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AKTS

AKTS

Akoustis
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Akoustis Technologies (AKTS) Reports Q1 Loss, Tops Revenue Estimates
Akoustis Technologies (AKTS) delivered earnings and revenue surprises of -15.00% and 17.13%, respectively, for the quarter ended September 2020. Do the numbers hold clues to what lies ahead for the stock?
Zacks · 11/02 13:15
Akoustis Receives Order for Mobile XBAW Filters from Leading RF Front-End Module Maker
– RF Module Will Target 5G and WiFi Coexistence in Mobile Devices – – Customer Expects to Deliver Complete Module Solution in Second Half of Calendar 2021 Targeting Multiple Device OEMs and ODMs –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, announced today that it has received an order for the development of a XBAW™ coexistence filter for use in RF front-end modules for mobile devices. The modules are expected to ramp production in the second half of calendar 2021, targeting 5G smartphones and other mobile devices.The new customer is a leading RF front-end module maker currently selling both cellular and WiFi modules into the handset market. This order is for the first of multiple expected module designs using Akoustis’ XBAW™ filters. The customer plans to utilize Akoustis XBAW technology in future development to expand their full RF front-end modules and standalone filter modules.This is the second customer that has engaged Akoustis for the development of XBAW™ filters for 5G mobile applications.Jeff Shealy, Founder and CEO of Akoustis, stated, “As we are approaching the release of our first qualified wafer-level-package solution, we are experiencing greater interest in our XBAW™ filters for use in 5G mobile and other devices.” Mr. Shealy continued, “We are thrilled to receive this first order from a 5G mobile RF module maker that will target entry into the global 5G mobile device market within the next twelve months. 5G mobile represents the largest potential market for Akoustis by both volume and revenue, and we are delighted to add this strategic market segment to complement our ongoing commercial success in WiFi and 5G network infrastructure.”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, which now includes 5G mobile devices, 5G network infrastructure, high-band WiFi and phased-array radar applications. Akoustis remains focused on its current 500% capacity expansion in its Canandaigua, NY fabrication facility, which is expected to be complete by mid-2021. This will help the Company scale its production to handle increased volume from its target markets.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.About Akoustis Technologies, Inc.Akoustis® (http://www.akoustis.com/) is a high-tech BAW RF filter solutions company that is pioneering next-generation materials science and MEMS wafer manufacturing to address the market requirements for improved RF filters - targeting higher bandwidth, higher operating frequencies and higher output power compared to incumbent polycrystalline BAW technology deployed today. The Company utilizes its proprietary XBAW™ manufacturing process to produce bulk acoustic wave RF filters for mobile and other wireless markets, which facilitate signal acquisition and accelerate band performance between the antenna and digital back end. Superior performance is driven by the significant advances of high-purity, single-crystal and associated piezoelectric materials and the resonator-filter process technology which drives electro-mechanical coupling and translates to wide filter bandwidth. Akoustis plans to service the fast growing multi-billion-dollar RF filter market using its integrated device manufacturer (IDM) business model. The Company owns and operates a 120,000 sq. ft. ISO-9001:2015 certified commercial wafer-manufacturing facility located in Canandaigua, NY, which includes a class 100 / class 1000 cleanroom facility - tooled for 150-mm diameter wafers - for the design, development, fabrication and packaging of RF filters, MEMS and other semiconductor devices. Akoustis Technologies, Inc. is headquartered in the Piedmont technology corridor near Charlotte, North Carolina.Forward-Looking StatementsThis document includes “forward-looking statements” within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. These forward-looking statements include, but are not limited to, statements about our estimates, expectations, beliefs, intentions, plans or strategies for the future (including our possible future results of operations, business strategies, competitive position, potential growth opportunities, potential market opportunities and the effects of competition), and the assumptions underlying such statements. Forward-looking statements include all statements that are not historical facts and typically are identified by use of terms such as "may," “might,” “would,” "will," "should," "could," “project,” "expect," "plan," “strategy,” "anticipate," “attempt,” “develop,” “help,” "believe," "estimate," "predict," “intend,” “forecast,” “seek,” "potential," "continue," “future,” and