The following is a summary of the Akoustis Technologies, Inc. (AKTS) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Akoustis reported Q2 2024 revenue of $7 million, marking a 20% year-over-year increase.

• The GAAP operating loss stood at $15 million, while the GAAP net loss per share was $0.21.

• Capital expenditure was $1.6 million in Q2, as part of the New York fab tool capacity expansion project.

• The company used $11.3 million in operating activities due to increased payroll and legal costs, and an increase in accounts receivable.

• Projected sales for the March quarter are expected to rise by 18% to 25% due to a backlog from the previous quarter.

• Cash burn is expected to reduce by 30% to 38% sequentially in the March quarter and by a further 30% to 40% in the June quarter due to cost-saving measures, with a breakeven point forecasted by December.

• The company completed an $11.5 million common stock offering in late January, strengthening its balance sheet.

Business Progress:

• Akoustis has completed its New York fab tool capacity expansion project, allowing for an annual output of 500 million filters.

• The firm plans to double the number of production items through the introduction of cost-effective backend products.

• Membership in three microelectronics ME Commons Hubs for the Department of Defense opens up avenues to new government research programs.

• The company is targeting growth through Wi-Fi 6E and 7, with production ramping up in late 2024.

• There are design wins for Wi-Fi 7 with a tier 1 OEM, hinting at a higher potential market reach.

• In the 5G mobile market, five mobile partnerships have been established with filter sales realized from top customers.

• Progress has been achieved in the defense and other markets, including design wins for automotive wireless management systems and timing control markets.

• There are a reported 189 issued and pending patents, underscoring the firm's continued pursuit of patent protection.

• Design successes in the consumer-grade market are noted, despite it being a lower priority due to price sensitivity.

• The company is making technological advancements with its single-crystal approach to service narrowband and wideband filters for diverse market segments.

More details: Akoustis Technologies IR

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