Financial Performance - Revenue for the three months ended September 30, 2024, was $9.0 million, an increase of $2.0 million or 28.6% compared to $7.0 million for the same period in 2023[116]. - Cost of revenue decreased to $4.7 million for the three months ended September 30, 2024, down $3.4 million or 42.0% from $8.1 million in the prior year[117]. - Research and Development (R&D) expenses were $2.7 million, a significant decrease of $7.6 million or 73.8% compared to $10.3 million for the same period in 2023[118]. - General and Administrative (G&A) expenses decreased to $6.9 million, down $3.3 million or 32.4% from $10.2 million in the prior year[119]. - The net loss for the three months ended September 30, 2024, was $6.4 million, a reduction of $13.7 million or 68.1% compared to a net loss of $20.1 million for the same period in 2023[121]. - Cash and cash equivalents decreased to $12.1 million as of September 30, 2024, down $12.3 million from $24.4 million as of June 30, 2024[125]. - Current liabilities as of September 30, 2024, were $80.1 million, a decrease of $4.3 million or 5.1% from $84.4 million as of June 30, 2024[128]. - Stockholders' equity deficit increased to $65.2 million as of September 30, 2024, an increase of $8.1 million or 14.2% from a deficit of $57.1 million as of June 30, 2024[129]. - Operating activities used cash of $12.2 million during the three months ended September 30, 2024, compared to $13.1 million for the same period in 2023[130]. - The Company is facing financial challenges and may need to seek protection under the Bankruptcy Code if additional financing is not obtained[122]. Business Operations - Akoustis Technologies reported a purchase order for $13 million in XBAW filters from a Tier-1 customer, raising total production commitments to over $21 million[107]. - The company has 97 patents and 31 pending patent applications as of October 31, 2024, covering its XBAW RF filter technology[98]. - Akoustis is experiencing global semiconductor shortages, which are expected to increase costs of goods sold and delivery uncertainties through 2024[106]. - The company has developed and begun commercial shipment of single-band low loss BAW filter designs for 5G and Wi-Fi bands, addressing issues like loss and bandwidth[94]. - Akoustis operates a 125,000-square foot wafer-manufacturing facility in New York, utilizing its first-generation XBAW wafer process for high-performance RF filter circuits[97]. - The company aims to engage with multiple wireless markets by providing standardized filters and customized designs to meet customer specifications[100]. - Akoustis plans to pursue RF filter design and R&D development agreements to subsidize technology development costs and enhance market intelligence[104]. - The company’s proprietary XBAW technology is designed to outperform surface-mode resonance for high-band and ultra-high-band applications[96]. Legal Matters - The District Court awarded Qorvo approximately $11.7 million in attorneys' fees and $7.3 million in pre- and post-judgment interest related to ongoing litigation[108][109]. - Akoustis is permanently enjoined from using or selling products that infringe on Qorvo's patents, as per the District Court's Injunction Order[112].
Akoustis Technologies(AKTS) - 2025 Q1 - Quarterly Report