Summit Wireless Technologies WISA Stock News

Summit Wireless Technologies (NASDAQ: WISA) is having a strong start to the trading session this morning, and for good reason. The company announced an update for the third quarter with quite a bit of exciting news. Here’s what’s going on:

Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!

WISA Stock Gains On Q3 Update

In a press release issued early this morning, Summit Wireless Technologies announced an update for the third quarter, exciting investors. In the release, the company outlined the rollout of new products, point of sale displays and more.

First and foremost, WISA reminded investors that its products have been rolled out in 300 Best Buy and Magnolia Home Theater stores across the United States. These stores of initiated demos of WiSA Ready and WiSA Certified products from LG Electronics, Axiim and Klipsch.

The company also reminded investors that in the quarter, it launched the WiSA Certified Harman Kardon “HK Surround” wireless audio speaker system. It also introduced the WiSA Certified Klipsch Reference Wireless speaker series.

From a financial standpoint, investors saw more to be excited about. Revenue came in at $419,000, representing 19% growth quarter over quarter.

The company also raised $1.8 million in a registered direct offering and received $1.2 million as the result of warrant exercises by several existing investors.

Finally, WISA appointed George Oliva to CFO. Mr. Oliva has more than 25 years of experience as a financial professional.

In a statement, Brett Moyer, CEO at WISA, had the following to offer:

In the past 90 days, we began the broad retail rollout of WiSA ReadyTM* and WiSA CertifiedTM products with multiple brands. LG Electronics led with TVs, and Samsung’s Harman division led with speakers. Additionally, Best Buy suppliers Klipsch and Savant launched speakers and soundbars. We continue to work with our partners, including Enclave Audio and Platin Audio, to bring additional products to retail and raise consumer awareness of the superior performance of the WiSA technology.

In the first quarter of 2020, we believe the next WiSA Ready TV brand will go into production and will include both 8K resolution and speakerless TVs that require accompanying WiSA enabled speakers. We continue to anticipate approximately 20 million WiSA Ready TVs will be produced next year. With WiSA membership of over 60 consumer brands and a product line-up extending past 2020, we are setting the stage to scale WiSA wireless immersive sound for consumers around the world.

Conference Call Today

In the release, Summit Wireless Technologies said that it would be hosting a conference call at 8:30 a.m. Pacific, 11:30 a.m. Eastern. To listen in, dial (800) 263-0877 or (323) 794-2094. When you call in, use reference ID 8532182. It is suggested that listeners call in at least 10 minutes prior to the conference.

You can also access the conference at ir.summitwireless.com. The webcast will include the audio from the conference as well as accompanying slides.

Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!

Don’t Miss The Next Big Story!

Join our free mailing list below to receive real-time news alerts!

Subscribe Today!

* indicates required



Disclosure – CNA Finance, parent company to Alpha Stock News, has a monetary relationship with Summit Wireless Technologies.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.