$AKTSQ
Akoustis Technologies, Inc.

2023 Q2 Form 10-Q Financial Statement

#000121390023037052 Filed on May 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $8.333M $7.356M $4.607M
YoY Change 60.13% 59.67% 82.82%
Cost Of Revenue $10.04M $8.472M $5.370M
YoY Change 50.57% 57.77% 80.81%
Gross Profit -$1.704M -$1.116M -$763.0K
YoY Change 16.55% 46.26% 65.87%
Gross Profit Margin -20.45% -15.17% -16.56%
Selling, General & Admin $8.060M $8.817M $5.721M
YoY Change 35.05% 54.12% 68.26%
% of Gross Profit
Research & Development $8.164M $7.349M $8.314M
YoY Change -20.17% -11.61% 58.97%
% of Gross Profit
Depreciation & Amortization $3.063M $3.101M $2.318M
YoY Change 29.73% 33.78% 93.17%
% of Gross Profit
Operating Expenses $16.22M $16.17M $14.04M
YoY Change 0.18% 15.18% 62.82%
Operating Profit -$17.93M -$17.28M -$14.80M
YoY Change 1.53% 16.79% 62.97%
Interest Expense $125.0K -$893.0K $25.00K
YoY Change -158.69% -3672.0% -102.27%
% of Operating Profit
Other Income/Expense, Net $10.00K -$627.0K -$180.0K
YoY Change -105.99% 248.33%
Pretax Income -$17.79M -$17.91M -$14.95M
YoY Change -1.35% 19.77% 46.89%
Income Tax -$28.00K -$2.364M -$128.0K
% Of Pretax Income
Net Earnings -$17.77M -$15.55M -$14.69M
YoY Change 9.47% 5.85% 44.26%
Net Earnings / Revenue -213.19% -211.32% -318.78%
Basic Earnings Per Share -$0.23 -$0.27
Diluted Earnings Per Share -$0.25 -$0.29 -$266.0K
COMMON SHARES
Basic Shares Outstanding 71.64M shares 71.55M shares 55.22M shares
Diluted Shares Outstanding 68.20M shares 55.22M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.10M $52.75M $55.87M
YoY Change -46.44% -5.59% -38.2%
Cash & Equivalents $43.10M $52.75M $55.87M
Short-Term Investments
Other Short-Term Assets $4.440M $3.665M $3.884M
YoY Change 32.18% -5.64% 142.75%
Inventory $7.548M $7.558M $3.429M
Prepaid Expenses
Receivables $4.753M $4.247M $3.089M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $59.85M $68.22M $66.27M
YoY Change -34.76% 2.94% -30.24%
LONG-TERM ASSETS
Property, Plant & Equipment $57.83M $57.31M $48.36M
YoY Change 13.04% 18.52% 65.05%
Goodwill $14.56M $14.53M
YoY Change 80.83%
Intangibles $15.24M $15.89M
YoY Change 69.46%
Long-Term Investments
YoY Change
Other Assets $72.00K $71.00K $60.00K
YoY Change -74.19% 18.33% -80.0%
Total Long-Term Assets $89.07M $89.29M $65.82M
YoY Change 27.96% 35.65% 117.94%
TOTAL ASSETS
Total Short-Term Assets $59.85M $68.22M $66.27M
Total Long-Term Assets $89.07M $89.29M $65.82M
Total Assets $148.9M $157.5M $132.1M
YoY Change -7.7% 19.24% 5.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.979M $3.125M $3.790M
YoY Change 9.61% -17.55% 321.11%
Accrued Expenses $13.49M $8.560M $6.527M
YoY Change 71.0% 31.15% 45.04%
Deferred Revenue $105.0K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.57M $11.81M $11.18M
YoY Change 38.81% 5.65% 64.35%
LONG-TERM LIABILITIES
Long-Term Debt $44.01M $44.03M $0.00
YoY Change 0.65% -100.0%
Other Long-Term Liabilities $1.093M $1.210M $670.0K
YoY Change -28.04% 80.6% 67.5%
Total Long-Term Liabilities $45.11M $45.24M $670.0K
YoY Change -0.32% 6652.09% -16.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.57M $11.81M $11.18M
Total Long-Term Liabilities $45.11M $45.24M $670.0K
Total Liabilities $62.68M $57.05M $21.05M
YoY Change 8.24% 170.98% 180.69%
SHAREHOLDERS EQUITY
Retained Earnings -$270.4M -$252.6M
YoY Change 30.73%
Common Stock $72.00K $72.00K
YoY Change 26.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $86.24M $100.5M $111.0M
YoY Change
Total Liabilities & Shareholders Equity $148.9M $157.5M $132.1M
YoY Change -7.7% 19.24% 5.5%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$17.77M -$15.55M -$14.69M
YoY Change 9.47% 5.85% 44.26%
Depreciation, Depletion And Amortization $3.063M $3.101M $2.318M
YoY Change 29.73% 33.78% 93.17%
Cash From Operating Activities -$8.701M -$9.900M -$9.735M
YoY Change -27.02% 1.69% 65.28%
INVESTING ACTIVITIES
Capital Expenditures $1.215M $2.185M -$8.971M
YoY Change -109.0% -124.36% 64.91%
Acquisitions
YoY Change
Other Investing Activities -$1.000K -$13.76M $30.00K
YoY Change -100.02% -45966.67%
Cash From Investing Activities -$1.216M -$15.95M -$8.941M
YoY Change -87.04% 78.34% 64.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $7.080M
YoY Change -86.87%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 272.0K 32.03M 7.080M
YoY Change -99.41% 352.33% -86.87%
NET CHANGE
Cash From Operating Activities -8.701M -9.900M -9.735M
Cash From Investing Activities -1.216M -15.95M -8.941M
Cash From Financing Activities 272.0K 32.03M 7.080M
Net Change In Cash -9.645M 6.180M -11.60M
YoY Change -139.19% -153.29% -127.21%
FREE CASH FLOW
Cash From Operating Activities -$8.701M -$9.900M -$9.735M
Capital Expenditures $1.215M $2.185M -$8.971M
Free Cash Flow -$9.916M -$12.08M -$764.0K
YoY Change -726.41% 1481.81% 69.78%

