Charlotte, N.C., May 22, 2024 (GLOBE NEWSWIRE) -- Akoustis Technologies, Inc. (Nasdaq: AKTS) (“Akoustis” or the “Company”), an integrated device manufacturer (IDM) of patented bulk acoustic wave (BAW) high-band RF filters for mobile and other wireless applications, announced today that it has entered into definitive securities purchase agreements for the purchase and sale of an aggregate of 50,000,000 shares of the Company’s common stock (or common stock equivalents) at a purchase price of $0.20 per share o ...

Group 1 - Akoustis Technologies' stock is experiencing significant gains due to the rollout of design updates in its RF filter manufacturing process [1] - The company has redesigned its XBAW manufacturing process to eliminate features patented by Qorvo, a change that dates back to Fall 2022 [1] - Despite a disappointing jury verdict, the company is prepared to move forward and address any potential injunctions from Qorvo regarding its legacy products [1] Group 2 - AKTS stock has seen heavy trading, with over 80 million shares exchanged, significantly higher than its average daily volume of approximately 1.2 million shares [2] - The stock price has increased by 157.8% as of Wednesday morning, although it remains down 82.8% year-to-date as of the previous market close [2] - The company's float is 93.24 million shares, with a short interest of 10.4% [2]

Charlotte, N.C., May 22, 2024 (GLOBE NEWSWIRE) -- Akoustis Technologies, Inc. (NASDAQ:AKTS) ("Akoustis" or the "Company"), an integrated device manufacturer (IDM) of patented bulk acoustic wave (BAW) high-band RF filters for mobile and other wireless applications, has announced the final release to manufacturing of design updates across its product portfolio. Akoustis developed the updates to its XBAW® manufacturing process to remove any patented features claimed by Qorvo, Inc. in U.S. Patent Nos. 7,522,018 ...

Charlotte, N.C., May 22, 2024 (GLOBE NEWSWIRE) -- Akoustis Technologies, Inc. (NASDAQ: AKTS) (“Akoustis” or the “Company”), an integrated device manufacturer (IDM) of patented bulk acoustic wave (BAW) high-band RF filters for mobile and other wireless applications, has announced the final release to manufacturing of design updates across its product portfolio. Akoustis developed the updates to its XBAW® manufacturing process to remove any patented features claimed by Qorvo, Inc. in U.S. Patent Nos. 7,522,01 ...

Financial Data and Key Metrics - Revenue for Q3 2024 increased 7% sequentially to $7.5 million, with filter-related revenue up 13% quarter-over-quarter [5] - GAAP operating loss was $22.6 million, driven by labor costs of $6.7 million, a goodwill impairment charge of $8.1 million, and other operational costs totaling $12 million [16] - Non-GAAP operating loss was $12.5 million, with a non-GAAP net loss per share of $0.14 [16] - Cash burn decreased by 31% sequentially to $7.8 million, with CapEx spending at $0.3 million [17] Business Line Performance - Wi-Fi 6E program unexpectedly sunset, but the company secured a design win for Wi-Fi 7 with the same customer, expecting production orders to begin in the September quarter [6] - XBAW filter production ramped for two Wi-Fi 7 programs at a tier 1 enterprise class OEM, with pre-production deliveries completed during the quarter [9] - In the 5G mobile market, the company shipped the first two of three Wi-Fi filters to a tier 2 5G mobile RF front-end module customer [11] - Network infrastructure business achieved approved supplier status with two tier 1 customers, but experienced softness in XBAW filter shipments due to slow 5G small cell infrastructure deployments [12] Market Performance - 48% of sales came from Asia, 39% from North America, and 13% from Europe [5] - Top two customers, both Asia-based, collectively made up 36% of sales [5] - The company is tracking nine design wins in Wi-Fi 7 AP platforms, with a growing trend to ramp major Wi-Fi 7 programs in the second half of 2024 [6] Strategic Direction and Industry Competition - The company is transitioning from Wi-Fi 6E to Wi-Fi 7, with a focus on reducing cash burn and improving gross margins [7][23] - The company is pursuing CHIPS Act funding, with potential refundable tax credits estimated between $2.8 and $4 million over the next nine to twelve months [8] - The company is engaged in multiple defense and government contracts, including a multi-million dollar Phase 2 contract with DARPA and a new program with the Office of Naval Research [13][14] Management Commentary on Operating Environment and Future Outlook - Management remains bullish on Wi-Fi 7, expecting a production ramp in the second half of 2024 [7] - The company is guiding Q4 revenue to be flat to down 5% due to the Wi-Fi 6E sunset and transition to Wi-Fi 7 [17] - Management expects to achieve operating cash flow breakeven within the next nine months, driven by cost savings and CHIPS Act tax credits [18] Other Important Information - The company is involved in ongoing litigation with Qorvo, with potential significant financial and operational impacts depending on the trial outcome [20][21][22] - The company introduced XP3F technology, a new nanomaterial developed with DARPA funding, targeting frequencies up to 20 GHz [13] Q&A Session Summary Question: Revenue Dynamics and Wi-Fi 7 Transition - The Wi-Fi 6E program sunset resulted in a $1 million per quarter revenue shortfall, but the company expects a ramp in Wi-Fi 7 programs in the September quarter [27][28] - The company has nine Wi-Fi 7 design wins across multiple customers, with good visibility on orders through the end of the year [29][30] Question: Gross Margin and Expense Dynamics - Operating expenses are expected to decrease to $10-11 million per quarter, with over $20 million in annualized savings identified [33] - Gross margins are expected to improve to double-digits in the coming quarters, driven by new product introductions and cost reductions [34] Question: Operating Cash Flow Breakeven - The company expects to achieve operating cash flow breakeven at $11-15 million of revenue per quarter, with a 25% gross margin [34]

