WISA - Summit Wireless Technologies reports Q4 results

2023-03-16 00:57:35 ET

• Summit Wireless Technologies press release ( NASDAQ: WISA ): Q4 gross margin as a percentage of sales was 2%, compared to 30% in Q4 2021 and 14% in Q3 2022.
• Revenue of $0.9M (-55.0% Y/Y) misses by $0.1M .
• At December 31, 2022, cash and cash equivalents were $2.9 million.
• Guidance: While current industry conditions provide limited visibility and the first half of the year is typically a seasonally slow period, WiSA Technologies expects full year revenue growth in 2023 compared to 2022 based on new WiSA HT and WiSA DS designs entering into production, launching Platin Audio’s Rio 5.1.4 Soundbar, and later in the year replenishing reduced inventories at its customers.
• “In response to this soft demand, we have reduced discretionary spending in Q1 2023, and we expect operating expenses to be about $1.1 million lower in Q1 2023 than in Q4 2022.”

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