Good day, welcome to Resonant's Q1 2021 earnings conference call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Greg Falesnik from MZ North America, the company's investor relations firm. 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 phone, please go to the Events page to either view or download the presentation to follow along. Turning to slide two. Earlier today, Resonant released financial results for the Q1 of 2021. The earnings release that accompanies this call is available on the investor section of the company's website at www.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 the Chairman and Chief Executive Officer of Resonant, George Holmes. George, the floor is yours. Thank you, Greg, and thank you, everyone, for joining us on today's call. I'd like to welcome you to our Q1 2021 financial results conference call. Joining me on today's call is Martin McDermut, our CFO, and Dylan Kelly, our COO, will be joining the Q&A. Turning to slide three. We are off to a momentous start in 2021, working to expand our global footprint of our revolutionary RF filtering technologies as the growth and demand for mobile data continues. Our game-changing XBAR RF filter technology is being increasingly recognized as a leading solution to unlock the future of next-generation, ultra-fast, high-frequency wireless networks and the applications these networks enable. In particular, for 5G cellular and Wi-Fi 6 applications. To that end, our work with the world's largest RF filter manufacturer to bring the XBAR technology to the market for mobile handsets not only continues to progress but has done so ahead of schedule. Everything from the initial performance, the packaging, and expectations for reliability are being met or exceeded, and we are now moving aggressively towards the mass commercialization and high-volume manufacturing phase of the agreement. More importantly, we now have the ability to expand our current engagement beyond the initial four contracted designs and expect to do so before the end of 2021. In 2020, we sampled the first non-mobile XBAR five gigahertz Wi-Fi devices and recently began sampling non-mobile XBAR Wi-Fi 6E or six gigahertz devices. As we move through 2021, we look forward to continuing to demonstrate the impressive performance of our designs and formulating new high-value partnerships. The breakthrough technology of XBAR is demonstrated by our industry partners, who have taken advantage of XBAR's simple manufacturing process, applicability to high-volume foundries, and fundamentally lower cost solutions. In fact, eight separate foundries have successfully manufactured our XBAR technologies to date. As I stated on our last conference call, we expect 2021 to be an outstanding year for our XBAR technology. Our solutions were developed to be the best in the industry, and now more than ever, this is quickly being recognized by the market and by the major players within the ecosystem. As we look at the competitive landscape for addressing the requirements of 5G, 6G mobile, Wi-Fi 5, 6 and 7, ultra-wideband, and potentially millimeter wave, we believe our XBAR-based solutions will be the best solutions to unlock the true potential for these next-generation wireless networks. Turning to slide four. Those who have been closely following the industry know we are in the very early days of 5G when it comes to performance. With the 5G market expected to contribute roughly $7.6 trillion to the global economy over the next decade, it's easy to understand why the investment going into the space on the front end continues to ramp up. In January, mobile network operators in the U.S. spent over $80 billion to acquire new sub-six gigahertz RF spectrum, on which the next generation of 5G network services will be built. This was a momentous step in the advancement of 5G network deployment. This validates the national infrastructure of next-generation mobile networks is still in development. What does this tell us about today's 5G? In its current form, true 5G has yet to expand into many cities, and in few locations where there is 5G coverage, it exhibits subpar performance. In order for networks to reach the high data speeds of true 5G, there are several critical items that need to occur and considerations the market needs to address. I've talked a lot about the potential of Resonant's XBAR technology but let me spend a few minutes discussing what this would look like in a world without XBAR-based filters. The newly acquired sub-6 gigahertz RF spectrum I just mentioned is a strong indication that the next wave of 5G deployment will be in the sub-6 gigahertz range. Without XBAR, 5G networks would likely utilize today's aluminum nitride BAW RF filters, which were developed specifically for 4G. Due to their limited high-frequency RF performance, these legacy filters would require many more base stations deployed across the network to deliver the same coverage and consumer experience. Rolling out these additional base stations would be possible, but is an incredibly more costly approach to achieve true 5G performance. Further, the spectrum wasted due to interference degrading spectral efficiency would be massive. The inefficiency impact would be in the billions of dollars, and that is in just the U.S. Turning to slide five, let me continue under the premise of a world where XBAR does not exist. There is clearly the potential for massive spectral efficiency issues driven by the challenges associated with using RF