Akoustis Technologies, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company generated revenue of $9.0 million, marking a 28.6% increase from $7.0 million in the same period of 2023. This growth was driven by a $2.4 million increase in fabrication service revenue, which rose by 55.9%, although there was a slight decline in service revenue.
The gross profit for the quarter was $4.3 million, a notable recovery from a gross loss of $1.1 million in the prior year. Total operating expenses decreased to $9.6 million from $20.6 million, contributing to a reduced loss from operations of $5.3 million, compared to a loss of $21.7 million in the previous year. The net loss for the quarter was $6.4 million, down from $20.1 million, reflecting a 68.1% improvement year-over-year.
As of September 30, 2024, Akoustis had cash and cash equivalents of $12.1 million, a decrease from $24.4 million at the end of June 2024. Total current assets also fell to $25.7 million from $36.8 million. The company reported a working capital deficit of $54.4 million and total assets of $57.4 million, down from $69.7 million in the previous quarter. Stockholders’ equity showed a deficit of $65.2 million, increasing from $57.1 million.
Strategically, Akoustis has faced challenges due to ongoing litigation with Qorvo, which resulted in a jury awarding Qorvo approximately $38.6 million in damages, along with additional fees and interest totaling around $57.6 million. The company is under substantial financial strain, with a going concern warning indicating potential bankruptcy unless it secures additional financing or successfully appeals the court's decision.
In terms of operational focus, Akoustis continues to develop RF filter products for the wireless industry, leveraging its proprietary XBAW® technology. The company has also made strategic acquisitions, including full ownership of RFMi and GDSI, to enhance its product offerings and supply chain capabilities.
Overall, while Akoustis Technologies has shown improvements in revenue and reduced losses, it remains under significant financial pressure due to litigation outcomes and a challenging market environment.
About Akoustis Technologies, Inc.
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