Resonant Customers Shipped a Record 17.5 Million RF Filters in The Second Quarter of 2021 Capitalizing on WaveX™ Design Tec...
July 07 2021 - 8:31AM
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 a
preliminary corporate update for the three months ended June 30,
2021.
Second Quarter 2021
Company Highlights
- Resonant’s customers
shipped a record 17.5 million radio frequency (RF) filters designed
using the Company’s WaveX™ design 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 Resonant designs.
- The Company’s robust
patent portfolio grew to over 350 patents filed and issued as of
June 30, 2021, greater than 200 of which are related to Resonant’s
proprietary XBAR® and high frequency technologies. Patent count at
the end of 2020 was over 300 total patents with greater than 150
focused on XBAR®.
- Announced WaveX™,
the Company’s upgraded design software for acoustic wave filter
development, which is specifically enhanced for 5G, Wi-Fi, and
Ultra-wideband RF filters
- Revenues in the
second quarter of 2021 are expected to total $0.6 million, compared
to revenues of $0.6 million in the same year ago quarter.
- Deferred revenues as
of June 30, 2021 are expected to be $0.8 million and will be
recognized over the balance of the respective contracts.
- As of June 30, 2021,
Resonant had cash and cash equivalents of approximately $22.7
million, which includes $7.8 million of net proceeds from sales of
equity during the second quarter of 2021 under the Company's
previously announced at-the-market (ATM) program.
Financial Guidance
For the full year 2021, Resonant expects
significant revenue growth over full year 2020.
Management Commentary
“Our customers cumulatively exceeded the
milestone of shipping 75 million RF filters designed with our
WaveX™ technology during the second quarter, demonstrating the
continued demand for our innovative RF filter designs,” said George
B. Holmes, Chairman and CEO of Resonant. “In addition, we see the
market as increasingly receptive to the superiority of our XBAR®
technology for natively meeting the demands of next-generation
networks, which we are able to demonstrate by leveraging our WaveX™
software platform. Our design software, which is now able to
perform complete 3-dimensional simulations of complex high
frequency filter designs and is fully cloud-based, enables Resonant
to deliver what we believe are the most cost-effective,
high-performance RF filter solutions on the market to our
customers.”
“We delivered second quarter financial results
in-line with previously issued guidance. As we move into the second
half of 2021, we remain focused on the continued execution of our
agreement with the world’s largest filter manufacturer, which is
progressing well, as expected. We are also continuing to build
momentum with our XBAR® technology for non-mobile applications, and
we expect to secure partnerships in these high growth segments
before yearend. As a reminder, a majority of Resonant’s revenues
are based on prepaid royalty contracts, which generate immediate
cash but may have delayed revenue recognition. As a result, we
continue to expect non-linear revenue amounts in subsequent
quarters. We look forward to providing further detail on our full
second quarter results to our shareholders in August,” concluded
Holmes.
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 WaveX™ design
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
-
WaveX™ Design Technology 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
(https://www.resonant.com) and LinkedIn page
(https://www.linkedin.com/company/resonant-inc-/) 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 WaveX™ Design
Technology
Resonant creates designs for difficult RF
frequency bands and modules that meet challenging and complex 5G,
Wi-Fi and UWB RF front-end requirements. Using WaveX™, Resonant’s
designs have the potential to be developed in half the time and
manufactured at a lower cost than traditional approaches. WaveX™ is
a suite of proprietary algorithms, software design tools and
network synthesis techniques that enables Resonant to explore a
much larger set of possible design solutions.
Resonant delivers rapid design simulations to
its customers, which they manufacture in their captive fabs or have
manufactured by one of Resonant’s foundry partners. These improved
solutions still use Surface Acoustic Wave (SAW) or Temperature
Compensated Surface Acoustic Wave (TC-SAW) technologies with the
performance of higher cost manufacturing methods like Bulk Acoustic
Wave (BAW).
Resonant’s WaveX™ delivers excellent
predictability, enabling achievement of the desired product
performance in roughly half as many turns through the fab. In
addition, Resonant’s simulations model fundamental material and
structure properties, which makes integration with foundry and fab
customers much more intuitive, because they speak the "fab
language" of basic material properties and dimensions.
Safe Harbor / Forward-Looking
Statements
This press release contains forward-looking
statements, which include the following subjects, among others: the
capabilities of our filter designs and software tools, the timing
and amount of future unit shipments and revenues, our pursuit of
partnerships for use of our XBAR® technology for non-mobile
applications, and our preliminary unaudited financial results for
the recently completed quarter. 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,
without limitation, the following: risks related to changes in
Resonant’s preliminary unaudited financial results for the recently
completed quarter based on the completion of our financial
statement closing procedures and the review by our independent
registered public accounting firm of such financial statements; 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; 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)
546-6326 RESN@mzgroup.us
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