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 third quarter ended September 30, 2021.
Management Commentary
“We continued to execute on our operational
strategy in the third quarter, most notably highlighted by the
recent expansion of our agreement with our strategic partner, the
world’s largest RF filter manufacturer,” said George B. Holmes,
Chairman and CEO of Resonant. “The extended agreement is a
testament to the superiority of our XBAR® technology in meeting the
exacting demands required by next generation wireless networks, and
a critical advancement towards the high-volume manufacturing of
XBAR® RF filters.
“During the quarter we achieved the milestone of
100 million units cumulatively shipped by our customers, further
highlighting the efficacy of our WaveX™ software platform, which
provides innovative, cost-effective filter solutions for IDMs and
enables them to accelerate time-to-market to meet increasing
demand. In addition, we continued to focus on building out our
already-robust patent portfolio to protect our competitive
advantage and unique market position.”
“Our work with our strategic partner remains a
priority as we move through the fourth quarter, and into 2022. The
expanded agreement provides Resonant with additional royalties over
the contract period at an up to 400% increased price per device. We
are well positioned to capitalize on the value of our proprietary
technology as we work to secure a XBAR® partner for non-mobile
applications by year end. Our team is thrilled to be enabling
global industry leaders to drive the transition to 5G, 6G, Wi-Fi 6
& 7, UWB and mmWave – helping to unlock the true potential of
these networks,” concluded Holmes.
Third Quarter 2021 Company Highlights
- Expanded multi-year commercial
partnership with the Company’s strategic partner, the world’s
largest RF filter manufacturer, for the development of high
frequency, wide bandwidth, XBAR® RF filters. The details of the
expanded agreement can be found in the Company’s Form 8-K filed on
October 6, 2021.
- Resonant customers have shipped over
100 million RF filters to date, including a record 21 million units
designed using the Company’s proprietary WaveX™ design software in
the third quarter of 2021. This represents an increase of 433% from
the same year-ago period, and a sequential increase of 23%.
- The Company’s robust patent portfolio
grew to over 390 patents filed or issued as of September 30, 2021,
with over 240 related to Resonant’s proprietary XBAR® and high
frequency technologies.
- Hosted a two-part "Breaking Through the
Noise of 5G in Europe" webinar series and a “5G Insights in Japan”
webinar featuring industry experts discussing the evolution from 1G
to 5G, drivers of 5G adoption, next-generation Wi-Fi, and how
Resonant’s XBAR® filters can enable ‘true’ 5G.
Third Quarter 2021 Financial Summary
- Revenues in the third quarter of 2021
were $0.4 million, resulting from the recognized portion of the
Company’s 2019 collaboration agreement with the world’s largest RF
filter manufacturer as well as royalties on the Company’s legacy
design contracts.
- Deferred revenues totaled $4.4 million
at the end of the third quarter of 2021, a sequential increase of
550%.
- Research and development expenses were
$5.9 million in the third quarter of 2021, compared to $4.4 million
in the same year-ago quarter and $5.9 million in the second quarter
of 2021.
- Sales, marketing and administrative
expenses were approximately $3.5 million in the third quarter of
2021, compared to $3.1 million in the same year-ago quarter and
$3.8 million in the second quarter of 2021.
- Net loss was $(9.0) million, or $(0.14)
per share, in the third quarter of 2021, compared to a net loss of
$(6.1) million, or $(0.11) per share, in the same quarter a
year-ago, and $(9.1) million, or $(0.15) per share in the second
quarter of 2021.
- Non-GAAP, adjusted EBITDA was $(6.8)
million, or $(0.11) per share in the third quarter of 2021,
compared to $(4.4) million or $(0.08) per share in the same quarter
a year-ago and $(6.7) million, or $(0.11) per share in the second
quarter of 2021.
- Resonant had cash and cash equivalents
of $15.3 million as of September 30, 2021. Subsequent to the end of
the third quarter, the Company received $6.1 million of cash from
the sale of common stock and $7.0 million in upfront payment under
the expanded commercial agreement.
