Akoustis Reports First Quarter Fiscal 2021 Results
Akoustis Technologies (NASDAQ: AKTS) hosted an investor call on Nov. 2, 2020, to discuss their business update and outlook. The company reported Q1 revenue of $636,000, marking a 74% increase from the previous quarter and 118% from core filter products. However, they incurred a GAAP operating loss of $10.3 million. Key developments include entering production in WiFi 6 and 5G networks, securing several design wins, and expanding their product catalog with 15 new filters. Despite challenges from COVID-19, the company aims for continued growth in top-line revenue.
- Q1 revenue of $636,000, up 74% quarter-over-quarter.
- 118% increase in core filter product revenue.
- Entered production for WiFi 6 and 5G small cell networks.
- Expanded product catalog with 15 new RF filter solutions.
- GAAP operating loss of $10.3 million.
- Cash used in operating activities increased to $7.9 million.
– Company to Host Investor Update Call Today at 8:00 am Eastern –
Charlotte, N.C., Nov. 02, 2020 (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, will host an investor call to provide a business update and outlook, followed by a Q & A session this morning at 8:00 a.m. EST. The call-in numbers are 877-407-3982 (domestic) or 201-493-6780 (international). The conference call will be webcast live on the Company’s website and will be available for playback at the following URL: https://ir.akoustis.com/ir-calendar.
Jeff Shealy, founder and CEO of Akoustis, commented, “The September quarter marked an important moment in our history as a company as we successfully entered production in two high volume commercial markets, namely, WiFi 6 and 5G small cell network infrastructure." Mr. Shealy continued, “Despite the ongoing COVID-19 pandemic, we achieved all of our strategic milestones for the September quarter. We are actively delivering volume production of our WiFi 6 tandem filter solution, ramping multiple 5G small cell XBAW™ filter solutions and supporting numerous engagements with our groundbreaking BAW-based WiFi 6E coexistence filters. With our growing catalog of commercially available RF filter products and technology aimed at large and growing markets including 5G network infrastructure, high-band WiFi, 5G mobile devices and advanced defense communications equipment, we expect continued top-line growth moving forward.”
Recent Business Highlights
- Received first development order from new customer for XBAW™ filters for integration into mobile RF front end solutions
- Entered production for new tier-1 consumer focused tri-band WiFi 6 product, which is expected to be available for purchase for the holiday season
- Delivered multiple engineering samples to existing tier-1 enterprise WiFi 6E customer
- Announced the world’s first 6.5 GHz BAW filter for the emerging WiFi 6E specification that covers the recently allotted ultra-wideband 5.9 to 7.1 GHz unlicensed spectrum
- Achieved robust sampling of WiFi 6E filters to tier-1 and tier-2 OEMs, ODMs and SoC customers
- Announced the first order for WiFi 6E 5.5 and 6.5 GHz tandem catalog solution from enterprise-class customer
- Shipped volume order to tier-1 5G small cell network infrastructure customer with band n77 filter solution
- Received first order from network infrastructure OEM for XBAW™ 3.6 GHz CBRS filter solution
- Shipped fourth 5G small cell network infrastructure XBAW™ filter solution with tier-1 OEM with expected production ramp in early calendar 2021
- Announced third 5G small cell network infrastructure design win with tier-1 OEM customer
- Announced second 5G small cell network infrastructure customer and design win expected to ramp in early calendar 2021
- Received DARPA direct to phase 2 (DP2) program to advance design and manufacturing of XBAW™ technology
- Appointed J. Michael McGuire, former Grant Thornton CEO to the board of directors
- Continued engagement with 5G mobile partner for evaluation in future mobile RF products
- Further expanded Company’s product portfolio by adding 15th design-locked RF filter solution to its product catalog
- Expanded XBAW™ patent portfolio to 33 issued and licensed patents plus 73 patents pending as of October 19, 2020
First Fiscal Quarter Financial Performance
For the 1st quarter ended September 30th, the Company reported revenue of
On a GAAP basis: Operating loss was (
On a non-GAAP basis: Operating loss was (
Capex spend for Q1 was
Akoustis’ high frequency, high performance XBAW™ process and filters are experiencing growing interest as the Company has entered production in multiple markets in calendar 2020, including 5G network infrastructure, high-band WiFi and phased-array radar applications.
