Summit Wireless (NASDAQ:WISA) reported a flat second-quarter profit while revenue jumped four-fold on the back of a lower base last year when sales were hit due to pandemic-induced retail shutdowns.
The San Jose, California-based company that provides wireless sound technology for home entertainment systems reports a net loss of $3.4 million, about the same as a year ago. The latest quarter's net loss included $600,000 for warrant inducement.
Revenue came in at $1.6 million in the quarter, compared with $300,000 a year ago, a jump of about 354%.
The company reported $10.3 million in cash and cash equivalents at the end of the quarter, compared to $7.4 million on Dec. 31 last year.
The results beat Wall Street estimates as the analyst consensus was for Summit Wireless to report a loss of minus 28 cents per share on revenue of $1.21 million. Based on the 15.263 million outstanding shares, Summit Wireless' loss per share comes somewhere around 22 cents.
Summit Wireless CEO Brett Moyer noted the company "continued to drive momentum in WiSA technology adoption, the WiSA Wave marketing program, website visitors, and sales, all of which are fueling our long-term growth” in the quarter and particularly highlighted the new WiSA Amazon.com Inc. (NASDAQ:AMZN) storefront.
Summit Wireless, which has a market valuation of $58.1 million as of Monday's close, also expects gross margins to soar between 28% and 30% this year, compared with an increase of 18% in 2020. It expects cash and cash equivalents at the end of the year to be between $13 million and $15 million.
Summit shares lost 20 cents, or 5.3%, to $3.61.
