PART I — FINANCIAL INFORMATION [ITEM 1. FINANCIAL STATEMENTS](index=4&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents unaudited condensed consolidated financial statements, including balance sheets, statements of operations, equity changes, and cash flows, with notes on accounting policies and performance [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) | Metric | Dec 31, 2020 (in thousands) | Jun 30, 2020 (in thousands) | Change (in thousands) | | :--------------------------- | :-------------------------- | :-------------------------- | :-------------------- | | Cash and cash equivalents | $47,685 | $44,308 | +$3,377 | | Total current assets | $50,933 | $46,203 | +$4,730 | | Property and equipment, net | $25,080 | $23,605 | +$1,475 | | Total Assets | $77,570 | $71,433 | +$6,137 | | Total current liabilities | $15,266 | $6,130 | +$9,136 | | Total long-term liabilities | $15,820 | $23,808 | -$7,988 | | Total Liabilities | $31,086 | $29,938 | +$1,148 | | Total Stockholders' Equity | $46,484 | $41,495 | +$4,989 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Three Months Ended December 31 | Metric (in thousands) | Dec 31, 2020 | Dec 31, 2019 | Change (YoY) | | :--------------------------- | :----------- | :----------- | :----------- | | Revenue with customers | $1,308 | $518 | +$790 | | Cost of revenue | $2,602 | $787 | +$1,815 | | Gross profit (loss) | $(1,294) | $(269) | -$(1,025) | | Research and development | $5,566 | $4,897 | +$669 | | General and administrative | $3,361 | $2,759 | +$602 | | Total operating expenses | $8,927 | $7,656 | +$1,271 | | Loss from operations | $(10,221) | $(7,925) | -$(2,296) | | Net loss | $(11,910) | $(9,314) | -$(2,596) | | Net loss per common share | $(0.30) | $(0.30) | $0.00 | Six Months Ended December 31 | Metric (in thousands) | Dec 31, 2020 | Dec 31, 2019 | Change (YoY) | | :--------------------------- | :----------- | :----------- | :----------- | | Revenue with customers | $1,944 | $1,061 | +$883 | | Cost of revenue | $4,251 | $1,123 | +$3,128 | | Gross profit (loss) | $(2,307) | $(62) | -$(2,245) | | Research and development | $11,946 | $9,967 | +$1,979 | | General and administrative | $6,288 | $5,569 | +$719 | | Total operating expenses | $18,234 | $15,536 | +$2,698 | | Loss from operations | $(20,541) | $(15,598) | -$(4,943) | | Net loss | $(23,860) | $(18,289) | -$(5,571) | | Net loss per common share | $(0.61) | $(0.59) | -$(0.02) | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity) | Metric (in thousands) | Jun 30, 2020 | Dec 31, 2020 | Change |\n| :----------------------------- | :----------- | :----------- | :----------- | | Common Shares | 37,990 | 41,399 | +3,409 | | Common Stock Par Value | $38 | $41 | +$3 | | Additional Paid In Capital | $145,072 | $173,918 | +$28,846 | | Accumulated Deficit | $(103,615) | $(127,475) | -$(23,860) | | Total Stockholders' Equity | $41,495 | $46,484 | +$4,989 | - Common stock issued for cash, net of issuance costs, contributed **$20.155 million** to equity during the three months ended December 31, 2020[17](index=17&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) | Metric (in thousands) | Six Months Ended Dec 31, 2020 | Six Months Ended Dec 31, 2019 | Change (YoY) | | :------------------------------------------------------ | :---------------------------- | :---------------------------- | :----------- | | Net Cash Used in Operating Activities | $(16,170) | $(12,050) | -$(4,120) | | Net Cash Used in Investing Activities | $(4,491) | $(4,251) | -$(240) | | Net Cash Provided by Financing Activities | $24,038 | $32,500 | -$(8,462) | | Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | $3,377 | $16,199 | -$(12,822) | | Cash, Cash Equivalents and Restricted Cash - End of Period | $47,785 | $46,353 | +$1,432 | [Notes to the Condensed Consolidated Financial Statements (Unaudited)](index=11&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) - The unaudited condensed consolidated financial statements are prepared in accordance with GAAP and SEC rules for interim financial information, and do not include all information required for annual statements[28](index=28&type=chunk) - The consolidated financial statements include the Company and its wholly-owned subsidiary, Akoustis, Inc., with intercompany accounts and transactions eliminated[29](index=29&type=chunk) - No material changes to significant accounting policies since the 2020 Annual Report; key estimates include valuation of equity securities, derivative financial instruments, deferred taxes, revenue recognition, and long-lived assets[30](index=30&type=chunk) [Note 1. Organization](index=11&type=section&id=Note%201.