similar words (including the negative of any of the foregoing), although some forward-looking statements are expressed differently. Forward-looking statements are neither historical facts nor assurances of future results, performance, events or circumstances. Instead, these forward-looking statements are based on management’s current beliefs, expectations and assumptions and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from those currently anticipated include, without limitation, risks relating to our ability to obtain adequate financing and sustain our status as a going concern; our limited operating history; the results of our research and development activities, including uncertainties relating to semiconductor process manufacturing; the development of our XBAWTM technology and products presently under development and the anticipated timing of such development; our ability to protect our intellectual property rights that are valuable to our business, including patent and other intellectual property rights; our reliance on third parties to complete certain processes in connection with the manufacture of our products; product quality and defects; existing or increased competition; our ability to successfully manufacture, market and sell products based on our technologies; the ability to achieve qualification of our products for commercial manufacturing in a timely manner and the size and growth of the potential markets for any products so qualified; our ability to successfully scale our New York wafer fabrication facility and related operations while maintaining quality control and assurance and avoiding delays in output; the rate and degree of market acceptance of any of our products; our ability to achieve design wins from current and future customers; contracting with customers and other parties with greater bargaining power and agreeing to terms and conditions that may adversely affect our business; risks related to doing business in foreign countries; any security breaches or other disruptions compromising our proprietary information and exposing us to liability; our ability to raise funding to support operations and the continued development and qualification of our products and the technologies underlying them; our ability to service our outstanding indebtedness represented by our $25.0 million principal amount of senior convertible notes due in 2023; and the impact of a pandemic or epidemic or a natural disaster, including the COVID-19 pandemic, on our operations, financial condition and the worldwide economy, including its impact on our ability to access the capital markets; our ability to maintain effective internal control over financial reporting; and our ability to obtain and maintain the Trusted Foundry accreditation of our New York wafer fabrication facility. These and other risks and uncertainties are described in more detail in the Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of the Company’s most recent Annual Report on Form 10-K and in subsequently filed Quarterly Reports on Form 10-Q. Considering these risks, uncertainties and assumptions, the forward-looking statements regarding future events and circumstances discussed in this document may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements included in this document speak only as of the date hereof and, except as required by law, we undertake no obligation to update publicly or privately any forward-looking statements, whether written or oral, for any reason after the date of this document to conform these statements to new information, actual results or to changes in our expectations. CONTACT: Contact: COMPANY: Tom Sepenzis Akoustis Technologies VP of Corporate Development & IR (980) 689-4961 tsepenzis@akoustis.com The Del Mar Consulting Group, Inc. Robert B. Prag, President (858) 794-9500 bprag@delmarconsulting.com
GlobeNewswire · 11/02 12:00
Akoustis Technologies EPS misses by $0.03, misses on revenue
Akoustis Technologies (AKTS): FQ1 Non-GAAP EPS of -$0.23 misses by $0.03; GAAP EPS of -$0.31 misses by $0.08.Revenue of $0.63M (+16.7% Y/Y) misses by $0.38M.Press Release
Seekingalpha · 11/02 11:59
Akoustis Reports First Quarter Fiscal 2021 Results
– 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 PerformanceFor the 1st quarter ended September 30th, the Company reported revenue of $636,000, which was an increase of 74% as compared to the previous quarter and represented an 118% increase in our core filter product revenue.On a GAAP basis: Operating loss was ($10.3) million for the September quarter, mainly driven by labor costs of $6.3 million, depreciation of $1.0 million, and other operational costs totaling $3.0 million. As a result, GAAP net loss per share was ($0.31). On a non-GAAP basis: Operating loss was ($8.3) million, and non-GAAP net loss per share was ($0.23).  