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 a preliminary corporate update for the three months ended June 30, 2021. They shipped a record 17.5 million filters using the Company’s WaveX design technology, representing a 450% increase over last year.
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.
“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.
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.