Resonant, a provider of radio frequency (RF) filter solutions developed on a robust intellectual property platform, designed to connect People and Things, provided financial results for the second quarter ended June 30, 2021.
“The second quarter of 2021 was marked by accelerating customer shipments of a record 17.5 million RF filters, continued advancements in our XBAR® RF filter technology to unlock next-generation networks and financial results in-line with previously issued guidance,” said George B. Holmes, Chairman and CEO of Resonant. “We continue to receive validation from industry leaders that our XBAR® technology is the best solution to meet the demands of 5G, 6G, Wi-Fi 6 & 7, UWB and potentially mmWave.
“During the quarter we announced our upgraded, cloud-based WaveX™ platform with full 3D finite element modeling to enable XBAR® design workflow. These enhancements enable simulation of resonators and filters not possible with today’s commercially available tools, while also offering a significantly reduced time to market for our customers and enabling RF filters to be developed at a much lower cost when compared to traditional approaches.
“Through our continued work with the world’s largest RF filter manufacturer, we are executing upon our agreement to build a high-volume manufacturing platform for XBAR® filters to meet the stringent demands of the largest mobile handset OEMs in the world. In fact, we are now expecting to expand our relationship with this strategic partner by additional design contracts, while also securing an XBAR® contract in the back half of 2021 focused on non-mobile applications, such as autonomous and electric vehicles, IoT or infrastructure applications,” concluded Holmes.
Second Quarter 2021 Highlights
- Resonant customers shipped a record 17.5 million RF filters designed using the Company’s WaveX™ technology in the second quarter of 2021, representing an approximate 450% increase from the same year-ago period and a sequential increase of approximately 104%. To-date, Resonant’s customers have shipped over 79 million RF filter units that use the Company’s designs.
- The Company’s robust patent portfolio grew to over 375 patents filed or issued as of June 30, 2021, greater than 225 of which are related to Resonant’s proprietary XBAR® and high frequency technologies.
- Announced WaveX™, the Company’s upgraded 3D finite element modeling (FEM) software platform used for designing RF filters, specifically enhanced for 5G, Wi-Fi, and ultra-wideband RF filters. The enhanced cloud-based platform improves design workflow, while also enabling the simulation of resonators and filters not possible with today’s commercially available tools.
- 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.
- Published a white paper, titled, “How Wi-Fi Continues to Evolve to be The Solution to Wireless Data Demand” that explores the evolution of Wi-Fi to meet growing wireless data demand and the challenges of signal interference, Wi-Fi’s coexistence with 5G and the technologies available to alleviate these challenges.
Second Quarter 2021 Financial Summary
- Revenues in the second quarter of 2021 were $0.6 million, compared to $0.6 million in the second quarter of 2020 and the first quarter of 2021.
- Deferred revenues totalled $0.8 million at the end of the second quarter of 2021.
- Research and development expenses were $5.9 million in the second quarter of 2021, compared to $4.8 million in the same year-ago quarter and $5.4 million in the first quarter of 2021.
- Sales, marketing and administrative expenses were approximately $3.8 million in the second quarter of 2021, compared to $3.0 million in the same year-ago quarter and $4.1 million in the first quarter of 2021.
- Net loss was $9.1 million, or $(0.15) per share, in the second quarter of 2021, compared to a net loss of $7.2 million, or $(0.14) per share, in the same quarter a year-ago.
- Non-GAAP, adjusted EBITDA was $(6.7) million, or $(0.11) per share in the second quarter of 2021, compared to $(5.4) million or $(0.10) per share in the same quarter a year-ago.
- Resonant had cash and cash equivalents of approximately $22.7 million as of June 30, 2021.
