Resonant Inc. (NASDAQ:RESN) Q3 2019 Earnings Conference Call - Final Transcript
Nov 05, 2019 • 04:30 pm ET
Greetings and welcome to the Resonant Third 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'd now like to turn the conference over to Moriah Shilton, Senior Vice President of LHA Investor Relations, Resonant's Investor Relations firm. Thank you. You may begin.
Thank you, operator. Please note, we will be using a presentation during today's call, which is accessible on the Events page of Resonant's IR website. If you are with us today via the phone, please go to the Events page to either view or download the presentation to follow along.
Turning to Slide 2. Earlier this afternoon, Resonant released financial results for the third 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. Turning to Slide 3. Additionally, some of the information in this conference call contain 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 Resonant's Chairman and CEO, George Holmes.
Thanks, Moriah, and good afternoon and thank you for joining today's call. Joining me today is Marty McDermut, our CFO; and Mike Eddy, our VP of Corporate Business Development and Product Marketing.
Turning to Slide 4. I'd like to begin this call by highlighting the significance of the achievement that took place since our last call. First, we closed our previously announced commercial agreement with the world's largest RF filter manufacturer, significantly ahead of schedule. Closing the deal delivered a $7 million equity investment and a $9 million commercial agreement.
Second, we delivered on the promise of increasing royalty units with the third quarter being larger than the first and second quarter combined. Third, the word's out Resonant's technology to another Tier 1 phone, an independent third-party teardown company published the news.
Fourth, we have signed a manufacturing agreement with Teledyne, an industry-leading semiconductor and MEMS foundry for our 5G solution. You can find a list of our partners on our website under our foundry program.
All of this good news has been fueled by the outstanding