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Summit Wireless Technologies, Inc. (WISA) Stock Dropping in Early Trading. Here’s the Reason.

Summit Wireless Technologies, Inc. (WISA) is an innovative company developing spatial and wireless sound expertise for smart tools and next-generation home entertainment platforms. The company produces high-definition content such as movies and videos, music, sports, and gaming. The company offers TX modules for integration into TV, media hubs, speaker systems, and USB.

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The price of WISA stock during the regular trading session on January 18, 2022, was last checked to be $1.29 with a decrease of 3.73%.

WISA: Events and Happenings

On January 18, 2022, WISA announced that the expected initial revenue for Q4 ended December 31, 2021, is expected to be up to $2.0 million, thus achieving the full year 2021 initial revenue of $6.5 million.

WISA: CEO Comments

Speaking at the occasion, WISA CEO Brett Moyer said that the company’s next-generation spatial audio technology and WiSA Wave platform are the driving forces behind the company’s growth. He further added that Q4 2021 was the sixth consecutive revenue surge quarter and preliminary $2.0 million revenue quarter.

On January 13, 2022, WISA reported about its latest website which served primarily the purpose of the company’s product line promotion and expansion of category marketing initiatives. The WiSA Wave platform drive up to 1 million customers to visit in Q4 and 2 million customers visited for a whole year. The company’s visitors are expected to incline to 3-5 million visitors during 2022.

On January 11, 2022, WISA reported about the integration of the company’s audio module into TCL’s flagship X925 Pro Mini-LED Smart Screen. The sound module enabled the consumers a direct connection with the X925 Pro with the external speakers without the use of speaker wires.

On January 6, 2022, WISA reported that its wireless audio transmitter product WiSA SoundSend was nominated for Mark of Excellence award winner 2022 and recognized as the Audio Component Product of the Year by the Consumer Technology Association’s Smart Home Division.

On January 4, 2022, WISA reported about its strategic collaboration with Espressif Systems for the development of an innovative 2.4GHz wireless sound module. The module is capable to deliver reliability and quality accompanied by costly 5GHz solutions. The company’s transceiver module was presented at CES 2022 held on January 5-7, 2022.

WISA: Key Financials

On November 10, 2021, WISA reported its financial results for the third quarter ended September 30, 2021. Some of the key updates are as follows.

Revenue and Assets

Revenue in Q3 2021 was $1.8 million as compared to $0.6 million in the same quarter of 2020. Over the year the revenue increased by 198%. The total current assets of the company in Q3 2021 were $21.7 million.

Net Loss per Share

Basic and diluted net loss in Q3 2021 was $2.1 million or $0.15 per share as compared to $3.0 million or $0.39 per share for the same quarter of 2020.

Conclusion

WISA stock is 62% dropped as compared to the last six months in view of the current pandemic uncertainty in the market. The current decline in regular trading as suggested by the analysts is possibly associated with the announcement regarding the preliminary revenue report of the company. Although the revenue report is optimistic, it impacted the stock negatively. The company’s strategies should be in line with the investor and shareholders’ interests.

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