filters designed with technology developed for 4G on these next-generation networks. Legacy BAW filter technology inherently does not have the required power handling or bandwidth at high frequencies, causing devices such as handsets and routers that utilize these filters to suffer with degraded connectivity and performance. Now let's compare mobile devices leveraging legacy filter technology against devices with Resonant's state-of-the-art XBAR technology. You will see that the difference in performance is substantial. The delay in mobile download times is just an example of the differences between using legacy filter technologies versus Resonant's XBAR technology. In the modern environment, where smart devices, home appliances, connected vehicles, healthcare, and many more applications will rely on optimal speed and low latency, we believe our XBAR technology will be fundamental in meeting the connectivity requirements and performance expected by consumers for these next-generation networks. Turning to slide six. When we discuss the benefits of XBAR when compared to legacy filter technology, the differences in performance are measurable and can be demonstrated. Let's dive into the exact challenges that existing BAW technologies have when it comes to meeting the bandwidth requirements of next-generation networks. These networks are expected to expand into higher frequencies, seven GHz-12 GHz range, for example, which XBAR is ideally suited for. Legacy filter technologies would need external components to be added or would require modules with different topologies in order to operate at these frequencies. Another solution is doping with additional layers or other experimentation with material changes to increase performance. These R&D efforts are very expensive, add unnecessary size, present challenges to reliability, and have the potential for increased signal loss. XBAR, on the other hand, inherently meets these requirements for these frequencies with its wide bandwidth capability and high power handling, ultimately at much lower cost. The results from external lab testing of this Wi-Fi 6E filter data demonstrate why our XBAR-based solution provides substantial rejection of all unwanted signals while not constraining the flow of data. This is why XBAR-based solutions show the best results available in the market. To summarize, on slide seven, we believe Resonant is the only company that has technologies capable of natively meeting the requirements of true 5G, five and six gigahertz Wi-Fi, and ultra-wideband. Through XBAR, we are bridging the gap from today's early rollout of 5G to the coexisting ecosystem of next-generation networks that will bring wide bandwidth, high frequency, low loss, and high-power capability. As we've talked about, Resonant's filter design application also reaches far beyond mobile, and we continue active discussions with additional potential customers for non-mobile applications, which also require high frequency and wide bandwidth performance. Today, our engagements include tier 1 customers in Wi-Fi and infrastructure applications. In fact, in the Q1, we began sampling fully acoustic Wi-Fi 6E devices with 1,200 megahertz of bandwidth and five gigahertz Wi-Fi filters with 740 megahertz of bandwidth, both with more than 30 dB rejection to potential interferers. We also announced at the beginning of the year that Resonant became a member of the Wi-Fi Alliance, a global nonprofit industry association of companies who share the vision of seamless connectivity. Turning to slide eight, I will briefly comment on ISN, our proprietary design platform that is the backbone of our capabilities and which serves as a key differentiator for Resonant, allowing us to revolutionize the three to seven gigahertz RF front end. By leveraging a three-dimensional, multi-physics, finite element modeling tool, we're able to generate precise design at rapid speed with fewer turns in the manufacturing process. The platform enables integration into modules at a pace that we believe is at least twice as fast as the standard imprecise process that is employed by the rest of the industry. This past quarter, we have increased the capabilities of our three-dimensional finite element modeling for acoustic wave filters by tenfold, enabling us to optimize complete filter designs. Today, we believe Resonant is the only company with this capability. Most filter companies utilize simpler models such as COM and Mason or BVD modeling, which are empirical design techniques with many iterations limiting the optimization for complete RF solutions. Turning to slide nine. Over the past year, we've focused on building out our intellectual property, or IP moat around our technology. This is essential to our operational strategy as we retain all of the IP for our designs we license to our customers. We continued the expansion of our robust patent portfolio during the Q1, as we added over 30 additional patents since the beginning of 2021. To date, we have over 330 patents issued and pending in the U.S. and internationally. As our XBAR technology is increasingly validated by our partners, we have focused most of this IP growth around XBAR, and we now have more than 175 patents issued and pending for XBAR-related technologies. Moving to slide 10. Resonant maintains a unique position within the RF filter market, meaning we do not compete with RF filter manufacturers. On the contrary, we are leveraging our technology platform to enable the world's largest