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 third quarter ended September 30, 2021.
“We continued to execute on our operational strategy in the third quarter, most notably highlighted by the recent expansion of our agreement with our strategic partner, the world’s largest RF filter manufacturer,” said George B. Holmes, Chairman, and CEO of Resonant. “The extended agreement is a testament to the superiority of our XBAR technology in meeting the exacting demands required by next-generation wireless networks and a critical advancement towards the high-volume manufacturing of XBAR RF filters.”
“During the quarter we achieved the milestone of 100 million units cumulatively shipped by our customers, further highlighting the efficacy of our WaveX software platform, which provides innovative, cost-effective filter solutions for IDMs and enables them to accelerate time-to-market to meet increasing demand. In addition, we continued to focus on building out our already-robust patent portfolio to protect our competitive advantage and unique market position.”
“Our work with our strategic partner remains a priority as we move through the fourth quarter, and into 2022. The expanded agreement provides Resonant with additional royalties over the contract period at an up to 400% increased price per device. We are well-positioned to capitalize on the value of our proprietary technology as we work to secure an XBAR partner for non-mobile applications by year-end. Our team is thrilled to be enabling global industry leaders to drive the transition to 5G, 6G, Wi-Fi 6 & 7, UWB and mmWave – helping to unlock the true potential of these networks,” concluded Holmes.
Third Quarter 2021 Company Highlights
- Expanded multi-year commercial partnership with the Company’s strategic partner, the world’s largest RF filter manufacturer, for the development of high frequency, wide bandwidth, XBAR RF filters. The details of the expanded agreement can be found in the Company’s Form 8-K filed on October 6, 2021.
- Resonant customers have shipped over 100 million RF filters to date, including a record 21 million units designed using the Company’s proprietary WaveX design software in the third quarter of 2021. This represents an increase of 433% from the same year-ago period and a sequential increase of 23%.
- The Company’s robust patent portfolio grew to over 390 patents filed or issued as of September 30, 2021, with over 240 related to Resonant’s proprietary XBAR and high-frequency technologies.
- Hosted a two-part "Breaking Through the Noise of 5G in Europe" webinar series and a “5G Insights in Japan” webinar featuring industry experts discussing the evolution from 1G to 5G, drivers of 5G adoption, next-generation Wi-Fi, and how Resonant’s XBAR filters can enable ‘true’ 5G.
Third Quarter 2021 Financial Summary
- Revenues in the third quarter of 2021 were $0.4 million, resulting from the recognized portion of the Company’s 2019 collaboration agreement with the world’s largest RF filter manufacturer as well as royalties on the Company’s legacy design contracts.
- Deferred revenues totaled $4.4 million at the end of the third quarter of 2021, a sequential increase of 550%.
- Research and development expenses were $5.9 million in the third quarter of 2021, compared to $4.4 million in the same year-ago quarter and $5.9 million in the second quarter of 2021.
- Sales, marketing, and administrative expenses were approximately $3.5 million in the third quarter of 2021, compared to $3.1 million in the same year-ago quarter and $3.8 million in the second quarter of 2021.
- Net loss was $(9.0) million, or $(0.14) per share, in the third quarter of 2021, compared to a net loss of $(6.1) million, or $(0.11) per share, in the same quarter a year ago, and $(9.1) million, or $(0.15) per share in the second quarter of 2021.
- Non-GAAP, adjusted EBITDA was $(6.8) million, or $(0.11) per share in the third quarter of 2021, compared to $(4.4) million or $(0.08) per share in the same quarter a year ago and $(6.7) million, or $(0.11) per share in the second quarter of 2021.
- Resonant had cash and cash equivalents of $15.3 million as of September 30, 2021. Subsequent to the end of the third quarter, the Company received $6.1 million of cash from the sale of common stock and $7.0 million in upfront payment under the expanded commercial agreement.
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