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2 Years : From Mar 2018 to Mar 2020
Resonant Inc. (NASDAQ: RESN), a leader in transforming the way radio
frequency, or RF, front-ends are being designed and delivered for mobile
handset and wireless devices, today announced financial results for the
fourth quarter and full year ended December 31, 2018 and provided an
update on its operational progress.
Fourth Quarter Highlights
Exceeded the company’s end of 2018 milestone of 20 devices accepted by
customers as meeting their expectations, doubling the number of
devices accepted from greater than 10 devices announced at the
beginning of 2018.
Included in these accepted devices is the company’s first ever 5G
Beat the company’s stated milestone of 10 devices shipped for royalty
revenues in 2018, which was more than double the four devices shipped
for royalty revenues in 2017.
Launched the Filter IP Standard Library with a high-performance
quadplexer solution, designed in collaboration with the company’s
Signed first Filter IP Standard Library license agreement.
Introduced the company’s new 5G filter breakthrough technology, XBAR™,
at the 2018 IEEE International Ultrasonics Symposium (IUS) in Japan.
Signed four new license agreements with an existing Tier 1 filter
New agreements cover designs for wafer-level packaged filters for
modules targeting complex carrier aggregation operation.
Achieved significant milestones in the development of the company’s
XBAR 5G filter technology:
First filters using XBAR resonators have been fabricated.
At MWC (Mobile World Congress) 2019 Barcelona filters using XBAR
resonators successfully demonstrated approximately 600 MHz
bandwidth at 5 GHz, which is as much as three times the bandwidth
available with current technology.
Filters using XBAR resonators have a significantly smaller form
factor than competing dielectric-based filters.
Design efficiency improved through the use of Resonant’s Infinite
Synthesized Networks® (ISN®) platform, with
designers now producing on average 6.8 designs per year, up from 4.5
“In 2018, we successfully executed key business operation objectives and
exited the year with over 70 designs contracted, more than 20 designs
have been accepted by our customers as having passed handset testing,
and more than 10 devices having shipped for royalty revenue,” stated
George B. Holmes, CEO of Resonant. “Our current customers are benefiting
greatly from the industry leading design efficiency of our Infinite
Synthesized Networks® (ISN®) platform, which helps
eliminate our customers’ design capacity constraints. The RF front end
design capacity constraint problem will only increase with the
deployment of 5G, which will demand a greater number of filters and
higher complexity to handle the required increased bandwidth and higher
“Our ISN platform is now applicable across all historical generations of
wireless technology and the rapidly approaching 5G. ISN delivers
solutions for our customers based on simulation rather than
iteration, which reduces the time to market for our customers.
Also, to reduce time to market for existing and potential customers we
introduced our Filter IP Standard Library in December of 2018 and
already have the first licensee. We ended 2018 with $21.3 million in
cash, cash equivalents and investments, which combined with our 2018 and
recent successes, we believe we are well positioned in 2019 to
accelerate our revenue growth, beginning with a royalty revenue ramp in
the first half of 2019 that we believe will deliver increased value for
For the fourth quarter ended December 31, 2018, Resonant recorded:
Revenue of $128,000, compared to $115,000 for the third quarter of
Royalty revenues of $39,000, compared to $30,000 for the third quarter
Research and development expenses of $4.1 million, compared to $3.6
million for the third quarter of 2018.
Sales, marketing and administration expenses of $3.0 million,
equivalent to the third quarter of 2018.
Operating loss of $7.0 million, compared to $6.5 million for the third
quarter of 2018.
Net loss of $6.9 million, or $(0.25) per share, based on 27.2 million
weighted average shares outstanding, compared to net loss of $6.3
million, or $(0.23) per share, based on 27.0 million weighted average
shares outstanding for the third quarter of 2018.
Non-GAAP, adjusted EBITDA of $(5.5) million, or $(0.20) per fully
diluted share, compared to $(4.9) million, or $(0.18) per fully
diluted share for the third quarter in 2018.
For the year ended December 31, 2018, Resonant recorded:
Revenue of $524,000, compared to $653,000 for the full year 2017.
Royalty revenues of $159,000, compared to $40,000 for the full year
Research and development expenses of $14.3 million, compared to $10.0
million for the full year 2017.
Sales, marketing and administration expenses of $11.5 million,
compared to $9.6 million for the full year 2017.
Operating loss of $25.3 million, compared to $19.0 million for the
full year 2017.
