Resonant Provides Preliminary Full Year 2020 Financial Results, Revenues Increase Over 330% to a Record $3.2 Million
AUSTIN, Texas, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Resonant Inc. (NASDAQ: RESN), a provider of radio frequency (RF) filter intellectual property connecting People and Things, has provided preliminary
unaudited financial and operational results for the fourth quarter and full year ended December 31, 2020.
Fourth Quarter and Full Year 2020 Preliminary Financial Results
Revenues for fiscal year 2020 are expected to be a record $3.2 million, an increase of over 330% compared to revenues of $0.7 million in 2019. Revenues in the fourth quarter of 2020 are expected to be $0.6 million, compared to $0.5 million in the same year-ago quarter.
Deferred revenues as of December 31, 2020 are expected to be $1.8 million and will be recognized over the balance of the respective contracts.
As of December 31, 2020, Resonant had cash and cash equivalents of approximately $25.0 million, which included $11.0 million of net proceeds from sales of equity under the Company’s previously announced at-the-market (ATM) program.
Revenues in the first quarter of 2021 are expected to be in-line with revenues in the fourth quarter of 2020. For the full year of 2021, revenues are expected to be significantly greater than revenues in 2020.
“We closed 2020 with several significant milestones, which included record revenues of approximately $3.2 million for the year,” said George Holmes, Chairman and CEO of Resonant. “Customer shipments of RF filters designed with our technology increased to 6.9 million units in the fourth quarter of 2020, representing a year-over-year increase of over 200%. These fourth quarter unit volumes contributed to our previously announced milestone of Resonant’s customers cumulatively shipping over 50 million RF filters to-date.”
Holmes continued: “Our work with our strategic partner, the world’s largest RF filter manufacturer, continues to progress and we are currently working together to build a commercial platform and high-volume manufacturing capabilities to bring our XBAR 5G RF filters to market. As we enter 2021, with accelerating momentum with our customers, we find ourselves uniquely positioned to build notable market share for our innovative RF filter designs for ultra-fast, next generation networks with complex requirements, such as 5G and Wi-Fi.”