Resonant reports smaller losses in 2020
Resonant, a Texas-based provider of radio frequency filter designs with major operations in Goleta, ended 2020 with rising revenues and shrinking losses.
In the fourth quarter of 2020, Resonant revenue increased 32% from a year earlier, to $607,000, the company said in a March 15 earnings release. It had a net loss of $7.1 million, or 13 cents per share, smaller than its net loss a year earlier of $7.8 million, or 24 cents per share.
That quarter capped off a record-breaking year for Resonant, as the company’s revenue grew by 330% from 2019, to $3.2 million. For the year, net loss improved from $29.9 million in 2019 to $28.4 million in 2020.
In a news release, Resonant CEO George Holmes called the earnings growth “a direct result of our technology gaining traction within the smartphone, Wi-Fi, and automotive markets.”
Resonant shares dropped less than 1% on March 15, to close at $4.89.