Akoustis Technologies(AKTS) - 2024 Q3 - Quarterly Results

Revenue and Sales Performance - Q3 revenue increased by 7% quarter-over-quarter to $7.5 million, with filter-related revenue growing 13% sequentially to the third highest in company history[1] - The company expects sales revenue between $7.0 to $7.5 million in the June quarter, driven by robust customer activity and new product introductions in Wi-Fi 6E/7 and 5G infrastructure[2] Operating Cash Flow and Cost Management - Operating cash flow burn rate reduced by 31% in the March quarter compared to December, with breakeven expected within the next nine months due to cost-saving measures and CHIPS Act ITC refund[2] Product Development and Design Wins - Introduced two new 2.4 GHz XBAW RF filters for Wi-Fi Automotive and access point applications, and secured design wins for a 4x4 MU-MIMO router platform with a Tier-1 enterprise class OEM[4] - Ramped XBAW filter production for two Wi-Fi 7 Tier-1 enterprise class OEM programs and delivered revised Wi-Fi filters to a Tier-2 5G Mobile RF front-end module customer[4] - Selected for a multi-million-dollar program with the Office of Naval Research (ONR) to develop RF filter multiplexers using XBAW and P3F single crystal nanomaterials technology[4] - Completed NRE development and delivery of n104 samples for massive MIMO architectures to a Tier-1 Network Infrastructure customer[5] - Delivered new XBAW PDK to two customers for ongoing foundry engagements and sampled new 2.4 GHz Wi-Fi CPE/Automotive XBAW filters to multiple customers[5] Financial Performance and Losses - Net loss for the three months ended March 31, 2024, was $23.3 million, compared to $15.5 million in the same period last year[12] - Non-GAAP operating loss for the three months ended March 31, 2024, was $12.5 million, compared to $13.2 million in the same period last year[14] - GAAP net loss for March 2024 was $(23.3 million), compared to $(15.5 million) in the same period last year[15] - Non-GAAP net loss for March 2024 was $(13.1 million), compared to $(13.6 million) in the same period last year[15] - GAAP net loss for the nine months ended March 31, 2024, was $(59.1 million), compared to $(45.8 million) in the same period last year[18] - Non-GAAP net loss for the nine months ended March 31, 2024, was $(46.2 million), compared to $(40.6 million) in the same period last year[18] Share and Equity Information - Weighted average common shares outstanding for the nine months ended March 31, 2024, were 78.8 million, compared to 60.9 million in the same period last year[18] - Non-GAAP net loss per common share for the nine months ended March 31, 2024, was $(0.59), compared to $(0.67) in the same period last year[18] Impairment and Amortization - Goodwill impairment loss for March 2024 was $8.1 million[15] - Common stock issued for services for March 2024 was $1.0 million, compared to $3.2 million in the same period last year[15] - Amortization of acquisition-related intangible assets for March 2024 was $646 thousand, compared to $659 thousand in the same period last year[15] - Recognition of acquisition-related promissory note for March 2024 was $333 thousand, consistent with the same period last year[15]