Conference Call and WebcastDate: Wednesday,
November 10, 2021Time: 3:30 p.m. Central standard time (4:30 p.m.
Eastern standard time)U.S. Dial-In: 1-800-909-4798International
Dial-In: 1-212-231-2904Conference ID: 21998702Webcast: RESN Q3 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
December 10, 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 Q3 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 XBAR® Filter
TechnologyResonant pioneered a novel Bulk Acoustic Wave
(BAW) filter technology, XBAR®, to meet the challenging and complex
RF front-end requirements of next-generation 5G, Wi-Fi and UWB
networks and beyond. 4G BAW filter structures have traditionally
been used at frequencies up to 3GHz and adapted to filter higher
frequency bands, which has presented significant performance and
capability challenges. Using WaveX™, Resonant evaluated various
resonator, filter building blocks for wide-bandwidth,
high-frequency and high-power filter designs. XBAR® was the result
of these extensive studies – the optimal next-generation filter
technology.
XBAR® is the first and only RF filter solution
that has natively demonstrated the performance necessary to fully
realize the potential of next-generation wireless technologies,
including 5G and Wi-Fi 6/6E. In addition, future wireless networks
will continue to move to wider bandwidths, higher frequencies and
added complexity, which will further increase the demand for XBAR®
filters. Unlike traditional BAW filters which require complex,
multi-step manufacturing processes. XBAR® filters are much simpler
to manufacture and hence can leverage SAW foundries.
Resonant continues to protect XBAR® technology
through the fundamental patents and trade secrets associated with a
disruptive technology, in addition to the intellectual property
associated with know-how and expertise developed subsequently.
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)
|
September 30, 2021 |
|
December 31, 2020 |
|
(Unaudited) |
|
(Audited) |
ASSETS |
|
|
|
Cash and cash equivalents |
$ |
15,346 |
|
|
|
$ |
24,968 |
|
|
Other current assets |
4,748 |
|
|
|
719 |
|
|
TOTAL CURRENT ASSETS |
20,094 |
|
|
|
25,687 |
|
|
PROPERTY AND EQUIPMENT,
NET |
1,426 |
|
|
|
1,583 |
|
|
NONCURRENT ASSETS |
5,456 |
|
|
|
5,460 |
|
|
TOTAL
ASSETS |
$ |
26,976 |
|
|
|
$ |
32,730 |
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Accounts payable and accrued expenses |
$ |
4,473 |
|
|
|
$ |
3,401 |
|
|
Other current liabilities |
1,969 |
|
|
|
2,450 |
|
|
TOTAL CURRENT LIABILITIES |
6,442 |
|
|
|
5,851 |
|
|
TOTAL LONG-TERM
LIABILITIES |
4,442 |
|
|
|
1,826 |
|
|
STOCKHOLDERS’ EQUITY |
|
|
|
Common stock |
63 |
|
|
|
59 |
|
|
Additional paid-in capital |
193,777 |
|
|
|
175,813 |
|
|
Accumulated other comprehensive loss |
34 |
|
|
|
87 |
|
|
Accumulated deficit |
(177,782 |
) |
|
|
(150,906 |
) |
|
TOTAL STOCKHOLDERS’
EQUITY |
16,092 |
|
|
|
25,053 |
|
|
|
|
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
$ |
26,976 |
|
|
|
$ |
32,730 |
|
|
|
|
|
|
|
|
|
|
|
|
