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Teledyne success with Resonant's XBAR and more telecom +3

08:28 26-May-20


Teledyne Scientific has successfully manufactured Resonant's 5G filter using standard processes.  This has now been done at four separate fabs in a single pass.  After last year's announcement, this is an expected but still important step toward mass production for WiFi-6 and other non-mobile applications where Resonant can realize cutting edge revenue beyond its Murata contract.  With it, management says it remains on track to sample devices to potential customers next month.

How quickly those customers will act is the key question.  The virus concerns mentioned in this morning's other note won't help 5G provider progress.  Still, 5G does seem to be pushing forward better than might be feared.  Nokia has joined the OpenRAN Coalition, just as Vodafone did two weeks ago.  I'm still bullish on VOD and neutral on NOK, but the Dish timeline discussed there is almost certainly too long for Resonant to avoid another capital raise.  Perhaps the viral push toward home offices will accelerate the non-mobile side of the business for Resonant?  If not, I dread the terms of another capital raise.