Tue, Oct 8, 10:01 AM (86 days ago)
Akoustis Technologies, Inc. (NASDAQ: AKTS) reported mixed financial results for the fiscal year ending June 30, 2024. Revenue slightly increased to $27.4 million from $27.1 million, driven by a 24% rise in fabrication services, offset by an 11% decline in RF product sales. The cost of revenue decreased to $28.1 million, leading to a gross loss of $689,000. Research and development expenses fell to $30 million, while general and administrative expenses rose to $35.9 million, contributing to a net loss of $167.9 million, compared to $63.6 million in the previous year. Key factors impacting performance included litigation expenses from the Qorvo case, which resulted in a $38.6 million damages award and additional fees totaling $19 million, raising significant doubt about the company's ability to continue as a going concern. The company remains focused on developing RF filter solutions, particularly for 5G and Wi-Fi applications, and has a robust patent portfolio with 97 patents filed. However, Akoustis faces risks from competitive pressures, supply chain challenges, and the need for additional capital to sustain operations. The company’s stock is at risk of delisting from Nasdaq due to non-compliance with minimum bid price requirements. Future outlook hinges on successful appeals in ongoing litigation and securing necessary financing.