Summit Wireless Clocks 93% Revenue Growth In Q4; Changes Name To WiSA Technologies

Benzinga2022-03-11

Summit Wireless Technologies Inc (NASDAQ:WISA) reported fourth-quarter FY21 revenue growth of 93% year-on-year to $2 million, beating the consensus of $1.96 million.
The gross margin expanded 600 bps Y/Y and 200 bps Q/Q to 30%.
Summit held $13.1 million in cash and equivalents.
Name Change: Summit changed its name to WiSA Technologies, Inc. The company plans the associated launch of a new company website to be live by March 14, 2022.
"Coming off record revenues in the fourth quarter and full-year 2021, supply chain issues and normal seasonality are impacting the start of 2022," said Brett Moyer, CEO. "As inventories are worked down, and ordering trends recover, we expect a strong rebound in revenue in the second half of 2022 compared to the first half of 2022."
Outlook: Summit sees FY22 revenue grow 30-50% year-over-year, representing $8.5 million - $9.8 million, below the consensus of $14.3 million.
Price Action: WISA shares closed higher by 4.92% at $1.28 on Thursday.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2218214472?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2022-03-11 22:53","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2218214472","market":"us","top_or_hot":-1,"title":"Summit Wireless Clocks 93% Revenue Growth In Q4; Changes Name To WiSA Technologies","media":"Benzinga","content":"<html><body><ul>\n<li><strong>Summit Wireless Technologies Inc </strong>(NASDAQ:WISA) reported fourth-quarter FY21 revenue growth of 93% year-on-year to $2 million, beating the consensus of $1.96 million.</li>\n<li>The gross margin expanded 600 bps Y/Y and 200 bps Q/Q to 30%.</li>\n<li>Summit held $13.1 million in cash and equivalents.</li>\n<li><strong>Name Change:</strong> Summit changed its name to WiSA Technologies, Inc. The company plans the associated launch of a new company website to be live by March 14, 2022.</li>\n<li>\"Coming off record revenues in the fourth quarter and full-year 2021, supply chain issues and normal seasonality are impacting the start of 2022,\" said Brett Moyer, CEO. \"As inventories are worked down, and ordering trends recover, we expect a strong rebound in revenue in the second half of 2022 compared to the first half of 2022.\"</li>\n<li><strong>Outlook: </strong>Summit sees FY22 revenue grow 30-50% year-over-year, representing $8.5 million - $9.8 million, below the consensus of $14.3 million.</li>\n<li><strong>Price Action:</strong> WISA shares closed higher by 4.92% at $1.28 on Thursday.</li>\n</ul>\n</body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Summit Wireless Clocks 93% Revenue Growth In Q4; Changes Name To WiSA Technologies</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSummit Wireless Clocks 93% Revenue Growth In Q4; Changes Name To WiSA Technologies\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-11 22:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/news/earnings/22/03/26099094/summit-wireless-clocks-93-revenue-growth-in-q4-changes-name-to-wisa-technologies><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summit Wireless Technologies Inc (NASDAQ:WISA) reported fourth-quarter FY21 revenue growth of 93% year-on-year to $2 million, beating the consensus of $1.96 million.\nThe gross margin expanded 600 bps ...</p>\n\n<a href=\"https://www.benzinga.com/news/earnings/22/03/26099094/summit-wireless-clocks-93-revenue-growth-in-q4-changes-name-to-wisa-technologies\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"WISA","symbol_name":"WiSA Technologies","start_time":0,"source_url":"https://www.benzinga.com/news/earnings/22/03/26099094/summit-wireless-clocks-93-revenue-growth-in-q4-changes-name-to-wisa-technologies","article_id":"2218214472","we_media_id":"1052270027","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2218214472","pubTimestamp":1647010403,"sourceInfo":null,"weMediaInfo":{"media_name":"Benzinga","introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"summary":"\n","collect":0,"end_time":0,"defaultTopTitle":"","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"WISA":"WiSA Technologies","SMMF":"Summit Financial Group"},"translate_title":"顶峰无线第四季度收入增长93%；将名称更改为WiSA技术","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SMMF":1,"WISA":0.9},"content_text":"Summit Wireless Technologies Inc (NASDAQ:WISA) reported fourth-quarter FY21 revenue growth of 93% year-on-year to $2 million, beating the consensus of $1.96 million.\nThe gross margin expanded 600 bps Y/Y and 200 bps Q/Q to 30%.\nSummit held $13.1 million in cash and equivalents.\nName Change: Summit changed its name to WiSA Technologies, Inc. The company plans the associated launch of a new company website to be live by March 14, 2022.\n\"Coming off record revenues in the fourth quarter and full-year 2021, supply chain issues and normal seasonality are impacting the start of 2022,\" said Brett Moyer, CEO. \"As inventories are worked down, and ordering trends recover, we expect a strong rebound in revenue in the second half of 2022 compared to the first half of 2022.\"\nOutlook: Summit sees FY22 revenue grow 30-50% year-over-year, representing $8.5 million - $9.8 million, below the consensus of $14.3 million.\nPrice Action: WISA shares closed higher by 4.92% at $1.28 on Thursday.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.28.3","shortVersion":"4.28.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2218214472"}