Resonant Inc (NASDAQ: RESN) recently provided preliminary and unaudited financial updates for 2Q2021 ended June 30, 2021, reporting a record 450% YoY and 104% QoQ increase in the shipping of RF filters by its customers. These filters were designed using Resonant’s patented WaveX™ design technology to help connect People and Things. Resonant reported that its customers had shipped about 17.5 million RF filter units during the quarter and more than 79 million units to date. Compared to its patent count of 300 plus at the end of FY2020, the company now has 350 patents filed and issued at 2Q2021. The robust patent portfolio includes about 200 patents related to its proprietary XBAR® and high-frequency technologies.
Financial estimates and technology update
Resonant estimated its 2Q2021 revenue to remain at $0.6 million, similar to revenue reported for 2Q2020. Deferred revenues at the end of 2Q2021 are projected to be $0.8 million, and cash and cash equivalents of $22.7 million, including $7.8 million from equity sales during the quarter. The company also mentioned having enhanced WaveX™ for Wi-Fi, 5G, and Ultra-wideband RF filters. Resonant anticipates significant YoY revenue growth for FY2021 compared to the previous fiscal.
Resonant delivers solutions for the RF front-end market, constrained by limited tools, capacity, and designers. The company offers lower unit costs, reduced time to market, and ever-increasing design efficiency. Resonant’s disruptive technologies help customers design cutting-edge filters and modules to enhance the connectivity of current mobile devices.
Management commentary on the financial estimates
George Holmes, Chairman and Chief Executive of Resonant, reinforced that the company’s customers exceeded the milestone of shipping 75 million RF filters, echoing the sustained demand for its innovative RF filters designed with the WaveX™ technology. Holmes also mentioned increasing receptivity to Resonant’s XBAR® technology for addressing the demands of next-generation networks. In addition, the company’s proprietary design software allows performing 3D simulations of complex high-frequency filter designs and helps deliver the high-performance, most cost-effective RF filter solutions. He concluded with a positive note that the company is building momentum with its XBAR® technology and will report non-linear revenue growth in subsequent quarters.