I know, bizarre right?
"Resonant slips after reporting preliminary update for Q221
Jul. 07, 2021 12:06 PM ETResonant Inc. (RESN)By: Preeti Singh, SA News Editor
Resonant (RESN -3.1%) is trading down after it provided a preliminary corporate update for Q221.
In Q2: Resonant’s customers shipped a record 17.5M radio frequency (RF) filters designed using the company’s WaveX design technology, up ~450% Y/Y and ~104% sequentially.
Over 79M RF filter units with Resonant designs have been shipped to-date.
As of June 30, 2021, Resonant's patent portfolio grew to over 350 patents, over 200 of which are related to the firm's proprietary XBAR and high frequency technologies. The company held over 300 total patents at the end of 2020 of which over 150 focused on XBAR.
Q2 Revenue are expected to total $0.6M, in line with the revenue reported in the same quarter a year ago.
As of June 30, 2021, deferred revenues are expected to be $0.8M.
The company had cash and cash equivalents of ~$22.7M by the end of June 2021.
Outlook: Resonant expects significant year-on-year revenue growth for the full year 2021.
CEO comment: "We delivered second quarter financial results in-line with previously issued guidance. Our customers cumulatively exceeded the milestone of shipping 75M RF filters designed with our WaveX technology during the second quarter, demonstrating the continued demand for our innovative RF filter designs. We are also continuing to build momentum with our XBAR technology for non-mobile applications, and we expect to secure partnerships in these high growth segments before year-end. As a reminder, a majority of Resonant’s revenues are based on prepaid royalty contracts, which generate immediate cash but may have delayed revenue recognition."
Theo 
;-)