filter manufacturers, and in doing so, helping the leading global OEMs deliver products into the market with state-of-the-art filters. This strategic approach allowed us to enter into a partnership with the world's largest RF filter manufacturer late in 2019. To recap the agreement for those newer to our story, the deal consisted of a strategic investment of $7 million into Resonant, as well as a $9 million multi-year commercial agreement utilizing our XBAR technology. As I mentioned earlier, we achieved the second of four milestones under this agreement in October. This was a critical point of the process as it validated our XBAR filters for 5G with confirmed targeted performance, packaging, and initial reliability. As a result of this achievement, which occurred ahead of schedule, we have been able to monetize the partnership in form of prepaid royalties. To date, we have received 50% of the prepaid royalties for the initial contract. As a next step with this partner, we will move to the commercial production phase of the agreement and turn our focus to high-volume manufacturing of XBAR-based RF filters for 5G applications. Our work with this partner validates our belief that finding RF filter solutions that can meet the demands of high-frequency applications is paramount for the industry. Going forward, there remains the potential for us to contract with this partner for additional designs this year as we work towards the remaining two milestones of the agreement. Allow me to put the opportunity of this partnership into perspective by observing the competitive landscape of the RF filter manufacturing industry. A few key facts are as follows. 98% of the market for filters and duplexers are controlled by the top seven filter manufacturers. Our partner has the largest market share in both categories, controlling 37% of the filter market and 32% of the duplexer market. Further, our partner has established relationships with some of the world's largest OEMs, which allows us to leverage their expertise to bring XBAR into the market versus doing it ourselves. Given these market dynamics, this partner alone represents the potential of over $100 million of annual revenue for Resonant. Turning to slide 11. I'll conclude this section by highlighting the team we have assembled for our advisory board, which consists of leaders with significant experience at the forefront of the industry. Not only has our advisory team provided us with invaluable guidance on our business strategy, but the team has been very active with industry thought leadership. Throughout 2020 and during the Q1 of 2021, our team has led eight roundtable events to discuss the current state of the RF filter market, the main drivers of next-generation networks, and the role XBAR will play in the industry going forward. Many of these event discussions and panels are available for replay on our website. In February, we expanded our advisory team to welcome several thought leaders to our technical advisory committee. This newly formed committee is focused on expanding Resonant's intellectual property portfolio and advancing adoption and development of our XBAR technology. We will continue working closely with them and believe the caliber of the advisory board and the technical leadership committee speaks to the value that our technology brings to the market. You can find full biographies of our advisory board and technical advisory committee on our website. With that, I'll pass it over to our Chief Financial Officer, Martin McDermut, for a review of our Q1 2021 financial results and what drove them. Martin? Thank you, George. Turning to slide 12, I'll now provide an overview of our financial results. The amounts I talk about are GAAP, except where noted. Billings were $120,000 in the Q1 as compared to $280,000 in the same year-ago quarter. Revenues increased 12% year-over-year to $608,000 in the Q1 as compared to $544,000 in the same year-ago quarter. This was in line with our previously provided guidance. At the end of the Q1, deferred revenues totaled $1.3 million. We estimate that amount will be recognized as revenue over the remainder of the contracts. Research and development expenses totaled $5.4 million in the Q1 as compared to $5.5 million in the same prior year quarter. The decrease is primarily due to lower personnel costs offset by expanded design activities on our ISN platform, XBAR technology, and filter design development. Sales, marketing, and administrative expenses totaled $4.1 million in the Q1 as compared to $3.1 million in the prior year quarter. The increase is primarily due to higher personnel costs and costs associated with filing our new Form S-3 registration statement. Our operating loss was $8.8 million in the Q1 as compared to an operating loss of $8.1 million in the prior year quarter. Net loss was $8.8 million in the Q1, or a loss of $0.15 per share based on 59.8 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 prior year quarter. Non-GAAP adjusted EBITDA was a loss of $6.4 million, or a loss of $0.11 per share in the Q1, compared to an adjusted EBITDA loss of $6.4 million, or a loss of $0.15 per share in the prior year quarter. Cash and cash equivalents totaled $21.6 million on March 31st, 2021. Remember, we have no debt. On March 31st, 2021, we had a total of 68 employees, 16 of whom have a PhD and 47 of whom are part of the technical staff. Over 8.6 million RF filters designed with our ISN platform were shipped to OEMs by our