Resonant Inc (RESN) 10-Q Quarterly Report Thu May 07 2020

GOLETA, CA - May 6, 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 first quarter ended March 31, 2020, and provided a business update.

“We are building momentum in 2020, demonstrated by our sequential revenue growth, our expanding customer footprint, especially in China, and the technological advancements we have made with our XBAR^® technologies targeting 5G,” stated George B. Holmes, Chairman and CEO of Resonant. “Resonant has also been fortunate to observe only minimal impact to our operations from Coronavirus Disease 2019 (COVID-19) and remains cautiously optimistic about the future.”

First Quarter and Recent Highlights


•	Revenues up sequentially over fourth quarter 2019.


•	Reduced annualized expense run-rate by approximately $5 million.


•	Signed multiple license agreements with a Tier 1 Chinese foundry for products targeted at the high volume, high value, Tier 1 China mobile market.


•	Demonstrated XBAR is capable of 1.1 GHz of protected bandwidth at 6.5 GHz, targeting Wi-Fi 6 and Wi-Fi 6E which delivers the full promise of broadband video to phones.


•	Strengthened the company’s IP portfolio with the issuance of the first XBAR/5G related patents.


•	Announced an Advisory Board of six industry leaders to aid the company in strategy and tactics for its target markets.

First Quarter Ended March 31, 2020 Financial Summary


•	Billings of $280,000.


•	Revenues of 544,000.


•	Deferred revenues of $1.5 million.


•	Research and development expenses of $5.5 million.


•	Sales, marketing and administration expenses of $3.1 million.


•	Net loss of $8.0 million, or $(0.18) per share.


•	Non-GAAP, adjusted EBITDA of $(6.4) million, or $(0.15) per share.


•	Cash and cash equivalents of $29.6 million as of March 31, 2020.

Conference Call and Webcast

Date: Wednesday, May 6, 2020

Time: 1:30 p.m. Pacific Daylight Time (4:30 p.m. Eastern Daylight Time)

U.S. Dial-in: 1-800-479-1004

The following information was filed by Resonant Inc (RESN) on Wednesday, May 6, 2020 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
However, research and development expenses may continue to increase over the remainder of the year if we determine we need to add replacement headcount.

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
We anticipate that our research and development expenses will decrease in the next quarter due to reduced headcount as a result of our workforce restructuring that occurred in March 2020.
Financial - Expense Highlight
The increase was primarily related to higher compensation expenses of $700,000 associated with increased headcount and higher development costs of $250,000 related to our ISN software development, XBAR technology development and expanded activity on our filter designs under development.
Revenue - Product
In the absence of a...Read more
Other - Other
As such, our actual results...Read more
Other - Other
In all licensing arrangements with...Read more
Revenue - Product
Revenues consist primarily of the...Read more
Other - Other
Our goal is to establish...Read more
Other - Other
The pandemic may also impact...Read more
Revenue - Product
While we have not yet...Read more
Revenue - Product
We continue to add employees,...Read more
Financial - Expense
Research and development expenses increased...Read more
Financial - Expense
In the first quarter of...Read more
Financial - Expense
The increase primarily related to...Read more
Financial - Expense
These expenses relate to our...Read more
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Depending on our business outlook...Read more
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The words "believe," "may," "will,"...Read more
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Overall, the layoffs and executive...Read more

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Inside this 10-Q Quarterly Report

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Resonant Inc provided additional information to their SEC Filing as exhibits

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: 0001579910-20-000007
Submitted to the SEC: Wed May 06 2020 5:33:04 PM EST
Accepted by the SEC: Thu May 07 2020
Period: Tuesday, March 31, 2020
Industry: Semiconductors And Related Devices