Datavault AI Inc 8-K, filed Oct 12, 2021
Datavault AI Inc. (DVLT)
About this 8-K
Datavault AI Inc filed this 8-K on October 12, 2021.
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
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| Item 2.02 | Results of Operations and Financial Condition. |
On October 12, 2021, Summit Wireless Technologies, Inc. (the “Company”) issued a press release announcing its preliminary revenue for the third quarter ended September 30, 2021 and certain operational highlights for the third quarter ended September 30, 2021 and projected financial guidance and business highlights for the fiscal year ending December 31, 2021. The press release is attached hereto as Exhibit 99.1 under Item 9.01, Financial Statements and Exhibits and is incorporated by reference herein.
The information contained in this Current Report on Form 8-K (“Form 8-K”) provided under Item 2.02 and Exhibit 99.1 attached hereto is furnished to, but shall not be deemed filed with, the U.S. Securities and Exchange Commission (the “SEC”) or incorporated by reference into the Company’s filings under the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
| Item 7.01 | Regulation FD Disclosure. |
Reference is made to the disclosure in Item 2.02 of this 8-K, which disclosure is incorporated herein by reference.
Additionally, on October 12, 2021, the Company presented at the LD Micro Main Event conference. The Company released presentation materials that incorporate the Company’s third quarter 2021 update, expected customer product rollout, projected growth and financial guidance and recent business highlights. The presentation materials are hereby furnished as Exhibit 99.2 under Item 9.01, Financial Statements and Exhibits and is incorporated by reference herein.
The information contained in this Form 8-K provided under Item 7.01 and Exhibit 99.2 attached hereto is furnished to, but shall not be deemed filed with, the SEC or incorporated by reference into the Company’s filings under the Securities Act or the Exchange Act.
Forward-Looking Statements
Exhibits 99.1 and 99.2 attached hereto contain, and may implicate, forward-looking statements regarding the Company, and include cautionary statements identifying important factors that could cause actual results to differ materially from those anticipated.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| 99.1 | Press Release of Summit Wireless Technologies, Inc., dated October 12, 2021. |
| 99.2 | October 12, 2021 Presentation Materials of Summit Wireless Technologies, Inc. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: October 12, 2021 | SUMMIT WIRELESS TECHNOLOGIES, INC. | ||
| By: | /s/ Brett Moyer | ||
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Name: Brett Moyer Title: Chief Executive Officer |
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Exhibit 99.1
Summit Wireless Technologies Reports Approximately 200% Growth for Q3 2021 Preliminary Revenue, Year-over-Year
- Reaffirms Full Year 2021 Revenue Guidance of 180+% Year-over-Year -
SAN JOSE, Calif.-- October 12, 2021 (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, provided a preliminary Q3 2021 revenue of approximately $1.8 million, up approximately 200% compared with Q3 2020.
“Consumer engagement is rising and driving revenue growth,” said Brett Moyer, CEO, President, and Chairman of Summit Wireless Technologies. “The WiSA Wave Marketing initiative has expanded to include our foundational direct-to-consumer programs as well as our new virtual WiSA storefronts and joint marketing with retailers, which leverage WiSA's consumer data analytics to drive holiday sales. WiSA Association website visitors traction continues to increase and surpassed 1.2 million in the first nine months of the year. With our solid progress combined with our strong expectations for the holiday season, we continue to believe 2021 will be a breakout year.”
Q3 2021 Preliminary Revenue
| ● | Q3 2021 preliminary revenue is expected to be approximately $1,807,000, compared to $607,000 in Q3 2020. |
2021 Guidance
| ● | Management reaffirmed 2021 revenue growth projections of 180+% year-over-year. |
Shop WiSA Certified Products
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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 Electronics, 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 standard across the audio industry. Summit Wireless 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, LLC
WiSA®, the Wireless Speaker and Audio Association, is a consumer electronics consortium dedicated to creating interoperability standard 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 combines robust, high definition, multi-channel, low latency surround sound with the simple setup of a soundbar. For more information about WiSA, please visit: www.wisaassociation.org.
© 2021 Summit Wireless Technologies, Inc. All rights reserved. Summit Wireless Technologies and the Summit Wireless logo are trademarks of Summit Wireless Technologies, Inc. The WiSA logo, WiSA, WiSA Ready, and WiSA Certified are trademarks, or certification marks of WiSA LLC.
Safe Harbor Statement
This press release contains forward-looking statements, which are not historical facts, 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. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. As a result, 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, current macroeconomic uncertainties associated with the COVID-19 pandemic, 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.