customers in the Q1 of 2021, which is in line with our previous guidance and represents a year-over-year increase of 437% and a sequential quarterly increase of over 25%. To date, our customers have shipped over 61 million RF filters designed with our ISN platform to their OEM customers, several of which have been identified by third-party teardown companies in tier 1 phones. These amounts represent real production unit volumes that have been shipped and sold by handset manufacturers to consumers, not just sample or distribution shipments. Finally, turning to slide 13 on the topic of guidance. We expect revenues in the Q2 of 2021 to be in line with revenues in the Q1 of 2021. As a reminder, we continue to expect revenues to be non-linear from quarter -to -quarter as a result of revenue recognition for our prepaid royalty deals. That said, we do expect revenues for the full year of 2021 to grow significantly over full year 2020. I'd like to turn the call back to George for closing remarks. George? Thanks, Martin. Now let's turn to slide 14 for what to track as we move through 2021. As you just heard Martin explain, we expect significant growth as we accelerate the pace over what we saw in 2020. Our legacy and foundry programs will continue to grow and provide initial footholds for customer expansion into XBAR-based relationships. 2021 will be a breakout year for our XBAR technology, and we expect continued and ongoing validation from the market that XBAR-based solutions may be the only viable solution to meet the demands of not only 5G, but also 6G, Wi-Fi 5, six and seven ultra-wideband, and potentially even millimeter wave. We will expand our relationship with the world's largest RF filter manufacturer as we work with them to build a high-volume manufacturing platform for XBAR filters that will meet the exacting demands of the largest mobile handset OEMs in the world. We expect to secure a contract in 2021 focused on XBAR for non-mobile applications, which could include autonomous and electric vehicles and other Internet of Things or infrastructure applications. With that, I'd like to thank you all for joining us today. I look forward to providing updates throughout the year as we continue to gain momentum and work to revolutionize the connection between people and things. With that, I'll hand it over to the Operator to begin the question-and-answer session. Operator? Thank you. We will now be having our question-and-answer session. I f you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may also press star two if you would like to remove your question from the queue. One moment please as we combine our roster for questions. Our first question comes from Tore Svanberg with Stifel. Please proceed with your question. Yes, thank you, congrats on the continuous progress here. First question is on Wi-Fi 6. I know you're probably working on a lot of different options here, but can you share with us, other than obviously tracking it from a milestone perspective, what are going to be some of the things to look out for? Are you going to be partnering with somebody? Yeah, anything you can share with us would be helpful. Okay, great, Tore, great question, and thank you for the congrats on the progress. Clearly, our focus is and has been expanding our footprint of customers for XBAR and XBAR-related technologies. As you recall, we have an exclusivity in the field of mobile until March of next year, well within the design cycles of what most of the major OEMs are looking at today. The focus we have on Wi-Fi engagements for the non-mobile applications just become more and more important. As we look at it and look at what we're seeing from other companies trying to get out with some of the early products that meet these kind of initial deployment application requirements, we're just further seeing further validation that the XBAR technology, with its wide bandwidth and high-frequency performance, with a single acoustic device, is just going to provide tremendous advantage for OEMs when they're designing networks. We're focused on probably the top six or seven tier 1 IDMs in the space. Obviously, we have a partnership with the largest, so we're focused in the other areas, and we expect that with the engagements we have right now, that we will see very good activity and should be in position to talk about those next customers here in the next six months. Dylan, do you want to talk about, just a few minutes, to augment my story on Wi-Fi 6E and what we're seeing from a performance advantage perspective of the XBAR-based technologies versus standard aluminum nitride solutions? Thanks, George. As we've been talking about over the last few calls, we see the fundamental difference with XBAR is the very large native bandwidth and the aluminum scandium nitride technology. That continues to hold. We see no real change in the market there. We announced in this call that we've been sampling our latest iteration of samples for Wi-Fi 6E. Beyond that, for example, there's new interference coming, like Apple's AirTag were just recently announced, bringing UWB broadly into the market. That's another interference source that we need to manage in our filtering. That continues to be the evolving story, that interferers are getting closer and closer and need better filtering. Beyond that, if you look around the world, different markets, different SKUs are required for the different frequency allocations, and we continue to refine our product and are working