Resonant might run out of operating cash after second quarter
Resonant, a late-stage development company based in Goleta that creates filter designs for radio frequency front-ends for the mobile device industry, said it might only have enough cash to support operations though the second quarter of 2016.
The company announced the news when it released 2015 fiscal year results in a March 23 news release. Resonant said it had operating expenses of $9.74 million in 2015, and an operating loss of the same amount on Dec. 31, 2015. As of Dec. 31, 2015, the company had cash and cash equivalents of just $2.5 million and assets of $7.57 million.
Resonant also had a net loss of $9.72 million in 2015, down slightly from a net loss of $9.73 million in 2014. Net loss of $1.36 per share was down from a net loss of $2.16 per share in 2014.
The company also said it named Michael Fox, founder and CEO of Park City Capital, to its board of directors in February.
• Contact Philip Joens at pjoens@pacbiztimes.com.
