Summit Wireless Technologies Provides First Quarter Update

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 and founding member of the
WiSA Association, provided an update for the first quarter ended March
31, 2019.

“Our goal of establishing the WiSA standard as the brand trusted by
consumers for wireless immersive sound for smart devices is accelerating
as evidenced by our recent highlights and product rollouts,” said Summit
Wireless President and CEO Brett Moyer. “As WiSA Ready™* TVs, WiSA
Certified™ speakers and AV receivers and WiSA USB Transmitters reach the
retail shelves in the third quarter, we are excited to bring wireless
immersive sound to consumers around the world. With our customer’s WiSA
enabled products expected in 1,000 retail storefronts by year-end, we
believe we are well positioned for growth.”

Recent Highlights

  • First Quarter 2019

    • Revenue was $465,000, representing an increase of 65% over the
      first quarter of 2018 and in line with guidance.
  • WiSA Association Membership

    • 60+ brands, including many international, top-tier consumer
      electronics brands.
  • Product Rollout

    • LG began shipping industry-leading OLED and Nano televisions as
      WiSA Ready and commenced its global marketing launch of the WiSA
      Ready feature.

      • US marketing launch:

        • Actively training distributors and retailers.
      • European marketing launch:

        • Kicked off at the HIGH END 2019 trade show in Munich on
          May 8th.
      • System
        Audio
        ’s Legend Silverback launched WiSA certified speakers
        that present a unique family of active speakers that can be
        used wirelessly with a WiSA hub or WiSA USB Transmitter or
        connected to a preamplifier. The SA Legend 40 Silverback was
        recently showcased at the HIGH END 2019 trade show in Munich,
        the floor standing speaker earned the “Best of HiFi Award”
        from Germany’s HiFi Eins Null Magazine.
      • Klipsch®
        Reference Wireless speakers, set to be available in June 2019,
        earned WiSA certification. This line of Klipsch loudspeakers
        was awarded “Best of CES” from Digital Trends, AVS Forum, and
        Hi-Def Digest at CES 2019.
      • Harman rolled out its Citation line of certified speakers in
        March across North America.
  • Strategic Partnerships

    • THX
      Ltd
      . partnered with WiSA to develop and release modules that
      are approved by THX™ and certifications for Summit Wireless
      customers and partners. With this partnership, THX joins the WiSA
      member network with certified products slated for launch later
      this year.

Summit Wireless Investor Update Conference Call

Summit Wireless will host a conference call at 9:00 a.m. Pacific Time
today, May 15, 2019, to provide a business update. Shareholders and
interested participants may listen to a live broadcast of the conference
call by dialing 323-994-2082 or 866-575-6539 and referencing code
7875472 approximately 10 minutes prior to the start time. A live webcast
of the call will be on the investor relations section of the company’s
website at ir.summitwireless.com
and available for approximately one year. An audio archive can be
accessed for one week by dialing 412-317-6671 or 844-512-2921 and
entering conference ID 7875472.

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
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.

* WiSA Ready TVs, gaming PCs and console systems are “ready” to transmit
audio to WiSA Certified speakers when a WiSA USB Transmitter is plugged
in and a user interface is activated through an APP or product design
like LG TVs.

© 2019 Summit Wireless Technologies, Inc. All rights reserved. Summit
Wireless Technologies and the Summit Wireless logo are trademarks of
Summit Wireless Technologies, Inc.

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.

Contacts

Mary Magnani or Kirsten Chapman
Investor Relations
Summit
Wireless Technologies
415.433.3777
summit@lhai.com