Capex spend for Q1 was $2.3 million compared to $3.4 million in the prior quarter, mostly related to the targeted 500% capacity expansion in the Company’s NY fab. Cash used in operating activities in Q1 was $7.9 million, compared to $4.9 million in the prior quarter. The increase of $3.0 million is primarily due to certain fiscal year-end payments not expected to repeat in the second quarter and increases in spend related to our capacity expansion. The Company exited the September quarter with $37.3 million of cash and cash equivalents, versus $44.4 million at the end of Q4. 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  ThreeThree MonthsMonths EndedEnded September 30,September 30, 20202019       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:       Cash and cash equivalents $37,189  $44,308  Accounts receivable, net  346   351  Inventory, net  236   136  Other current assets  1,513   1,408  Total current assets  39,284   46,203            Property and equipment, net  23,458   23,605            Intangibles, net  577   544            Operating lease right-of-use asset, net  645   699  Restricted cash  100   100  Other assets  282   282  Total Assets $64,346  $71,433            Liabilities and Stockholders’ Equity                   Current Liabilities:         Accounts payable and accrued expenses $3,749  $5,899  Deferred revenue  190   —  Operating lease liability - current  241   231  Total current liabilities  4,180   6,130            Long-term Liabilities:         Convertible notes payable, net  22,858   21,628  Operating lease liability - non-current  408   472  Loans payable  1,598   1,591  Other long-term liabilities  117   117  Total long-term liabilities  24,981   23,808            Total Liabilities  29,161   29,938            Stockholders’ Equity         Preferred stock, par value $0.001: 5,000,000 shares authorized; none issued and outstanding  —      Common stock, $0.001 par value; 100,000,000 shares authorized; 38,582,189 and 37,990,380 shares issued and outstanding at September 30, 2020 and June 30, 2020, respectively  39   38  Additional paid in capital  150,711   145,072  Accumulated deficit  (115,565)  (103,615) Total Stockholders’ Equity  35,185   41,495  Total Liabilities and Stockholders’ Equity $64,346  $71,433  Non-GAAP MeasuresWe regularly review a number of metrics, including Non-GAAP Operating Loss and Non-GAAP Net Loss, which are not financial measures calculated in accordance with generally accepted accounting principles in the United States (“GAAP”). Non-GAAP Operating Loss represents operating loss before common stock issued for services. Non-GAAP Net Loss represents net loss before change in fair value of contingent real estate liability, change in fair value of derivative liabilities, debt discount amortization and common stock issued for services. The Company believes these non-GAAP measures provide useful information to management, investors and financial analysts regarding certain financial and business trends relating to the Company’s financial condition and results of operations. We use these non-GAAP measures to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections and make strategic decisions.Non-GAAP measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. These non-GAAP measures exclude significant expenses that are required by GAAP to be recorded in the Company's financial statements and are subject to inherent limitations.Non-GAAP Operating Loss and Non-GAAP Net Loss for the three months ending September 30, 2020 and 2019 were as follows: Akoustis Technologies, Inc. Unaudited Reconciliations of Non-GAAP Financial Measures      Three Months Ended  September 30, 2020September 30, 2019 (in thousands) GAAP operating loss $                        (10,320) $                         (7,673) Common stock issued for services                               2,027                              1,703 Non-GAAP operating loss $                          (8,293) $                         (5,970)          Three Months Ended  September 30, 2020September 30, 2019 (in thousands) GAAP net loss $                        (11,950) $                         (8,975) Change in fair value of contingent real estate liability                                      -                                      18 Change in fair value of derivative liabilities                                   198                                 344 Debt discount amortization                               1,032                                 711 Common stock issued for services                               2,027                              1,703 Non-GAAP net loss $                          (8,693) $                         (6,199)     Weighted average common shares outstanding - basic and diluted                     38,176,702                    30,325,185 Non-GAAP net loss per common share - basic and diluted $                             (0.23) $                           (0.20) About Akoustis Technologies, Inc.Akoustis® (http://www.akoustis.com/) is a high-tech BAW RF filter solutions company that is pioneering next-generation materials science and MEMS wafer manufacturing to address the market requirements for improved RF filters - targeting higher bandwidth, higher operating frequencies and higher output power compared to incumbent polycrystalline BAW technology