Benzinga | Feb 9, 2021 08:33AM EST

Resonant Sees Prelim. FY20 Sales $3.2M vs $3.16M Est.

AUSTIN, Texas, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Resonant Inc. (NASDAQ:RESN), a provider of radio frequency (RF) filter intellectual property connecting People and Things, has provided preliminary unaudited financial and operational results for the fourth quarter and full year ended December 31, 2020.



Fourth Quarter and Full Year 2020 Preliminary Financial Results

Revenues for fiscal year 2020 are expected to be a record $3.2 million, an increase of over 330% compared to revenues of $0.7 million in 2019. Revenues in the fourth quarter of 2020 are expected to be $0.6 million, compared to $0.5 million in the same year-ago quarter.

Deferred revenues as of December 31, 2020 are expected to be $1.8 million and will be recognized over the balance of the respective contracts.

As of December 31, 2020, Resonant had cash and cash equivalents of approximately $25.0 million, which included $11.0 million of net proceeds from sales of equity under the Company's previously announced at-the-market (ATM) program.