Summit Wireless Technologies, Inc. (WISA) stock is declining today; here is why?

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Summit Wireless Technologies, Inc. (WISA) stock declined in the current market after the company announced its preliminary results of revenues of fiscal 2021. WISA was valued at $1.28 in the current market, losing around 3.74% from the previously closed value. At the end of the last trading session, the stock of WISA closed at $1.34. The stock traded volume in the previous trading session was around 222.15K shares.

WISA 2021 Preliminary Results

  • In the fourth quarter of 2021, the company expects around $2 million in revenue. It will increase by 90% from the fourth quarter of 2020. In the fourth quarter of 2020, the revenue was $1.038 million. The increase in the revenue is due to the introduction of Wave.
  • Summit Wireless Technologies, Inc. (WISA) expects fiscal 2021 revenue of around $6.541 million. It is an increase of 170% from fiscal 2020. The revenue in fiscal 2020 was $2.404 million.
  • As of December 31, 2021, the company expects preliminary cash and cash equivalents of around $13.1 million.
  • In the fourth quarter of 2021, the Wave attracted more than 1 million customers. The overall number in the whole fiscal year is more than 2 million. It is a massive increase of more than 445% from 2020 compared to the previous fiscal year. The numbers of customers were 365,800.
  • The fourth quarter of 2021 will be the 6th consecutive quarter seeing a consistent increase in the revenue.

Effect on the WISA stock

Summit Wireless Technologies, Inc. (WISA) is hoping for some positive numbers, but its value declined in the current market. It might be due to excessive trading after the demand of the stock. Seeing its previous trend, WISA might remain around the same position in the current market.

Conclusion

Summit Wireless Technologies, Inc. (WISA) outlook for fiscal 2022 is very optimistic. The company said that it would continue building WISA’s technology brand and expect to expand to the markets of Europe and China. It will help them to increase their customers between 3-5 million. They also intend to launch more products.

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