Resonant (RESN) Misses Q4 EPS by 1c

Resonant (NASDAQ: RESN) reported Q4 EPS of ($0.20), $0.01 worse than the analyst estimate of ($0.19). Revenue for the quarter came in at $128 thousand versus the consensus estimate of $300 thousand.

“In 2018, we successfully executed key business operation objectives and exited the year with over 70 designs contracted, more than 20 designs have been accepted by our customers as having passed handset testing, and more than 10 devices having shipped for royalty revenue,” stated George B. Holmes, CEO of Resonant. “Our current customers are benefiting greatly from the industry leading design efficiency of our Infinite Synthesized Networks® (ISN®) platform, which helps eliminate our customers’ design capacity constraints. The RF front end design capacity constraint problem will only increase with the deployment of 5G, which will demand a greater number of filters and higher complexity to handle the required increased bandwidth and higher frequencies.

“Our ISN platform is now applicable across all historical generations of wireless technology and the rapidly approaching 5G. ISN delivers solutions for our customers based on simulation rather than iteration, which reduces the time to market for our customers. Also, to reduce time to market for existing and potential customers we introduced our Filter IP Standard Library in December of 2018 and already have the first licensee. We ended 2018 with $21.3 million in cash, cash equivalents and investments, which combined with our 2018 and recent successes, we believe we are well positioned in 2019 to accelerate our revenue growth, beginning with a royalty revenue ramp in the first half of 2019 that we believe will deliver increased value for our shareholders.”

For the fourth quarter ended December 31, 2018, Resonant recorded:

• Revenue of $128,000, compared to $115,000 for the third quarter of 2018.
• Royalty revenues of $39,000, compared to $30,000 for the third quarter of 2018.
• Research and development expenses of $4.1 million, compared to $3.6 million for the third quarter of 2018.
• Sales, marketing and administration expenses of $3.0 million, equivalent to the third quarter of 2018.
• Operating loss of $7.0 million, compared to $6.5 million for the third quarter of 2018.
• Net loss of $6.9 million, or $(0.25) per share, based on 27.2 million weighted average shares outstanding, compared to net loss of $6.3 million, or $(0.23) per share, based on 27.0 million weighted average shares outstanding for the third quarter of 2018.
• Non-GAAP, adjusted EBITDA of $(5.5) million, or $(0.20) per fully diluted share, compared to $(4.9) million, or $(0.18) per fully diluted share for the third quarter in 2018.

For earnings history and earnings-related data on Resonant (RESN) click here.

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