Net loss of $24.8 million, or $(0.98), per share, based on 25.3
million weighted average shares outstanding, compared to net loss of
$21.7 million, or $(1.44) per share, based on 15.0 million weighted
average shares outstanding for the full year 2017.
Non-GAAP, adjusted EBITDA of $(19.2) million, or $(0.76) per fully
diluted share, compared to $(14.2) million, or $(0.95) per fully
diluted share for the full year 2017.
Cash, cash equivalents and investments of $21.3 million, compared to
$19.5 million for December 31, 2017.
In the first half of 2018, Resonant received net proceeds of $21.2
million from a public offering, after deducting the underwriting
discount and offering expenses.
Management will host an investor conference call today at 1:30 p.m. PDT
(4:30 p.m. EDT) to discuss Resonant’s fourth quarter and full year 2018
financial results, provide a corporate update, and conclude with a Q&A
Conference Call and Webcast
Date: Thursday, March 14, 2019Time: 1:30 p.m. Pacific daylight
time (4:30 p.m. Eastern daylight time)U.S. Dial-in: 1-877-423-9813International
Dial-in: 1-201-689-8573Conference ID: 13687847Webcast: RESN
Q4 2018 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 14, 2019. To
listen, call 1-844-512-2921 within the United States or 1-412-317-6671
when calling internationally. Please use the replay pin number 13687847.
A webcast will also be available for 90 days on the IR section of the
Resonant website or by clicking here: RESN
Q4 2018 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
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, stock-based compensation
and warrant inducement 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 Infinite Synthesized Network (ISN) 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
To learn more about Resonant, view the series of videos published on its
website that explain Resonant's technologies and market positioning:
and XBAR: Speeding the Transition to 5G
Synthesized Networks, ISN Explained
is an RF Filter?
the Mobile Filter Supply Chain
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 ISN® Technology
Resonant can create designs for difficult bands, modules and other
complex RF Front End requirements that we believe have the potential to
be manufactured for half the cost and developed in half the time of
traditional approaches. ISN is a suite of proprietary mathematical
methods, software design tools and network synthesis techniques that
enable us to explore a much larger set of possible design solutions that
regularly incorporate our proprietary technology. We then quickly
deliver design simulations to our customers, which they manufacture or
have manufactured by one of our foundry partners. These improved
solutions still use Surface Acoustic Wave (SAW) or Temperature
Compensated Surface Acoustic Wave (TC-SAW) manufacturing methods and
perform as well as those using higher cost manufacturing methods such as
Bulk Acoustic Wave (BAW). Resonant's method delivers excellent
predictability, enabling achievement of the desired product performance
in roughly half as many turns through the fab. In addition, because
Resonant's models are fundamental, integration with its foundry and fab
customers is seamless because its models 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 status of filter designs under
development, the capabilities of our filter designs and software tools,
the timing and amount of future revenues, and our views on future
financial performance and market share. 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.
Condensed Consolidated Balance Sheets (Audited)
December 31, 2018
December 31, 2017
Cash and cash equivalents
Other current assets
TOTAL CURRENT ASSETS
PROPERTY AND EQUIPMENT, NET
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued expenses
Other current liabilities
TOTAL CURRENT LIABILITIES
Additional paid-in capital
Accumulated other comprehensive loss
TOTAL STOCKHOLDERS’ EQUITY
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
Consolidated Statements of Operations
Three Months Ended (Unaudited)
Year Ended (Audited)
Research and development
Sales, marketing and administration
TOTAL OPERATING EXPENSES
NET OPERATING LOSS
Interest and investment income
Warrant inducement expense
Other income (expense)
TOTAL OTHER INCOME
LOSS BEFORE INCOME TAXES
Provision for (benefit from) income taxes
NET LOSS PER SHARE – BASIC AND DILUTED
Weighted average shares outstanding — basic and diluted
Reconciliation of Non-GAAP Information
Three Months Ended
Net loss (GAAP)
Add the following items:
Warrant inducement expense
R&D stock compensation
G&A stock compensation
R&D depreciation and amortization
G&A depreciation and amortization
Adjusted EBITDA (non-GAAP)
ADJUSTED EBITDA PER SHARE (non-GAAP) – BASIC AND DILUTED
Weighted average shares outstanding — basic and diluted
View source version on businesswire.com: https://www.businesswire.com/news/home/20190314005821/en/
Investor Relations Contact:Moriah Shilton, LHA
Investor Relations, 1-415-433-3777, RESN@lhai.com