Strategy in TECH...
At the end of last week, Snap One Holdings Corp. released the results of their fiscal 2022 first quarter, a period which ended April 1, 2022, with comparisons to the same quarter last year, which ended on March 26, 2021. The company showed good revenue growth in the quarter but is still dealing with a net loss – albeit less of one than in 2021.
Snap One announced today that they are now selling to all four major custom integration buying groups (they called them “all four major CEDIA U.S. buying groups”) and that fact shows their commitment to their “integrator partners.” The company says it is now allied with Azione Unlimited, HTSA, HTSN, and ProSource “…as a key part of its long term strategy to help dealers succeed.”
Last Friday, Snap One held a Virtual Partner Summit in which they unveiled a whole roster of new products to dealers participating in the online event. It was an impressive launch in key product areas for the company including OvrC, audio, new controllers, new soundbar and wireless sub, new architectural speakers, a major new operating system upgrade called OS 3.3.0, and more.
Snap One announced on Thursday that it has acquired Staub Electronics, a distributor based in Canada who has been the Snap One distributor there for ten years as an independent entity. Snap One says this “strategic move” will “elevate [the] partner experience in Canada.”
In a special presentation to Strata-gee, Snap One educators Rus Rassmussen and Shayne Larsen shared with me the company’s latest revamped educational initiative designed to better educate integrators by improving comprehension and retention. This program, created and designed by the company’s education team, is now beginning to roll out and is impressive in scope, style, and design – it just may be Snap One’s greatest invention yet.
Snap One Holdings Corp. (NASDAQ: SNPO) announced the results for its fiscal 2021 third quarter last week and said that thanks in part to an August 2021 price increase and continued expansion of its dealer base, the company booked a substantial revenue increase to $260.7 million, or 15% higher than the same quarter the year before. However, the company additionally reported a net loss of -$21.5 million, way below the net income of $1.4 million in the quarter last year, due to a significant increase in SG&A expenses.
Snap One announced this week that it has opened another “Partner Store” – a locally based warehouse location – that carries its products as well as other brands and offers support and training for area integrators. This new location opened in Hollywood, Florida, and – interestingly – is being operated by their Allnet branch.
Snap One Holdings Corp. (NASDAQ: SNPO) announced the results of their fiscal second quarter, the period that ended June 25, 2021. This is the first official report to investors for the newly public company, and Snap One executives were excited to talk about all the positive milestones they achieved in the quarter – first and foremost, launching a successful public offering. Aside from a technical glitch in their conference call with analysts, it was all good news from the company.
What a crazy couple of weeks it has been for exhibitors of CEDIA Expo 2021, and also for potential attendees who watched a slow-motion train wreck unfold right in front of their eyes. It was almost exactly two weeks ago – on August 10th – when Savant CEO Robert Madonna suddenly announced that Savant was pulling out of CEDIA, due to concerns over the surging infections from the Delta variant of COVID-19.
Little did we know then that this was the trickle before the flood…
The announcements are coming faster than I can get them written up, as I learned late Friday that Samsung has notified their dealers that they too have pulled out of the CEDIA Expo 2021. Pressure is building on other exhibitors to take a stand. A tipping point may be approaching…