on new samples that address the different market segments around the globe. Very good, as my follow-up, in relation to the expansion of your relationship with the largest RF filter manufacturer, I know you've sort of passed the second milestone. There's two more. Do you need to sort of get through the last milestone before you expand on that relationship, or could there be something before that? I absolutely think there'll be something before that, Tore. As we sit back and look at the work that we did last year and the significance of bringing that kind of second milestone in early, it allowed us to start talking about what's next. Clearly, we had to prove that we could do what we said we could do with the early performance, reliability, and packaging before they wanted to open up and start looking at new applications. I think what we're seeing today is they're very aggressive at looking at new applications as we see the technology continue to move forward. I'm very optimistic that we will engage with them this year and see additional devices come into our contracted relationship with them before year-end. Great. Just one last question. Which will be in advance of the final two milestones. Great. Thank you, George. Just one last question for Martin McDermut. Martin McDermut, the SG&A came in a little bit higher. I think that was because of the filing that you mentioned. Should we expect the SG&A to sort of get back to normal in Q2? I'm glad you're looking at that after the stock compensation, because that had a big impact on the quarter. I think we've moved it up to a level because of the increased activities and everything that we're working on and that you've heard about, but I do expect them to remain fairly constant for the rest of the year. Great. Thank you. Okay. Thank you. Thank you. Our next question comes from Cody Acree with The Benchmark Company. Please proceed with your question. Thank you, guys. Congratulations, and thanks for taking my questions. Maybe if we go back to the prior question, I guess the initial question, where I think Dylan chimed in. Could you talk maybe at a very base level, if you're looking at eight foundries that are able to produce your SAW filters using a standard SAW process, knowing the limitations that your competitors or the industry or your customer, Murata, has had with SAW reaching that five to seven gigahertz bandwidth, I'm sorry, frequency range, with the wide bandwidths? First and foremost, Cody, let me congratulate you on your new position, and thank you for the question. That is right deep in the heart of the technical aspect of the technology, and clearly, I'm sure you want to hear from me on this, I'm going to turf that question over to Dylan so he can talk about the technical aspects and address your question. Dylan? I think you nailed it on the scaling issue with SAW, that the reason SAW filters have not scaled up to these higher frequencies is just the dimensions get too small and it becomes not manufacturable. What's different is, what we build looks like a SAW filter, but it is truly a bulk acoustic wave filter. We use the same processing approaches in SAW to realize the bulk acoustic wave filter, but our geometries are much larger and are easily within the mainstream production capabilities of the SAW fab. We get the cost structure benefit and ease of processing of SAW, but then we're getting the performance benefit of BAW, and on top of it, with the materials that we're choosing, we get larger bandwidth than the existing BAW technologies. Does that answer your question? Yeah, that helped a lot. Thank you. Maybe for George or Martin, I guess you gave us your unit that your customers shipped this quarter. How straightforward, how linear is the relationship between your revenue and that shipment? When you do the straight math, it's about $0.07 per. Is that the right way to think about things going forward? No, actually. As we sit back and look at the devices that continue to get added to that portfolio of devices from our legacy contracts, we're actually seeing some of our later contracts start to move forward into manufacturing, which will have higher ASPs and have the potential to deliver higher dollars to us. Obviously, I would stick with the guidance that Martin McDermut gave you from a quarter-over-quarter perspective and what to expect for the year. I think the advantage we're seeing is as we continue to go through the process, we're seeing some of the newer devices start to go through the qualification process, and we're optimistic that they will get into the marketplace here in the Q2, Q3 and Q4. Just further on that then, I guess the level of visibility that you have with those. Is it in your billings today? Is it conversational with your customers? You're talking about a significant improvement in 2021, yet to date, your H1 is going to be kind of flattish, a little bit better, with last year. That is relying pretty heavily on the H2, and your H2 last year was pretty strong with that large milestone payment. Yeah, that's a great question and great point, Cody, obviously. We highlighted just a moment ago, we expect kind of the next opportunity for expanding the footprint with our tier 1 kind of flagship customer, that will come with it additional prepayments, some of which will get recognized as revenue, most of which will get recognized as billings, so greater cash component into the front end if we're successful. Obviously, if we're successful attracting a