deployed today. The Company utilizes its proprietary XBAW™ manufacturing process to produce bulk acoustic wave RF filters for mobile and other wireless markets, which facilitate signal acquisition and accelerate band performance between the antenna and digital back end. Superior performance is driven by the significant advances of high-purity, single-crystal and associated piezoelectric materials and the resonator-filter process technology which drives electro-mechanical coupling and translates to wide filter bandwidth. Akoustis plans to service the fast growing multi-billion-dollar RF filter market using its integrated device manufacturer (IDM) business model. The Company owns and operates a 120,000 sq. ft. ISO-9001:2015 certified commercial wafer-manufacturing facility located in Canandaigua, NY, which includes a class 100 / class 1000 cleanroom facility - tooled for 150-mm diameter wafers - for the design, development, fabrication and packaging of RF filters, MEMS and other semiconductor devices. Akoustis Technologies, Inc. is headquartered in the Piedmont technology corridor near Charlotte, North Carolina.Forward-Looking StatementsThis document includes “forward-looking statements” within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. These forward-looking statements include, but are not limited to, statements about our estimates, expectations, beliefs, intentions, plans or strategies for the future (including our possible future results of operations, business strategies, competitive position, potential growth opportunities, potential market opportunities and the effects of competition), and the assumptions underlying such statements. Forward-looking statements include all statements that are not historical facts and typically are identified by use of terms such as "may," “might,” “would,” "will," "should," "could," “project,” "expect," "plan," “strategy,” "anticipate," “attempt,” “develop,” “help,” "believe," "estimate," "predict," “intend,” “forecast,” “seek,” "potential," "continue," “future,” and similar words (including the negative of any of the foregoing), although some forward-looking statements are expressed differently. Forward-looking statements are neither historical facts nor assurances of future results, performance, events or circumstances. Instead, these forward-looking statements are based on management’s current beliefs, expectations and assumptions and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from those currently anticipated include, without limitation, risks relating to our ability to obtain adequate financing and sustain our status as a going concern; our limited operating history; the results of our research and development activities, including uncertainties relating to semiconductor process manufacturing; the development of our XBAWTM technology and products presently under development and the anticipated timing of such development; our ability to protect our intellectual property rights that are valuable to our business, including patent and other intellectual property rights; our reliance on third parties to complete certain processes in connection with the manufacture of our products; product quality and defects; existing or increased competition; our ability to successfully manufacture, market and sell products based on our technologies; the ability to achieve qualification of our products for commercial manufacturing in a timely manner and the size and growth of the potential markets for any products so qualified; our ability to successfully scale our New York wafer fabrication facility and related operations while maintaining quality control and assurance and avoiding delays in output; the rate and degree of market acceptance of any of our products; our ability to achieve design wins from current and future customers; contracting with customers and other parties with greater bargaining power and agreeing to terms and conditions that may adversely affect our business; risks related to doing business in foreign countries; any security breaches or other disruptions compromising our proprietary information and exposing us to liability; our ability to raise funding to support operations and the continued development and qualification of our products and the technologies underlying them; our ability to service our outstanding indebtedness represented by our $25.0 million principal amount of senior convertible notes due in 2023; and the impact of a pandemic or epidemic or a natural disaster, including the COVID-19 pandemic, on our operations, financial condition and the worldwide economy, including its impact on our ability to access the capital markets; our ability to maintain effective internal control over financial reporting; and our ability to obtain and maintain the Trusted Foundry accreditation of our New York wafer fabrication facility. These and other risks and uncertainties are described in more detail in the Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of the Company’s most recent Annual Report on Form 10-K and in subsequently filed Quarterly Reports on