Resonant Inc., a provider of radio frequency (RF) filter solutions developed on a robust intellectual property platform, designed to connect People and Things, has released 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. The 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 a mutual commitment to servicing the rapidly growing China mobile handset market. The refined partnership provides prepaid royalties for multiple RF filter designs.
- Began sampling their 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 the 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.
“We continue to make progress with our industry partnerships while executing against our strategic and operational objectives,” said George B. Holmes, Chairman and CEO of Resonant. “Not only do we believe our XBAR solutions are measurably superior to every other known RF filter technology for 5G, 6G, Wi-Fi 5, 6 & 7, Ultra-wideband and other non-mobile applications, we believe it is the only solution natively able to address the requirements of these next-generation networks. The market is increasingly receptive to Resonant’s technology, as evidenced by the 437% year-over-year increase in units shipped by our customers.”
“Driven by our work with the world’s largest filter manufacturer and other commercial initiatives in the non-mobile market, we expect our growth to be significant in 2021. I look forward to providing detail on our proprietary design technology, XBAR progress and the growth opportunity within our industry during our upcoming first-quarter conference call,” concluded Holmes.
Financial Guidance
Revenues in the second quarter of 2021 are expected to be in line with the first quarter of 2021. For the full year 2021, Resonant expects significant growth over the full year 2020.
Resonant is creating innovative filter designs for RF, front-ends for the mobile device industry. They use a fundamentally new technology called Infinite Synthesized Networks™, or ISN, to configure and connect acoustic resonators, the building blocks of RF filters.
