2022 Q4 Form 10-Q Financial Statement

#000121390022071579 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $5.865M $5.566M $1.868M
YoY Change 59.72% 197.97% 191.88%
Cost Of Revenue $5.274M $6.453M $2.902M
YoY Change 15.94% 122.36% 75.88%
Gross Profit $591.0K -$887.0K -$1.034M
YoY Change -167.39% -14.22% 2.38%
Gross Profit Margin 10.08% -15.94% -55.35%
Selling, General & Admin $5.838M $6.982M $3.876M
YoY Change 13.45% 80.13% 32.29%
% of Gross Profit 987.82%
Research & Development $7.645M $10.10M $7.974M
YoY Change -16.83% 26.62% 24.98%
% of Gross Profit 1293.57%
Depreciation & Amortization $2.642M $2.450M $1.473M
YoY Change 55.32% 66.33% 48.79%
% of Gross Profit 447.04%
Operating Expenses $13.48M $17.08M $11.85M
YoY Change -5.96% 44.13% 27.28%
Operating Profit -$12.89M -$17.97M -$12.88M
YoY Change -15.27% 39.44% 24.84%
Interest Expense $116.0K -$722.0K $35.00K
YoY Change 314.29% -2162.86% -102.15%
% of Operating Profit
Other Income/Expense, Net $1.737M -$1.182M
YoY Change 6103.57%
Pretax Income -$11.16M -$19.15M -$12.85M
YoY Change -26.55% 49.02% 7.52%
Income Tax $1.000K -$57.00K
% Of Pretax Income
Net Earnings -$11.16M -$19.09M -$12.85M
YoY Change -26.91% 48.58% 7.52%
Net Earnings / Revenue -190.21% -342.99% -687.85%
Basic Earnings Per Share -$0.19 -$0.33 -$0.25
Diluted Earnings Per Share -$0.19 -$0.33 -$249.8K
COMMON SHARES
Basic Shares Outstanding 57.47M shares 57.20M shares 51.44M shares
Diluted Shares Outstanding 57.58M shares 57.15M shares 51.44M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $46.57M $60.66M $75.68M
YoY Change -30.98% -19.84% 103.44%
Cash & Equivalents $46.57M $60.66M $75.68M
Short-Term Investments
Other Short-Term Assets $4.767M $4.519M $3.537M
YoY Change 50.95% 27.76% 135.8%
Inventory $5.807M $4.525M $2.058M
Prepaid Expenses
Receivables $3.171M $2.976M $1.352M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $60.31M $72.68M $82.63M
YoY Change -20.02% -12.03% 110.25%
LONG-TERM ASSETS
Property, Plant & Equipment $54.47M $54.19M $37.32M
YoY Change 34.04% 45.19% 54.86%
Goodwill $8.051M $8.051M
YoY Change
Intangibles $8.267M $8.639M
YoY Change
Long-Term Investments
YoY Change
Other Assets $71.00K $71.00K $11.00K
YoY Change 18.33% 545.45% -97.25%
Total Long-Term Assets $71.95M $71.98M $37.90M
YoY Change 22.57% 89.94% 51.58%
TOTAL ASSETS
Total Short-Term Assets $60.31M $72.68M $82.63M
Total Long-Term Assets $71.95M $71.98M $37.90M
Total Assets $132.3M $144.7M $120.5M
YoY Change -1.38% 20.03% 87.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.602M $4.157M $3.613M
YoY Change 43.12% 15.06% 416.14%
Accrued Expenses $6.113M $7.077M $4.268M
YoY Change 17.72% 65.82% 29.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.775M $12.65M $7.881M
YoY Change 23.38% 60.5% 87.64%
LONG-TERM LIABILITIES
Long-Term Debt $43.18M $43.85M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $1.226M $1.472M $245.0K
YoY Change -5.18% 500.82% -51.0%
Total Long-Term Liabilities $44.41M $45.33M $245.0K
YoY Change 3334.42% 18400.41% -99.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.775M $12.65M $7.881M
Total Long-Term Liabilities $44.41M $45.33M $245.0K
Total Liabilities $53.18M $57.98M $8.126M
YoY Change 195.92% 613.45% -72.17%
SHAREHOLDERS EQUITY
Retained Earnings -$237.0M -$225.9M
YoY Change
Common Stock $58.00K $57.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $79.08M $86.69M $112.4M
YoY Change
Total Liabilities & Shareholders Equity $132.3M $144.7M $120.5M
YoY Change -1.38% 20.03% 87.44%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$11.16M -$19.09M -$12.85M
YoY Change -26.91% 48.58% 7.52%
Depreciation, Depletion And Amortization $2.642M $2.450M $1.473M
YoY Change 55.32% 66.33% 48.79%
Cash From Operating Activities -$11.23M -$14.99M -$12.69M
YoY Change 3.5% 18.14% 60.39%
INVESTING ACTIVITIES
Capital Expenditures $3.153M -$4.832M -$5.729M
YoY Change -144.45% -15.66% 143.79%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $286.0K
YoY Change -100.0% -100.0%
Cash From Investing Activities -$3.153M -$4.832M -$5.443M
YoY Change -71.78% -11.23% 131.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 289.0K 0.000 5.489M
YoY Change -97.91% -100.0% 74.81%
NET CHANGE
Cash From Operating Activities -11.23M -$14.99M -12.69M
Cash From Investing Activities -3.153M -$4.832M -5.443M
Cash From Financing Activities 289.0K 0.000 5.489M
Net Change In Cash -14.09M -$19.82M -12.64M
YoY Change 71.6% 56.8% 77.54%
FREE CASH FLOW
Cash From Operating Activities -$11.23M -$14.99M -$12.69M
Capital Expenditures $3.153M -$4.832M -$5.729M
Free Cash Flow -$14.38M -$10.16M -$6.958M
YoY Change 282.86% 45.98% 25.14%

