Resonant Inc. (NASDAQ:RESN) Q1 2019 Earnings Conference Call Transcript
May 08, 2019 • 04:30 pm ET
Greetings, and welcome to Resonant First Quarter 2019 Corporate Update Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.
I would now like to turn the conference over to Moriah Shilton of LHA Investor Relations. Thank you. You may begin.
Thank you, operator. On the call today are Resonant's CEO, George Holmes; and CFO, Marty McDermut.
Earlier this afternoon, Resonant released financial results for the first quarter 2019. The earnings release that accompanies this call is available on the Investors Section of the Company's website at www.ir.resonant.com. Additionally, some of the information in this conference call contains forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. Words of expression reflecting optimism, satisfaction with current prospects, as well as words such as believe, intend, expect, plan, and anticipate and similar variations identify forward-looking statements, but their absence does not mean that the statements are not forward-looking.
Such forward-looking statements are not a guarantee of performance and the Company's actual results could differ materially from those contained in such statements. Several factors that could cause or contribute to such differences are described in detail in Resonant's most recent Form 10-Q and 10-K and subsequent filings with the SEC.
These forward-looking statements speak only as of the date of this call and the Company undertakes no obligation to publicly update any forward-looking statements or supply new information regarding the circumstances after the date of this call.
With that, it is my pleasure to turn the call over to George.
George B. Holmes
Thanks, Moriah. Good afternoon and thank you for joining today's call. Joining me today is Marty McDermut, our CFO. Q1 was a game changing quarter for the Company that began with the announcements we made early in January beating our devices accepted and devices shipped for initial royalty metric. But the real highlight for the quarter was beating me announced schools for our XBAR resonators that allowed the successful demonstration of XBAR filters then Mobile World Congress, MWC in 2019.
Decent response from approximately 25 invited companies at MWC, which included carriers, OEMs, and device manufacturers. It is clear that the performance we've demonstrated appears to be unmatched. Further validating what we believe to be superior positioning in the 5G market. While we remain focused on execution of the contracts we have in-house that represent greater than $55 million of total potential annual royalty revenues or even more excited about the future.
Building on the successful demonstration of our XBAR filters, which would the coming of 5G addresses a market almost double the size of the current our filter market. It makes for a total market of approximately $28 billion.
We are also excited by the fact that we believe that we are the only pure plays solutions provider of designs, IP and software. So we targeted at the RFFE market. This quarter, we delivered the further affirmation through the expansion