%20Organization) - The company focuses on developing, designing, and manufacturing RF filter products for smartphones, tablets, cellular infrastructure, WiFi CPE, and military/defense applications[25](index=25&type=chunk) - Utilizes XBAW™ technology, which combines novel high purity acoustic piezoelectric materials and a unique microelectromechanical system (MEMS) wafer process[25](index=25&type=chunk) [Note 2. Liquidity](index=11&type=section&id=Note%202.%20Liquidity) | Metric (in millions) | Dec 31, 2020 | Jan 25, 2021 | | :------------------------ | :----------- | :----------- | | Cash and cash equivalents | $47.7 | $43.9 | | Working capital | $35.7 | N/A | - The company expects current funds to be sufficient for operations beyond the next twelve months but acknowledges historical operating losses and the potential need for additional financing[27](index=27&type=chunk) [Note 3. Summary of Significant Accounting Policies](index=11&type=section&id=Note%203.%20Summary%20of%20Significant%20Accounting%20Policies) [Allowance for Doubtful Accounts](index=12&type=section&id=Allowance%20for%20Doubtful%20Accounts) - An allowance for doubtful accounts is established for estimated losses in accounts receivable collection[31](index=31&type=chunk) [Inventory](index=13&type=section&id=Inventory) - Inventory is valued at the lower of cost or net realizable value using the FIFO method[32](index=32&type=chunk) | Inventory Category (in thousands) | Dec 31, 2020 | Jun 30, 2020 | Change | | :-------------------------------- | :----------- | :----------- | :----- | | Raw Materials | $23 | $24 | -$1 | | Work in Process | $464 | $69 | +$395 | | Finished Goods | $164 | $43 | +$121 | | Total Inventory | $651 | $136 | +$515 | [Shares of Restricted Stock Outstanding](index=13&type=section&id=Shares%20of%20Restricted%20Stock%20Outstanding) | Metric | Dec 31, 2020 | Dec 31, 2019 | Change | | :--------------------------------------- | :----------- | :----------- | :---------- | | Restricted stock in reportable shares | 10,000 | 144,750 | -134,750 | [Reclassification](index=13&type=section&id=Reclassification) - Prior period amounts were reclassified for presentation consistency, without affecting net loss[36](index=36&type=chunk) [Recently Issued Accounting Pronouncements](index=13&type=section&id=Recently%20Issued%20Accounting%20Pronouncements) - Management does not anticipate any material effect on the financial statements from recently issued, but not yet effective, accounting pronouncements[37](index=37&type=chunk) [Note 4. Revenue Recognition from Contracts with Customers](index=14&type=section&id=Note%204.%20Revenue%20Recognition%20from%20Contracts%20with%20Customers) - The company's primary revenue streams include foundry fabrication services (NRE and MEMS foundry, with MEMS exited in fiscal year 2020) and product sales (RF filters and amps)[38](index=38&type=chunk)[39](index=39&type=chunk) [Disaggregation of Revenue](index=14&type=section&id=Disaggregation%20of%20Revenue) Three Months Ended December 31 | Revenue Stream (in thousands) | Dec 31, 2020 | Dec 31, 2019 | Change (YoY) | | :----------------------------------- | :----------- | :----------- | :----------- | | NRE - RF Filters | $670 | $311 | +$359 | | Filters/Amps | $638 | $195 | +$443 | | MEMS Foundry Fabrication Services | $— | $12 | -$12 | | Total Revenue with Customers | $1,308 | $518 | +$790 | Six Months Ended December 31 | Revenue Stream (in thousands) | Dec 31, 2020 | Dec 31, 2019 | Change (YoY) | | :----------------------------------- | :----------- | :----------- | :----------- | | NRE - RF Filters | $727 | $427 | +$300 | | Filters/Amps | $1,217 | $377 | +$840 | | MEMS Foundry Fabrication Services | $— | $257 | -$257 | | Total Revenue with