wave marketing program driving record revenue in the fourth quarter of 2020, we entered 2021 with substantial momentum,” said Brett Moyer, CEO of Summit Wireless. “Since launching the marketing initiative, the number of consumers driven to the WiSA Association, brand and retailer websites grew significantly, enabling us to educate and connect with those looking for a simple, immersive home audio experience. The WiSA branded SoundSend multichannel wireless audio transmitter was recognized for its innovation at CES 2021 by the Consumer Technology Association. Today, WiSA supports over 70 consumer electronics brands as an industry standard and in 2021 over 25 brands will ship Summit Wireless technology.”

“We expect the explosive growth in consumer traffic at the WiSA Association and related websites to continue surpassing 1 million visitors in 2021, which will be a direct catalyst for our long-term operating performance. As WiSA members launch more products into the market, we anticipate capturing market share by providing consumers with our state-of-the-art audio technology across a variety of price points. I thank our industry partners, employees, and shareholders for their support thus far, and look forward to what I expect to be a breakout year for Summit Wireless,” concluded Moyer.

Q1 2021 Financial Guidance:

• Revenue expected to increase at least 100% compared to the first quarter of 2020.
• Gross margin expected to be in mid-20s range.
• Cash and cash equivalents expected to range from $9 million to $10 million at March 31, 2021.

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

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