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, today provided
financial results for the second quarter ended June 30, 2021.
Management Commentary
“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 Company 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 totaled $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.
Conference Call and WebcastDate: Wednesday,
August 11, 2021Time: 3:30 p.m. Central standard time (4:30 p.m.
Eastern standard time)U.S. Dial-In: 1-855-327-6837International
Dial-In: 1-631-891-4304Conference ID: 10015955Webcast: RESN Q2 2021
Webcast
Please dial in at least 10 minutes before the
start of the call to ensure timely participation.
A playback of the call will be available through
September 11, 2021. To listen, call 1-844-512-2921 within the
United States or 1-412-317-6671 when calling internationally and
enter replay pin number 10015955. A webcast will also be available
for 30 days on the IR section of the Resonant website or by
clicking here: RESN Q2 2021 Webcast.
Note about Non-GAAP Financial
MeasuresA non-GAAP financial measure is a numerical
measure of a company’s performance, financial position, or cash
flows that either excludes or includes amounts that are not
normally excluded or included in the most directly comparable
measure calculated and presented in accordance with generally
accepted accounting principles, or GAAP. Non-GAAP measures are not
in accordance with, nor are they a substitute for, GAAP measures.
Other companies may use different non-GAAP measures and
presentation of results.
In addition to financial results presented in
accordance with GAAP, this press release presents adjusted EBITDA,
which is a non-GAAP measure. Adjusted EBITDA is determined by
taking net loss and adding interest, taxes, depreciation,
amortization and stock-based compensation expenses. The
company believes that this non-GAAP measure, viewed in addition to
and not in lieu of net loss, provides useful information to
investors by providing a more focused measure of operating
results. This metric is an integral part of the Company’s
internal reporting to evaluate its operations and the performance
of senior management. A reconciliation of adjusted EBITDA to net
loss, the most comparable GAAP measure, is available in the
accompanying financial tables below. The non-GAAP measure
presented herein may not be comparable to similarly titled measures
presented by other companies.
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
TechnologyResonant 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
StatementsThis press release contains forward-looking
statements, which include the following subjects, among others: the
status of filter designs under development, the capabilities of our
filter designs and software tools, and our expectation that we will
add design contracts with our existing strategic partner as well as
new customers of our XBAR® filters for non-mobile applications,.
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: 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
Resonant Inc.Condensed Consolidated
Balance Sheets(in thousands)
|
June 30, 2021 |
|
December 31, 2020 |
|
(Unaudited) |
|
(Audited) |
ASSETS |
|
|
|
Cash and cash equivalents |
$ |
22,732 |
|
|
$ |
24,968 |
|
Other current assets |
716 |
|
|
719 |
|
TOTAL CURRENT ASSETS |
23,448 |
|
|
25,687 |
|
PROPERTY AND EQUIPMENT,
NET |
1,341 |
|
|
1,583 |
|
NONCURRENT ASSETS |
5,496 |
|
|
5,460 |
|
TOTAL
ASSETS |
$ |
30,285 |
|
|
$ |