Customers | $1,944 | $1,061 | +$883 | [Performance Obligations](index=16&type=section&id=Performance%20Obligations) - Contracts for product sales and foundry fabrication services involve one performance obligation: delivery of the final product[44](index=44&type=chunk) [Contract Balances](index=16&type=section&id=Contract%20Balances) | Metric (in thousands) | Jun 30, 2020 | Dec 31, 2020 | Increase/(Decrease) | | :-------------------- | :----------- | :----------- | :------------------ | | Contract Assets | $125 | $383 | +$258 | | Contract Liability | $— | $57 | +$57 | - A contract liability of **$57 thousand** was recorded at December 31, 2020, for upfront payments for non-recurring engineering services to be performed later[46](index=46&type=chunk) [Backlog of Remaining Customer Performance Obligations](index=16&type=section&id=Backlog%20of%20Remaining%20Customer%20Performance%20Obligations) - Revenue expected from backlog of performance obligations was **$3.8 million** as of December 31, 2020[47](index=47&type=chunk) [Note 5. Property and Equipment, net](index=17&type=section&id=Note%205.%20Property%20and%20Equipment%2C%20net) | Asset Category (in thousands) | Dec 31, 2020 | Jun 30, 2020 | Change | | :---------------------------- | :----------- | :----------- | :----- | | Land | $1,000 | $1,000 | $0 | | Building | $3,000 | $3,000 | $0 | | Equipment | $27,689 | $24,746 | +$2,943| | Leasehold Improvements | $1,550 | $964 | +$586 | | Total | $33,825 | $30,282 | +$3,543| | Less: Accumulated Depreciation| $(8,745) | $(6,677) | -$(2,068)| | Total Property and Equipment, net | $25,080 | $23,605 | +$1,475| - Depreciation expense for the six months ended December 31, 2020, was **$2.1 million**, up from **$1.4 million** in the prior year[51](index=51&type=chunk) [Note 6. Accounts Payable and Accrued Expenses](index=17&type=section&id=Note%206.%20Accounts%20Payable%20and%20Accrued%20Expenses) | Category (in thousands) | Dec 31, 2020 | Jun 30, 2020 | Change | | :-------------------------------------- | :----------- | :----------- | :----- | | Accounts payable | $936 | $2,135 | -$1,199| | Accrued salaries and benefits | $2,336 | $2,478 | -$142 | | Accrued professional fees | $95 | $193 | -$98 | | Accrued utilities | $228 | $138 | +$90 | | Accrued interest | $146 | $137 | +$9 | | Accrued goods received not invoiced | $792 | $396 | +$396 | | Other accrued expenses | $37 | $422 | -$385 | | Totals | $4,570 | $5,899 | -$1,329| [Note 7. Derivative Liabilities](index=18&type=section&id=Note%207.%20Derivative%20Liabilities) | Metric (in thousands) | Jun 30, 2020 | Dec 31, 2020 | Change | | :----------------------------------------- | :----------- | :----------- | :----- | | Fair Value Measurement Using Level 3 Inputs| $1,110 | $1,294 | +$184 | - Valuation assumptions for derivative features of convertible notes include a remaining term of **2.41 years** (Dec 31, 2020), expected volatility of **68%**, a risk-free interest rate of **0.15%**, and a **0%** dividend yield[57](index=57&type=chunk) [Note 8. Convertible Notes](index=18&type=section&id=Note%208.%20Convertible%20Notes) - All holders of the **$10 million** October 2018 Notes elected to convert them into common stock at a rate of **196.08 shares** per **$1,000** principal amount (conversion price of **$5.10** per share) prior to the February 1, 2021 redemption date[59](index=59&type=chunk)[60](index=60&type=chunk) | Convertible Debt (in thousands) | Maturity Date | Stated Interest Rate | Conversion Price | Face Value | Carrying Value (Dec 31, 2020) | | :------------------------------ | :------------ | :------------------- | :--------------- | :--------- | :---------------------------- | | Short Term (October 2018 Notes) | 02/01/2021 | 6.50% | $5.10 | $10,000 | $9,795 | | Long Term | 5/31/2023 | 6.50% | $5.00 | $15,000 | $14,351 | [Note 9. Loans Payable](index=20&type=section&id=Note%209.%20Loans%20Payable) - Akoustis, Inc. obtained a **$1.6 million** PPP Loan in May 2020 at **1.00%** interest, with an application for full forgiveness submitted in November 2020[65](index=65&type=chunk) | PPP Loan (in thousands) | Maturity Date | Stated Interest Rate | Face Value | Carrying Value (Dec 31, 2020) | | :---------------------- | :------------ | :------------------- | :--------- | :---------------------------- | | Short Term | 10/31/2021-12/31/2021 | 1.00% | $619 | $594 | | Long Term | 05/20/2022 | 1.00% | $1,014 | $1,010 | [Note 10. Concentrations](index=22&type=section&id=Note%2010.