Resonant Inc. (NASDAQ:RESN) Q2 2020 Earnings Conference Call - Final Transcript

Aug 05, 2020 • 04:30 pm ET


Resonant Inc. (NASDAQ:RESN) Q2 2020 Earnings Conference Call - Final Transcript


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Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to Resonant's Second Quarter 2020 Earnings Conference Call. [Operator Instructions] This conference is being recorded today, August 5, 2020, and the earnings press release accompanying this conference call was issued at the close of market today.

On our call today is Resonant's Chairman and Chief Executive Officer, George Holmes; and Marty McDermut, Chief Financial Officer.

I'd now like to pass it off to Greg Falesnik, Managing Director of MZ Group, Resonant's Investor Relations Firm, to read forward-looking statements. Greg?

Greg Falesnik

Thank you, operator. Please note we'll 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 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 second quarter 2020. The earnings release that accompanies this call is available on the Investors section of the Company's website at

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, 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 the Chairman and CEO of Resonant, George Holmes.

George B. Holmes

Thank you, Greg, and thank you, everyone, for joining us on today's call. I'd like to welcome you to our second quarter 2020 financial results call. Let us get started by turning to Slide 3. Q2 was a quarter of continued momentum. Our XBAR technology is quickly becoming recognized for its performance and applicability in meeting the exacting demands of 5G.

Before we dive deep into XBAR, let's take some of the key highlights from the quarter. Revenues of $1.1 million in the first half of 2020, a growth of greater than 450% compared to the first half of 2019. And sequentially, we saw revenue growth of 11% in the second quarter. Over 4.5 million units designed with our ISN technology were shipped in the first half of 2020, a growth of greater than 200% compared to the first half of 2019.

Sequentially, we saw unit volume growth greater than 95% in the second quarter. To date, our customers