Resonant’s revenue up but net losses grow
Goleta-based Resonant quadrupled its first quarter revenue compared to the first quarter of 2016, but net losses increased 58 percent to $4.9 million or 37 cents per share.
The mobile device filter designer reported $156,000 in revenues, up from $27,000 for the same period last year, but operating expenses grew from $3.1 million to nearly $5.1 million. Research and development costs fell slightly compared to the fourth quarter but, at $2.1 million, were almost double what they were the prior year.
The expansion of several contracts throughout the quarter is an indication of long-term commercial success, CEO George Holmes said in a news release.
“In addition to customer engagement, we remain focused on customer execution for the specific designs we believe have the highest potential for revenue in the shortest amount of time,” Holmes said, highlighting milestones like the company’s 125th design under patent and one million units shipped. “With a continuously growing number of designs under development and expanding customer pipeline, we are continuing to invest in our core infrastructure and the expansion of our IP portfolio.”
The company had $13 million in cash and cash equivalents as of March 31, with $2.4 million in current liabilities. Shares ended May 10 down 5.4 percent ahead of the announcement, at $4.52.
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