%20Concentrations) [Vendors](index=22&type=section&id=Vendors) Three Months Ended December 31 | Vendor | Dec 31, 2020 | Dec 31, 2019 | | :--------- | :----------- | :----------- | | Vendor 1 | — | 13% | | Vendor 2 | — | 19% | | Vendor 3 | — | 12% | [Customers](index=22&type=section&id=Customers) Three Months Ended December 31 | Customer | Dec 31, 2020 | Dec 31, 2019 | | :--------- | :----------- | :----------- | | Customer 3 | 32% | 55% | | Customer 4 | 15% | 29% | Six Months Ended December 31 | Customer | Dec 31, 2020 | Dec 31, 2019 | | :--------- | :----------- | :----------- | | Customer 1 | 22% | 30% | | Customer 7 | 44% | — | | Customer 8 | 12% | — | [Note 11. Stockholders' Equity](index=23&type=section&id=Note%2011.%20Stockholders%27%20Equity) [ATM Program and Offerings](index=23&type=section&id=ATM%20Program%20and%20Offerings) - Sold **2,296,023** shares of common stock for approximately **$20.5 million** gross proceeds through the ATM Program during the three months ended December 31, 2020[78](index=78&type=chunk) - Sold **416,221** shares for approximately **$3.4 million** gross proceeds through the ATM Program during the three months ended September 30, 2020[77](index=77&type=chunk) [Equity Incentive Plans](index=23&type=section&id=Equity%20Incentive%20Plans) - Granted **415,554** stock options with a weighted average grant date fair value of **$4.46** during the six months ended December 31, 2020[79](index=79&type=chunk)[80](index=80&type=chunk) - Awarded **634,061** restricted stock units (RSUs) with a weighted average grant date fair value of **$8.25** during the six months ended December 31, 2020[82](index=82&type=chunk) Stock-Based Compensation Expense (in thousands) | Compensation Expense (in thousands) | Three Months Dec 31, 2020 | Three Months Dec 31, 2019 | Six Months Dec 31, 2020 | Six Months Dec 31, 2019 | | :---------------------------------- | :------------------------ | :------------------------ | :---------------------- | :---------------------- | | Research and Development | $928 | $790 | $1,942 | $1,746 | | General and Administrative | $1,138 | $812 | $2,151 | $1,559 | | Total | $2,066 | $1,602 | $4,093 | $3,305 | [Note 12. Commitments and Contingencies](index=24&type=section&id=Note%2012.%20Commitments%20and%20Contingencies) [Leases](index=24&type=section&id=Leases) Operating Lease Expense (in thousands) | Lease Expense (in thousands) | Three Months Dec 31, 2020 | Three Months Dec 31, 2019 | Six Months Dec 31, 2020 | Six Months Dec 31, 2019 | | :--------------------------- | :------------------------ | :------------------------ | :---------------------- | :---------------------- | | Operating Lease Expense | $75 | $46 | $150 | $102 | - Weighted average remaining lease term for operating leases is **2.25 years**, with a weighted average discount rate of **12.47%** as of December 31, 2020[88](index=88&type=chunk) [Ontario County Industrial Development Authority Agreement](index=25&type=section&id=Ontario%20County%20Industrial%20Development%20Authority%20Agreement) - Agreement with OCIDA provides substantial tax savings and exemptions from sales, use, and mortgage recording taxes for the NY Facility, expiring December 31, 2028[90](index=90&type=chunk) [Litigation, Claims and Assessments](index=25&type=section&id=Litigation%2C%20Claims%20and%20Assessments) - No material pending legal proceedings are currently known that would significantly affect financial position, results of operations, or cash flows[91](index=91&type=chunk) [Note 13. Related Party Transactions](index=25&type=section&id=Note%2013.%20Related%20Party%20Transactions) - Akoustis, Inc. sold inventory and designs to Big Red, LLC, a related party, for **$25,000** on September 30, 2020[92](index=92&type=chunk) [Note 14. Segment Information](index=27&type=section&id=Note%2014.