GOLETA, Calif., Nov. 13, 2018 (GLOBE NEWSWIRE) -- Resonant Inc. (NASDAQ: RESN), a leader in transforming the way radio frequency, or RF, front-ends are being designed and delivered for mobile handset and wireless devices, today announced financial results for the quarter ended September 30, 2018 and provided an update on its operational progress.

Third Quarter Highlights

Recent Highlights

“The mobile market demands a rapidly increasing number of RF filters and utilizing our ISN software platform, we believe we deliver designs that are faster, better and cheaper for our customers, enabling them to compete more effectively in the market,” stated George B. Holmes, CEO of Resonant. “We have spent the past three years gaining the trust of our customers and I am invigorated by our continued progress building out all major segments of our royalty generation funnel.

“Moreover, the recent expansion of our ISN software platform uniquely positions Resonant to support 5G and deliver better phones for consumers.  We believe this advancement will significantly expand the market opportunity for all of our customers, the revenue opportunity for Resonant and drive an increase in value for our shareholders.”

For the Third Quarter ended September 30, 2018, Resonant recorded:

In the first half of 2018, Resonant received net proceeds of $21.2 million from a public offering, after deducting the underwriting discount and offering expenses.

Conference Call
Management will host an investor conference call today at 1:30 p.m. PST (4:30 p.m. EST) to discuss Resonant’s third quarter 2018 financial results, provide a corporate update, and conclude with a Q&A from participants.

Management will be using a presentation during the investor conference call. Participants may access the presentation by going to the Events section of the company’s IR website.

Conference Call and Webcast
Date: Tuesday, November 13, 2018
Time: 1:30 p.m. Pacific standard time (4:30 p.m. Eastern standard time)
U.S. Dial-in: 1-877-423-9813
International Dial-in: 1-201-689-8573
Conference ID: 13684706
Webcast: RESN Q3 2018 Webcast

Please dial in at least 10 minutes before the start of the call to ensure timely participation.

A playback of the call will be available through December 13, 2018. To listen, call 1-844-512-2921 within the United States or 1-412-317-6671 when calling internationally. Please use the replay pin number 13684706. A webcast will also be available for 90 days on the IR section of the Resonant website or by clicking here: RESN Q3 2018 Webcast.

Note about Non-GAAP Financial Measures
A non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles, or GAAP. Non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. Other companies may use different non-GAAP measures and presentation of results.

In addition to financial results presented in accordance with GAAP, this press release presents adjusted EBITDA, which is a non-GAAP measure. Adjusted EBITDA is determined by taking net loss and adding interest, taxes, depreciation, amortization and stock-based compensation expenses. The company believes that this non-GAAP measure, viewed in addition to and not in lieu of net loss, provides useful information to investors by providing a more focused measure of operating results. This metric is an integral part of the Company’s internal reporting to evaluate its operations and the performance of senior management. A reconciliation of adjusted EBITDA to net loss, the most comparable GAAP measure, is available in the accompanying financial tables below. The non-GAAP measure presented herein may not be comparable to similarly titled measures presented by other companies.

About Resonant Inc.
Resonant (NASDAQ: RESN) is transforming the market for RF front-ends (RFFE) by disrupting the RFFE supply chain through the delivery of solutions that leverage our Infinite Synthesized Network (ISN) software tools platform, capitalize on the breadth of our IP portfolio, and are delivered through our services offerings. In a market that is critically constrained by limited designers, tools and capacity, Resonant addresses these critical problems by providing customers with ever increasing design efficiency, reduced time to market and lower unit costs. Customers leverage Resonant’s disruptive capabilities to design cutting edge filters and modules, while capitalizing on the added stability of a diverse supply chain through Resonant’s fabless ecosystem-the first of its kind. Working with Resonant, customers enhance the connectivity of current mobile devices, while preparing for the demands of emerging 5G applications.

To learn more about Resonant, view the series of videos published on its website that explain Resonant's technologies and market positioning:

For more information, please visit www.resonant.com.

Resonant uses its website (https://www.resonant.com) and LinkedIn page (https://www.linkedin.com/company/resonant-inc-/) as channels of distribution of information about its products, its planned financial and other announcements, its attendance at upcoming investor and industry conferences, and other matters. Such information may be deemed material information, and Resonant may use these channels to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor the company’s website and its social media accounts in addition to following the company’s press releases, SEC filings, public conference calls, and webcasts.

About Resonant’s ISN Technology
Resonant can create designs for difficult bands, modules and other complex RF Front End requirements that we believe have the potential to be manufactured for half the cost and developed in half the time of traditional approaches. ISN is a suite of proprietary mathematical methods, software design tools and network synthesis techniques that enable us to explore a much larger set of possible design solutions that regularly incorporate our proprietary technology. We then quickly deliver design simulations to our customers, which they manufacture or have manufactured by one of our foundry partners. These improved solutions still use Surface Acoustic Wave (SAW) or Temperature Compensated Surface Acoustic Wave (TC-SAW) manufacturing methods and perform as well as those using higher cost manufacturing methods such as Bulk Acoustic Wave (BAW). Resonant's method delivers excellent predictability, enabling achievement of the desired product performance in roughly half as many turns through the fab. In addition, because Resonant's models are fundamental, integration with its foundry and fab customers is seamless because its models speak the "fab language" of basic material properties and dimensions.

