$AKTSQ
Akoustis Technologies, Inc.

2023 Q3 Form 10-K Financial Statement

#000121390023074139 Filed on September 06, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2023
Revenue $7.002M $8.333M $27.12M
YoY Change 25.8% 60.13% 76.68%
Cost Of Revenue $8.086M $10.04M $30.24M
YoY Change 25.31% 50.57% 55.16%
Gross Profit -$1.084M -$1.704M -$3.116M
YoY Change 22.21% 16.55% -24.68%
Gross Profit Margin -15.48% -20.45% -11.49%
Selling, General & Admin $10.22M $8.060M $29.71M
YoY Change 46.43% 35.05% 43.46%
% of Gross Profit
Research & Development $10.35M $8.164M $33.24M
YoY Change 2.47% -20.17% -6.9%
% of Gross Profit
Depreciation & Amortization $2.400M $3.063M $11.26M
YoY Change -2.04% 29.73% 43.33%
% of Gross Profit
Operating Expenses $20.57M $16.22M $62.95M
YoY Change 20.44% 0.18% 11.58%
Operating Profit -$21.65M -$17.93M -$66.07M
YoY Change 20.53% 1.53% 9.11%
Interest Expense $1.530M $125.0K -$1.374M
YoY Change -311.91% -158.69% 999.2%
% of Operating Profit
Other Income/Expense, Net $1.526M $10.00K $64.00K
YoY Change -229.1% -105.99% -113.56%
Pretax Income -$20.13M -$17.79M -$66.01M
YoY Change 5.12% -1.35% 8.16%
Income Tax $1.000K -$28.00K -$2.448M
% Of Pretax Income
Net Earnings -$20.13M -$17.77M -$63.56M
YoY Change 5.44% 9.47% 7.67%
Net Earnings / Revenue -287.48% -213.19% -234.35%
Basic Earnings Per Share -$0.28 -$1.00
Diluted Earnings Per Share -$0.28 -$0.25 -$1.00
COMMON SHARES
Basic Shares Outstanding 72.35M shares 71.64M shares 63.62M shares
Diluted Shares Outstanding 72.31M shares 63.62M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.80M $43.10M $43.10M
YoY Change -57.47% -46.44% -46.44%
Cash & Equivalents $25.80M $43.10M $43.10M
Short-Term Investments
Other Short-Term Assets $2.672M $4.440M $4.440M
YoY Change -40.87% 32.18% 32.18%
Inventory $6.182M $7.548M $7.548M
Prepaid Expenses
Receivables $3.942M $4.753M $4.753M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $38.58M $59.85M $59.85M
YoY Change -46.92% -34.76% -34.76%
LONG-TERM ASSETS
Property, Plant & Equipment $58.14M $57.83M $59.20M
YoY Change 7.29% 13.04% 13.23%
Goodwill $14.60M $14.56M
YoY Change 81.34% 80.83%
Intangibles $14.53M $15.24M
YoY Change 68.2% 69.46%
Long-Term Investments
YoY Change
Other Assets $73.00K $72.00K $72.00K
YoY Change 2.82% -74.19% -74.19%
Total Long-Term Assets $88.56M $89.07M $89.07M
YoY Change 23.04% 27.96% 27.96%
TOTAL ASSETS
Total Short-Term Assets $38.58M $59.85M $59.85M
Total Long-Term Assets $88.56M $89.07M $89.07M
Total Assets $127.1M $148.9M $148.9M
YoY Change -12.11% -7.7% -7.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.023M $3.979M $3.979M
YoY Change 44.89% 9.61% 9.61%
Accrued Expenses $1.159M $13.49M $13.49M
YoY Change -83.62% 71.0% 71.0%
Deferred Revenue $25.00K $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 $15.90M $17.57M $17.57M
YoY Change 25.67% 38.81% 38.81%
LONG-TERM LIABILITIES
Long-Term Debt $42.50M $44.01M $44.01M
YoY Change -3.09% 0.65% 0.65%
Other Long-Term Liabilities $1.000M $1.093M $1.093M
YoY Change -32.07% -28.04% -28.04%
Total Long-Term Liabilities $43.46M $45.11M $45.11M
YoY Change -4.12% -0.32% -0.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.90M $17.57M $17.57M
Total Long-Term Liabilities $43.46M $45.11M $45.11M
Total Liabilities $59.36M $62.68M $62.68M
YoY Change 2.38% 8.24% 8.24%
SHAREHOLDERS EQUITY
Retained Earnings -$290.7M -$270.4M
YoY Change 28.68% 30.73%
Common Stock $72.00K $72.00K
YoY Change 26.32% 26.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $67.79M $86.24M $86.24M
YoY Change
Total Liabilities & Shareholders Equity $127.1M $148.9M $148.9M
YoY Change -12.11% -7.7% -7.7%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2023
OPERATING ACTIVITIES
Net Income -$20.13M -$17.77M -$63.56M
YoY Change 5.44% 9.47% 7.67%
Depreciation, Depletion And Amortization $2.400M $3.063M $11.26M
YoY Change -2.04% 29.73% 43.33%
Cash From Operating Activities -$13.11M -$8.701M -$44.82M
YoY Change -12.55% -27.02% -0.83%
INVESTING ACTIVITIES
Capital Expenditures $4.209M $1.215M $11.39M
YoY Change -187.11% -109.0% -132.25%
Acquisitions $13.88M
YoY Change
Other Investing Activities -$1.000K -$121.0K
YoY Change -100.02% -133.89%
Cash From Investing Activities -$4.209M -$1.216M -$25.15M
YoY Change -12.89% -87.04% -28.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $32.03M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 272.0K $32.59M
YoY Change -99.41% -54.93%
NET CHANGE
Cash From Operating Activities -$13.11M -8.701M -$44.82M
Cash From Investing Activities -$4.209M -1.216M -$25.15M
Cash From Financing Activities 272.0K $32.59M
Net Change In Cash -$17.32M -9.645M -$37.38M
YoY Change -12.63% -139.19% 376.98%
FREE CASH FLOW
Cash From Operating Activities -$13.11M -$8.701M -$44.82M
Capital Expenditures $4.209M $1.215M $11.39M
Free Cash Flow -$17.32M -$9.916M -$56.21M
YoY Change 70.49% -726.41% 467.97%

