Resonant reports growing revenue, shrinking losses
Resonant, a Goleta-based cellular technology company, reported its third quarter earnings on Nov. 10 with a net loss of $6.1 million, or 11 cents per share.
That was an improvement upon the same quarter a year ago, where Resonant had a net loss of $7.4 million, or 26 cents per share.
Revenue in the third quarter for Resonant was $1.4 million, compared to just $79,000 in the same quarter last year. Revenue was also up 132% from the end of the second quarter in 2020.
Resonant stock closed at $2.38 on Nov. 10, an increase of 2.5% from the start of the day.
Resonant is in the middle of an exclusive deal with Murata Manufacturing of Kyoto, Japan, the largest company in the filter technology market, through 2022 for its XBAR 5G filters. Resonant achieved its second milestone with Murata in the third quarter, which confirmed target performance, packaging and initial reliability. The next phase of the agreement focuses on building a commercial platform and high-volume manufacturing.
“Today, we stand in a better position than ever to capitalize on the multi-billion-dollar 5G market,” George Holmes, CEO of Resonant, said in the company’s earnings release. “Not only are we validating our 5G go-to-market strategy with the progress demonstrated in meeting the development milestone for XBAR, but we are increasing unit shipment volumes with our customers, providing new library designs to customers that are otherwise impossible and growing revenues.”
The company shipped more than 4.1 million units in the third quarter, an increase of 163% from the third quarter of 2019.
Sales, marketing and administration expenses in the third quarter of 2020 were up at $3.1 million compared to $3.0 million in the same quarter a year-ago. Research and development expenses in the third quarter of 2020 were down a bit at $4.4 million compared to $4.6 million in the same quarter a year-ago.