Contacts
Kirsten Chapman, LHA Investor Relations, 415.433.3777, summit@lhai.com
Sarah Cox, Dittoe PR for WiSA, 765.546.1036, sarah@dittoepr.com
Keith Washo, WiSA Association, 984.349.2727, kwasho@wisaassociation.org
Exhibit 99.2
The New Industry Standard for Immersive Wireless Sound NASDAQ: WISA LD Micro Main Event October 12, 2021
2 NASDAQ: WISA Forward Looking Statements This presentation of Summit Wireless Technologies, Inc . (NASDAQ : WISA) (the “Company” or “WISA”) contains forward - looking statements within the meaning of Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E 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, current macroeconomic uncertainties associated with the COVID - 19 pandemic, our the ability to predict the timing of design wins entering production and the potential future revenue associated with design wins ; rate of growth ; the ability to predict customer demand for existing and future products and to secure adequate manufacturing capacity ; consumer demand conditions affecting customers’ end markets ; the 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, including those described in “Risk Factors” in our Annual Report on Form 10 - K for the year ended December 31 , 2020 filed with the SEC, as revised or updated for any material changes described in any subsequently - filed Quarterly Reports on Form 10 - Q . The information in this presentation is as of the date hereof and the Company undertakes no obligations to update unless required to do so by law . * WiSA Ready TVs, gaming PCs and console systems are "ready" to transmit audio to WiSA Certified speakers when a WiSA USB Tra nsm itter is plugged in and a user interface is activated through an APP or product design like LG TVs. © 2021 Summit Wireless Technologies, Inc. All rights reserved. Summit Wireless Technologies and the Summit Wireless logo are tra demarks of Summit Wireless Technologies, Inc., SoundSend, The WiSA logo, WiSA, WiSA Ready, and WiSA Certified are trademarks, or certifi cat ion marks of WiSA LLC. Third - party trade names, trademarks and product names are the intellectual property of their respective owners and pro duct names are the intellectual property of their respective owners.
3 NASDAQ: WISA Markets and sells ASICS, modules & IP that is integrated into leading TV & speaker brands Association with 70+ leading CE brands implementing WiSA global interoperability standard Summit Wireless NASDAQ: WISA Summit Wireless Summit Wireless is a leading provider of immersive, wireless sound technology for intelligent devices & next - generation home entertainment systems 3
4 NASDAQ: WISA WiSA Association: Building a Standard The WiSA Association has 70+ member brands implementing worldwide standards for high definition, multi - channel, low latency audio using our WiSA global interoperability standard iPhone AVRs TVs XBOX Windows 10 Surface Pro Consumers Win • - Greater simplicity - • - Greater access to content - • - Lower cost to enable - The Evolution of Sound Personal Whole House Immersive Sound
5 NASDAQ: WISA Strong Accomplishments • Won 5 th TV brand • Launched SoundSend Android TV app for Sony, Toshiba, Sharp, Hisense, Insignia, etc. • Increased adoption: 2M visitors expected in 2021 • Opened first WiSA storefront www.amazon.com/wisa • Joined Russell Microcap® Index • Raised $10M gross proceeds in July
6 NASDAQ: WISA Why Now? Revenue Growth YOY 26,200 365,800 ~ 2,000,000 2019 A 2020 A 2021 E Annual Website Traffic number of visitors 31% 41% ~ 180% 2019 A 2020 A 2021 P/E Prelim. 9 mo.s Prelim. 9 mo.s
7 NASDAQ: WISA 2021 Shipping Display Brands System Audio A/S 2021 Shipping Soundbar & Speaker Brands 7 Strategic Partners 25+ Brands Shipping Summit Wireless’ Technology 6 th Display Brand
8 NASDAQ: WISA LG, Hisense & Toshiba WiSA TVs WiSA SoundSend Certified Program QNED, OLED, Nanocell , Laser WiSA Ready Certified
9 NASDAQ: WISA Multiple New Speakers Bang and Olufsen (B&O) Harman Radiance Lithe for Dolby Atmos Onkyo SOUND SPHERE
10 NASDAQ: WISA Today’s Sound Experience Options WiSA’s Advantage • Better Sound Field • Simple Installation • Lower Prices Soundbar TV Soundbar + Subwoofer Soundbar + Subwoofer + Simulated Dolby Digital/Atmos $799 $1,300 $1,800 $899+ Premium Soundbar Systems (i.e. Sony/ Sonos /Bose) WiSA Discreet Speakers / Spatial Sound Home Theater