Resonant Inc.Consolidated Statements of
Operations(Unaudited)(in
thousands, except share data)
|
Three Months Ended |
|
Nine Months Ended |
|
September 30,2021 |
|
June 30,2021 |
|
September 30,2020 |
|
September 30,2021 |
|
September 30,2020 |
REVENUES |
$ |
425 |
|
|
$ |
614 |
|
|
$ |
1,405 |
|
|
$ |
1,647 |
|
|
$ |
2,553 |
|
OPERATING
EXPENSES |
|
|
|
|
|
|
|
|
|
Research and development |
5,857 |
|
|
5,885 |
|
|
4,413 |
|
|
17,093 |
|
|
14,720 |
|
Sales, marketing and administration |
3,547 |
|
|
3,795 |
|
|
3,055 |
|
|
11,419 |
|
|
9,170 |
|
TOTAL OPERATING
EXPENSES |
9,404 |
|
|
9,680 |
|
|
7,468 |
|
|
28,512 |
|
|
23,890 |
|
NET OPERATING
LOSS |
(8,979 |
) |
|
(9,066 |
) |
|
(6,063 |
) |
|
(26,865 |
) |
|
(21,337 |
) |
OTHER INCOME,
NET |
|
|
|
|
|
|
|
|
|
Interest and investment income (expense) |
(3 |
) |
|
(3 |
) |
|
1 |
|
|
(9 |
) |
|
65 |
|
Other expense |
(1 |
) |
|
— |
|
|
(1 |
) |
|
(1 |
) |
|
(10 |
) |
TOTAL OTHER INCOME,
NET |
(4 |
) |
|
(3 |
) |
|
— |
|
|
(10 |
) |
|
55 |
|
LOSS BEFORE INCOME
TAXES |
(8,983 |
) |
|
(9,069 |
) |
|
(6,063 |
) |
|
(26,875 |
) |
|
(21,282 |
) |
Provision for income
taxes |
1 |
|
|
— |
|
|
— |
|
|
1 |
|
|
1 |
|
NET LOSS |
$ |
(8,984 |
) |
|
$ |
(9,069 |
) |
|
$ |
(6,063 |
) |
|
$ |
(26,876 |
) |
|
$ |
(21,283 |
) |
NET LOSS PER SHARE – BASIC AND
DILUTED |
$ |
(0.14 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.45 |
) |
|
$ |
(0.43 |
) |
Weighted average shares
outstanding — basic and diluted |
63,087,230 |
|
|
60,820,319 |
|
|
53,243,854 |
|
|
60,310,433 |
|
|
50,004,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resonant Inc.Reconciliation of non-GAAP
Information(Unaudited)(in
thousands, except share data)
|
Three Months Ended |
|
Nine Months Ended |
|
September 30,2021 |
|
June 30,2021 |
|
September 30,2020 |
|
September 30,2021 |
|
September 30,2020 |
|
|
|
|
|
|
|
|
|
|
Net loss (GAAP) |
$ |
(8,984 |
) |
|
$ |
(9,069 |
) |
|
$ |
(6,063 |
) |
|
$ |
(26,876 |
) |
|
$ |
(21,283 |
) |
Add (subtract) the following
items: |
|
|
|
|
|
|
|
|
|
Interest, net |
3 |
|
|
3 |
|
|
(1 |
) |
|
9 |
|
|
(65 |
) |
R&D stock compensation |
1,059 |
|
|
1,085 |
|
|
645 |
|
|
3,116 |
|
|
2,163 |
|
SM&A stock compensation |
869 |
|
|
1,072 |
|
|
828 |
|
|
3,116 |
|
|
2,300 |
|
R&D depreciation and amortization |
186 |
|
|
184 |
|
|
193 |
|
|
555 |
|
|
604 |
|
SM&A depreciation and amortization |
42 |
|
|
50 |
|
|
45 |
|
|
142 |
|
|
143 |
|
Provision for income taxes |
1 |
|
|
— |
|
|
— |
|
|
1 |
|
|
1 |
|
Adjusted EBITDA
(non-GAAP) |
$ |
(6,824 |
) |
|
$ |
(6,675 |
) |
|
$ |
(4,353 |
) |
|
$ |
(19,937 |
) |
|
$ |
(16,137 |
) |
Adjusted EBITDA (non-GAAP) per
share – basic and diluted |
$ |
(0.11 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.32 |
) |
Weighted average shares
outstanding — basic and diluted |
63,087,230 |
|
|
60,820,319 |
|
|
53,243,854 |
|
|
60,310,433 |
|
|
50,004,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R&D: research and development
SM&A: sales, marketing and administration
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