Resonant Inc. (RESN) saw its loss widen to $15.25 million, or $1.57 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $9.72 million, or $1.36 a share.
Revenues for the year were $0.30 million. The company has not recorded any revenues for the previous year.
Operating loss for the year was $15.29 million, compared with an operating loss of $9.74 million in the previous year.
However, the adjusted EBITDA for the year stood at negative $11.90 million compared to negative $7.58 million in the prior year second quarter.
"2016 proved to be a pivotal year for Resonant, as we transitioned from a development stage company to one focused on customer engagement and execution," said George B. Holmes, chief executive officer of Resonant. "Throughout the past year, our intent has been to focus on engaging with the right players for specific designs that would show the greatest potential for revenue in the shortest amount of time. And while we started 2016 with zero active customers, MOUs or licensing agreements, we finished the year strongly with six customers and over 25 sockets under development, a majority of which are under formal licensing agreements that include upfront, non-refundable payments and negotiated royalty rates."
Working capital increases sharply
Resonant Inc. has recorded an increase in the working capital over the last year. It stood at $7.04 million as at Dec. 31, 2016, up 54.25 percent or $2.48 million from $4.57 million on Dec. 31, 2015. Current ratio was at 3.34 as on Dec. 31, 2016, down from 5.23 on Dec. 31, 2015.
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