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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