Resonant CEO says guidance 'remains unchanged' for 2H20

"The acceleration in our business is becoming apparent in the third quarter of 2020, as we delivered against all of our key metrics, including an increase in units shipped by customers, new library designs delivered to customers, robust revenue growth and a reduction in cash consumption," said George Holmes, Chairman and CEO of Resonant. "Perhaps most important is the achievement of the second 5G XBAR filter milestone with our strategic partner, who is the world's largest RF filter manufacturer. The achievement of this significant milestone confirms our technology meets the necessary metrics to move towards mass production, while also providing an influx of pre-paid royalties which will be recognized over the remainder of the contract. Taken together, Resonant currently stands in a stronger position than ever to capitalize on the multi-billion dollar 5G market. While large pre-payments, like those received in the third quarter of this year, greatly enhance both the recognition of revenues in the future as well as our cash position, they also result in non-linear revenue amounts from quarter to quarter, which we will see in the fourth quarter. Our guidance for the second half of 2020 remains unchanged."