- Akoustis Technologies, Inc AKTS reported second-quarter FY23 revenue growth of 59% year-on-year to $5.87 million, missing the consensus of $5.92 million.
- Non-GAAP EPS loss of $(0.19) beat the consensus loss of $(0.25).
- Akoustis held $46.6 million in cash and equivalents.
- Despite macro challenges, Akoustis' growth is driven by production ramps of its patented XBAW RF filter solutions to multiple customers across our diverse end markets, including Wi-Fi 6 and Wi-Fi 6E, infrastructure, timing control, automotive and other markets, CEO Jeff Shealy explained, adding, "I am also pleased to report that with the recent qualification of our wafer-level packages, we have now entered the 5G mobile device market, having recently received our first high-volume XBAW order from a tier-1 customer."
- Outlook: Akoustis sees Q3 revenue growth of over 20%-40% Q/Q based on robust activity in both the sales and design win pipelines, in addition to the recent GDSI acquisition.
- Price Action: AKTS shares traded lower by 3.36% at $4.32 premarket on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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