Form 10-Q. Considering these risks, uncertainties and assumptions, the forward-looking statements regarding future events and circumstances discussed in this document may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements included in this document speak only as of the date hereof and, except as required by law, we undertake no obligation to update publicly or privately any forward-looking statements, whether written or oral, for any reason after the date of this document to conform these statements to new information, actual results or to changes in our expectations. CONTACT: Contact: COMPANY: Tom Sepenzis Akoustis Technologies VP of Corporate Development & IR (980) 689-4961 tsepenzis@akoustis.com The Del Mar Consulting Group, Inc. Robert B. Prag, President (858) 794-9500 bprag@delmarconsulting.com
GlobeNewswire · 11/02 11:57
Will Akoustis Technologies (AKTS) Report Negative Q1 Earnings? What You Should Know
Akoustis Technologies (AKTS) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Zacks · 10/29 17:34
Akoustis Receives Order for 3.6 GHz CBRS Filter Solution from Leading OEM
– XBAW Filters Aimed at Last Mile Connectivity Solution Using Recently Auctioned CBRS Band –– Customer’s Technology Targeting Mobile, Cable, ISP and Other Operators with High-Speed Alternative to Fiber –Charlotte, N.C., Oct. 29, 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, announced today that it has received an order for its 3.6 GHz Citizens Band Radio Service (CBRS) XBAW™ filter solution for advanced network infrastructure products targeting last-mile connectivity solutions for network operators. The CBRS auctions completed last quarter have set the stage for infrastructure roll-out across the United States, beginning in calendar 2021.The CBRS bands will enable new and existing carriers to provide last-mile data service and augment individual networks. In addition, they will enable the delivery of campus-wide communications and create secure IoT networks.The customer expects to use the Akoustis 3.6 GHz XBAW filters for testing and qualification in CBRS fixed wireless equipment that is expected to ramp production in the second half of calendar 2021. The application is for use in both base station nodes and residential nodes. This customer had previously evaluated the 3.6 GHz filter solution when it was originally developed and is now looking to move into production given the recent CBRS spectrum auctions and growing demand from operators.Jeff Shealy, Founder and CEO of Akoustis, stated, “With the recently completed CBRS auctions, network operators are now looking to equipment suppliers to take advantage of the new spectrum.” Mr. Shealy continued, “We are thrilled that our original customer in CBRS is ready to move forward and develop products using our XBAW™ filter solutions. Akoustis has been actively sampling CBRS filters to more than ten SOC and CBRS equipment makers and we expect to announce more customer orders in this key 5G market over the coming months.” In late July, the FCC began the auction of the Priority Access License, or (PAL) portion of the Citizens Broadband Radio Service (CBRS) spectrum for US market. The CBRS bands operate between 3.5 and 3.7 GHz and will provide cellular carriers and other major communications companies new and additional sub-6 GHz spectrum, which can be a key enabler for making 5G deployments possible by providing last-mile data service and improving coverage of individual unlicensed networks. Verizon, Dish Networks, Comcast and Charter were the early winners, spending approximately $3.7 billion of the total $4.6 billion for PAL’s in the recent auction. The utilization of CBRS bands adjacent to the emerging 5G networks will likely require a significant amount of high frequency filters to deal with a multitude of coexistence issues. Akoustis is currently sampling its CBRS filters to greater than 10 SOC and CBRS equipment makers, up from three customers reported at the end of March. 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.About Akoustis Technologies, Inc.Akoustis® (http://www.akoustis.com/) is a high-tech BAW RF filter solutions company that is pioneering next-generation materials science and MEMS wafer manufacturing to address the market requirements for improved RF filters - targeting higher bandwidth, higher operating frequencies and higher output power compared to incumbent polycrystalline BAW technology deployed today. The Company utilizes its proprietary XBAW™ manufacturing process to produce bulk acoustic wave RF filters for mobile and other wireless markets, which facilitate signal acquisition and accelerate band performance between the antenna and digital back end. Superior performance is driven by the significant advances of high-purity, single-crystal and associated piezoelectric materials and the resonator-filter process technology which drives electro-mechanical coupling and translates to wide filter bandwidth. Akoustis plans to service the fast growing multi-billion-dollar RF filter market using its integrated device manufacturer (IDM) business model. The Company