11 NASDAQ: WISA WiSA Wave • 2M visitors projected for 2021 • Amazon Storefront increases ease of WiSA Certified TM sale SoundSend universal, low - cost WiSA connectivity Discovery: Next - Gen Wi - Fi Module Wi - Fi tech broadening the market through lower cost 11 Primary Growth Drivers
12 NASDAQ: WISA WiSA’s Award - Winning Unifier Your Smart TV WiSA SoundSend Amazing Speakers Works with 100s of millions of TVs with ARC/ eARC Universal transmitter easily connects to your TV and sends HD audio to speakers Amazing WiSA Certified speakers from great brands NASDAQ: WISA
13 NASDAQ: WISA WiSA Wave Benefits Brands and Consumers 26,200 365,800 ~1,200,000 ~ 2,000,000 2019 A 2020 A 9M 2021 A 2021 E Annual Website Traffic number of visitors Brands: • Ad cost covers multiple brands • Displays WiSA as a Category Consumers: • Educates on WiSA benefits • Directs them to “learn more” or shopping sites Marketing: • Identifies an audio consumer • Tags a consumer for remarketing Reseller: • Facilitates consumer buying
14 NASDAQ: WISA WiSA Wave Leveraging Digital Marketing 14 Brands or retailers remarket using WiSA Wave analytics. For example: • Demographics • Geography • Repeat visitors • Shoppers vs researchers • Time on site • Consumer vs audiophile shopper
15 NASDAQ: WISA Expanding the Ecosystem Establishing Various Price Points Audiophile Brands $1,098 - $1,495 $799 - $999 $2,000 - $20,000 Opening Retail Storefronts www.amazon.com/wisa Mainstream Entry Level Milan 5.1 with WiSA SoundSend
16 NASDAQ: WISA Former HDMI Team to Evangelize and Monetize the WiSA Standard Industry Veterans Bring Extensive Experience in Developing, Launching, and Licensing Multiple Standards - based Technologies Eric Almgren Steve Venuti Roger Isaac • Co - founder and GM of unit of Silicon Image that launched and built the HDMI standard • Drove revenue from both IP and standards - based licensing at HDMI Licensing • Founded and monetized several standards - based organizations: Mobile High - definition Link (MHL), Low - power memory (LPDDR4), and WirelessHD • President of HDMI Licensing, LLC for 12 years • Responsible for brand building and driving specification adoption of with ecosystem partners • Served as Chairman of the WirelessHD consortium • CTO of a high - speed wireless connector company, working with leading SoC, DRAM, OEM, and IP companies to create and build the low - power DRAM and flash memory ecosystem • Served as the chairman of the JEDEC groups that defined successive versions of the low - power mobile and flash memory standards (LPDDR2, LPDDR3, LPDDR4, and UFS) • 100+ issued patents worldwide in the wireless connectivity space
17 NASDAQ: WISA • First Gen Technology established WiSA as multi - channel wireless technology brand with a complete ecosystem of TVs/transmitters and speakers • Next Gen extends WiSA to all smart devices with massive TAM • Immersive Sound Expands to Wi - Fi enabled smart devices: • Smart TVs • Smart Speakers • Smart Phones • Tablets • Gaming PCs and Consoles • IoT Devices • Headphones Beyond Premium Audio: Driving 2022 Growth Home Entertainment Mobile Discovery: Next - Gen Wi - Fi Module
18 NASDAQ: WISA Large, Growing Wireless Markets * Management estimates Factors: Content availability, simplicity for the consumer, price, multiple brands Audio Configuration Gen 1: 5.1Gen 2: 5.1 WW Smart TVs (Ms) 90 269 Audio Attach Rate 15% 30% Audio Systems Sold (Ms) 14 81 WiSA Share 10% 50% WiSA Systems (Ms) 1.4 40.4 Speakers per configuration 6 3 Transmitters per system 1.0 0.5 Module TAM (Ms) 9.5 141.2 Module ASP ($ per unit) $9.00 $4.00 Rev. TAM (Ms of $) $85 $565 Projected TAM*
19 NASDAQ: WISA ~200+% Q3 2021 Revenue Growth $0.6 ~ $1.8 $1.7 $2.4 $6.5 to $7.0 Q3 '20A Q3 '21P 2019A 2020A 2021P/E 18% Revenue & Gross Margin ($ in M) Preliminary Q3 ‘21 • ~$1.8M revenue, up ~200% vs. Q3 ’20 1 Q2 ‘21 • $1.6M revenue, up 350+% vs. Q2 ’20 • 29.0% gross margin, up from 3.4% in Q2 ‘20 • $3.3M opex , including $0.4M of non - cash, vs. $2.0M, including $0.1M of non - cash in Q2 ’20 • $3.4M net loss, including $0.6M of non - cash “other expense” vs. $3.4M in Q2 ‘20 2021 Guidance • $6.5M to $7.0M revenue, up 180+% vs. 2020 1 • 28% to 30% gross margin 2 • ~$12.8M opex , w/~$1.4M in non - cash charges 2 19 28% to 30% - 4% 17% ~$4.5 1 As of preliminary results announced in a press release on October 12, 2021. 2 As reported with the Q2 2021 results on August 10, 2021.