Akoustis (AKTS) came out with a quarterly loss of $0.14 per share versus the Zacks Consensus Estimate of a loss of $0.12. This compares to loss of $0.20 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -16.67%. A quarter ago, it was expected that this company would post a loss of $0.18 per share when it actually produced a loss of $0.19, delivering a surprise of -5.56%.Over the last four quarters, the company has not been able ...

Revenue and Sales Performance - Q3 revenue increased by 7% quarter-over-quarter to $7.5 million, with filter-related revenue growing 13% sequentially to the third highest in company history[1] - The company expects sales revenue between $7.0 to $7.5 million in the June quarter, driven by robust customer activity and new product introductions in Wi-Fi 6E/7 and 5G infrastructure[2] Operating Cash Flow and Cost Management - Operating cash flow burn rate reduced by 31% in the March quarter compared to December, with breakeven expected within the next nine months due to cost-saving measures and CHIPS Act ITC refund[2] Product Development and Design Wins - Introduced two new 2.4 GHz XBAW RF filters for Wi-Fi Automotive and access point applications, and secured design wins for a 4x4 MU-MIMO router platform with a Tier-1 enterprise class OEM[4] - Ramped XBAW filter production for two Wi-Fi 7 Tier-1 enterprise class OEM programs and delivered revised Wi-Fi filters to a Tier-2 5G Mobile RF front-end module customer[4] - Selected for a multi-million-dollar program with the Office of Naval Research (ONR) to develop RF filter multiplexers using XBAW and P3F single crystal nanomaterials technology[4] - Completed NRE development and delivery of n104 samples for massive MIMO architectures to a Tier-1 Network Infrastructure customer[5] - Delivered new XBAW PDK to two customers for ongoing foundry engagements and sampled new 2.4 GHz Wi-Fi CPE/Automotive XBAW filters to multiple customers[5] Financial Performance and Losses - Net loss for the three months ended March 31, 2024, was $23.3 million, compared to $15.5 million in the same period last year[12] - Non-GAAP operating loss for the three months ended March 31, 2024, was $12.5 million, compared to $13.2 million in the same period last year[14] - GAAP net loss for March 2024 was $(23.3 million), compared to $(15.5 million) in the same period last year[15] - Non-GAAP net loss for March 2024 was $(13.1 million), compared to $(13.6 million) in the same period last year[15] - GAAP net loss for the nine months ended March 31, 2024, was $(59.1 million), compared to $(45.8 million) in the same period last year[18] - Non-GAAP net loss for the nine months ended March 31, 2024, was $(46.2 million), compared to $(40.6 million) in the same period last year[18] Share and Equity Information - Weighted average common shares outstanding for the nine months ended March 31, 2024, were 78.8 million, compared to 60.9 million in the same period last year[18] - Non-GAAP net loss per common share for the nine months ended March 31, 2024, was $(0.59), compared to $(0.67) in the same period last year[18] Impairment and Amortization - Goodwill impairment loss for March 2024 was $8.1 million[15] - Common stock issued for services for March 2024 was $1.0 million, compared to $3.2 million in the same period last year[15] - Amortization of acquisition-related intangible assets for March 2024 was $646 thousand, compared to $659 thousand in the same period last year[15] - Recognition of acquisition-related promissory note for March 2024 was $333 thousand, consistent with the same period last year[15]

Q3 Revenue Up 7% Quarter-Over-Quarter Filter-Related Revenue Up 13% Quarter-Over-Quarter, Third Highest in Company History Growth, Cost Savings Initiatives, CHIPS Act ITC Refund Support Operating Cash Flow Breakeven in Next Nine MonthsRobust Customer Activity in Wi-Fi AP, 5G Infrastructure, Defense, Timing Control, Semiconductor Back-End Services Company to Host Investor Update Call Today at 8:00 am ET Charlotte, N.C., May 13, 2024 (GLOBE NEWSWIRE) -- Akoustis Technologies, Inc. (NASDAQ:AKTS) ("Akoustis" ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-38029 AKOUSTIS TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) | Delaware | 33- ...

Wall Street expects a year-over-year increase in earnings on higher revenues when Akoustis (AKTS) reports results for the quarter ended March 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report. On the other hand, if they miss, the stock may move ...