Facts In Submission

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AKOUSTIS TECHNOLOGIES, INC.
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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 semiconductor process, collectively referred to as XBAW® technology. The Company leverages its integrated device manufacturing (“IDM”) business model to develop and sell high performance RF filters using its XBAW® 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. We also offer back-end semiconductor supply chain services through our wholly owned subsidiary, Grinding &amp; Dicing Services, Inc., which we acquired in January 2023.</p>
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CostsAndExpenses
2506000 usd
us-gaap Costs And Expenses
CostsAndExpenses
7454000 usd
us-gaap Costs And Expenses
CostsAndExpenses
7754000 usd
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
159000 usd
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
84000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
360000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
241000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1483000 usd
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1126000 usd
CY2023Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
415000 usd
CY2022Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
313000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1093000 usd
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
811000 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y8M1D
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y5M1D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1269 pure
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1003 pure
akts Future Lease Payments Term
FutureLeasePaymentsTerm
P5Y
CY2023Q1 akts Operating Leases Future Minimum Payment Due Current
OperatingLeasesFutureMinimumPaymentDueCurrent
142000 usd
CY2023Q1 akts Operating Leases Future Minimum Payment Due In Two Years
OperatingLeasesFutureMinimumPaymentDueInTwoYears
586000 usd
CY2023Q1 akts Operating Leases Future Minimum Payment Due In Three Years
OperatingLeasesFutureMinimumPaymentDueInThreeYears
605000 usd
CY2023Q1 akts Operating Leases Future Minimum Payment Due In Four Year
OperatingLeasesFutureMinimumPaymentDueInFourYear
373000 usd
CY2023Q1 akts Operating Leases Future Minimum Payment Due Thereafter
OperatingLeasesFutureMinimumPaymentDueThereafter
147000 usd
CY2023Q1 akts Operating Leases Future Minimum Payment Due
OperatingLeasesFutureMinimumPaymentDue
1853000 usd
CY2023Q1 akts Lessee Operating Leases Liability Undiscounted Excess Amount
LesseeOperatingLeasesLiabilityUndiscountedExcessAmount
-345000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
usd
CY2023Q1 akts Lessee Operating Leases Liability Payments Due
LesseeOperatingLeasesLiabilityPaymentsDue
1508000 usd
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-2400000 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
AggregatePrincipalAmount
12000000 usd
CY2018Q1 akts Payments For Lease Benefits
PaymentsForLeaseBenefits
300000 usd
CY2023Q1 us-gaap Revenues
Revenues
7356000 usd
CY2023Q1 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
8472000 usd
CY2023Q1 akts Gross Margin
GrossMargin
-1116000 usd
CY2023Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7349000 usd
CY2023Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8817000 usd
CY2023Q1 akts Income Loss From Operations
IncomeLossFromOperations
-17282000 usd
CY2022Q1 us-gaap Revenues
Revenues
4607000 usd
CY2022Q1 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
5370000 usd
CY2022Q1 akts Gross Margin
GrossMargin
-763000 usd
CY2022Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8314000 usd
CY2022Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5721000 usd
CY2022Q1 akts Income Loss From Operations
IncomeLossFromOperations
-14798000 usd
us-gaap Revenues
Revenues
18788000 usd
us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
20200000 usd
akts Gross Margin
GrossMargin
-1412000 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
25079000 usd
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
21650000 usd
akts Income Loss From Operations
IncomeLossFromOperations
-48141000 usd
us-gaap Revenues
Revenues
10146000 usd
us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
12821000 usd
akts Gross Margin
GrossMargin
-2675000 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
25481000 usd
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14742000 usd
akts Income Loss From Operations
IncomeLossFromOperations
-42898000 usd
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
4247000 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
57313000 usd
CY2022Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
3793000 usd
CY2022Q2 us-gaap Property Plant And Equipment Owned Net
PropertyPlantAndEquipmentOwnedNet
51157000 usd
CY2023Q1 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
2400000 usd