second, third, and fourth XBAR customer for non-mobile applications, our business model is going to continue down the path of looking for prepaid royalties. We'd expect that also to be part of that complement that would be contributing to not only billings in cash, but also to early revenue recognition for those devices. Does that make sense? It does. I guess, George, just the last one. Sorry to go long here, you mentioned targeting the prepaids. Given your cash balance today, are the prepaids as important as they were maybe previously? Are you taking an unnecessary discount to get those over the long run? Well, I think what I would tell you is obviously there's first-mover advantages for anybody that gets in first. You would expect that we would be focused on what the value of XBAR brings to not only our current customers, but future customers on a go-forward basis. The fact that we're in a much better position now because we have proven the technology and we are demonstrating these devices to new customers and not just asking them to bet on the come that it will be as good as we say it's going to be, puts us in a much better negotiating position. Clearly, the tail will be in the tape. Are we able to sell those next-generation devices for $2.25 million per device on a prepaid royalty basis? Will it be something larger than that? Will it be some blend of prepaid and follow-on royalty payments based on execution and delivery of devices that are prepped and ready to go into the market? I think we're looking at all of these. We're keenly focused on it, and the good news is we're in a much better position today because XBAR is much closer to a commercially viable solution today than it was two years ago when we signed that initial agreement. Sure. Thank you guys very much. Appreciate it, everyone. Thank you. Thanks. Congrats again. Thank you. Our next question comes from Anthony Stoss with Craig-Hallum. Please proceed with your question. Hey, guys. My congrats as well on the continued progress. George, I'm curious, on the non-mobile Wi-Fi opportunity, how many different customers are you currently sampling to maybe speak to the size of the pipeline you have towards the H2 of the year? Is there any chance of production revenue later on this year? As a follow-up, I'm curious if the eight different foundries that you have, is that really speeding up things and that's why there's a bunch of traction all of a sudden on the Wi-Fi side? Yeah, a great series of questions. Let's start with the last one first. Obviously, the traction we've gotten with a multitude of different foundries, that clearly allows us to pick and choose, given their different capabilities for the different application set and ultimately for our customers who they might like to partner with. Obviously, some of those foundries are part of the vertically integrated ecosystem, and some of those are standalone foundries. The good news is many of the relationships we have now go back six years from some of those early 4G and 3G devices that we actually designed and developed. On the foundry front, we feel really good that when we come on to a new customer, we can sit back and have a great deal of confidence to say, "Hey, we can transfer XBAR technology to you either via one of our third-party foundries or directly into their ecosystem very, very quickly. That's kind of the first part. When it comes to the second question, clearly there's a small handful of customers that I think anyone would love to have in their goodie bag, some of which are already engaged, many of whom have got something in their own portfolio that they're looking to see if they can make it work. We're coming in and giving them an alternative that, in most cases, guys are saying, "Hey, this looks like a very viable alternative that will give us much greater and a greater extended performance portfolio." I would tell you that today I feel comfortable saying that we are actively engaged with 80% of the players in the tier 1 community. We expect that we'll get at least one, maybe two, or perhaps even three to engage with us in the long term. The good news is we take new players down and bring new ones up into the XBAR portfolio. There's a snowball effect there, obviously. Nobody wants to be left out and have the only aluminum nitride-based solution that just doesn't natively support the application requirement. I think what we're seeing right now is, these early entrants leveraging those hybrid-based solutions just don't perform to expectation for the long term, and that just creates greater opportunity for us. Thanks for that, George. I would also say that we're also engaged with the OEMs, not because we hope to sell to them directly, because obviously we've noted that in the past, that is not our business model. Engaged with them to make sure that we completely understand the challenges that they have and what they're looking for from the device manufacturers. I think that's just making the overall ecosystem type relationship much, much better. I'm sorry, I cut you off. No, that's helpful detail for sure. I'm curious, as time has progressed, do you think, George, or what are you hearing from either your largest RF customer or potential customers, is it the speed of your ISN software platform, or is it the ultra-wide bandwidth that is really the most important factor to them, or potentially both? I'm curious if it's changed along the way. It's interesting, and I'm going to give you the layman's version