32,730 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Accounts payable and accrued expenses |
$ |
4,137 |
|
|
$ |
3,401 |
|
Other current liabilities |
1,375 |
|
|
2,450 |
|
TOTAL CURRENT LIABILITIES |
5,512 |
|
|
5,851 |
|
TOTAL LONG-TERM
LIABILITIES |
1,540 |
|
|
1,826 |
|
STOCKHOLDERS’ EQUITY |
|
|
|
Common stock |
63 |
|
|
59 |
|
Additional paid-in capital |
191,924 |
|
|
175,813 |
|
Accumulated other comprehensive loss |
44 |
|
|
87 |
|
Accumulated deficit |
(168,798 |
) |
|
(150,906 |
) |
TOTAL STOCKHOLDERS’
EQUITY |
23,233 |
|
|
25,053 |
|
|
|
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
$ |
30,285 |
|
|
$ |
32,730 |
|
Resonant Inc.Consolidated Statements of
Operations(Unaudited)(in
thousands, except share data)
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2021 |
|
March 31, 2021 |
|
June 30, 2020 |
|
June 30, 2021 |
|
June 30, 2020 |
REVENUES |
$ |
614 |
|
|
$ |
608 |
|
|
$ |
604 |
|
|
$ |
1,222 |
|
|
$ |
1,148 |
|
OPERATING
EXPENSES |
|
|
|
|
|
|
|
|
|
Research and development |
5,885 |
|
|
5,351 |
|
|
4,845 |
|
|
11,236 |
|
|
10,307 |
|
Sales, marketing and administration |
3,795 |
|
|
4,077 |
|
|
2,976 |
|
|
7,872 |
|
|
6,115 |
|
TOTAL OPERATING
EXPENSES |
9,680 |
|
|
9,428 |
|
|
7,821 |
|
|
19,108 |
|
|
16,422 |
|
NET OPERATING
LOSS |
(9,066 |
) |
|
(8,820 |
) |
|
(7,217 |
) |
|
(17,886 |
) |
|
(15,274 |
) |
OTHER INCOME,
NET |
|
|
|
|
|
|
|
|
|
Interest and investment income (expense) |
(3 |
) |
|
(3 |
) |
|
7 |
|
|
(6 |
) |
|
64 |
|
Other expense |
— |
|
|
— |
|
|
(5 |
) |
|
— |
|
|
(9 |
) |
TOTAL OTHER INCOME,
NET |
(3 |
) |
|
(3 |
) |
|
2 |
|
|
(6 |
) |
|
55 |
|
LOSS BEFORE INCOME
TAXES |
(9,069 |
) |
|
(8,823 |
) |
|
(7,215 |
) |
|
(17,892 |
) |
|
(15,219 |
) |
Provision for income
taxes |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
NET LOSS |
$ |
(9,069 |
) |
|
$ |
(8,823 |
) |
|
$ |
(7,215 |
) |
|
$ |
(17,892 |
) |
|
$ |
(15,220 |
) |
NET LOSS PER SHARE – BASIC AND
DILUTED |
$ |
(0.15 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.31 |
) |
Weighted average shares
outstanding — basic and diluted |
60,820,319 |
|
|
59,775,674 |
|
|
52,901,488 |
|
|
60,300,883 |
|
|
48,367,308 |
|
Resonant Inc.Reconciliation of non-GAAP
Information(Unaudited)(in
thousands, except share data)
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2021 |
|
March 31, 2021 |
|
June 30, 2020 |
|
June 30, 2021 |
|
June 30, 2020 |
|
|
|
|
|
|
|
|
|
|
Net loss (GAAP) |
$ |
(9,069 |
) |
|
$ |
(8,823 |
) |
|
$ |
(7,215 |
) |
|
$ |
(17,892 |
) |
|
$ |
(15,220 |
) |
Add (subtract) the following
items: |
|
|
|
|
|
|
|
|
|
Interest, net |
3 |
|
|
3 |
|
|
(7 |
) |
|
6 |
|
|
(64 |
) |
R&D stock compensation |
1,085 |
|
|
972 |
|
|
870 |
|
|
2,057 |
|
|
1,518 |
|
SM&A stock compensation |
1,072 |
|
|
1,175 |
|
|
741 |
|
|
2,247 |
|
|
1,472 |
|
R&D depreciation and amortization |
184 |
|
|
185 |
|
|
202 |
|
|
369 |
|
|
410 |
|
SM&A depreciation and amortization |
50 |
|
|
50 |
|
|
48 |
|
|
100 |
|
|
98 |
|
Provision for income taxes |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
Adjusted EBITDA
(non-GAAP) |
$ |
(6,675 |
) |
|
$ |
(6,438 |
) |
|
$ |
(5,361 |
) |
|
$ |
(13,113 |
) |
|
$ |
(11,785 |
) |
Adjusted EBITDA (non-GAAP) per
share – basic and diluted |
$ |
(0.11 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.24 |
) |
Weighted average shares
outstanding — basic and diluted |
60,820,319 |
|
|
59,775,674 |
|
|
52,901,488 |
|
|
60,300,883 |
|
|
48,367,308 |
|
|
R&D: research
and development |
SM&A: sales,
marketing and administration |
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