%20Segment%20Information) - The company operates in two segments: Foundry Fabrication Services and RF Product[94](index=94&type=chunk) Income (Loss) from Operations (in thousands) | Segment | Three Months Dec 31, 2020 | Three Months Dec 31, 2019 | Six Months Dec 31, 2020 | Six Months Dec 31, 2019 | | :--------------------------- | :------------------------ | :------------------------ | :---------------------- | :---------------------- | | Foundry/Fabrication Services | $320 | $53 | $324 | $277 | | RF Product | $(10,567) | $(7,978) | $(20,865) | $(15,875) | | Total | $(10,221) | $(7,925) | $(20,541) | $(15,598) | [Note 15. Loss Per Share](index=27&type=section&id=Note%2015.%20Loss%20Per%20Share) - Common stock equivalents (convertible notes, options, warrants) are excluded from diluted EPS calculations due to the company reporting losses, making their inclusion anti-dilutive[96](index=96&type=chunk) | Common Stock Equivalents | Dec 31, 2020 | Dec 31, 2019 | Change | | :----------------------- | :----------- | :----------- | :---------- | | Convertible Notes | 4,960,800 | 4,960,800 | 0 | | Options | 2,589,719 | 2,242,665 | +347,054 | | Warrants | 359,570 | 541,999 | -182,429 | | Total | 7,910,089 | 7,745,464 | +164,625 | [Note. 16. Subsequent Events](index=29&type=section&id=Note.%2016.%20Subsequent%20Events) - On January 7, 2021, and January 26, 2021, the company issued a total of **1,960,800** shares of common stock from the conversion of **$10 million** principal amount of October 2018 Notes[98](index=98&type=chunk) - On January 25, 2021, the company issued a redemption notice for its **$15 million** May 2018 Notes, allowing conversion at **200** shares per **$1,000** principal amount (conversion price of **$5.00** per share)[98](index=98&type=chunk)[99](index=99&type=chunk) [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=30&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses financial performance, operational highlights, future outlook, COVID-19 impact, and liquidity [Cautionary Note Regarding Forward-Looking Statements](index=30&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) - Forward-looking statements relate to future operations, financial projections, capital utilization, customer engagement, and intellectual property, but are not guarantees of actual results[102](index=102&type=chunk) - Risks include inability to obtain adequate financing, limited operating history, inability to generate revenue/profitability, R&D results, market acceptance, COVID-19 impact, and intellectual property protection[103](index=103&type=chunk) [Overview](index=31&type=section&id=Overview) - Akoustis develops, designs, and manufactures RF filter solutions for **4G/LTE**, **5G**, **WiFi**, and defense applications using its proprietary **XBAW™ technology**[106](index=106&type=chunk) - The company operates an Integrated Device Manufacturing (IDM) business model, producing filters in its New York facility and holding **38 patents** with **75 pending applications** as of January 19, 2021[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk) - The business model aims to provide standardized and customized filters directly to OEMs and module manufacturers, retaining ownership of core technology and IP[107](index=107&type=chunk)[110](index=110&type=chunk)[113](index=113&type=chunk) [Impact of COVID-19 on our Business](index=32&type=section&id=Impact%20of%20COVID-19%20on%20our%20Business) - Implemented social distancing, self-health attestations, mask policies, remote work, and staggered shifts to protect employees[114](index=114&type=chunk) - Observed declining demand and price reductions in the electronics industry, along with delays in material and equipment shipments from suppliers due to the pandemic[115](index=115&type=chunk) [Recent Developments](index=33&type=section&id=Recent%20Developments) - Shipped fourth **5G** small cell network infrastructure filter to a tier-1 customer (Oct 2020)[117](index=117&type=chunk) - Awarded a new **DARPA** contract to advance **XBAW® technology** (Oct 2020)[117](index=117&type=chunk) - Received orders for **CBRS** equipment **XBAW® filter solutions** and **5G/WiFi** mobile coexistence filters from a leading RF front-end maker (Oct/Nov 2020)[117](index=117&type=chunk) - Secured multiple **WiFi 6** design wins for coexistence filters and tri-band **MU-MIMO** products (Dec 2020)[118](index=118&type=chunk) - Issued a redemption notice with respect to **$10 million** principal amount of the Company's outstanding **6.5%** convertible senior notes due in 2023 (Dec 2020)[117](index=117&type=chunk) [Critical Accounting Policies](index=33&type=section&id=Critical%20Accounting%20Policies) - No material changes to critical accounting policies and estimates since the 2020 Annual Report on Form 10-K[119](index=119&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) [Three Months Ended December 31, 2020 and 2019](index=33&type=section&id=Three%20Months%20Ended%20December%2031%2C%202020%20and%202019) Revenue (in millions) | Revenue (in millions) | Dec 31, 2020 | Dec 31, 2019 | Change (YoY) | | :-------------------- | :----------- | :----------- | :----------- | | Total Revenue | $1.3 | $0.5 | +$0.8 | | RF Product Revenue | +227% | N/A | N/A | | NRE Services Revenue | +115% | N/A | N/A | Cost of Revenue (in millions) | Cost of Revenue (in millions) | Dec 31, 2020 | Dec 31, 2019 | Change (YoY) | | :---------------------------- | :----------- | :----------- | :----------- | | Total Cost of Revenue | $2.6 | $0.8 | +$1.8 | - Cost of revenue increase driven by **$0.5 million** in RF product costs and **$1.2 million** in net realizable value (NRV) inventory adjustments[121](index=121&type=chunk) R&D Expenses (in millions) | R&D Expenses (in millions) | Dec 31, 2020 | Dec 31, 2019 | Change (YoY) | | :------------------------- | :----------- | :----------- | :----------- | | Total R&D Expenses | $5.6 | $4.9 | +$0.7 | - R&D personnel costs increased by **$0.2 million (8.5%)** due to higher headcount; material and facility costs increased by **$0.7 million**[123](index=123&type=chunk) G&A Expenses (in millions) | G&A Expenses (in millions) | Dec 31, 2020 | Dec 31, 2019 | Change (YoY) | | :------------------------- | :----------- | :----------- | :----------- | | Total G&A Expenses | $3.4 | $2.8 | +$0.6 | - G&A employee compensation (including stock-based compensation) increased by **$0.6 million**[124](index=124&type=chunk) Other (Expense)/Income (in millions) | Other (Expense)/Income (in millions) | Dec 31, 2020 | Dec 31, 2019 | Change (YoY) | | :----------------------------------- | :----------- | :----------- | :----------- | | Total Other (Expense)/Income | $(1.7) | $(1.4) | -$(0.3) | | Debt discount amortization | $1.3 | $0.8 | +$0.5 | | Interest expense, net | $0.4 | $0.3 | +$0.1 | Net Loss (in millions) | Net Loss (in millions) | Dec 31, 2020 | Dec 31, 2019 | Change (YoY) | | :--------------------- | :----------- | :----------- | :----------- | | Total Net Loss | $(11.9) | $(9.3) | -$(2.6) | [Six Months Ended December 31, 2020 and 2019](index=34&type=section&id=Six%20Months%20Ended%20December%2031%2C%202020%20and%202019) Revenue (in millions) | Revenue (in millions) | Dec 31, 2020 | Dec 31, 2019 | Change (YoY) | | :-------------------- | :----------- | :----------- | :----------- | | Total Revenue | $1.9 | $1.1 | +$0.8 | | RF Product Revenue | +223% | N/A | N/A | | NRE Services Revenue | +70% | N/A | N/A | Cost of Revenue (in millions) | Cost of Revenue (in millions) | Dec 31, 2020 | Dec 31, 2019 | Change (YoY) | | :---------------------------- | :----------- | :----------- | :----------- | | Total Cost of Revenue | $4.3 | $1.1 | +$3.1 | - Cost of revenue increase driven by **$2.0 million** in RF product costs and **$1.1 million** in net realizable value (NRV) inventory adjustments[128](index=128&type=chunk) R&D Expenses (in millions) | R&D Expenses (in millions) | Dec 31, 2020 | Dec 31, 2019 | Change (YoY) | | :------------------------- | :----------- | :----------- | :----------- | | Total R&D Expenses | $11.9 | $10.0 | +$2.0 | - R&D personnel costs increased by **$0.7 million (12.5%)** due to higher headcount; material and facility costs increased by **$1.2 million** due to increased R&D activities[129](index=129&type=chunk) G&A Expenses (in millions) | G&A Expenses (in millions) | Dec 31, 2020 | Dec 31, 2019 | Change (YoY) | | :------------------------- | :----------- | :----------- | :----------- | | Total G&A Expenses | $6.3 | $5.6 | +$0.7 | - G&A employee compensation (including stock-based compensation) increased by **$0.8 million**[131](index=131&type=chunk) Other (Expense)/Income (in millions) | Other (Expense)/Income (in millions) | Dec 31, 2020 | Dec 31, 2019 | Change (YoY) | | :----------------------------------- | :----------- | :----------- | :----------- | | Total Other (Expense)/Income | $(3.3) | $(2.7) | -$(0.6) | | Debt discount amortization | $2.3 | $1.5 | +$0.8 | | Interest expense | $0.8 | $0.6 | +$0.2 | Net Loss (in millions) | Net Loss (in millions) | Dec 31, 2020 | Dec 31, 2019 | Change (YoY) | | :--------------------- | :----------- | :----------- | :----------- | | Total Net Loss | $(23.9) | $(18.3) | -$(5.6) | [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) - The company's cash and cash equivalents increased to **$47.7 million** as of December 31, 2020, primarily due to **$23.2 million** from common stock issuance, offsetting significant cash used in operating and investing activities[134](index=134&type=chunk) - The company expects current cash to fund operations for over **12 months** but anticipates continued losses and potential need for additional capital[134](index=134&type=chunk) [Financing Activities](index=36&type=section&id=Financing%20Activities) - Cash and cash equivalents increased by **$3.4 million**, primarily from **$23.2 million** in common stock issuance proceeds, offsetting **$16.2 million** used in operations and **$4.5 million** in capital expenditures[134](index=134&type=chunk) [Balance Sheet and Working Capital](index=36&type=section&id=Balance%20Sheet%20and%20Working%20Capital) | Metric (in millions) | Dec 31, 2020 | Jun 30, 2020 | Change | | :--------------------------- | :----------- | :----------- | :----- | | Total Assets | $77.6 | $71.4 | +$6.2 | | Current Liabilities | $15.3 | $6.1 | +$9.2 | | Long-term Liabilities | $15.8 | $23.8 | -$8.0 | | Stockholders' Equity | $46.5 | $41.5 | +$5.0 | - Increase in current liabilities by **$9.2 million** was due to reclassification of convertible debt and loans payable from long-term[135](index=135&type=chunk) [Cash Flow Analysis](index=37&type=section&id=Cash%20Flow%20Analysis) | Cash Flow Activity (in millions) | Six Months Ended Dec 31, 2020 | Six Months Ended Dec 31, 2019 | Change (YoY) | | :------------------------------- | :---------------------------- | :---------------------------- | :----------- | | Operating Activities | $(16.2) | $(12.1) | -$(4.1) | | Investing Activities | $(4.5) | $(4.3) | -$(0.2) | | Financing Activities | $24.0 | $32.5 | -$(8.5) | [ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=37&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) Quantitative and qualitative disclosures about market risk are not applicable as the company qualifies as a smaller reporting company - This item is not applicable to smaller reporting companies[140](index=140&type=chunk) [ITEM 4. CONTROLS AND PROCEDURES](index=37&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded disclosure controls were effective as of December 31, 2020, reporting no material changes in internal financial controls [Management's Evaluation of Disclosure Controls and Procedures](index=37&type=section&id=Management%27s%20Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) - Disclosure controls and procedures were evaluated and deemed effective at the reasonable assurance level as of December 31, 2020[142](index=142&type=chunk) [Changes in Internal Control over Financial Reporting](index=37&type=section&id=Changes%20in%20Internal%20Control%20over%20Financial%20Reporting) - No material changes in internal control over financial reporting occurred during the quarter ended December 31, 2020[143](index=143&type=chunk) PART II — OTHER INFORMATION [ITEM 1. LEGAL PROCEEDINGS](index=38&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is not involved in material legal proceedings expected to significantly affect its business or financial condition - No material pending legal proceedings are currently known to the company[144](index=144&type=chunk) [ITEM 1A. RISK FACTORS](index=38&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes to risk factors previously disclosed