$AKTSQ
Akoustis Technologies, Inc.

2024 Q1 Form 10-Q Financial Statement

#000121390024012863 Filed on February 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2022 Q4
Revenue $7.510M $7.017M $5.865M
YoY Change 2.09% 19.64% 59.72%
Cost Of Revenue $7.161M $6.336M $5.274M
YoY Change -15.47% 20.14% 15.94%
Gross Profit $349.0K $681.0K $591.0K
YoY Change -131.27% 15.23% -167.39%
Gross Profit Margin 4.65% 9.71% 10.08%
Selling, General & Admin $8.935M $9.294M $5.838M
YoY Change 1.34% 59.2% 13.45%
% of Gross Profit 2560.17% 1364.76% 987.82%
Research & Development $5.971M $6.411M $7.645M
YoY Change -18.75% -16.14% -16.83%
% of Gross Profit 1710.89% 941.41% 1293.57%
Depreciation & Amortization $2.600M $2.600M $2.642M
YoY Change -16.16% -1.59% 55.32%
% of Gross Profit 744.99% 381.79% 447.04%
Operating Expenses $22.96M $15.71M $13.48M
YoY Change 42.01% 16.48% -5.96%
Operating Profit -$22.61M -$15.02M -$12.89M
YoY Change 30.82% 16.54% -15.27%
Interest Expense -$693.0K -$686.0K $116.0K
YoY Change -22.4% -691.38% 314.29%
% of Operating Profit
Other Income/Expense, Net -$698.0K -$685.0K $1.737M
YoY Change 11.32% -139.44% 6103.57%
Pretax Income -$23.31M -$15.71M -$11.16M
YoY Change 30.14% 40.82% -26.55%
Income Tax $2.000K $2.000K $1.000K
% Of Pretax Income
Net Earnings -$23.31M -$15.71M -$11.16M
YoY Change 49.94% 40.83% -26.91%
Net Earnings / Revenue -310.36% -223.9% -190.21%
Basic Earnings Per Share -$0.26 -$0.21 -$0.19
Diluted Earnings Per Share -$0.26 -$0.21 -$0.19
COMMON SHARES
Basic Shares Outstanding 98.60M shares 72.48M shares 57.47M shares
Diluted Shares Outstanding 91.28M shares 73.08M shares 57.58M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.20M $12.88M $46.57M
YoY Change -71.18% -72.35% -30.98%
Cash & Equivalents $15.20M $12.90M $46.57M
Short-Term Investments
Other Short-Term Assets $3.811M $2.859M $4.767M
YoY Change 3.98% -40.03% 50.95%
Inventory $5.104M $5.476M $5.807M
Prepaid Expenses
Receivables $4.448M $4.808M $3.171M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $28.56M $26.02M $60.31M
YoY Change -58.13% -56.86% -20.02%
LONG-TERM ASSETS
Property, Plant & Equipment $53.20M $56.20M $54.47M
YoY Change -7.18% 3.17% 34.04%
Goodwill $6.508M $14.56M $8.051M
YoY Change -55.21% 80.83%
Intangibles $13.22M $13.88M $8.267M
YoY Change -16.8% 67.85%
Long-Term Investments
YoY Change
Other Assets $71.00K $74.00K $71.00K
YoY Change 0.0% 4.23% 18.33%
Total Long-Term Assets $74.04M $85.87M $71.95M
YoY Change -17.08% 19.35% 22.57%
TOTAL ASSETS
Total Short-Term Assets $28.56M $26.02M $60.31M
Total Long-Term Assets $74.04M $85.87M $71.95M
Total Assets $102.6M $111.9M $132.3M
YoY Change -34.86% -15.41% -1.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.796M $3.187M $2.602M
YoY Change 53.47% 22.48% 43.12%
Accrued Expenses $11.67M $11.04M $6.113M
YoY Change 36.33% 80.58% 17.72%
Deferred Revenue $70.00K
YoY Change
Short-Term Debt $1.667M $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.23M $14.28M $8.775M
YoY Change 54.38% 62.76% 23.38%
LONG-TERM LIABILITIES
Long-Term Debt $41.75M $42.99M $43.18M
YoY Change -5.17% -0.45%
Other Long-Term Liabilities $117.0K $117.0K $1.226M
YoY Change -90.33% -90.46% -5.18%
Total Long-Term Liabilities $42.47M $43.83M $44.41M
YoY Change -6.13% -1.29% 3334.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.23M $14.28M $8.775M
Total Long-Term Liabilities $42.47M $43.83M $44.41M
Total Liabilities $60.69M $58.11M $53.18M
YoY Change 6.39% 9.27% 195.92%
SHAREHOLDERS EQUITY
Retained Earnings -$329.7M -$306.4M -$237.0M
YoY Change 30.53% 29.26%
Common Stock $99.00K $75.00K $58.00K
YoY Change 37.5% 29.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $41.91M $53.77M $79.08M
YoY Change
Total Liabilities & Shareholders Equity $102.6M $111.9M $132.3M
YoY Change -34.86% -15.41% -1.38%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2022 Q4
OPERATING ACTIVITIES
Net Income -$23.31M -$15.71M -$11.16M
YoY Change 49.94% 40.83% -26.91%
Depreciation, Depletion And Amortization $2.600M $2.600M $2.642M
YoY Change -16.16% -1.59% 55.32%
Cash From Operating Activities -$7.791M -$11.34M -$11.23M
YoY Change -21.3% 0.94% 3.5%
INVESTING ACTIVITIES
Capital Expenditures $291.0K $1.624M $3.153M
YoY Change -86.68% -48.49% -144.45%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$291.0K -$1.624M -$3.153M
YoY Change -98.17% -48.49% -71.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.41M 52.00K 289.0K
YoY Change -67.5% -82.01% -97.91%
NET CHANGE
Cash From Operating Activities -7.791M -11.34M -11.23M
Cash From Investing Activities -291.0K -1.624M -3.153M
Cash From Financing Activities 10.41M 52.00K 289.0K
Net Change In Cash 2.325M -12.91M -14.09M
YoY Change -62.38% -8.41% 71.6%
FREE CASH FLOW
Cash From Operating Activities -$7.791M -$11.34M -$11.23M
Capital Expenditures $291.0K $1.624M $3.153M
Free Cash Flow -$8.082M -$12.96M -$14.38M
YoY Change -33.12% -9.89% 282.86%

