Akoustis Registers 198% Revenue Growth In Q1 Aided By Production Ramp Up Across 5G Mobile, Infra, Automotive Markets

Akoustis Technologies, Inc AKTS reported first-quarter FY23 revenue growth of 198% year-on-year to $5.57 million, marginally beating the consensus of $5.56 million.
Non-GAAP EPS loss of $(0.28) missed the consensus loss of $(0.20).
Akoustis held $60.7 million in cash and equivalents.
Jeff Shealy, founder and CEO of Akoustis, stated, "Our current growth is being driven largely by production ramps of our patented XBAW RF filter solutions to multiple customers across our diverse end markets, including Wi-Fi 6 and Wi-Fi 6E, 5G mobile, and infrastructure, timing control, automotive and other markets."
Shealy added, "As Akoustis manufactures its XBAW® semiconductor chips exclusively in Upstate New York, USA, we believe we are an attractive candidate to receive funding from the recently passed CHIPS and Science Act of 2022."
Outlook: Akoustis sees Q2 revenue growth of over 55%-70% Y/Y based on robust activity in both the sales and design win pipelines.
Price Action: AKTS shares traded lower by 0.56% at $3.58 on the last check Monday.