Resonant Provides Preliminary Full Year 2020 Financial Results, Revenues Increase Over 330% to a Record $3.2 Million
February 09 2021 - 08:31AM
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 ResultsRevenues 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.
Financial Guidance 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.
Management Commentary“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.”
About Resonant Inc.Resonant
(NASDAQ: RESN) is transforming the market for RF front-ends (RFFE)
by disrupting the RFFE supply chain through the delivery of
solutions that leverage our Infinite Synthesized Network (ISN)
software tools platform, capitalize on the breadth of our IP
portfolio, and are delivered through our services offerings. In a
market that is critically constrained by limited designers, tools
and capacity, Resonant addresses these critical problems by
providing customers with ever increasing design efficiency, reduced
time to market and lower unit costs. Customers leverage Resonant’s
disruptive capabilities to design cutting edge filters and modules,
while capitalizing on the added stability of a diverse supply chain
through Resonant’s fabless ecosystem-the first of its kind. Working
with Resonant, customers enhance the connectivity of current mobile
devices, while preparing for the demands of emerging 5G
applications. To learn more about Resonant, view the series of
videos published on its website that explain Resonant's
technologies and market positioning:
- Resonant Corporate Video
- ISN and XBAR: Speeding the
Transition to 5G
- Expert Insights on Unlocking the
Potential of 5G
- The Technology Enabling the
Transition to 5G
For more information, please
visit www.resonant.com. Resonant uses its website and LinkedIn
page as channels of distribution of information about its products,
its planned financial and other announcements, its attendance at
upcoming investor and industry conferences, and other matters. Such
information may be deemed material information, and Resonant may
use these channels to comply with its disclosure obligations under
Regulation FD. Therefore, investors should monitor the company’s
website and its social media accounts in addition to following the
company’s press releases, SEC filings, public conference
calls, and webcasts.
About Resonant’s ISN®
TechnologyResonant can create designs for
difficult bands, modules and other complex RF Front End
requirements that we believe have the potential to be manufactured
for less cost and less time than traditional approaches. ISN is a
suite of proprietary mathematical methods, software design tools
and network synthesis techniques that enable us to explore a much
larger set of possible design solutions that regularly incorporate
our proprietary technology. We then quickly deliver design
simulations to our customers, which they manufacture or have
manufactured by one of our foundry partners. These improved
solutions still use Surface Acoustic Wave (SAW) or Temperature
Compensated Surface Acoustic Wave (TC-SAW) manufacturing methods
and perform as well as those using higher cost manufacturing
methods such as Bulk Acoustic Wave (BAW). Resonant's method
delivers excellent predictability, enabling achievement of the
desired product performance in roughly half as many turns through
the fab. In addition, because Resonant's models are fundamental,
integration with its foundry and fab customers is seamless because
its models speak the "fab language" of basic material properties
and dimensions.
Safe Harbor / Forward-Looking StatementsThis
press release contains forward-looking statements, which include
the following subjects, among others: our preliminary unaudited
financial and operational results for the fourth quarter and fiscal
year ended December 31, 2020, future financial and operating
results, and the capabilities of our filter designs and software
tools, including the development of our XBAR technology.
Forward-looking statements are made as of the date of this document
and are inherently subject to risks and uncertainties which could
cause actual results to differ materially from those in the
forward-looking statements, including risks related to changes in
our preliminary unaudited financial results based on the completion
of our financial statement closing procedures and the review by our
independent registered public accounting firm of such financial
statements. Additionally, future financial and operating results,
and use and continued development of our filter designs and
software tools, is subject to numerous risks, including, without
limitation, the following: our limited operating history; our
ability to complete designs that meet customer specifications; the
ability of our customers (or their manufacturers) to fabricate our
designs in commercial quantities; our customers’ ability to sell
products incorporating our designs to their OEM customers;
governmental restrictions on the export of our technology; changes
in our expenditures and other uses of cash; the ability of our
designs to significantly lower costs compared to other designs and
solutions; the risk that the intense competition and rapid
technological change in our industry renders our designs less
useful or obsolete; our ability to find, recruit and retain the
highly skilled personnel required for our design process in
sufficient numbers to support our growth; our ability to manage
growth; and general market, economic and business conditions.
Additional factors that could cause actual results to differ
materially from those anticipated by our forward-looking statements
are under the captions “Risk Factors” and “Management’s Discussion
and Analysis of Financial Condition and Results of Operations” in
our most recent Annual Report (Form 10-K) or Quarterly Report (Form
10-Q) filed with the Securities and Exchange Commission.
Forward-looking statements are made as of the date of this release,
and we expressly disclaim any obligation or undertaking to update
forward-looking statements.
Investor Relations Contact:Greg Falesnik or
Brooks HamiltonMZ Group - MZ North America(949)
259-4987RESN@mzgroup.us www.mzgroup.us
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