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Resonant Inc (RESN) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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Resonant Inc

CIK: 1579910 Ticker: RESN




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Resonant Inc. Reports First Quarter 2020 Financial Results
Revenues up sequentially - Costs cut significantly

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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Resonant Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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Inside Resonant Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Loss (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited)
Commitments And Contingencies
Commitments And Contingencies (Details)
Income Taxes
Income Taxes (Details)
Investments Held-To-Maturity
Investments Held-To-Maturity (Details)
Leases (Tables)
Leases Leases
Leases Narrative (Details)
Leases Operating Lease, Liability, Maturity (Details)
Leases Weighted-Average Remaining Lease Term (Details)
Organization And Description Of Business
Organization And Description Of Business (Liquidity And Capital Resources) (Details)
Related Party Transactions (Details)
Related Party Transactions Related Party Transactions
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Narrative (Details)
Revenue Recognition - Schedule Of Changes In Contract Asset And Liability Balances (Details)
Stock-Based Compensation
Stock-Based Compensation (Equity Based Compensation Schedule) (Details)
Stock-Based Compensation (Estimated Fair Value Of Stock Options) (Details)
Stock-Based Compensation (Narrative) (Details)
Stock-Based Compensation (Restricted Stock Activity) (Details)
Stock-Based Compensation (Stock Option Award Activity) (Details)
Stock-Based Compensation (Stock Options Outstanding And Exercisable) (Details)
Stock-Based Compensation (Tables)
Stockholders' Equity And Loss Per Share
Stockholders' Equity And Loss Per Share (Details)
Stockholders' Equity And Loss Per Share (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policies)
Warrants
Warrants (Tables)
Warrants (Warrant Share Activity) (Details)

Material Contracts, Statements, Certifications & more

Resonant Inc provided additional information to their SEC Filing as exhibits

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

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