{"id":405778,"date":"2020-12-28T08:34:17","date_gmt":"2020-12-28T13:34:17","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=405778"},"modified":"2020-12-28T08:34:17","modified_gmt":"2020-12-28T13:34:17","slug":"resonant-issues-shareholder-letter-and-provides-corporate-update","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/resonant-issues-shareholder-letter-and-provides-corporate-update\/","title":{"rendered":"Resonant Issues Shareholder Letter and Provides Corporate Update"},"content":{"rendered":"

\n2020 Marks Highest Revenue Year in Company History, Customers Surpass Shipment Milestone of 50 Million RF Filters
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AUSTIN, Texas, Dec. 28, 2020 (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 issued a letter to shareholders from its Chairman & CEO, George Holmes.<\/p>\n

Dear Shareholders,<\/p>\n

2020 was an important operational and financial year for Resonant, even in light of the widespread effects of the COVID-19 pandemic. We hope all of you have stayed healthy and safe during these difficult times.<\/p>\n

Now more than ever, we have seen the trend towards a more connected world, bringing the need for effective RF filtering technologies front and center for many industry players. This trend is driven by the insatiable demand for data on mobile devices for streaming, as well as the need for speed by other emerging applications, such as autonomous vehicles that rely on incredibly fast communication to sense other objects and avoid collisions. With this appetite for data and speed has come the need for wide bandwidth, high frequency RF filters, which is the fundamental benefit of what our ISN\u00ae technology can provide for not only 4G RF filters, but also for next-generation 5G, Wi-Fi and Wi-Fi 6E RF filters.<\/p>\n

To our knowledge, Resonant remains the only company in the world that can provide RF filter solutions that, by design, natively meet the increasingly complex RF performance requirements for mobile and non-mobile applications, without the need for doping or ancillary components. In most cases, we can also shorten design time and help our customers benefit from the use of more cost-effective manufacturing processes. Put simply, our ISN technology platform and XBAR\u00ae solutions have positioned us to benefit greatly from the rapidly growing $9 billion RF filter market. To date, our customers have cumulatively shipped over 50 million RF filters designed using our technology, several of which continue to make their way into Tier-1 smartphones, as well as the Wi-Fi and automotive markets.<\/p>\n

2020 will mark the highest revenue generating year in the company\u2019s history, and one in which we achieved a number of other significant milestones. As we entered 2020, we had recently signed a partnership with the largest RF filter manufacturer in the world, which consisted of a strategic investment and a licensing agreement to design 5G RF filters with our XBAR\u00ae technology.<\/p>\n\n\n\n\n\n\n\n\n\n\n
\n Filter Market<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Duplexer Market<\/strong>\n <\/td>\n<\/tr>\n
\n
\n Murata<\/em>
\n <\/strong>\n <\/td>\n		\n
\n 38<\/em>
\n <\/strong>\n <\/td>\n		\n
\n %<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n Murata<\/em>
\n <\/strong>\n <\/td>\n		\n
\n 35<\/em>
\n <\/strong>\n <\/td>\n		\n
\n %<\/em>
\n <\/strong>\n <\/td>\n<\/tr>\n
Qualcomm<\/td>\n25<\/td>\n%<\/td>\n\u00a0<\/td>\nBroadcom<\/td>\n20<\/td>\n%<\/td>\n<\/tr>\n
Wisol<\/td>\n11<\/td>\n%<\/td>\n\u00a0<\/td>\nQualcomm<\/td>\n12<\/td>\n%<\/td>\n<\/tr>\n
Broadcom<\/td>\n7<\/td>\n%<\/td>\n\u00a0<\/td>\nSkyworks<\/td>\n11<\/td>\n%<\/td>\n<\/tr>\n
Qorvo<\/td>\n6<\/td>\n%<\/td>\n\u00a0<\/td>\nTaiyo Yuden<\/td>\n10<\/td>\n%<\/td>\n<\/tr>\n
Skyworks<\/td>\n6<\/td>\n%<\/td>\n\u00a0<\/td>\nQorvo<\/td>\n6<\/td>\n%<\/td>\n<\/tr>\n
Taiyo Yuden<\/td>\n6<\/td>\n%<\/td>\n\u00a0<\/td>\nWisol<\/td>\n5<\/td>\n%<\/td>\n<\/tr>\n
Other<\/td>\n1<\/td>\n%<\/td>\n\u00a0<\/td>\nOther<\/td>\n1<\/td>\n%<\/td>\n<\/tr>\n<\/table>\n

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Leading RF Filter and Duplexer Manufacturers (Source: Navian, 2019)<\/em>\n <\/p>\n

Work with this partner started quickly, and by October 2020 we successfully delivered against our second milestone ahead of schedule, which required us to achieve previously determined target performance, packaging and initial reliability. In conjunction with this milestone achievement, we received a $2.5 million payment and, more importantly, moved towards the next phase of the agreement which focuses on building a commercial platform and high-volume manufacturing of our XBAR\u00ae 5G RF filters. Our strategic partner has exclusivity to our XBAR\u00ae technology for mobile applications until March 2022, and with two of four milestones already achieved, we remain extremely optimistic about our strategic partnership.\u00a0\u00a0<\/p>\n

We also continue to make significant progress with our 4G RF filter solutions as a result of our standard product library that we are leveraging with customers around the world.\u00a0 Leveraging this solution, we signed a multi-year licensing agreement with a dominant Asian filter foundry partner, which includes both prepaid revenues and royalties. As we enter 2021, we will have completed the designs for a total of seven 4G RF Filter designs covering multiple bands, which collectively represent a worldwide total addressable market of approximately $1.6 billion.<\/p>\n

Through internal work and conversations with current and potential partners, we\u2019ve become increasingly aware that our XBAR\u00ae technology is also ideally suited for high-frequency 5 and 6 GHz Wi-Fi applications, such as Wi-Fi 6E, a rapidly emerging segment of the market that represents a massive opportunity. To give you an idea of scale, according to CISCO, Wi-Fi 6 hotspots will grow 13-fold from 2020 to 2023. Wi-Fi 6E has 1,200MHz of spectrum available now, roughly 4x the size of the C-block spectrum, which is currently being auctioned off and exceeding expectations by nearing over $70 billion in proceeds. Clearly, this market is exploding and will require efficient RF Filter solutions in the Wi-Fi market for mobile, CPE and infrastructure applications. Where we stand today, we have the potential to ship our first Wi-Fi 6E samples in the first half of 2021.<\/p>\n

Our progress has enabled Resonant to recruit what we believe to be the industry\u2019s leading advisory board, consisting of Jeff Ball, Clint Brown, Brian Crutcher, Rub\u00e9n Caballero, Peter Gammel, Josh Jacobs, Luis Pineda and Glen Riley. Collectively, they bring significant industry experience which spans over 150 years with companies such as, Apple, Broadcom, JP Morgan, Microsoft, Skyworks, Qorvo, Qualcomm, Texas Instruments and Yahoo!. Their tremendous experiences have contributed to our winning strategy.<\/p>\n

As we move through 2021:<\/p>\n