Resonant reports earnings bump
Resonant, the Goleta-based maker of components for wireless devices, reported a sharp increase in sales and a reduced cash burn for its third quarter ended Sept. 30.
The company said revenue jumped to $1.4 million, compared to $79,000 in the same quarter a year ago and $600,000 in the second quarter, as it received a milestone payment under its agreement to develop a line of radio frequency filters to enable 5G services.
Resonant’s results are in line with guidance that revenues would grow sequentially in the third quarter of 2020. The company said it expects revenue in the fourth quarter to be “similar to” revenue in the first and second quarters. CEO George Holmes said in a statement that “the acceleration of our business is becoming apparent.”
Resonant said cash used in the quarter, net of the milestone payment, was approximately $3.8 million, compared to $5.8 million a year ago. Resonant had cash and cash equivalents of approximately $20 million on hand on Sept. 30, the statement said.