Summit Wireless Technologies (NASDAQ: WISA) has shared an update for the third quarter ended September 30, 2020. The company has reported an increase of 45% in revenue for the third quarter of 2020. Its Gross Margin for the third quarter was 17.1%.
Summit Wireless has reported $9.1 million in cash and cash equivalents for the third quarter of 2020. The company has projected that its revenue growth will increase by 100% for the Q4 of 2020.
Summit Wireless Technologies (NASDAQ: WISA) shares traded up 33.80% at $2.8500 at the time of writing on Tuesday. It has a trading volume of 9.06 million as compared to the average volume of 300.35K. This company’s stock has exhibited a change of $1.72 from its 52-weeks low and $19.70 from its 52-weeks high.
Looking at its profitability, it has a return on assets of -184.80%, and a return on equity of -414.00%. Turning our focus on its liquidity, it has a current ratio of 6.30 and a quick ratio of 5.20. Summit Wireless Technologies has a total market capitalization of $16.74 million at the time of writing.
Furthermore, the Semiconductors company has provided business highlights. It has revealed that since July 1st, the company has added 7 new WiSA members. WISA has also launched SoundSend™ that integrates smart TVs to WiSA Certified speakers and increased the WiSA total available market by 800 million smart TVs.