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

Summit Wireless Technologies Inc 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.