of it, and then I'll ask Dylan to chime in. Clearly, when we got out and started first in the early days showing some of these early XBAR filters with wide bandwidth, I think everybody went, "Wow, that's really interesting, but can anybody build them?" We've been down that path. We've shown that we can build it on a multitude of different foundries. Our largest customer has validated it, paid us another big chunk of cash, and now we're moving ahead into the mass commercialization phase of their program. I think all of that is good. I think one of the things that has been key, everybody understands the challenges that the filter manufacturers have designing at these higher frequencies and wide bandwidths, and these designs are very complex. Looking at the spurious performance of these types of devices, being able to model it efficiently. Unless you can model it efficiently, you can't solve these problems. It's a hunt-and-peck type of implementation approach. These 3D tools that we have, I think, two years ago, when we were talking about ISN, people went, "Yeah. I've got COM. I've got some of these other tools. It kind of works for us." As we move up in frequency, I think we're really seeing that guys are standing up and taking notice because we can identify issues, we can identify what's happening in the fabrication process, and we can turn around and resolve them very quickly, and that's all ISN-based. Dylan? Keeping the bird analogy going, it's kind of the chicken and the egg problem that we needed ISN to even recognize the opportunity to have the XBAR breakthrough. That was really the key to give us the insight. Certainly showing XBAR hardware gets the industry very excited because it's seeing is believing, and seeing this sort of, this bandwidth and an all-acoustic solution is quite surprising. There's always different requirements for products, by geographic region, by customer. Everyone has their own approach to solving a problem. You get to the speed argument, where I really do believe, as George stated in the script, is that we have a very unique capability to do the full 3D simulations of these filters, which gives us a very accurate result, and that ultimately cuts cycles of learning and gets to a faster sample. Got it. Best of luck, guys. Thank you. Thank you. Thank you. As a reminder to our audience, if you would like to ask a question, please press star one on your telephone keypad. Our next question comes from Rajvindra Gill with Needham & Company. Please proceed with your question. Yes, thanks for taking my questions, and congrats as well on all the movement, on the momentum that's going on in the business. Martin, just a quick question. You talked about kind of the 50% of the prepaid royalties starting to kind of hit the model, and that you expect those prepaid revenue, depending on the revenue recognition, to kind of drive the growth this year. Could you just remind us in terms of the revenue recognition and the timing of that? Just as a follow-up, you mentioned that you're kind of turning to the commercialization of the agreement with that top customer. Can you maybe describe a little bit about what the activity has been like? I know you had seen a lot of momentum in the non-mobile market, how do we think about that opportunity as we progress through the year and going into 2022? Okay. First, let me handle the revenue recognition. What drives it on these prepaid deals is our activity on a contract. We get the prepaid in, and then we start working on the project and recognize revenue from that. It depends on the length of the contract. I think we're getting better at these things. We're getting smarter, so they can be shorter times to wrap them up, so there's be some acceleration there. It really is, hey, you know you got the one in place we talked about. We've got more that we're working on, and that's what's going to drive our anticipated growth for the rest of the year and going forward. It's all dependent on getting more contracts in. The other question you had was the commercialization. Yes. Commercialization of the current contracts. Yes. Let me address that, just make sure I think I understood the question, Raji. As we look at the commercialization phase for our current customer, what they're focused on now is getting the manufacturing capability ramped up internally and starting being in a position to sample those first four devices to their customers and gaining traction with them in the marketplace, commercializing it for them. For us, that does not change the revenue component because those first four devices have a fixed revenue component. They're $9 million, $2.25 million per device. What it does do for us is that the greater value that they see in their customer base of these devices being recognized for their performance gets them more excited to do not only the next four, the next eight, the next 12, the next 16 devices with us. As we've historically said, 12 devices at the current ASP cash flows this business. If we increase the price at some level, whether it be 2.25 - 3 or 2.25 to some number larger than that, it reduces the total number of devices to cash flow the business. What we've talked about with that one customer alone, we believe they're worth $100 million annually at full volume with full recognition. They are one customer. We believe that opportunity exists with all seven of the tier 1s. Will we get all seven? Absolutely not. Should we get our unfair share? Well, that's our