Facts In Submission

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AKOUSTIS TECHNOLOGIES, INC.
dei Entity Incorporation State Country Code
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1. Organization</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></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>
dei Entity Incorporation Date Of Incorporation
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Significant Accounting Policies and Estimates</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>
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akts Nasdaq Stock Market Notification Description
NasdaqStockMarketNotificationDescription
In accordance with Nasdaq listing rules, the Company has been afforded 180 calendar days (until April 22, 2024) to regain compliance with the Bid Price Requirement (the “Initial Compliance Period”). To regain compliance, the closing bid price of the Company’s common stock must meet or exceed $1.00 per share for a minimum of ten consecutive business days during this additional 180-day period, all as described in more detail in the Current Report on Form 8-K filed with the SEC on October 27, 2023. If the Company does not regain compliance by April 22, 2024, the Company may be eligible for an additional grace period. To qualify, the Company must, as of the final day of the Initial Compliance Period, meet the applicable market value of publicly held shares requirement for continued listing and all other applicable standards for initial listing on the Capital Market (except the Bid Price Requirement) based on the Company’s most recent public filings and market information and must notify Nasdaq of its intent to cure this deficiency. If the Company meets these requirements, the Nasdaq staff would be expected to grant an additional 180 calendar days for the Company to regain compliance with Bid Price Requirement.
CY2023Q4 us-gaap Operating Lease Expense
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CY2008Q2 us-gaap Operating Lease Liability
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akts Lease Agreements Description
LeaseAgreementsDescription
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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akts Total Benefits Of Contingencies
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CY2023Q4 us-gaap Share Price
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dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2024
dei Entity Central Index Key
EntityCentralIndexKey
0001584754

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