Summit Wireless Technologies, Inc. Provides Q318 Update

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Company to Hold Investor Call on November 20, 2018

SAN JOSE, Calif.--(BUSINESS WIRE)-- Summit Wireless Technologies, Inc. (NASDAQ: WISA), a leading provider of immersive, wireless sound technology for intelligent devices and next-generation home entertainment systems, reported results for the third quarter ended September 30, 2018. Management will hold a call to provide a business update including its third quarter accomplishments at 8:00 a.m. PST on November 20th.

“Our technology makes high quality immersive, wireless sound easier for top consumer electronics brands to build into their designs, and for consumers to enjoy an affordable experience,” said Summit Wireless President and CEO Brett Moyer. “Since our IPO in July, we have focused on supporting upcoming customer product launches and driving 2019 revenue growth.”

“WiSA’s global interoperability standard has expanded its reach with six new members, including Eastech, Foxconn Technology Group, Innovo Audio Designs, Sound United and System Audio, continuing WiSA’s standardization for consumer electronic products. We expect customer product launches to drive significant revenue growth in 2019,” concluded Moyer.

Recent Highlights

  • Partnered with HARMAN Lifestyle Audio to deliver superior audio experiences for the innovative Harman Kardan Citation Series, a new line of sophisticated, wireless smart speakers featuring sleek industrial design and immersive audio.
  • Welcomed new WiSA members: Eastech, Foxconn Technology Group, Innovo Audio Designs, Sound United and System Audio.
  • Announced first WiSA USB Transmitters from Axiim and Summit Wireless to work with WiSA Ready TVs and other sources.
  • Announced first WiSA Ready certifications: WiSA USB Transmitters from Axiim and Summit Wireless.
  • Completed our IPO, raising $10.3 million in net proceeds to support the adoption of the company’s unique wireless technology.
  • Changed company name to Summit Wireless Technologies, Inc. reflecting our expanding technology roadmap.
  • Announced Scott Taylor named as Vice President of WiSA Marketing to support the association’s rapidly expanding ecosystem as it moves into the retail marketplace.

Summit Wireless’ quarterly report on Form 10-Q for the third quarter of 2018 is available at https://ir.summitwireless.com and at www.sec.gov.

Summit Wireless Investor Update Conference Call

Summit Wireless will host a conference call at 8:00 a.m. Pacific Standard Time on November 20th, 2018 to provide a business update. The conference call will feature CEO Brett Moyer and CFO Gary Williams.

To participate in the live call, investors are invited to dial (888) 254-3590 or (323) 994-2093 and enter passcode 7080533. A live webcast of the call will be available via the Summit Wireless investor relations website here. Please go to the website at least 10 minutes early to register, download and install any necessary audio software. The conference call will also be archived for 90 days or the replay can be accessed through December 4, 2018, by dialing 412-317-6671 or 412-317-6671 and entering passcode 7080533.

About Summit Wireless Technologies, Inc.

Summit Wireless Technologies, Inc. (NASDAQ: WISA) is a leading provider of immersive, wireless sound technology for intelligent devices and next generation home entertainment systems. Working with leading CE brands and manufacturers such as Harman International, a division of Samsung, LG, Klipsch, Bang & Olufsen, Xbox, a subsidiary of Microsoft, and others, Summit Wireless delivers seamless, dynamic audio experiences for high-definition content, including movies and video, music, sports, gaming/esports, and more. Summit Wireless is a founding member of WiSA, the Wireless Speaker and Audio Association and works in joint partnership to champion the most reliable interoperability standards across the audio industry. Summit Wireless, formerly named Summit Semiconductor, Inc., is headquartered in San Jose, CA with sales teams in Taiwan, China, Japan, and Korea. For more information, please visit: www.summitwireless.com

About WiSA

WiSA, the (Wireless Speaker and Audio) Association is a consumer electronics consortium dedicated to creating interoperability standards utilized by leading brands and manufacturers to deliver immersive sound via intelligent devices. WiSA Certified components from any member brand can be combined to dramatically increase the enjoyment of movies and video, music, sports, gaming/esports, and more. WiSA also ensures robust, high definition, multi-channel, low latency audio while eliminating the complicated set-up of traditional audio systems. For more information about WiSA, please visit: www.wisaassociation.org.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting Summit Wireless’ business including, our ability to predict the timing of design wins entering production and the potential future revenue associated with our design wins; our rate of growth; our ability to predict customer demand for our existing and future products and to secure adequate manufacturing capacity; consumer demand conditions affecting our customer’s end markets; our ability to hire, retain and motivate employees; the effects of competition, including price competition; technological, regulatory and legal developments; developments in the economy and financial markets and other risks detailed from time to time in Summit Wireless’ filings with the Securities and Exchange Commission.

Mary Magnani and Kirsten Chapman
LHA Investor Relations
+1 415 433 3777
summit@lhai.com

Source: Summit Wireless Technologies, Inc.

Released November 15, 2018