20 NASDAQ: WISA Expanding WiSA Ecosystem Driving Growth More Consumers More Speaker Brands More Products Lower Entry Prices More TV Integration Driving Revenue Growth NASDAQ: WISA Joined Russel Microcap® Index Strengthening Balance Sheet Cash & Cash Equivalents • $10.3M at 6/30/21 • $9.1M net cash raised in July • $13M - $15M expected at 12/31/21 Well Capitalized for 2022
21 NASDAQ: WISA 31% 41% ~ 180% 2019 A 2020 A 2021 E Expanding Ecosystem, Fueling Growth • Building the standard, like HDMI • Protected IP and WiSA trademark Immersive Sound • Soundbars, Smart TVs, Wireless Speakers, Headphones, Smartphones Huge Market Opportunity • ~1.2Mk website visitors through 9M 2021 • ~2M website visitors expected in 2021 Increasing WiSA Adoption • WiSA Wave engaging consumers • New Amazon storefront Improved, Proven Market Strategy • 180% FY 2021 revenue growth expected • 30% long - term goal for gross margin Driving Revenue and Gross Margin Growth 26 366 ~ 2,000 2019 A 2020 A 2021 E # of Website Visitors Revenue Growth YOY Prelim. 9 mo.s Prelim. 9 mo.s
Investor Relations Greg Falesnik, CEO - MZ North America 949 - 385 - 6449, WISA@mzgroup.us Kirsten Chapman, MD - LHA Investor Relations 415 - 433 - 3777, summit@lhai.com Summit Wireless Technologies, Inc. 6840 Via Del Oro, Suite 280 San Jose, CA 95119 www.summitwireless.com
Summit Leadership Brett A. Moyer CEO, Pres. & Chair • Focus Enhancements, Pres. & CEO • Zenith Electronics/LG • Director: HotChalk, NEO Magic, Alliant Int’l Univ. Ed Green VP of Operations • Network Elements • Focus Enhancements • Lattice Semiconductor Founders/Executive s Dr. Jeffrey Gilbert Director since 2015 • Technologist • Alphabet , Google X • SiBeam , CTO • Silicon Image , CTO • Atheros , Sr. Mgt . Michael Howse Director since 2018 • PC Gaming /Esports expert • Eleven Ventures, Founder & GP • Bigfoot Networks, CEO • AMD, Creative Labs, S3 & 3dfx Interactive Lisa Cummins Dulchinos Directo r since 2019 • Ayar Labs, CFO & COO • Penguin Computing • Adept Technology , CFO Board of Directors Tony Parker VP, Bus. Dev. & Strategy • Cirrus Logic, TI, AT&T, Agere Systems & Lucent • 25+ years product marketing strategy Helge Kristensen Director since 2010 • Home Theater industry expert • Hansong Technology. VP • Platin Gate Technology (Nanjing), President • 25 years+ audio and technology industry Sri Peruvemba Director since 2020 • Marketer International, CEO t • Society of Information Display Chair • Quantum Materials Corp, Director Rob Tobias Director since 2020 • HDMI® Licensing Administrator Inc., CEO, Chair & Pres. • MHL • Silicon Image Wendy Wilson Director since 2021 • ChargePoint • Disney • Jive • Yahoo Keith Greeney VP of Engineering • Designed 10+ ASICs • 25+ years firmware, hardware, digital signal processing (DSP) & ASIC design experience • Textronix Federal Systems, key contributor Tony Ostrom President, WiSA Association • Klipsch Group, VP of Product Dev. • Product development leadership at House of Marley and Powermat George Oliva CFO • Hardesty LLC • Penguin Computing • StorCard • Hammer Storage Solutions James Cheng VP of Worldwide Sales • Amlogic , Inc, • GoerTeck , Inc. • Marvell Semiconductor