$AKTSQ
Akoustis Technologies, Inc.

2023 Q4 Form 10-Q Financial Statement

#000121390023085499 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $7.017M $7.002M
YoY Change 19.64% 25.8%
Cost Of Revenue $6.336M $8.086M
YoY Change 20.14% 25.31%
Gross Profit $681.0K -$1.084M
YoY Change 15.23% 22.21%
Gross Profit Margin 9.71% -15.48%
Selling, General & Admin $9.294M $10.22M
YoY Change 59.2% 46.43%
% of Gross Profit 1364.76%
Research & Development $6.411M $10.35M
YoY Change -16.14% 2.47%
% of Gross Profit 941.41%
Depreciation & Amortization $2.600M $2.400M
YoY Change -1.59% -2.04%
% of Gross Profit 381.79%
Operating Expenses $15.71M $20.57M
YoY Change 16.48% 20.44%
Operating Profit -$15.02M -$21.65M
YoY Change 16.54% 20.53%
Interest Expense -$686.0K $1.530M
YoY Change -691.38% -311.91%
% of Operating Profit
Other Income/Expense, Net -$685.0K $1.526M
YoY Change -139.44% -229.1%
Pretax Income -$15.71M -$20.13M
YoY Change 40.82% 5.12%
Income Tax $2.000K $1.000K
% Of Pretax Income
Net Earnings -$15.71M -$20.13M
YoY Change 40.83% 5.44%
Net Earnings / Revenue -223.9% -287.48%
Basic Earnings Per Share -$0.21 -$0.28
Diluted Earnings Per Share -$0.21 -$0.28
COMMON SHARES
Basic Shares Outstanding 72.48M shares 72.35M shares
Diluted Shares Outstanding 73.08M shares 72.31M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.88M $25.80M
YoY Change -72.35% -57.47%
Cash & Equivalents $12.90M $25.80M
Short-Term Investments
Other Short-Term Assets $2.859M $2.672M
YoY Change -40.03% -40.87%
Inventory $5.476M $6.182M
Prepaid Expenses
Receivables $4.808M $3.942M
Other Receivables $0.00 $0.00
Total Short-Term Assets $26.02M $38.58M
YoY Change -56.86% -46.92%
LONG-TERM ASSETS
Property, Plant & Equipment $56.20M $58.14M
YoY Change 3.17% 7.29%
Goodwill $14.56M $14.60M
YoY Change 80.83% 81.34%
Intangibles $13.88M $14.53M
YoY Change 67.85% 68.2%
Long-Term Investments
YoY Change
Other Assets $74.00K $73.00K
YoY Change 4.23% 2.82%
Total Long-Term Assets $85.87M $88.56M
YoY Change 19.35% 23.04%
TOTAL ASSETS
Total Short-Term Assets $26.02M $38.58M
Total Long-Term Assets $85.87M $88.56M
Total Assets $111.9M $127.1M
YoY Change -15.41% -12.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.187M $6.023M
YoY Change 22.48% 44.89%
Accrued Expenses $11.04M $1.159M
YoY Change 80.58% -83.62%
Deferred Revenue $70.00K $25.00K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.28M $15.90M
YoY Change 62.76% 25.67%
LONG-TERM LIABILITIES
Long-Term Debt $42.99M $42.50M
YoY Change -0.45% -3.09%
Other Long-Term Liabilities $117.0K $1.000M
YoY Change -90.46% -32.07%
Total Long-Term Liabilities $43.83M $43.46M
YoY Change -1.29% -4.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.28M $15.90M
Total Long-Term Liabilities $43.83M $43.46M
Total Liabilities $58.11M $59.36M
YoY Change 9.27% 2.38%
SHAREHOLDERS EQUITY
Retained Earnings -$306.4M -$290.7M
YoY Change 29.26% 28.68%
Common Stock $75.00K $72.00K
YoY Change 29.31% 26.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $53.77M $67.79M
YoY Change
Total Liabilities & Shareholders Equity $111.9M $127.1M
YoY Change -15.41% -12.11%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$15.71M -$20.13M
YoY Change 40.83% 5.44%
Depreciation, Depletion And Amortization $2.600M $2.400M
YoY Change -1.59% -2.04%
Cash From Operating Activities -$11.34M -$13.11M
YoY Change 0.94% -12.55%
INVESTING ACTIVITIES
Capital Expenditures $1.624M $4.209M
YoY Change -48.49% -187.11%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.624M -$4.209M
YoY Change -48.49% -12.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 52.00K
YoY Change -82.01%
NET CHANGE
Cash From Operating Activities -11.34M -$13.11M
Cash From Investing Activities -1.624M -$4.209M
Cash From Financing Activities 52.00K
Net Change In Cash -12.91M -$17.32M
YoY Change -8.41% -12.63%
FREE CASH FLOW
Cash From Operating Activities -$11.34M -$13.11M
Capital Expenditures $1.624M $4.209M
Free Cash Flow -$12.96M -$17.32M
YoY Change -9.89% 70.49%

