Resonant Customers Ship Record 8.6 Million RF Filters Leveraging ISN® Design Technology in First Quarter of 2021; Representi...
April 13 2021 - 08:31AM
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, has provided a
preliminary corporate update for the three months ended March 31,
2021.
First Quarter 2021
Company Highlights
- Resonant’s customers
shipped a record 8.6 million radio frequency (RF) filters designed
using the Company’s ISN® design technology in the first quarter of
2021, representing an approximate 437% increase from the same
year-ago period and a sequential increase of approximately 25%.
To-date, Resonant’s customers have shipped over 61 million RF
filter units.
- The Company’s robust
patent portfolio grew to over 320 patents filed and issued as of
March 31, 2021, greater than 165 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.
- Signed an extension
to its licensing agreement with an existing Tier-1 Chinese foundry
partner, collecting prepaid royalty revenues for multiple RF filter
designs to address the China mobile handset market.
- Became an official
member of the Wi-Fi Alliance, a global non-profit industry
association of companies who share a vision of seamless
connectivity. Resonant’s proprietary XBAR® technology is ideally
suited for high-frequency 5 and 6 GHz Wi-Fi applications, such as
Wi-Fi 6E, a rapidly emerging segment of the market.
- Appointed technical
thought leaders Larry Larson, PhD, Jianming Jin, PhD, Gabriel
Rebeiz, PhD, and Raafat Mansour, PhD to the Company’s newly formed
Technical Committee to its Advisory Board, with the goal of
advancing XBAR® adoption and development efforts.
- Revenues in the
first quarter of 2021 were in-line with previously issued
guidance.
Management Commentary
“Resonant’s clients accelerated unit shipment
volumes in the first quarter, providing continued validation that
the RF filters designed on our ISN® design platform are highly
desirable,” said George B. Holmes, Chairman and CEO of Resonant.
“This continued traction is a testament to the performance,
predictability and time-to-market advantage delivered by our
platform, which we believe will result in an increased number of
prepaid royalty deals moving forward. This is evidenced by our
recent prepaid royalty agreement with our tier-1 Chinese foundry
partner.
“During the quarter we continued to strengthen
our intellectual property portfolio, bringing our total patent
count to over 320. We have focused primarily on our XBAR®
technology, to strategically position Resonant as a leader in the
much-anticipated performance of next-generation networks such as
5G, Wi-Fi and Ultra-wideband (UWB), as well as the unique
applications that they enable when used in conjunction with
Resonant’s high-performance RF filters.”
“Our financial results for the quarter are in
line with previously issued guidance. We continue to expect
non-linear revenue amounts from quarter to quarter as a result of
revenue recognition for our prepaid royalty deals. Looking ahead,
we anticipate the ongoing acceleration of unit shipment volumes
with our existing customers, as well as additional prepaid royalty
agreements. Notably, we are expanding our partner search for
non-mobile applications and began sampling XBAR® Wi-Fi devices to
non-mobile customers in the first quarter of 2021. We look forward
to sharing our full first quarter results with our shareholders in
May,” concluded Holmes.
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) design 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
-
ISN® 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 ISN®
Design 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
capabilities of our filter designs and software tools, the timing
and amount of future unit shipments and revenues, and our
preliminary unaudited financial results for the recently completed
quarter. 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: risks related to changes in Resonant’s preliminary
unaudited financial results for the recently completed quarter
based on the completion of our financial statement closing
procedures and the review by our independent registered public
accounting firm of such financial statements; 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
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