Resonant Issues Shareholder Letter and Provides Corporate Update - Seite 3

Through internal work and conversations with current and potential partners, we’ve become increasingly aware that our XBAR technology is also ideally suited for high-frequency 5 and 6 GHz Wi-Fi applications, such as Wi-Fi 6E, a rapidly emerging segment of the market that represents a massive opportunity. To give you an idea of scale, according to CISCO, Wi-Fi 6 hotspots will grow 13-fold from 2020 to 2023. Wi-Fi 6E has 1,200MHz of spectrum available now, roughly 4x the size of the C-block spectrum, which is currently being auctioned off and exceeding expectations by nearing over $70 billion in proceeds. Clearly, this market is exploding and will require efficient RF Filter solutions in the Wi-Fi market for mobile, CPE and infrastructure applications. Where we stand today, we have the potential to ship our first Wi-Fi 6E samples in the first half of 2021.

Our progress has enabled Resonant to recruit what we believe to be the industry’s leading advisory board, consisting of Jeff Ball, Clint Brown, Brian Crutcher, Rubén Caballero, Peter Gammel, Josh Jacobs, Luis Pineda and Glen Riley. Collectively, they bring significant industry experience which spans over 150 years with companies such as, Apple, Broadcom, JP Morgan, Microsoft, Skyworks, Qorvo, Qualcomm, Texas Instruments and Yahoo!. Their tremendous experiences have contributed to our winning strategy.

As we move through 2021:

• We expect unit volumes to grow significantly, providing ongoing validation of our ISN and IP platforms
• We will expand our relationship with the world’s largest RF filter manufacturer, as we work with them to build a high-volume manufacturing platform for XBAR filters that will meet the exacting demands of the largest mobile handset OEMs in the world
• We expect to secure a contract in the first half of the year focused on XBAR for non-mobile applications, which could include autonomous and electric vehicles, other IoT , CPE or infrastructure applications
  

To our stakeholders, thank you for your continued support. While we accomplished much this year, there is plenty of work ahead to address the urgent challenges facing our industry. Looking to 2021 and beyond, our momentum will continue to build. Our proprietary ISN EDA software tool has enabled us to build a strong IP portfolio of over 300 patents filed or issued, with over 150 focused on 5G technology. Backed by a strong cash position, we expect our revenues to continue to grow and annual volumes to accelerate over the pace we saw in 2020, all while securing new customers and contracts focused on mobile and non-mobile opportunities. Together, we are in a stronger position than ever to drive long-term value for our shareholders.