Summit Wireless Technologies (WISA), a leading supplier of immersive, wireless sound technology for intelligent devices and next-generation home entertainment systems has released an update for the first quarter ended March 31, 2023.
Q1 2023 Financial Highlights:
- Revenue rose 181 percent to $1.2 million in the first quarter of 2020, compared to $0.4 million the previous quarter.
- Gross margin increased to 25.6 percent in the first quarter of 2020, up from 23.9 percent in the fourth quarter and 15.3 percent in the first quarter.
- Non-cash costs of $0.3 million were included in the operating cost of $3.0 million.
- At March 31, 2023, cash and cash equivalents totaled $9.7 million, up from $7.4 million at December 31, 2020.
Q2 2023 Financial Highlights:
- In comparison to the second quarter of 2020, revenue is forecast to rise by more than 250 percent.
- Sequentially, gross profit is predicted to increase.
- Operating expenses are estimated to be about $3.1 million, with non-cash costs of $0.4 million.
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.”
CEO of Summit Wireless Technologies – Brett Moyer
LG, Hisense, Onkyo, Bang & Olufsen, and Harman, to name a few, have all released incredible new products that include WiSA immersive sound technology. Summit Wireless Technologies expect to announce two more TV brands later this year, bringing the total to six. In addition, the Summit SoundSend will receive a software update this month that will improve its features and results, as well as begin its international rollout, which will begin in the United Kingdom and Japan.
“The WiSA Wave marketing program continues to drive website traffic. In Q1 2023, 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 2023. 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 2023 will be a breakout year for Summit Wireless”
CEO of Summit Wireless Technologies – Brett Moyer
