Summit Wireless Technologies Reports Preliminary 2021 Revenue, Up Over 170% Year-over-Year

Rhea-AI Summary

Summit Wireless Technologies (NASDAQ: WISA) reported preliminary revenue of approximately $2 million for Q4 2021, marking a substantial increase of over 90% year-over-year. Total revenue for 2021 is estimated at $6.5 million, a rise of more than 170% compared to 2020. The company's growth is fueled by its spatial audio technology and the WiSA Wave program, which attracted nearly 1 million visitors in Q4 alone. As of December 31, 2021, cash and cash equivalents stand at about $13.1 million.

Positive

• Q4 2021 preliminary revenue of approximately $2 million, up over 90% from $1.038 million in Q4 2020.
• Full year 2021 preliminary revenue expected to be $6.5 million, up over 170% from $2.404 million in 2020.
• Increased website traffic, with over 2 million visitors in 2021, up from 365,800 in 2020.

Negative

• None.

- Delivers Record Quarterly Revenue -

SAN JOSE, Calif.--(BUSINESS WIRE)-- Summit Wireless Technologies (NASDAQ: WISA), reported that preliminary revenue for the fourth quarter ended December 31, 2021 is expected to be approximately $2.0 million, bringing the full year 2021 preliminary revenue to $6.5 million.

“Summit’s spatial audio technology and the WiSA Wave program are driving our growth, as Q4 delivered our sixth consecutive quarter of revenue increases and our first quarter of $2.0 million in revenue,” said Brett Moyer, CEO, President, and Chairman of Summit Wireless Technologies. “During the fourth quarter, the Wave attracted nearly 1 million consumers to the websites. Thus, the full year visitor count exceeded 2 million, up over 445% up from 365,800 in 2020. Building WiSA’s technology brand with consumers and the retail channel is accelerating with each visitor to our websites, to WiSA storefronts, and to certified product pages thereby building a strong foundation for launching new technologies this year.”

Preliminary Revenue

• Q4 2021 preliminary revenue is expected to be approximately $2,000,000, up over 90% compared to $1,038,000 in Q4 2020, the quarter in which the Wave was introduced and first started to fuel revenue growth.
• 2021 preliminary revenue is expected to be approximately $6,541,000, up over 170% compared to $2,404,000 in 2020.

Cash Balance

At December 31, 2021, preliminary cash and cash equivalents are expected to be approximately $13.1 million.

Regarding 2022, management expects to continue to build WiSA’s technology brand by expanding the WiSA Wave effort to Europe and China, increase websites visitors to 3 million to 5 million, and launch more products. As part of the Wave initiative, the WiSA Association launched a new website www.wisatechnologies.com, which will serve as the primary site to promote WiSA products and expand category marketing initiatives.

About WiSA, LLC

WiSA® educates, evangelizes, and promotes solutions for spatial audio in the home. Working in collaboration with technology developed by Summit Wireless Technologies, WiSA engages with leading consumer electronics companies, technology providers, retailers, and ecosystem partners to make immersive audio an experience everyone can enjoy. WiSA, LLC - the Wireless Speaker and Audio Association - is a wholly owned subsidiary of Summit Wireless Technologies, Inc. For more information about WiSA, please visit: www.wisatechnologies.com.

About Summit Wireless Technologies, Inc.

Summit Wireless Technologies, Inc. (NASDAQ: WISA) is the developer of spatial, wireless sound technology for smart devices and next-generation home entertainment systems marketed under the WiSA brand. Summit’s technology delivers immersive audio experiences for high-definition content, including movies and video, music, sports, gaming/esports, and more. Headquartered in San Jose, CA, Summit Wireless has sales teams in Taiwan, China, Japan, and Korea. For more information, please visit: www.summitwireless.com.

* WiSA Ready TVs, gaming PCs and console systems are “ready” to transmit audio to WiSA Certified™ speakers when a WiSA USB Transmitter is plugged in and a user interface is activated through an APP or product design like LG TVs.

© 2022 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 and certification marks of WiSA, LLC. Third-party trade names, trademarks and product names are the intellectual property of their respective owners.

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 inability to predict or measure supply chain disruptions resulting from the COVID-19 pandemic and other drivers, 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 direct and indirect customer demand for our existing and future products and to secure adequate manufacturing capacity; our ability to hire, retain and motivate employees; the effects of competition, including price competition within our industry segment; technological, regulatory and legal developments that uniquely or disproportionately impact our industry segment; 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/20220118005466/en/

Kirsten Chapman, LHA Investor Relations, 415-433-3777, wisa@lhai.com

 

Source: Summit Wireless Technologies, Inc.

FAQ

What was Summit Wireless Technologies' revenue for Q4 2021?

Summit Wireless Technologies reported preliminary revenue of approximately $2 million for Q4 2021.

How much did Summit Wireless Technologies earn in total revenue for 2021?

The total preliminary revenue for Summit Wireless Technologies in 2021 is estimated at $6.5 million.

What is the percentage increase in revenue for Summit Wireless from 2020 to 2021?

The revenue increased by over 170% from 2020 to 2021.

What is the expected cash balance for Summit Wireless as of December 31, 2021?

Summit Wireless expects a cash balance of approximately $13.1 million as of December 31, 2021.

How many visitors did the WiSA Wave program attract in Q4 2021?

The WiSA Wave program attracted nearly 1 million visitors in Q4 2021.