Resonant Inc. (NASDAQ:RESN) Q2 2020 Earnings Conference Call - Final Transcript
Aug 05, 2020 • 04:30 pm ET
George B. Holmes
four XBAR patents. And highlight that without question, this is meaningful in such a short period of time.
With that, I'll pass it over to our Chief Financial Officer, Marty McDermut, for a review of our second quarter financial results. Marty, over to you.
Thank you, George. Turning to Slide 10, I'll now provide an overview of our financial results. The amounts I talk about are GAAP, except where noted. For the second quarter of 2020, as compared to the first quarter of 2020, billings were approximately $211,000 as compared to $280,000 last quarter. Revenues increased 11% to $604,000 compared to $544,000 last quarter. At the end of the second quarter, deferred revenues totaled $1.1 million. We estimate that amount will be recognized as revenue in the coming quarters.
Research and development expenses decreased 13% to $4.8 million down from $5.5 million last quarter due to a workforce reduction that occurred in March 2020. Sales, marketing and administration expenses of $3 million, down $100,000 compared to last quarter. Operating loss improved to $7.2 million compared to an operating loss of $8.1 million last quarter. Net loss improved to $7.2 million or a loss of $0.14 per share based on 52.9 million weighted average shares outstanding. Compared to a net loss of $8 million or a net loss of $0.18 per share based on 43.8 million weighted average shares outstanding for the first quarter of 2020.
Non-GAAP adjusted EBITDA improved to a loss of $5.4 million or a loss of $0.10 per share compared to an adjusted EBITDA loss of $6.4 million or negative $0.15 per share last quarter. Cash and cash equivalents totaled $23.9 million at June 30, 2020, with no debt. On June 30, 2020, we had a total of 63 employees, 18 of whom have a PhD and 46 of whom are part of the technical staff.
Finally, here's a few items relating to guidance. We believe revenue growth will accelerate in the third quarter. We expect third quarter 2020 operating expenses to increase modestly compared to the second quarter of 2020, primarily due to predicted increases in fabrication costs of our XBAR nonmobile devices.
I'd now like to turn the call back to George for closing remarks. George?
George B. Holmes
Thanks, Marty. I'll close with Slide 11. The second quarter has set the stage for an exciting second half. But what should you look for? Here are some metrics and milestones to track. Volumes and revenues have and are expected to continue to increase. Second half of the year will be bigger than the first half.
We got a strong balance sheet with almost $24 million in cash and no debt. We have tremendous momentum fueling our growth. 5G dominates our efforts. By year end, we expect to achieve our next major milestone with the world's largest filter manufacturer, who is leveraging our XBAR technology for mobile applications targeting 5G. The continued market validation of our XBAR performance has created numerous opportunities for our next engagements in WiFi, CPE