Net losses up at Resonant in Q3
Net losses grew for Resonant in the third quarter of 2021, as the company announced an expanded multi-year agreement with its manufacturing partner.
Resonant, which is based in both Santa Barbara and Austin, Texas, provides radio frequency filters for multiple applications, including 5G cellular devices.
The company generated $400,000 in revenue for the third quarter, resulting from the recognized portion of the company’s 2019 collaboration agreement with Murata Manufacturing.
Resonant also recognized $4.4 million in deferred revenue, a 550% increase sequentially from the second quarter of 2021, the company said in a statement.
Overall, however, the company recognized a net loss of $9 million for the third quarter, or a loss of 14 cents per share, up from a $6.1 million loss Resonant had in the same quarter a year ago.
The bigger loss could be attributed to increased costs in both research and development expenses as well as sales, marketing and administrative expenses, which rose $1.5 million and $400,000, respectively.
Before the end of the third quarter, Resonant received $6.1 million of cash from the sale of common stock and $7 million in upfront payment under the expanded commercial agreement, the company said in a statement.
Resonant closed Nov. 10 at $2.30 and at $2.31 on Nov. 11.
The company ended the third quarter with over $15 million in cash and cash equivalents.