Resonant achieves revenue through development agreement increase

Resonant Inc. (NASDAQ: RESN), a designer of filters for radio frequency, reported revenue for 2016 was USD 302,000 compared to none in 2015, the company said.

The increase was due to the revenue recognized in connection with the company´s filter design development agreements. Resonant began the year with two development agreements (MOUs) and ended the year with contracts for greater than 25 filter designs.

Research and development expenses for 2016 totaled approximately USD 6.4m compared with USD 4.3m for 2015, due to higher costs associated with an increase in headcount and the associated activity on various filter designs.

General and administrative expense for 2016 totaled approximately USD 8.5m, compared with USD 4.9m in 2015. The increase was primarily due to increased payroll and travel costs associated with the expansion of the company´s sales and marketing team and increased business development efforts.

Resonant also incurred USD 598,000 of legal expenses, USD 295,000 of senior executive transition costs and USD 92,000 of business acquisition costs.

Operating loss in 2016 totaled USD 15.3m, compared with USD 9.7m in 2015. This increase was primarily due to higher G&A expenses and R&D costs associated with the growth of our business.

The net loss for 2016 was USD 15.2m, compared with USD 9.7m for 2015. Diluted net loss per share in 2016 was USD 1.57, and was based on 9.7m shares outstanding. Diluted net loss per share in 2015 was USD 1.36, and was based on 7.2m shares outstanding.

Resonant is creating software tools and IP & licensable blocks that enable the development of innovative filter designs for the RF front-end, or RFFE, for the mobile device industry.