owns and operates a 120,000 sq. ft. ISO-9001:2015 certified commercial wafer-manufacturing facility located in Canandaigua, NY, which includes a class 100 / class 1000 cleanroom facility - tooled for 150-mm diameter wafers - for the design, development, fabrication and packaging of RF filters, MEMS and other semiconductor devices. Akoustis Technologies, Inc. is headquartered in the Piedmont technology corridor near Charlotte, North Carolina.Forward-Looking StatementsThis document includes “forward-looking statements” within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. These forward-looking statements include, but are not limited to, statements about our estimates, expectations, beliefs, intentions, plans or strategies for the future (including our possible future results of operations, business strategies, competitive position, potential growth opportunities, potential market opportunities and the effects of competition), and the assumptions underlying such statements. Forward-looking statements include all statements that are not historical facts and typically are identified by use of terms such as "may," “might,” “would,” "will," "should," "could," “project,” "expect," "plan," “strategy,” "anticipate," “attempt,” “develop,” “help,” "believe," "estimate," "predict," “intend,” “forecast,” “seek,” "potential," "continue," “future,” and similar words (including the negative of any of the foregoing), although some forward-looking statements are expressed differently. Forward-looking statements are neither historical facts nor assurances of future results, performance, events or circumstances. Instead, these forward-looking statements are based on management’s current beliefs, expectations and assumptions and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from those currently anticipated include, without limitation, risks relating to our ability to obtain adequate financing and sustain our status as a going concern; our limited operating history; the results of our research and development activities, including uncertainties relating to semiconductor process manufacturing; the development of our XBAWTM technology and products presently under development and the anticipated timing of such development; our ability to protect our intellectual property rights that are valuable to our business, including patent and other intellectual property rights; our reliance on third parties to complete certain processes in connection with the manufacture of our products; product quality and defects; existing or increased competition; our ability to successfully manufacture, market and sell products based on our technologies; the ability to achieve qualification of our products for commercial manufacturing in a timely manner and the size and growth of the potential markets for any products so qualified; our ability to successfully scale our New York wafer fabrication facility and related operations while maintaining quality control and assurance and avoiding delays in output; the rate and degree of market acceptance of any of our products; our ability to achieve design wins from current and future customers; contracting with customers and other parties with greater bargaining power and agreeing to terms and conditions that may adversely affect our business; risks related to doing business in foreign countries; any security breaches or other disruptions compromising our proprietary information and exposing us to liability; our ability to raise funding to support operations and the continued development and qualification of our products and the technologies underlying them; our ability to service our outstanding indebtedness represented by our $25.0 million principal amount of senior convertible notes due in 2023; and the impact of a pandemic or epidemic or a natural disaster, including the COVID-19 pandemic, on our operations, financial condition and the worldwide economy, including its impact on our ability to access the capital markets; our ability to maintain effective internal control over financial reporting; and our ability to obtain and maintain the Trusted Foundry accreditation of our New York wafer fabrication facility. These and other risks and uncertainties are described in more detail in the Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of the Company’s most recent Annual Report on Form 10-K and in subsequently filed Quarterly Reports on Form 10-Q. Considering these risks, uncertainties and assumptions, the forward-looking statements regarding future events and circumstances discussed in this document may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements included in this document speak only as of the date hereof and, except as required by law, we undertake no obligation to update publicly or privately any forward-looking statements, whether written or oral, for any reason after the date of this document to conform these statements to new information, actual results or to changes in our expectations. CONTACT: Contact: COMPANY: Tom Sepenzis Akoustis Technologies VP of Corporate Development & IR (980) 689-4961 tsepenzis@akoustis.com The Del Mar Consulting Group, Inc. Robert B. Prag, President (858) 794-9500 bprag@delmarconsulting.com
