Akoustis Technologies' Q3 Misses Expectations, Sees Record Q4 Revenue

Akoustis Technologies, Inc AKTS reported third-quarter FY23 revenue growth of 59.7% year-on-year to $7.36 million, missing the consensus of $7.53 million.
Non-GAAP EPS loss of $(0.20) missed the consensus loss of $(0.19).
Akoustis held $52.7 million in cash and equivalents.
Jeff Shealy, founder and CEO of Akoustis, stated, "Our sales growth was driven by multiple factors, including 5G mobile shipments to our first tier-1 customer, continued execution in our Wi-Fi business punctuated by the notable entry into the US cable carrier market, our first Wi-Fi 7 design win, and the positive integration of GDSI following its acquisition in January. Additionally, we made inroads in our other areas, including defense, timing control, automotive and other markets."
Outlook: Based on active customers, robust activity in the sales and design win pipelines, the semiconductor services business, and new product introductions in 5G mobile, 5G network infrastructure, Wi-Fi 6E and Wi-Fi 7, and the defense market, the company expects to report another quarter of record revenue in the current June quarter with a sequential increase of 10%-20%.
Price Action: AKTS shares traded lower by 2.41% at $2.83 premarket on the last check Monday.