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 1. Organization</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Akoustis Technologies, Inc. (the “Company”) was incorporated on April 10, 2013, and effective December 15, 2016, the Company changed its state of incorporation to the State of Delaware. Through its wholly-owned subsidiary, Akoustis, Inc. (a Delaware corporation), the Company, headquartered in Huntersville, North Carolina, is focused on developing, designing, and manufacturing innovative radio frequency (“RF”) filter products for the wireless industry, including for products such as smartphones and tablets, cellular infrastructure equipment, Wi-Fi Customer Premise Equipment (“CPE”), and military and defense communication applications. Located between the device’s antenna and its digital backend, the RF front-end (“RFFE”) is the circuitry that performs the analog signal processing and contains components such as amplifiers, filters and switches. To construct the resonator devices that are the building blocks for its RF filters, the Company has developed a family of novel, high purity acoustic piezoelectric materials as well as a unique microelectromechanical system (“MEMS”) wafer process, collectively referred to as XBAW<sup>TM</sup> technology. The Company leverages its integrated device manufacturing (“IDM”) business model to develop and sell high performance RF filters using its XBAW<sup>TM</sup> technology. Filters are critical in selecting and rejecting signals, and their performance enables differentiation in the modules defining the RFFE. Additionally, through RFM Integrated Device, Inc. (“RFMi”), a wholly-owned subsidiary of Akoustis, Inc., the Company makes sales of complementary surface acoustic wave (“SAW”) resonators, RF filters, crystal (Xtal) resonators and oscillators, and ceramic products branded as “RFMi” products.</p>
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0.0301 pure
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296000 usd
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366000 usd
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OperatingLeasesFutureMinimumPaymentDueInThreeYears
356000 usd
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OperatingLeasesFutureMinimumPaymentDueInFourYear
199000 usd
CY2022Q2 akts Operating Leases Future Minimum Payment Due
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CY2022Q2 akts Lessee Operating Leases Liability Undiscounted Excess Amount
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CY2022Q2 akts Lessee Operating Leases Liability Payments Due
LesseeOperatingLeasesLiabilityPaymentsDue
1037000 usd
CY2018Q1 akts Ontario County Industrial Development Authority Agreement Description
OntarioCountyIndustrialDevelopmentAuthorityAgreementDescription
Pursuant to the Agreements, the Company will lease for $1.00 annually to the OCIDA an approximately 9.995 acre parcel of land in Canandaigua, New York, together with the improvements thereon (including the Company’s New York fabrication facility), and transfer title to certain related equipment and personal property to the OCIDA (collectively, the “Facility”).
CY2018Q1 akts Tax Savings Agreement Expire Date
TaxSavingsAgreementExpireDate
The Company estimates substantial tax savings during the term of the Agreements, which expire on December 31, 2028.
CY2018Q1 akts Aggregate Principal Amount
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12000000 usd
CY2022Q3 akts Payments For Lease Benefits
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300000 usd
CY2022Q3 us-gaap Number Of Operating Segments
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2 pure
CY2022Q3 us-gaap Business Combination Contingent Consideration Liability
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3007000 usd
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4899000 usd
CY2022Q2 us-gaap Business Combination Contingent Consideration Liability
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1446000 usd
CY2022Q2 us-gaap Derivative Instruments And Hedges Liabilities
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3028000 usd
CY2022Q2 us-gaap Derivative Fair Value Of Derivative Liability
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4474000 usd
CY2022Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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1446000 usd
CY2022Q3 us-gaap Asset At Fair Value Changes In Fair Value Resulting From Changes In Assumptions
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446000 usd
CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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1892000 usd
CY2022Q3 akts Fair Value Measurement Of Revenue Volatility
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0.30 pure
CY2022 akts Fair Value Measurement Of Revenue Volatility
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0.30 pure
CY2022Q3 akts Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisAssetValue
3028000 usd
CY2022Q3 akts Change In Fair Value Of Convertible Note Derivatives
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-21000 usd
CY2022Q3 akts Fair Value Measurement Ending Balance
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3007000 usd
CY2022Q3 us-gaap Share Price
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2970
CY2022Q2 us-gaap Share Price
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3700
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.70 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.70 pure
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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0.0409 pure
CY2021Q3 akts Increase Decreasein Other Long Term Liabilities
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CY2021Q3 us-gaap Income Taxes Paid
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0.415 pure
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P4Y8M12D
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2022Q3 akts Initial Fair Value Of Contingent Consideration
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CY2022Q3 us-gaap Convertible Debt Fair Value Disclosures
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CY2022Q3 akts Initial Fair Value Of Change In Control Provision In Convertible Note
InitialFairValueOfChangeInControlProvisionInConvertibleNote
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CY2022Q3 dei Amendment Flag
AmendmentFlag
false
CY2022Q2 us-gaap Preferred Stock Shares Issued
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CY2022Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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CY2021Q3 us-gaap Gains Losses On Extinguishment Of Debt
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CY2021Q3 us-gaap Fair Value Adjustment Of Warrants
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CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2021Q3 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
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CY2022Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
CY2022Q3 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2022Q3 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
CY2022Q3 dei Entity Central Index Key
EntityCentralIndexKey
0001584754

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