GlobeNewswire · 10/29 12:00
Akoustis Awarded New DARPA Contract To Advance XBAW Technology; Terms Not Disclosed
– Defense Advanced Research Projects Agency (DARPA) Is the Premier Government Agency Making Pivotal Investments in Breakthrough Technologies for National Security – – Direct-to-Phase-2 Program to
Benzinga · 10/27 11:21
Akoustis Ships Fourth 5G Small Cell Network Infrastructure Filter to Tier-1 Customer
– New Band n79 XBAW Filter Solution Initially Targeting 5G Operators in Asia; Production Ramp Expected in Early CY2021 –– Tier-1 Customer Expects to Commence 5G Small Cell Production with Previously Introduced Akoustis Filters by End of Calendar 2020 –Charlotte, N.C., Oct. 13, 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, announced today that it has shipped a fourth XBAW™ filter solution to an existing tier-1 5G small cell network infrastructure customer. The Company expects this new filter solution to enter commercial production in the first half of calendar 2021.This fourth XBAW™ filter solution operates within the new radio (NR) band n79 spectrum and follows the Company’s two design wins in band n77 and one design win in band n79 with its tier-1 5G small cell network infrastructure customer. Jeff Shealy, Founder and CEO of Akoustis, stated, “Akoustis continues to deliver ultra-high band (UHB) RF filters supporting multiple carriers for the 5G small cell market as the global network infrastructure bands continue to be defined.” Mr. Shealy continued, “Moving forward, we expect to expand our customer base for all four of our 5G filter solution designs across key 5G bands addressing tier-1 and tier-2 OEMs and ODMs. Presently, we are engaged with more than five potential customers, including two additional tier-1 infrastructure providers.” 5G small cell base stations are low power, short range cellular transmission devices, capable of providing extended coverage for consumers, enterprises, or to augment cellular coverage for 5G mobile service providers. They offer all the standard characteristics of a traditional tower base station and can handle high data throughput. 5G networks are expected to employ small cells in greater quantity than prior networks to help mitigate the shorter wavelengths associated with higher frequencies.In an April 2019 report, Zion Market Research estimated the global small cell 5G network market was valued at around $381 million in 2018 and is expected to reach approximately $3.5 billion by 2025, at a CAGR of approximately 37% between 2019 and 2025.Akoustis’ high frequency, high performance XBAW process and filters are experiencing growing interest as the Company prepares to enter 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, four small cell 5G network infrastructure filters including two Band n77 filters and two Band n79 filters, 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.About Akoustis Technologies, Inc.Akoustis® (http://www.akoustis.com/) is a high-tech BAW RF filter solutions company that is pioneering next-generation materials science and MEMS wafer manufacturing to address the market requirements for improved RF filters - targeting higher bandwidth, higher operating frequencies and higher output power compared to incumbent polycrystalline BAW technology deployed today. The Company utilizes its proprietary XBAW™ manufacturing process to produce bulk acoustic wave RF filters for mobile and other wireless markets, which facilitate signal acquisition and accelerate band performance between the antenna and digital back end. Superior performance is driven by the significant advances of high-purity, single-crystal and associated piezoelectric materials and the resonator-filter process technology which drives electro-mechanical coupling and translates to wide filter bandwidth. Akoustis plans to service the fast growing multi-billion-dollar RF filter market using its integrated device manufacturer (IDM) business model. The Company owns and operates a 120,000 sq. ft. ISO-9001:2015 certified commercial wafer-manufacturing facility located in Canandaigua, NY, which includes a class 100 / class 1000 cleanroom facility - tooled for 150-mm diameter wafers - for the design, development, fabrication and packaging of RF filters, MEMS and other semiconductor devices. Akoustis Technologies, Inc. is headquartered in the Piedmont technology corridor near Charlotte, North Carolina.Forward-Looking StatementsThis document includes “forward-looking statements” within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. These forward-looking statements include, but are not limited to, statements about our estimates, expectations, beliefs, intentions, plans or strategies for the future (including our possible future results of operations, business strategies, competitive position, potential growth opportunities, potential market opportunities and the effects of competition), and the assumptions underlying such statements. Forward-looking statements include all statements that are not historical facts and typically are identified by use of terms such as "may," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," “intend,” “forecast,” “seek,” "potential," "continue" and similar words, although some forward-looking statements are expressed differently. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, these forward-looking statements are based on management’s current beliefs, expectations and assumptions and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from those currently anticipated include, without limitation, risks relating to the results of our research and development activities, including uncertainties relating to semiconductor process manufacturing; the development of our XBAWTM technology and products presently under development and the anticipated timing of such development; our ability to protect our intellectual property rights that are valuable to our business, including patent and other intellectual property rights; our ability to successfully manufacture, market and sell products based on our technologies; the ability to achieve qualification of our products for commercial manufacturing in a timely manner and the size and growth of the potential markets for any products so qualified; the rate and degree of market acceptance of any of our products; our ability to achieve design wins from current and future customers; our ability to raise funding to support operations and the continued development and qualification of our products and the technologies underlying them; our ability to service our outstanding indebtedness; and the effects of a pandemic or epidemic or a natural disaster, including the Covid-19 pandemic. These and other risks and uncertainties are described in more detail in the Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of the Company’s most recent Annual Report on Form 10-K and in subsequently filed Quarterly Reports on Form 10-Q. Considering these risks, uncertainties and assumptions, the forward-looking statements regarding future events and circumstances discussed in this document may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements included in this document speak only as of the date hereof and, except as required by law, we undertake no obligation to update publicly or privately any forward-looking statements, whether written or oral, for any reason after the date of this document to conform these statements to new information, actual results or to changes in our expectations. CONTACT: Contact: COMPANY: Tom Sepenzis Akoustis Technologies VP of Corporate Development & IR (980) 689-4961 tsepenzis@akoustis.com The Del Mar Consulting Group, Inc. Robert B. Prag, President (858) 794-9500 bprag@delmarconsulting.com
GlobeNewswire · 10/13 12:00
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Analyst Rating

Based on 6 analysts

Buy

Disclaimer: The analysis information is for reference only and does not constitute an investment recommendation.

Analyst Price Target
The average AKTS stock price target is 10.71 with a high estimate of 12.00 and a low estimate of 10.00.
EPS
Institutional Holdings
Institutions: 146
Institutional Holdings: 16.75M
% Owned: 43.36%
Shares Outstanding: 38.63M
TypeInstitutionsShares
Increased
30
787.12K
New
28
-155.51K
Decreased
35
593.07K
Sold Out
0
0
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  • Dividend History
No Data
Industry
Electronic Equipments & Parts
-0.66%
Technology Equipment
+0.40%
Key Executives
Co-Chairman/Independent Director
Arthur Geiss
Co-Chairman/Independent Director
Jerry Neal
President/Chief Executive Officer/Founder/Director
Jeffrey Shealy
Chief Financial Officer/Controller
Kenneth Boller
Executive Vice President
David Aichele
Vice President - Business Development/IR Contact Officer
Tom Sepenzis
Other
Rohan Houlden
Independent Director
Steven Denbaars
Independent Director
J. Michael McGuire
Independent Director
Jeffrey McMahon
Independent Director
Suzanne Rudy
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About AKTS
Akoustis Technologies, Inc. is a development-stage company, which is focused on developing, designing, and manufacturing radio frequency (RF) filter products for the mobile wireless device industry, including for products such as smartphones and tablets, cellular infrastructure equipment, and wireless fidelity in (WiFi) premise equipment. It utilizes its proprietary XBAW single crystal BAW manufacturing process to produce bulk acoustic wave RF filters for mobile and other wireless markets, which facilitate signal acquisition and accelerate band performance between the antenna and digital back end. The Company seeks to service original equipment manufacturer (OEMs), network providers, and consumers to diminish front end phone heat, battery drain and signal loss. The Company’s segments includes Foundry Fabrication Services which consists of engineering review services and STC-MEMS foundry services and RF Filters which consists of amplifier and filter product sales, and grant revenue.
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