Resonant Inc., a provider of radio frequency (RF) filter solutions developed on a robust intellectual property platform, designed to connect People and Things, has provided financial results for the fourth quarter and fiscal year ended December 31, 2020.
“Our revenue growth of over 330% to a record $3.2 million in 2020 is a direct result of our technology gaining traction within the smartphone, Wi-Fi, and automotive markets,” said George B. Holmes, Chairman and CEO of Resonant. “Most importantly, our flagship XBAR® RF filter technology, which is ideally suited to meet the complex challenges of next-generation, ultra-fast 5G networks, continues to be validated by our strategic partner – the world’s largest RF filter manufacturer. After achieving the second milestone ahead of expectations, which confirmed target performance, packaging, and initial reliability for use in mobile devices, together we are moving towards mass scale commercialization of XBAR®-based RF filters for 5G mobile networks.
“We also focused on bolstering our intellectual property portfolio, specifically focusing on our XBAR® technology, to strategically position Resonant as a leader in the much-anticipated performance of next-generation networks, as well as the unique applications the networks unlock with these next generation RF filters. The recent demonstration of a high performance, full-band 6GHz XBAR-based filter covering the entire 1200 MHz Wi-Fi bandwidth of up to 7215MHz, while rejecting potential interferers by more than 50dB without the need for material doping or ancillary components, is further proof that XBAR® should be the technology of choice for future wireless filter applications. While the imminent transition to 5G and high frequency Wi-Fi bands presents complex challenges, we believe Resonant remains the only company in the world that can provide RF filter solutions that, by design, natively meet the increasingly complex RF performance requirements for mobile and non-mobile applications.”
Holmes concluded: “As we move through 2021, we expect to continue to see ramping unit shipment volumes with our existing customers as well as continued migration to agreements including significant prepaid royalties that deliver greater predictability to the ramping revenue stream. We are aggressively engaging new partners to expand the footprint of XBAR® for non-mobile applications and will begin sampling XBAR® Wi-Fi devices to non-mobile customers later this month. More than ever before, we stand in an extraordinary position to capitalize on the multi-billion-dollar 5G market and drive value for shareholders.”
Recent Company Highlights
Fourth Quarter and Full Year 2020 Financial Summary
Conference Call and Webcast
Date: Monday, March 15, 2021
Time: 5:30 a.m. Pacific standard time (8:30 a.m. Eastern standard time)
U.S. Dial-In: 1-877-423-9813
International Dial-In: 1-201-689-8573
Conference ID: 13716710
Webcast: RESN Q4 2020 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 April 15, 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 13716710. A webcast will also be available for 30 days on the IR section of the Resonant website or by clicking here: RESN Q4 2020 Webcast
Note about Non-GAAP Financial Measures
A 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 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) 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.
For more information, please visit www.resonant.com.