Safe Harbor / Forward-Looking Statements
This press release contains forward-looking statements, which include the following subjects, among others: the status of filter designs under development, the capabilities of our filter designs and software tools, the timing and amount of future revenues, and our views on future financial performance and market share. Forward-looking statements are made as of the date of this document and are inherently subject to risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, including, without limitation, the following: our limited operating history; our ability to complete designs that meet customer specifications; the ability of our customers (or their manufacturers) to fabricate our designs in commercial quantities; our customers’ ability to sell products incorporating our designs to their OEM customers; changes in our expenditures and other uses of cash; the ability of our designs to significantly lower costs compared to other designs and solutions; the risk that the intense competition and rapid technological change in our industry renders our designs less useful or obsolete; our ability to find, recruit and retain the highly skilled personnel required for our design process in sufficient numbers to support our growth; our ability to manage growth; and general market, economic and business conditions. Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report (Form 10-K) or Quarterly Report (Form 10-Q) filed with the Securities and Exchange Commission.  Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation or undertaking to update forward-looking statements.

Investor Relations Contact:
Moriah Shilton, LHA Investor Relations 1-415-433-3777 RESN@lhai.com

 
Resonant Inc.
Condensed Consolidated Balance Sheets
    
 September 30, 2018 December 31, 2017
 (Unaudited) (Audited)
ASSETS   
Cash and cash equivalents$17,470,000  $19,524,000 
Investments held-to-maturity 8,884,000   — 
Other current assets 449,000   686,000 
TOTAL CURRENT ASSETS 26,803,000   20,210,000 
PROPERTY AND EQUIPMENT, NET 1,780,000   1,354,000 
TOTAL NONCURRENT ASSETS 2,463,000   2,196,000 
TOTAL ASSETS$31,046,000  $23,760,000 
        
LIABILITIES AND STOCKHOLDERS’ EQUITY   
Accounts payable and accrued expenses$2,478,000  $2,958,000 
Other current liabilities187,000  143,000 
TOTAL CURRENT LIABILITIES2,665,000  3,101,000 
TOTAL LONG-TERM LIABILITIES57,000  11,000 
STOCKHOLDERS’ EQUITY     
Common stock27,000  20,000 
Additional paid-in capital114,000,000  88,447,000 
Accumulated other comprehensive income loss(12,000) (7,000)
Accumulated deficit(85,691,000) (67,812,000)
TOTAL STOCKHOLDERS’ EQUITY28,324,000  20,648,000 
      
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$31,046,000  $23,760,000 
        


Resonant Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
      
 Three Months Three MonthsNine MonthsNine Months
 EndedThree MonthsEndedEndedEnded
 SeptemberEnded JuneSeptemberSeptemberSeptember
 30, 201830, 201830, 201730, 201830, 2017
REVENUE$115,000 $124,000 $106,000 $396,000 $482,000 
OPERATING EXPENSES     
Research and development3,584,000 3,347,000 2,336,000 10,185,000 6,956,000 
General and administrative3,002,000 2,833,000 1,978,000 8,500,000 6,939,000 
TOTAL OPERATING EXPENSES6,586,000 6,180,000 4,314,000 18,685,000 13,895,000 
NET OPERATING LOSS(6,471,000)(6,056,000)(4,208,000)(18,289,000)(13,413,000)
OTHER INCOME, NET     
Interest and investment income177,000 98,000 14,000 323,000 39,000 
Other income (expense)8,000 (2,000)(6,000)4,000 (7,000)
TOTAL OTHER INCOME, NET185,000 96,000 8,000 327,000 32,000 
LOSS BEFORE INCOME TAXES(6,286,000)(5,960,000)(4,200,000)(17,962,000)(13,381,000)
Benefit from income taxes(11,000)(8,000)(16,000)(19,000)(40,000)
NET LOSS$(6,275,000)$(5,952,000)$(4,184,000)$(17,943,000)$(13,341,000)
NET LOSS PER SHARE – BASIC AND DILUTED$(0.23)$(0.22)$(0.28)$(0.73)$(0.94)
Weighted average shares outstanding — basic and diluted27,006,046 26,679,503 14,757,688 24,645,658 14,233,774 
           


Resonant Inc.
Reconciliation of Non-GAAP Information
(Unaudited)
      
 Three ThreeNineNine
 MonthsThreeMonthsMonthsMonths
 EndedMonthsEndedEndedEnded
 SeptemberEnded JuneSeptemberSeptemberSeptember
 30, 201830, 201830, 201730, 201830, 2017
      
Net loss (GAAP)$(6,275,000)$(5,952,000)$(4,184,000)$(17,943,000)$(13,341,000)
Add (subtract) the following items:     
Interest income(177,000)(98,000)(14,000)(323,000)(39,000)
Stock compensation R&D686,000 816,000 324,000 2,033,000 900,000 
Stock compensation G&A682,000 811,000 342,000 1,925,000 1,124,000 
Depreciation and amortization R&D184,000 177,000 135,000 535,000 400,000 
Depreciation and amortization G&A26,000 18,000 37,000 65,000 154,000 
Benefit from income taxes(11,000)(8,000)(16,000)(19,000)(40,000)
Adjusted EBITDA (non-GAAP)$(4,885,000)$(4,236,000)$(3,376,000)$(13,727,000)$(10,842,000)
NET EBITDA PER SHARE – BASIC AND DILUTED (non-GAAP)$(0.18)$(0.16)$(0.23)$(0.56)$(0.76)
Weighted average shares outstanding — basic and diluted27,006,046 26,679,503 14,757,688 24,645,658 14,233,774