CY2023Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-2400000 usd
CY2022Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-128000 usd
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-70000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.132 pure
us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.05 pure
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.009 pure
us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.002 pure
akts Total Common Stock Equivalents Shares
TotalCommonStockEquivalentsShares
12615040 shares
akts Total Common Stock Equivalents Shares
TotalCommonStockEquivalentsShares
3074819 shares
CY2023Q1 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
8000 usd
CY2023Q1 us-gaap Derivative Instruments And Hedges Liabilities
DerivativeInstrumentsAndHedgesLiabilities
2572000 usd
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
2580000 usd
CY2022Q2 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
1446000 usd
CY2022Q2 us-gaap Derivative Instruments And Hedges Liabilities
DerivativeInstrumentsAndHedgesLiabilities
3028000 usd
CY2022Q2 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
4474000 usd
CY2022Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
1446000 usd
us-gaap Asset At Fair Value Changes In Fair Value Resulting From Changes In Assumptions
AssetAtFairValueChangesInFairValueResultingFromChangesInAssumptions
1438000 usd
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
8000 usd
akts Fair Value Measurement Of Discount Rate
FairValueMeasurementOfDiscountRate
0.166 pure
akts Fair Value Measurement Of Revenue Volatility
FairValueMeasurementOfRevenueVolatility
0.30 pure
CY2022 akts Fair Value Measurement Of Revenue Volatility
FairValueMeasurementOfRevenueVolatility
0.30 pure
akts Fair Value Measurement Of Riskfreeinterestrate
FairValueMeasurementOfRiskfreeinterestrate
0.0478 pure
akts Fair Value Measurement Of Remaining Termyears
FairValueMeasurementOfRemainingTermyears
P0Y10M2D
CY2023Q1 akts Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisAssetValue
3028000 usd
CY2023Q1 akts Change In Fair Value Of Convertible Note Derivatives
ChangeInFairValueOfConvertibleNoteDerivatives
456000 usd
CY2023Q1 akts Fair Value Measurement Ending Balance
FairValueMeasurementEndingBalance
2572000 usd
CY2023Q1 us-gaap Share Price
SharePrice
3.08
CY2022Q2 us-gaap Share Price
SharePrice
3.7
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.70 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.70 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0368 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0301 pure
akts Share Based Compensation Arrangement By Share Based Payment Award Fair Value Measurements Expected Debt Yield
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueMeasurementsExpectedDebtYield
0.4302 pure
CY2022 akts Share Based Compensation Arrangement By Share Based Payment Award Fair Value Measurements Expected Debt Yield
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueMeasurementsExpectedDebtYield
0.415 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y2M12D
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2022Q2 us-gaap Long Term Notes Payable
LongTermNotesPayable
usd
CY2023Q1 akts Contingent Consideration
ContingentConsideration
usd
CY2022Q1 us-gaap Other Income
OtherIncome
usd
us-gaap Other Income
OtherIncome
usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
usd
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
usd
akts Proceeds From Employee Stock Purchase Plan
ProceedsFromEmployeeStockPurchasePlan
usd
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
akts Operating Lease Rightofuse Asset Net
OperatingLeaseRightofuseAssetNet
usd
akts Operating Leases Liability
OperatingLeasesLiability
usd
us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
usd
akts Liabilities Cancelled
LiabilitiesCancelled
usd
akts Noncontrolling Interest
NoncontrollingInterest
usd
akts Initial Fair Value Of Contingent Consideration
InitialFairValueOfContingentConsideration
usd
CY2023Q1 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
usd
CY2023Q1 akts Initial Fair Value Of Change In Control Provision In Convertible Note
InitialFairValueOfChangeInControlProvisionInConvertibleNote
usd
dei Amendment Flag
AmendmentFlag
false
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001584754

Files In Submission

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akts-20230331_lab.xml Edgar Link unprocessable
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0001213900-23-037052-index.html Edgar Link pending
0001213900-23-037052.txt Edgar Link pending
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akts-20230331.xsd Edgar Link pending
f10q0323ex31-1_akoustistech.htm Edgar Link pending
f10q0323ex31-2_akoustistech.htm Edgar Link pending
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akts-20230331_cal.xml Edgar Link unprocessable
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