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Resonant preliminary 1Q21 results -3
Resonant has announced preliminary revenue of $600K for the first quarter, which is in line with analyst expectations. However it has also guided the second quarter to be flat, which misses by $1M, and management only expects significant YoY growth for FY21. Analysts had been expecting revenue to more than double to $8.8M this year. At the end of March, the company had $21.6M on the balance sheet, having sold $4.1M worth of stock.
This answers many of the questions I had from the business update two weeks ago, but not positively. In the meantime, Akoustis is continuing to solidify its WiFi6 position with 9 new patent awards. Barring a deal from Murata or elsewhere, further dilution to RESN investorss seems inevitable. The stock hasn't reacted significantly so far, but I'm glad I've been holding off on increasing any positions even as the stock has declined.