Business
Akoustis Reports Third Quarter FY24 Results
Q3 Revenue Up 7% Quarter-Over-Quarter Filter-Related Revenue Up 13% Quarter-Over-Quarter, Third Highest in Company History Growth, Cost Savings Initiatives,
About this update from Aktis Oncology, Inc.
[{"type":"text","content":" 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” or the “Company”), an integrated device manufacturer (IDM) of patented bulk acoustic wave (BAW) high-band RF filters for mobile and other wireless applications, today announced third fiscal quarter results for the period ended March 31, 2024. Revenue was up 7% quarter-over-quarter to $7.5 million, including 13% growth sequentially in filter related revenue. Based on hundreds of active customers, robust activity in the sales and design win pipelines, and the semiconductor services business, as well as new product introductions in Wi-Fi 6E/7 and 5G infrastructure the Company expects between $7.0 to $7.5 million in sales revenue in the June quarter. We continue to take significant expense reductions and cost-saving measures that have resulted in a 31% reduction in our operating cash flow burn rate for the March quarter as compared to December. Given the top-line projections, the refund from the CHIPS Act investment tax credit (ITC), and our continued cost savings, we currently expect operating cash flow to be breakeven within the next nine months. Jeff Shealy, founder and CEO of Akoustis, stated, “Akoustis continues to remain an industry leader and anticipates traction in the second half of calendar year 2024 with key Wi-Fi 7 programs or enterprise customers.” Mr. Shealy continued, “Our focus remains on optimizing expenses and driving cost efficiencies to achieve breakeven within the next nine months.” Recent Business Highlights Introduced two new 2.4 GHz (supporting channels 1-11) XBAW® RF filters for Wi-Fi Automotive and access point applicationsSecured design win and volume orders for a 4x4 MU-MIMO router platform with Tier-1 enterprise class OEMReceived two design wins for a fixed wireless access enterprise and home gateway platform with a Tier-1 Network infrastructure customerRamped XBAW® filter production for two programs a...