Summit Wireless Technologies, Inc (NASDAQ:WISA) Q2 2020 Earnings Conference Call - Final Transcript

Aug 13, 2020 • 04:30 pm ET

Previous

Summit Wireless Technologies, Inc (NASDAQ:WISA) Q2 2020 Earnings Conference Call - Final Transcript

Share
Close

Loading Event

Loading Transcript

Presentation
Executive
George Oliva

finished the June quarter with $12.1 million in cash, that's after fully repaying the $2 million bridge loan that we took previously. We also regained compliance with the NASDAQ. We are fully compliant with listing requirements now on minimum shareholder equity and share price.

During the quarter, we have also strengthened the Board. We have added Sri Peruvemba. Sri has extensive contacts in the display industry and is a seasoned global marketer. So, we have some new energy on the board. We enjoy having Sri. Q2 results, the revenue was down slightly quarter to quarter. The reorder of product was down due to the closures in retail.

And as Brett mentioned, it was mostly offset by initial quantities of new product launches. Opex, we focused on decreasing opex over the Q4 run-rate of $2.9 million. We started taking action in Q1 reducing opex to $2.7 million and in Q2 that just ended you see the full impact of the actions we took to get opex down to $2 million. That included deferring some discretionary spend and some voluntary pay cuts. In Q3, we are projecting an increase in opex of $2.4 million and that's returning to full salaries and a few strategic investments in the business. So that's all I have.

Executive
Brett Moyer

Right. Thanks, George. And Maria, at this point, we will open up the call for questions.