WiSA Parent Summit Posts $1.2M in Q1 Sales, Says Amazon Store Looms
The Wireless Speaker and Audio Association (WiSA) will add two top-10 TV brands to its lineup this quarter, after adding Hisense and more LG TVs and a projector in Q1, said Summit Technologies CEO Brett Moyer on a Q1 call Wednesday. Summit reported Q1 revenue of $1.2 million, up 181% from Q1 2020. Q2 guidance is for 250% year-on-year growth up from $348,000 in Q2 2020. Shares closed 31% higher Wednesday at $3.38.
The group plans to open a dedicated store on Amazon for any WiSA-certified product sold in the U.S., helping to “validate the category,” Moyer said. Consumers doing a search for WiSA on Amazon will see certified TVs, projectors, transmitters and speakers aggregated in one section, making it easier to find compatible products, Moyer said. He also pitched it as a way for speaker, TV or AV receiver companies to “create bundles in the WiSA world.”
Responding in Q&A to how Summit is managing semiconductor shortages, Moyer said the critical months to deliver product are June-October, and the company has purchase orders to support all anticipated orders. “We think our customers will be fully supported,” he said, but he hedged, saying, “it’s a rough world out there. We fight for our share of allocation, and we have commitments for our share of allocation; we think we have a good Q2-Q3 supply chain.” Summit has firm commitments for supply delivery through the June production run “and for all critical parts” in its own chips through Q3. That “could change at any moment,” he said, citing current trends for the CE and auto segments, “but right now we see fully supporting our customers with product.”
On whether any customer partners are having difficulty meeting product delivery dates due to components shortages, Moyer referenced “widespread shortages across the industry.” Vendors aren’t holding back, he said: “Everybody’s chasing. They’re chasing inventory, they’re chasing launch dates, chasing capacity.” So far for Summit, “we have a good order book and a good supply, and we continue to work it, just like our customers do.”
Moyer cited a “fair amount of demand” from consumers resulting from stay-at-home trends during COVID-19 and from people reevaluating their entertainment systems. He expects the demand to continue through the year, based on “strong bookings” through Q3. “I think everybody will be looking to see how the Christmas season shapes up in September.”
Moyer also highlighted recent WiSA releases from Bang & Olufsen, and Lithe Audio’s WiSA Certified Pro Series in-ceiling speaker that's calibrated for Dolby Atmos, not “simulated” as with a sound bar or floor standing speakers with upfiring drivers, Moyer said. In addition, Platin added the Milan 5.1 system with SoundSend, the AC-powered WiSA transmitter that plugs into a smart TV's audio return channel (ARC) or enhanced ARC port and wirelessly sends the TV’s audio to WiSA signal receivers in speakers or AV receivers.
ProSource added WiSA vendor Enclave this year “because we didn’t have anything like what they do,” CEO David Workman told us recently. “Because of the growth we’re seeing in premium sound bars, as people are buying bigger TVs, they also are investing a little more even in the simplest solution -- in higher priced and better performing sound bars.” The two Enclave systems are priced at $1,199 and $1,599 and appeal to the “convenience factor,” he said. Workman sees the WiSA systems as an extension of the sound bar business for ProSource dealers, offering the appeal of lossless sound quality combined with wireless transmission. Initially, WiSA products were at a “pretty high premium over what you’d be able to get with a wired system,” said Workman, but the Enclave systems perform well at a reasonable price, with good build quality and supporting reviews: They “perform as well as a wired system.”
Onkyo launched the WiSA Certified SoundSphere system with SoundSend in the Japan market Wednesday, giving customers the option to buy 2.1-, 3.1- and 5.1-channel system bundles to fit their environment, Moyer said. It's Onkyo's first WiSA product; no plans were announced for U.S. availability. Voxx last week (see 2105030054) signed a letter of intent to acquire Onkyo’s Home Audio/Video business. Its Klipsch brand is also a WiSA member.