in the 2020 Annual Report on Form 10-K - No material changes to risk factors since the 2020 Annual Report on Form 10-K[145](index=145&type=chunk) [ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=38&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) No unregistered sales of equity securities occurred during the period, except as previously disclosed in Form 8-K reports - No unregistered sales of equity securities during the period, except as previously reported[146](index=146&type=chunk) [ITEM 3. DEFAULTS UPON SENIOR SECURITIES](index=38&type=section&id=ITEM%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) This item is not applicable to the company for the reporting period - This item is not applicable[146](index=146&type=chunk) [ITEM 4. MINE SAFETY DISCLOSURES](index=38&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) This item is not applicable to the company for the reporting period - This item is not applicable[146](index=146&type=chunk) [ITEM 5. OTHER INFORMATION](index=38&type=section&id=ITEM%205.%20OTHER%20INFORMATION) This item is not applicable to the company for the reporting period - This item is not applicable[146](index=146&type=chunk) [ITEM 6. EXHIBITS](index=38&type=section&id=ITEM%206.%20EXHIBITS) Exhibits listed in the Exhibit Index are filed or furnished as part of this report - Exhibits are filed or furnished as part of this report[146](index=146&type=chunk) [EXHIBIT INDEX](index=39&type=section&id=EXHIBIT%20INDEX) The Exhibit Index lists documents filed with Form 10-Q, including organizational documents, certifications, and interactive data - Includes Articles of Conversion, Certificate of Incorporation, Amended and Restated Bylaws, and various certifications (Rule 13(a)-14(a)/15(d)-14(a) and Section 1350) and Interactive Data Files[148](index=148&type=chunk) [SIGNATURES](index=40&type=section&id=SIGNATURES) The report is formally signed by Kenneth E. Boller, Interim CFO of Akoustis Technologies, Inc., on February 1, 2021 - Report signed by Kenneth E. Boller, Interim Chief Financial Officer, on February 1, 2021[150](index=150&type=chunk)[151](index=151&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number: 001-38029 AKOUSTIS TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) | --- | ...

Akoustis Technologies Inc (NASDAQ:AKTS) Q4 2020 Earnings Conference Call August 24, 2020 8:00 AM ET Company Participants Tom Sepenzis - Vice President of Investor Relations Jeff Shealy - Founder and CEO Ken Boller - Interim CFO Dave Aichele - EVP of Business Development Conference Call Participants Rick Schafer - Oppenheimer Anthony Stoss - Craig-Hallum Capital Group Harsh Kumar - Piper Sandler Operator Good day, ladies and gentlemen, and welcome to the Akoustis Technologies Business Update Conference Call. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________________ to ____________________ Commission file number: 001-38029 AKOUSTIS TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) | --- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number: 001-38029 AKOUSTIS TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) | --- | --- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number: 001-38029 AKOUSTIS TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Delaware ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of Each Class: Trading Symbol Name of each exchange on which registered: Common Stock, $0.001 par value AKTS The Nasdaq Stock Market LLC (Nasdaq Capital Market) FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________________ to ____________________ Commission file number: 001-38029 AKOUSTIS TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Delaw ...

Akoustis Technologies, Inc. (NASDAQ:AKTS) Q4 2019 Results Conference Call August 26, 2019 10:00 AM ET Company Participants Tom Sepenzis - VP, Corporate Development and IR Jeff Shealy - Founder and CEO Ken Boller - Interim CFO Dave Aichele - VP, Business Development Conference Call Participants Anthony Stoss - Craig-Hallum Capital Group Cody Acree - Loop Capital Markets Matt Farrell - Piper Jaffray Suji Desilva - ROTH Capital Partners Wei Mok - Oppenheimer & Company Operator Good day, ladies and gentlemen an ...