job, right? That's what we're focused on, and we won't be satisfied until we do. I think what we're seeing here is with these devices going through the commercialization phase with that tier 1 customer, it also, nobody's quiet out there in the marketplace. OEMs talk, all their salespeople talk, all their distributors talk. The entire environment starts a groundswell of opportunity. The more activity our customers have with their customers, the greater activity we get with other IDMs in the space. We think this commercialization phase is massive from an opportunity generator for us, not only with them, but with everybody else. We're seeing that activity already, which is why we're already sampling those Wi-Fi based devices to the other IDMs in the space. Does that help? Yeah, that's very helpful. Dylan, with the expansion of the number of bands and filter requirements on non-mobile devices, the non-mobile market is estimated to be kind of as large as the mobile market. Wanted to get your thoughts on that. I know you're very keen on focusing on that market with Wi-Fi 6/6E. Currently, I think, last quarter, you were working to take the revenue realization to below 20 months from the beginning of the design process, which was previously around 24 - 36 months. Wanted to get kind of an updated view on how you're thinking about revenue realization taking it below 20 months. Thanks again. Maybe I'll tackle the market size piece of it. I think what's so interesting about Wi-Fi is that until this generation of Wi-Fi 6, none of the solutions really relied on acoustic filters. They used these older technology of ceramic filters. It's the emerging interference problems that are really mandating the performance that you can get in an acoustic solution. It's a green field space for acoustics. With the elimination of wires in the home and the office, you're seeing access points, CPE devices go from one or two antennas up to eight. You get one, it's a new market for acoustics, and you're getting the multiplication factors, which is creating really high unit volumes and getting it in the same order of magnitude, at least, as handset filters. On the revenue side recognition, I want to pass that one back to George. I think what you're talking about here, Raji, is the fact that when we look at our original customer engagement strategy, we talked about how long it would take to convert from the time we engaged to the time we saw revenues. It was 24 - 36 months. That's because when we were doing these early engagements, we basically went to customers and said, "Hey, we have an idea. We think we can do a band 3 filter for you. If you trust us, we can engage with you. You can sign a contract with us, write us an engagement check, and then we will develop a filter against your process. You can try it and see if it's good enough. If it is, you can take it, and take it to your customers, and go through that engagement process. That whole end-to-end process was 24 - 36 months. The big difference here. By the way, in that timeframe, none of that was based on us doing a validation model in a fab ourselves with our own designs. What we do with XBAR, everything we've done so far, we've gone, we've designed it, we fabricated it, we tested it. Designed, fabricated, packaged, tested it, taken a tested product to a customer and said, "Here's what we want to build for you in your fab." It shortens that engagement cycle, it shortens that development cycle, because they don't have to learn how to go do that. I believe what we're seeing right now, we're taking minimally 12 months off of it. Probably it's a 18-24-month timeframe now, down from 24-36 months. I think that will get shorter once guys get into the market with XBAR, and we're laddering on other XBAR-based devices, just because they'll have that capability already built into their manufacturing flow. Will it get less than 12 months? No. It won't get less than 12 months. It'll be still in the 12-24-month phase, depending on what the end target market is. Obviously, if you're going into mobile, a lot more goes into the reliability component of those types of devices, not only at the IDM, but also at the OEM. When you're talking CPE devices, consumer electronics, kind of a lower threshold of pain as it relates to reliability because those designs turn every 90 days. They tend to not be life mission critical types of devices, as it were. I think we'll still see that the life cycle will still be in the 18-24-month timeframe, but obviously, massive reduction in the time to get a product from the time of signing a contract into the marketplace. Probably even more important, the engagement cycle on the front end is shorter. There's not a "Trust me, we think we can do it." It's a, "Here's a product. Go try it. Come back and tell us what you think." That help? Yes. That makes total sense. I appreciate all the insight. Thank you. Thank you. There are no further questions at this time. I'd like to turn the floor back to George Holmes for any closing remarks. Great. Thank you, operator. Everyone on today's call, we'd like to thank you again for joining us today. Resonant continues to revolutionize the RF front end market with its XBAR technology. We look forward to keeping you up to date on our continued progress on future calls. Thank you again and have a great day. Ladies and gentlemen, this concludes today's webcast. You may now disconnect your lines at this time. Thank you for your participation and have a great day.