Resonant Provides Preliminary First Quarter 2021 Financial Results
Company Expects Significant Year-Over-Year Growth in 2021
AUSTIN, Texas, April 28, 2021 (GLOBE NEWSWIRE) -- Resonant Inc. (NASDAQ: RESN), a provider of radio frequency (RF) filter solutions developed on a robust intellectual property platform, designed to connect People and Things, has provided preliminary unaudited financial results for the first quarter ended March 31, 2021.
First Quarter 2021 Operational Summary & Preliminary Financial Results
- As of March 31, 2021, Resonant maintains a robust patent portfolio of more than 320 issued and pending U.S. and foreign patents, with over 165 relating to the Company’s proprietary XBAR and high frequency technologies. Patent count at the end of 2020 was over 300 total patents with over 150 focused on XBAR.
- Resonant’s customers have shipped over 61 million RF filter units to date, including a record 8.6 million units designed using the Company’s ISN design technology in the first quarter of 2021. This represents an increase of approximately 437% from the same year-ago period, and a sequential increase of approximately 25%.
- Extended a licensing agreement with an existing Tier-1 Chinese foundry partner, demonstrating mutual commitment to servicing the rapidly growing China mobile handset market. The refined partnership provides prepaid royalties for multiple RF filter designs.
- Began sampling our XBAR Wi-Fi solutions for the non-mobile market in the first quarter of 2021. Resonant’s proprietary XBAR technology is ideally suited for high-frequency 5 and 6 GHz Wi-Fi applications, such as Wi-Fi 6E, a rapidly emerging segment of the market. The Company also joined the Wi-Fi Alliance, a global non-profit industry association of companies who share a vision of seamless connectivity.
- Formed a Technical Committee within its Advisory Board to advance XBAR adoption and development efforts, consisting of appointed technical thought leaders Larry Larson, PhD, Jianming Jin, PhD, Gabriel Rebeiz, PhD, and Raafat Mansour, PhD.
- Revenues for first quarter are expected to increase 12% to $0.6 million, compared to revenues of $0.5 million in the same year ago quarter.
- Deferred revenues as of March 31, 2021 are expected to be $1.3 million and will be recognized over the balance of the respective contracts.
- As of March 31, 2021, Resonant had cash and cash equivalents of approximately $21.6 million, which includes $4.1 million of net proceeds from sales of equity during the first quarter of 2021 under the Company's previously announced at-the-market (ATM) program.