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Resonant 2Q21 results ?3

The Resonant conference call has concluded, but not much is new or clear.

Management expects to surpass 100M filters by year end, which wouldn't exactly be impressive.  However, it is now referring to these as legacy designs.  Murata seems to be sampling devices to customers, and those could be in consumer products in early 2023.  There was some discussion of the technical challenges of scaling up to mass manufacturing, but that's par for the course.  Again, management still expects a deal for 2-4 new filters this year, but management expects no more exclusivity in future deals.  That's potentially good, but we'll have to continue waiting to see what the terms wind up being.  Management ducked a question about talks with other manufacturers.

Non-mobile could move more quickly with devices in the market next year.  However, when pressed for second half revenue projections management could only say "hockey stick", with some reluctance.  I note that expenses increased to $8.7M with increased R&D and travel expenses.  Much of the former is probably for WaveX software, which represents the addition of 3D-modeling to the original ISN technology and moving it to the cloud to access greater computational resources.

For me, the key point will be the royalty rate on new deals, assuming they happen.  With the progress that Akoustis has been making, there's reason to be skeptical of that.  However, it makes sense that Resonant's more differentiated lithium niobate technology would be slower to market adoption.  The wait continues.

On 8/11/21 4:11 PM, Esekla wrote:
Resonant has announced its second quarter results:
  • a loss of 11 cents per share is in line
  • from $600K of revenue, which misses by $50K
Management reiterates that it expects to expand the Murata relationship through additional design contracts, while also securing a non-mobile XBAR contract in the second half of 2021.  The conference call is at 4:30; probably more after that.