Facts In Submission

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CY2023Q3 dei Entity Registrant Name
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AKOUSTIS TECHNOLOGIES, INC.
CY2023Q3 dei Entity Incorporation State Country Code
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CY2023Q3 dei Entity Tax Identification Number
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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>
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q3 us-gaap Use Of Estimates
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration:underline">Significant Accounting Policies and Estimates</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s significant accounting policies are disclosed in Note. 3 Summary of Significant Accounting Policies in the 2023 Annual Report. Since the date of the 2023 Annual Report, there have been no material changes to the Company’s significant accounting policies. The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and the accompanying notes thereto. The policies, estimates and assumptions include valuing equity securities, derivative liabilities, deferred taxes and related valuation allowances, contingent consideration, goodwill, intangible assets, revenue recognition, and the fair values of long-lived assets. Actual results could differ from the estimates.</p>
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CY2023Q2 us-gaap Inventory Net
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CY2023Q3 us-gaap Goodwill
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CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q3 us-gaap Operating Lease Liability
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CY2023Q3 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 us-gaap Investment Owned Balance Principal Amount
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CY2018Q1 us-gaap Payments For Postemployment Benefits
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400000 usd
CY2023Q3 us-gaap Income Tax Reconciliation Tax Credits
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100000 usd
CY2023 us-gaap Income Tax Reconciliation Tax Credits
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100000 usd
CY2023Q3 us-gaap Revenues
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7002000 usd
CY2023Q3 us-gaap Other Cost Of Operating Revenue
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CY2023Q3 akts Gross Margin
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CY2023Q3 us-gaap Payments To Acquire In Process Research And Development
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CY2023Q3 us-gaap Selling General And Administrative Expense
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CY2023Q3 us-gaap Other Operating Income Expense Net
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CY2022Q3 us-gaap Revenues
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5566000 usd
CY2022Q3 us-gaap Other Cost Of Operating Revenue
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6453000 usd
CY2022Q3 akts Gross Margin
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CY2022Q3 us-gaap Payments To Acquire In Process Research And Development
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CY2022Q3 us-gaap Selling General And Administrative Expense
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CY2023Q3 us-gaap Accounts Receivable Net Current
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CY2023Q3 us-gaap Property Plant And Equipment Net
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CY2023Q2 us-gaap Accounts Receivable Net Current
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CY2023Q3 us-gaap Common Stock Other Shares Outstanding
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12464962 shares
CY2022Q3 us-gaap Common Stock Other Shares Outstanding
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CY2023Q3 us-gaap Derivative Liabilities
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66000 usd
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66000 usd
CY2023Q2 us-gaap Derivative Liabilities
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2080000 usd
CY2023Q2 us-gaap Embedded Derivative Fair Value Of Embedded Derivative Net
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2080000 usd
CY2023Q2 us-gaap Embedded Derivative Fair Value Of Embedded Derivative Net
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2080000 usd
CY2023Q3 us-gaap Change In Unrealized Gain Loss On Fair Value Hedging Instruments1
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CY2023Q3 us-gaap Embedded Derivative Fair Value Of Embedded Derivative Net
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66000 usd
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0.75
CY2023Q2 us-gaap Share Price
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.75 pure
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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0.0473 pure
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0.0432 pure
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0.418 pure
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2024
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CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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57154393 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q3 dei Entity Central Index Key
EntityCentralIndexKey
0001584754

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