Resonant’s third quarter losses grow
Goleta-based Resonant reported a $4 million net loss, or a loss of 39 cents per diluted share, for the third quarter of 2016, up from a $2.9 million — or 40 cents per diluted share — loss in 2015.
Revenues from contracts with four customers were $25,000 for the quarter ended Sept. 30. General and administrative expenses grew 44 percent over the third quarter last year to $2.3 million and research and development expenses grew from $1.2 million in 2015 to $1.5 million this year.
The increases were primarily attributed to additions to the radio frequency front-end design company’s payroll and business acquisition costs.
The company had short-term investments, cash and cash equivalents of $12.7 million, up from $5.5 million at the end of 2015. Proceeds from a secondary offering in September of more than 2 million shares are being used for product and business development efforts, the earnings report said.
“Other highlights from the quarter included the closing of an $11.5 million public offering of our common stock, which we believe provides us with sufficient capital to fund our planned operations through 2017,” Terry Lingren, co-founder and CEO of Resonant, said in an earnings statement.
The company signed development agreements for nine new sockets during the quarter and licensed six of them, the statement said. The stock price ended up 5.3 percent Nov. 10 at $5.20.
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