Resonant Inc (RESN) 10-Q Quarterly Report Thu Nov 07 2019

- 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 third quarter ended September 30, 2019 and provided an update on its operational progress.

“In the third quarter, we announced a definitive agreement with the world’s largest RF filter manufacturer, through which we subsequently received a strategic investment and executed a multi-year commercial agreement for multiple 5G mobile devices,” stated George B. Holmes, Chairman and CEO of Resonant. “Momentum is growing overall, as our customers shipped more than 1.5 million units in the third quarter, greater than the first half of 2019.

“We strengthened our balance sheet with $10 million in gross proceeds from an equity investment in the third quarter and receipt of $2 million in prepaid royalties under the multi-year commercial agreement early in the fourth quarter. All in, we are executing on our long-term growth strategy from a solid base, with the validation of a world leader on our technology and IP, our Infinite Synthesized Networks (ISN®) software tools, and with a go to market model that makes Resonant a disruptive force in a rapidly growing RFFE market.”

Recent Highlights


•	Signed a multi-year commercial agreement with the world’s leading RF filter manufacturer.


◦	Received first payment expected under the $9 million-dollar multi-year commercial agreement.


•	Resonant customers shipped more than 1.5 million units in the third quarter of 2019, exceeding first half of 2019 shipments.


•	Resonant technology has been identified by a third-party teardown company, now in a third tier one mobile phone.


•	Announced partnership with Teledyne Scientific & Imaging to develop manufacturing processes for high frequency, wide bandwidth RF filter solutions.

The following information was filed by Resonant Inc (RESN) on Tuesday, November 5, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Resonant Inc's 10-Q Quarterly Report:

Financial - Expense Highlight
Our costs include employee salaries and benefits, compensation paid to consultants, capital costs for research and other equipment, costs associated with development activities including travel and administration, legal expenses, sales and marketing costs, general and administration expenses, and other costs associated with a late-stage development, publicly-traded technology company.

Financial - Expense Highlight
These expenses relate to direct engineering and other costs associated with the development and commercialization of our technology, including the development of filter designs for our customers and consist primarily of the compensation costs of employees, including stock-based compensation, and to a lesser extent, development related costs for consultants, equipment, software and supplies.
Financial - Expense Highlight
The increases were primarily related to higher compensation expenses from increased headcount, as well as higher development costs related to expanded activity on our ISN platform, XBAR and filter design development.
Other - Other Highlight
As such, our actual results could differ materially from those set forth in the forward-looking statements as a result of the factors referenced in the subsection "Risk Factors" set forth in Part II, Item 1A of this Report and Part I, Item 1A of our Annual Report, and similar discussions in our other reports filed with the Securities and Exchange Commission.
Other - Other Highlight
In all licensing arrangements with our customers we intend to retain ownership of our technology, software, designs and related improvements.
Revenue - Product
Sales, marketing and administration expenses...Read more
Revenue - Product
Revenues consist of the recognized...Read more
Other - Other
Our goal is to establish...Read more
Financial - Expense
Due to these conditions, along...Read more
Revenue - Product
We continue to add employees,...Read more
Financial - Expense
Research and development expenses increased...Read more
Financial - Expense
These expenses relate to our...Read more
Financial - Income
Interest and investment income decreased...Read more
Other - Other
Our principal sources of liquidity...Read more
Revenue - Product
Revenues consist of the recognized...Read more
Financial - Expense
We have increased our research...Read more
Other - Other
The words "believe," "may," "will,"...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Resonant Inc provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: RESN
CIK: 1579910
Form Type: 10-Q Quarterly Report
Accession Number: 0001579910-19-000014
Submitted to the SEC: Thu Nov 07 2019 11:00:12 AM EST
Accepted by the SEC: Thu Nov 07 2019
Period: Monday, September 30, 2019
Industry: Semiconductors And Related Devices