Summit Wireless Technologies Posts 181% Q1 2021 Revenue Increase and Guides for 250+% Q2 2021 Revenue Increase, Year-over-Year Respectively
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.