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Akoustis Technologies, Inc. (NASDAQ: AKTS) is a pioneering high-tech company founded in 2014 by experienced industry leaders and scientists from the University of California at Santa Barbara (UCSB) and Cornell University. Akoustis focuses on developing, designing, and manufacturing innovative RF filter solutions for the wireless industry. The company's core technology, the XBAW® manufacturing process, utilizes proprietary microelectromechanical system (MEMS) based bulk acoustic wave (BAW) technology to produce high-performance RF filters for mobile smartphones, tablets, network infrastructure equipment, Wi-Fi, customer premise equipment, automotive, and defense applications.
Akoustis’ mission is to commercialize its patent-pending Bulk ONE™ technology to significantly improve the efficiency and signal quality of mobile wireless devices and enable the Internet of Things (IoT). The company addresses the rapidly expanding BAW filter market driven by the growth in 4G/LTE networks and the increasing number of filters required per device. With nearly 2 billion mobile phones manufactured annually, Akoustis aims to enhance mobile compatibility by providing higher-performance filters essential for global operation across multiple carriers and closely packed frequency bands.
The company operates through an integrated device manufacturer (IDM) model and owns a state-of-the-art 125,000 sq. ft. ISO-9001:2015 registered commercial wafer-manufacturing facility in Canandaigua, NY. This facility includes a class 100 / class 1000 cleanroom and is equipped for the design, development, fabrication, and packaging of RF filters, MEMS, and other semiconductor devices. Akoustis is headquartered in the Piedmont technology corridor near Charlotte, North Carolina.
Recent achievements by Akoustis include:
- Announced multiple design wins and volume orders for its XBAW® filters in enterprise Wi-Fi access points and 5G infrastructure applications.
- Completed a public offering raising approximately $10 million to support operations, R&D, and business growth.
- Introduced high-performance RF filters like the new 2.4 GHz XBAW® filters for Wi-Fi and LTE coexistence, planned for production in the second half of 2024.
- Engaged in significant defense contracts, including a multi-year DARPA project to scale its XBAW® technology to 18 GHz.
- Received a Wi-Fi NOW award in collaboration with HPE Aruba Networking for Best Enterprise Wi-Fi Solution.
Akoustis continues to focus on expanding its product portfolio, enhancing production capabilities, and securing new customer engagements in target markets, aiming for sustainable growth and technological leadership in the RF filter industry.
Akoustis Technologies (NASDAQ: AKTS), a manufacturer of BAW high-band RF filters, has voluntarily filed for Chapter 11 bankruptcy protection in Delaware following a $59 million legal judgment against the company in favor of Qorvo, Inc. The judgment includes damages, fees, and interest related to trade secret misappropriation and patent infringement claims.
The company has entered into a stalking horse asset purchase agreement with Gordon Brothers Commercial & Industrial, and will pursue a court-supervised sale process to seek the highest bid for its assets. Akoustis states it has sufficient liquidity to maintain normal operations during this process and has filed 'first day' motions to ensure continued employee wages, benefits, and critical vendor payments.
Akoustis Technologies (NASDAQ: AKTS) has received an additional $13 million purchase order for XBAW® filters from an existing Tier-1 customer, bringing total production commitments to over $21 million. The order is for seven Wi-Fi Access Point (AP) production programs, with an option for the customer to increase quantities based on demand.
This order strengthens Akoustis' relationship with the Tier-1 Wi-Fi AP customer, whose architecture aligns well with Akoustis' advanced filter capabilities. The company plans to deliver several million units over the next 3-4 quarters, supporting both Wi-Fi 6E and new Wi-Fi 7 platforms. The order includes ten unique XBAW® filters, with six next-generation designs offering improved performance in a smaller form factor at a lower cost.
Akoustis Technologies, Inc. (Nasdaq: AKTS) announced a significant leadership transition on August 8, 2024. Jeffery B. Shealy has mutually agreed to resign as Chief Executive Officer and Board member, effective August 6, 2024. Kamran Cheema, the company's Chief Product Officer since 2022, will serve as interim CEO. Mr. Cheema, who joined Akoustis in August 2021 as VP of Engineering, brings over 30 years of experience in acoustic technology and RF expertise.
Prior to Akoustis, Mr. Cheema was Vice President of Engineering at Qualcomm RF360, overseeing micro-acoustic hardware solutions for the mobile phone market. The Board of Directors, through co-chairman Arthur Geiss, expressed gratitude for Mr. Shealy's years of service and leadership, wishing him well in his future endeavors.
Akoustis announced securing $8 million in orders from a Tier-1 customer for its patented XBAW® filters. These filters will be used in Wi-Fi 6E and Wi-Fi 7 Access Points (APs), with deliveries planned through fiscal year 2025. The company will support the customer's demand with four existing and two new Wi-Fi 7 programs. The orders include ten unique filter designs, aimed at enhancing performance and offering a lower cost platform. This collaboration solidifies Akoustis' role as a key supplier in the Wi-Fi market.
Akoustis Technologies (NASDAQ: AKTS) has secured $2 million in volume orders from a Tier-1 carrier for its next-generation 5.5 and 6.5 GHz Wi-Fi XBAW® filters. These filters will be integrated into a Wi-Fi 7 platform and support production from July 2024 to March 2025. The company anticipates record revenue in the September quarter due to strong demand for Wi-Fi 6E and Wi-Fi 7 programs. The new orders reflect the growing need for high-speed connectivity in residential, small, and medium-sized business environments. Akoustis aims to announce additional production orders in the coming weeks.
Akoustis Technologies (Nasdaq: AKTS), a producer of high-band RF filters, announced a $10 million registered direct offering. This involves the sale of 50,000,000 shares at $0.20 each. Expected to close on May 24, 2024, the offering adheres to Nasdaq rules and will be handled by Roth Capital Partners. Gross proceeds are estimated at $10 million before fees. The funds will be used for working capital and operations. The offering is based on a previously filed and effective Form S-3 registration with the SEC. Interested parties can obtain prospectus details from the SEC or Roth Capital Partners.
Akoustis Technologies (NASDAQ: AKTS) announced the successful rollout of design updates to its XBAW® RF filters, aiming to remove patented features claimed by Qorvo. These updates respond to the legal verdict in Qorvo, Inc. vs. Akoustis Technologies, Inc., and have been incorporated into new and existing products since Fall 2022. Despite the jury’s verdict, Akoustis asserts that the design changes do not affect the performance or reliability of its products. The company is prepared for any potential injunctions and plans to continue marketing its product portfolio effectively.
Akoustis Technologies, Inc. reported third-quarter results with a 7% increase in revenue quarter-over-quarter, along with a 13% growth in filter-related revenue. The company anticipates breakeven operating cash flow in the next nine months due to cost-saving initiatives. Akoustis continues to secure design wins in various markets like Wi-Fi, 5G Infrastructure, Automotive, and Defense, projecting robust customer activity and revenue growth.
Akoustis Technologies, Inc. will webcast its Q3FY24 results on May 13 at 8:00 am ET. The company, known for its BAW high-band RF filters, maintains momentum with robust demand, an expanding sales pipeline, and new design wins in target markets like Wi-Fi, 5G Infrastructure, Automotive, and Defense.
Akoustis Technologies, Inc. announced the integration of four high-performance patented XBAW® filters into two new platforms with a Tier-1 Network Infrastructure customer. The filters will be used in Wi-Fi 7 enterprise and home gateway solutions, with production ramp scheduled throughout 2024. Akoustis continues to secure design wins in various target markets, showcasing robust demand for its products.
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