Facts In Submission

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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. (“GDSI"), which we acquired in January 2023.</p>
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CY2023Q2 us-gaap Operating Lease Right Of Use Asset
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
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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”).
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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CY2023 us-gaap Effective Income Tax Rate Continuing Operations
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CY2023Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2023Q2 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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CY2022Q2 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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CY2023Q2 akts Deferred Tax Assets Tax Credit
DeferredTaxAssetsTaxCredit
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DeferredTaxAssetsTaxCredit
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DeferredTaxAssetsInProcessResearchAndDevelopment
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1022000 usd
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CY2023Q2 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
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CY2023Q2 us-gaap Tax Credit Carryforward Amount
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CY2023Q2 akts Net Change In Valuation Allowance
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CY2023Q2 akts Gross Unrecognized Tax Benefits
GrossUnrecognizedTaxBenefits
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GrossUnrecognizedTaxBenefits
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CY2023Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
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326000 usd
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21000 usd
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541000 usd
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427000 usd
CY2022Q2 akts Unrecognized Tax Benefit
UnrecognizedTaxBenefit
541000 usd
CY2023 us-gaap Revenues
Revenues
27121000 usd
CY2023 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
30237000 usd
CY2023 akts Gross Margin
GrossMargin
-3116000 usd
CY2023 us-gaap Payments To Acquire In Process Research And Development
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33243000 usd
CY2023 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
29710000 usd
CY2023 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-66069000 usd
CY2022 us-gaap Revenues
Revenues
15350000 usd
CY2022 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
19487000 usd
CY2022 akts Gross Margin
GrossMargin
-4137000 usd
CY2022 us-gaap Payments To Acquire In Process Research And Development
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35708000 usd
CY2022 us-gaap Selling General And Administrative Expense
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20710000 usd
CY2022 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-60555000 usd
CY2023Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
4753000 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
57826000 usd
CY2022Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
3793000 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
51157000 usd
CY2023Q2 us-gaap Common Stock Other Shares Outstanding
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12497862 shares
CY2022Q2 us-gaap Common Stock Other Shares Outstanding
CommonStockOtherSharesOutstanding
2664686 shares
CY2023Q2 us-gaap Derivative Instruments And Hedges Liabilities
DerivativeInstrumentsAndHedgesLiabilities
2080 usd
CY2023Q2 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
2080 usd
CY2022Q2 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
1446 usd
CY2022Q2 us-gaap Derivative Instruments And Hedges Liabilities
DerivativeInstrumentsAndHedgesLiabilities
3028 usd
CY2022Q2 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
4474 usd
CY2023 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
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CY2022Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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3028 usd
CY2023 us-gaap Asset At Fair Value Changes In Fair Value Resulting From Changes In Assumptions
AssetAtFairValueChangesInFairValueResultingFromChangesInAssumptions
948 usd
CY2023Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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2080 usd
CY2023Q2 us-gaap Share Price
SharePrice
3.18
CY2022Q2 us-gaap Share Price
SharePrice
3.7
CY2023 akts Volatility Of Stock Price
VolatilityOfStockPrice
70
CY2022 akts Volatility Of Stock Price
VolatilityOfStockPrice
70
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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0.0432 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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0.0301 pure
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CY2022 akts Share Based Compensation Arrangement By Share Based Payment Award Fair Value Measurements Expected Debt Yield
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0.415 pure
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P4Y
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P5Y
CY2023Q2 us-gaap Business Combination Contingent Consideration Liability Current
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CY2022Q2 us-gaap Long Term Notes Payable
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CY2022 us-gaap Other Nonoperating Income Expense
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CY2022 us-gaap Noncash Contribution Expense
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CY2022 akts Assets Purchased Using Common Stock
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CY2023 akts Fixed Assets Included In Accounts Payable And Accrued Expenses
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CY2022 akts Operating Lease Rightofuse Asset Net
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CY2022 akts Operating Leases Liability
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CY2023Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Contingent Liability
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CY2022Q2 akts Business Combination Recognized Identifiable Assets Acquired And Liabilities Cancelled
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CY2023Q2 us-gaap Business Combination Acquisition Of Less Than100 Percent Noncontrolling Interest Fair Value
BusinessCombinationAcquisitionOfLessThan100PercentNoncontrollingInterestFairValue
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CY2023 us-gaap Dividends
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CY2023 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2022Q2 us-gaap Deferred Tax Assets In Process Research And Development
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CY2023Q2 us-gaap Deferred Tax Assets Net
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CY2022 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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CY2021 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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CY2022 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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CY2021 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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CY2023Q2 us-gaap Business Combination Contingent Consideration Liability
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CY2023 akts Initial Fair Value Of Contingent Consideration
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CY2023Q2 akts Initial Fair Value Of Change In Control Provision In Convertible Note
InitialFairValueOfChangeInControlProvisionInConvertibleNote
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CY2023 dei Amendment Flag
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false
CY2023 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2023 dei Entity Central Index Key
EntityCentralIndexKey
0001584754

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