Why Akoustis Technologies Shares Are Falling Today

Akoustis Technologies, Inc AKTS reported fourth-quarter FY23 revenue growth of 60.2% year-on-year to $8.33 million, missing the consensus of $8.44 million.

Gross loss of $(1.7) million compared to a loss of $(1.5) million a year ago.

Non-GAAP EPS loss of $(0.21) missed the consensus loss of $(0.17).

Akoustis held $43.1 million in cash and equivalents.

The company said it remains poised for significant growth over the next twenty-four months, with hundreds of active customers, increased activity in the sales and design win pipelines and the semiconductor services business, as well as new product introductions in Wi-Fi 6E and Wi-Fi 7, 5G network infrastructure, and the defense market.

Price Action: AKTS shares traded lower by 13.3% at $1.43 premarket on the last check Wednesday.