Resonant Issues Shareholder Letter and Provides Corporate Update
2020 Marks Highest Revenue Year in Company History, Customers Surpass Shipment Milestone of 50 Million RF Filters
AUSTIN, Texas, Dec. 28, 2020 (GLOBE NEWSWIRE) -- Resonant Inc. (NASDAQ: RESN), a leader in transforming the way radio frequency, or RF, front-ends are being designed and delivered for mobile
handset and wireless devices, today issued a letter to shareholders from its Chairman & CEO, George Holmes.
2020 was an important operational and financial year for Resonant, even in light of the widespread effects of the COVID-19 pandemic. We hope all of you have stayed healthy and safe during these difficult times.
Now more than ever, we have seen the trend towards a more connected world, bringing the need for effective RF filtering technologies front and center for many industry players. This trend is driven by the insatiable demand for data on mobile devices for streaming, as well as the need for speed by other emerging applications, such as autonomous vehicles that rely on incredibly fast communication to sense other objects and avoid collisions. With this appetite for data and speed has come the need for wide bandwidth, high frequency RF filters, which is the fundamental benefit of what our ISN technology can provide for not only 4G RF filters, but also for next-generation 5G, Wi-Fi and Wi-Fi 6E RF filters.
To our knowledge, Resonant remains the only company in the world that can provide RF filter solutions that, by design, natively meet the increasingly complex RF performance requirements for mobile and non-mobile applications, without the need for doping or ancillary components. In most cases, we can also shorten design time and help our customers benefit from the use of more cost-effective manufacturing processes. Put simply, our ISN technology platform and XBAR solutions have positioned us to benefit greatly from the rapidly growing $9 billion RF filter market. To date, our customers have cumulatively shipped over 50 million RF filters designed using our technology, several of which continue to make their way into Tier-1 smartphones, as well as the Wi-Fi and automotive markets.
2020 will mark the highest revenue generating year in the company’s history, and one in which we achieved a number of other significant milestones. As we entered 2020, we had recently signed a partnership with the largest RF filter manufacturer in the world, which consisted of a strategic investment and a licensing agreement to design 5G RF filters with our XBAR technology.