Akoustis has added 15 filters to its product catalog including a 5.6 GHz WiFi filter, a 5.2 GHz WiFi filter, a 5.5 GHz WiFi-6E filter, a 6.5 GHz WiFi 6E filter, three small cell 5G network infrastructure filters including two Band n77 filters and one Band n79 filter, a 3.8 GHz filter and five S-Band filters for defense phased-array radar applications, a 3.6 GHz filter for the CBRS 5G infrastructure market and a C-Band filter for the unmanned aircraft systems (UAS) market. The Company is also developing several new filters for the sub-7 GHz bands targeting 5G mobile device, network infrastructure, WiFi CPE and defense markets.
| Akoustis Technologies, Inc. | ||||||
| Condensed Consolidated Statements of Operations | ||||||
| (In thousands, except per share data) | ||||||
| (Unaudited) | ||||||
| For the | For the | |||||
| Three | Three | |||||
| Months | Months | |||||
| Ended | Ended | |||||
| September 30, | September 30, | |||||
| 2020 | 2019 | |||||
| Revenue | $ | 636 | $ | 543 | ||
| Cost of revenue | 1,649 | 336 | ||||
| Gross profit | (1,013 | ) | 207 | |||
| Operating expenses | ||||||
| Research and development | 6,380 | 5,079 | ||||
| General and administrative expenses | 2,927 | 2,801 | ||||
| Total operating expenses | 9,307 | 7,880 | ||||
| Loss from operations | (10,320 | ) | (7,673 | ) | ||
| Other (expense) income | ||||||
| Interest (expense) | (1,431 | ) | (994 | ) | ||
| Rental income | — | 55 | ||||
| Other (expense) | (1 | ) | (1 | ) | ||
| Change in fair value of contingent real estate liability | — | (18 | ) | |||
| Change in fair value of derivative liabilities | (198 | ) | (344 | ) | ||
| Total other (expense) income | (1,630 | ) | (1,302 | ) | ||
| Net loss | $ | (11,950 | ) | $ | (8,975 | ) |
| Net loss per common share - basic and diluted | $ | (0.31 | ) | $ | (0.30 | ) |
| Weighted average common shares outstanding - basic and diluted | 38,176,702 | 30,325,185 | ||||
| Akoustis Technologies, Inc. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (In thousands, except share data) | ||||||||
| (Unaudited) | ||||||||
| September 30, | June 30, | |||||||
| 2020 | 2020 | |||||||
| Assets | ||||||||
| Assets: |
{
"@context": "https://schema.org",
"@type": "FAQPage",
"name": "Akoustis Reports First Quarter Fiscal 2021 Results FAQs",
"mainEntity": [
{
"@type": "Question",
"name": "What were Akoustis Technologies' Q1 earnings for 2020?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Akoustis reported Q1 earnings of $636,000 for the quarter ended September 30, 2020."
}
},
{
"@type": "Question",
"name": "What is the net loss per share reported by Akoustis for Q1 2020?",
"acceptedAnswer": {
"@type": "Answer",
"text": "The net loss per share for Akoustis in Q1 2020 was ($0.31) on a GAAP basis."
}
},
{
"@type": "Question",
"name": "What significant developments did Akoustis announce for WiFi 6 and 5G?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Akoustis announced they entered production for WiFi 6 and 5G small cell networks and secured several design wins."
}
},
{
"@type": "Question",
"name": "How has Akoustis' product catalog changed recently?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Akoustis expanded its product catalog by adding 15 new RF filter solutions."
}
},
{
"@type": "Question",
"name": "What is Akoustis' outlook moving forward?",
"acceptedAnswer": {
"@type": "Answer",
"text": "The company expects continued top-line growth driven by their expanding product offerings in high-demand markets."
}
}
]
}
FAQ
What were Akoustis Technologies' Q1 earnings for 2020?
Akoustis reported Q1 earnings of $636,000 for the quarter ended September 30, 2020.
What is the net loss per share reported by Akoustis for Q1 2020?
The net loss per share for Akoustis in Q1 2020 was ($0.31) on a GAAP basis.
What significant developments did Akoustis announce for WiFi 6 and 5G?
Akoustis announced they entered production for WiFi 6 and 5G small cell networks and secured several design wins.
How has Akoustis' product catalog changed recently?
Akoustis expanded its product catalog by adding 15 new RF filter solutions.
What is Akoustis' outlook moving forward?
The company expects continued top-line growth driven by their expanding product offerings in high-demand markets.
AKOUSTIS TECHNOLOGIES, INC.
NASDAQ:AKTSAKTS RankingsAKTS Latest NewsAKTS Stock Data
15.77M
149.46M
3.32%
14.03%
3.45%
Communication Equipment
Telephone & Telegraph Apparatus
United States of America
HUNTERSVILLE
| |||||||