$AKTSQ
Akoustis Technologies, Inc.

2024 Q2 Form 10-Q Financial Statement

#000121390024041897 Filed on May 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $5.855M $7.510M $7.356M
YoY Change -29.74% 2.09% 59.67%
Cost Of Revenue $6.490M $7.161M $8.472M
YoY Change -35.34% -15.47% 57.77%
Gross Profit -$635.0K $349.0K -$1.116M
YoY Change -62.73% -131.27% 46.26%
Gross Profit Margin -10.85% 4.65% -15.17%
Selling, General & Admin $7.431M $8.935M $8.817M
YoY Change -7.8% 1.34% 54.12%
% of Gross Profit 2560.17%
Research & Development $7.260M $5.971M $7.349M
YoY Change -11.07% -18.75% -11.61%
% of Gross Profit 1710.89%
Depreciation & Amortization $3.267M $2.600M $3.101M
YoY Change 6.66% -16.16% 33.78%
% of Gross Profit 744.99%
Operating Expenses $14.69M $22.96M $16.17M
YoY Change -9.45% 42.01% 15.18%
Operating Profit -$15.33M -$22.61M -$17.28M
YoY Change -14.51% 30.82% 16.79%
Interest Expense -$728.0K -$693.0K -$893.0K
YoY Change -682.4% -22.4% -3672.0%
% of Operating Profit
Other Income/Expense, Net $4.000K -$698.0K -$627.0K
YoY Change -60.0% 11.32% 248.33%
Pretax Income -$108.8M -$23.31M -$17.91M
YoY Change 511.49% 30.14% 19.77%
Income Tax $1.000K $2.000K -$2.364M
% Of Pretax Income
Net Earnings -$108.8M -$23.31M -$15.55M
YoY Change 512.46% 49.94% 5.85%
Net Earnings / Revenue -1858.29% -310.36% -211.32%
Basic Earnings Per Share -$0.26 -$0.23
Diluted Earnings Per Share -$0.91 -$0.26 -$0.29
COMMON SHARES
Basic Shares Outstanding 98.67M shares 98.60M shares 71.55M shares
Diluted Shares Outstanding 91.28M shares 68.20M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.45M $15.20M $52.75M
YoY Change -43.28% -71.18% -5.59%
Cash & Equivalents $24.40M $15.20M $52.75M
Short-Term Investments
Other Short-Term Assets $2.991M $3.811M $3.665M
YoY Change -32.64% 3.98% -5.64%
Inventory $2.223M $5.104M $7.558M
Prepaid Expenses
Receivables $3.911M $4.448M $4.247M
Other Receivables $3.197M $0.00 $0.00
Total Short-Term Assets $36.77M $28.56M $68.22M
YoY Change -38.56% -58.13% 2.94%
LONG-TERM ASSETS
Property, Plant & Equipment $12.91M $53.20M $57.31M
YoY Change -77.68% -7.18% 18.52%
Goodwill $6.500M $6.508M $14.53M
YoY Change -55.35% -55.21%
Intangibles $12.57M $13.22M $15.89M
YoY Change -17.56% -16.8%
Long-Term Investments
YoY Change
Other Assets $71.00K $71.00K $71.00K
YoY Change -1.39% 0.0% 18.33%
Total Long-Term Assets $32.97M $74.04M $89.29M
YoY Change -62.98% -17.08% 35.65%
TOTAL ASSETS
Total Short-Term Assets $36.77M $28.56M $68.22M
Total Long-Term Assets $32.97M $74.04M $89.29M
Total Assets $69.74M $102.6M $157.5M
YoY Change -53.17% -34.86% 19.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.998M $4.796M $3.125M
YoY Change 0.48% 53.47% -17.55%
Accrued Expenses $12.87M $11.67M $8.560M
YoY Change -4.59% 36.33% 31.15%
Deferred Revenue $131.0K
YoY Change 24.76%
Short-Term Debt $10.00M $1.667M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $84.37M $18.23M $11.81M
YoY Change 380.16% 54.38% 5.65%
LONG-TERM LIABILITIES
Long-Term Debt $41.89M $41.75M $44.03M
YoY Change -4.83% -5.17%
Other Long-Term Liabilities $117.0K $117.0K $1.210M
YoY Change -89.3% -90.33% 80.6%
Total Long-Term Liabilities $42.47M $42.47M $45.24M
YoY Change -5.85% -6.13% 6652.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $84.37M $18.23M $11.81M
Total Long-Term Liabilities $42.47M $42.47M $45.24M
Total Liabilities $126.8M $60.69M $57.05M
YoY Change 102.36% 6.39% 170.98%
SHAREHOLDERS EQUITY
Retained Earnings -$438.5M -$329.7M -$252.6M
YoY Change 62.2% 30.53%
Common Stock $123.0K $99.00K $72.00K
YoY Change 70.83% 37.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$57.09M $41.91M $100.5M
YoY Change
Total Liabilities & Shareholders Equity $69.74M $102.6M $157.5M
YoY Change -53.17% -34.86% 19.24%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$108.8M -$23.31M -$15.55M
YoY Change 512.46% 49.94% 5.85%
Depreciation, Depletion And Amortization $3.267M $2.600M $3.101M
YoY Change 6.66% -16.16% 33.78%
Cash From Operating Activities -$8.108M -$7.791M -$9.900M
YoY Change -6.82% -21.3% 1.69%
INVESTING ACTIVITIES
Capital Expenditures -$133.0K $291.0K $2.185M
YoY Change -110.95% -86.68% -124.36%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$13.76M
YoY Change -100.0% -100.0% -45966.67%
Cash From Investing Activities $133.0K -$291.0K -$15.95M
YoY Change -110.94% -98.17% 78.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 17.22M 10.41M 32.03M
YoY Change 6231.62% -67.5% 352.33%
NET CHANGE
Cash From Operating Activities -8.108M -7.791M -9.900M
Cash From Investing Activities 133.0K -291.0K -15.95M
Cash From Financing Activities 17.22M 10.41M 32.03M
Net Change In Cash 9.247M 2.325M 6.180M
YoY Change -195.87% -62.38% -153.29%
FREE CASH FLOW
Cash From Operating Activities -$8.108M -$7.791M -$9.900M
Capital Expenditures -$133.0K $291.0K $2.185M
Free Cash Flow -$7.975M -$8.082M -$12.08M
YoY Change -19.57% -33.12% 1481.81%

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”), automotive and defense 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”) and recently introduced foundry 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. The Company also offers back-end semiconductor supply chain services through its wholly owned subsidiary, Grinding &amp; Dicing Services, Inc.(GDSI), which it acquired in January 2023.</p>
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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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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CY2024Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
usd
CY2024Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet
usd
CY2024Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deferred Tax Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxLiabilities
usd
CY2024Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities
usd
akts Business Combination Recognized Identifiable Assets Acquired And Liabilities Cancelled
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesCancelled
usd
akts Business Combination Recognized Identifiable Assets Acquired Issuance Of Common Stock For Acquisition
BusinessCombinationRecognizedIdentifiableAssetsAcquiredIssuanceOfCommonStockForAcquisition
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001584754

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0001213900-24-041897-index.html Edgar Link pending
0001213900-24-041897.txt Edgar Link pending
0001213900-24-041897-xbrl.zip Edgar Link pending
akts-20240331.xsd Edgar Link pending
ea0204504-10q_akoustis.htm Edgar Link pending
ea020450401ex10-1_akoustis.htm Edgar Link pending
ea020450401ex31-1_akoustis.htm Edgar Link pending
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report.css Edgar Link pending
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akts-20240331_cal.xml Edgar Link unprocessable