2024 Q4 Form 10-K Financial Statement

#000121390024085984 Filed on October 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q2 2024
Revenue $5.855M $27.38M
YoY Change -29.74% 0.97%
Cost Of Revenue $6.490M $28.07M
YoY Change -35.34% -7.16%
Gross Profit -$635.0K -$689.0K
YoY Change -62.73% -77.89%
Gross Profit Margin -10.85% -2.52%
Selling, General & Admin $7.431M $35.88M
YoY Change -7.8% 20.78%
% of Gross Profit
Research & Development $7.260M $29.99M
YoY Change -11.07% -9.79%
% of Gross Profit
Depreciation & Amortization $3.267M $10.10M
YoY Change 6.66% -10.27%
% of Gross Profit
Operating Expenses $14.69M $109.3M
YoY Change -9.45% 73.62%
Operating Profit -$15.33M -$110.0M
YoY Change -14.51% 66.48%
Interest Expense -$728.0K -$579.0K
YoY Change -682.4% -57.86%
% of Operating Profit
Other Income/Expense, Net $4.000K -$57.95M
YoY Change -60.0% -90651.56%
Pretax Income -$108.8M -$167.9M
YoY Change 511.49% 154.44%
Income Tax $1.000K $6.000K
% Of Pretax Income
Net Earnings -$108.8M -$168.0M
YoY Change 512.46% 164.25%
Net Earnings / Revenue -1858.29% -613.31%
Basic Earnings Per Share -$1.89
Diluted Earnings Per Share -$0.91 -$1.89
COMMON SHARES
Basic Shares Outstanding 154.6M shares 98.67M shares 89.09M shares
Diluted Shares Outstanding 89.09M shares

Balance Sheet

Concept 2024 Q4 2024 Q2 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.45M $24.45M
YoY Change -43.28% -43.28%
Cash & Equivalents $24.40M $24.45M
Short-Term Investments
Other Short-Term Assets $2.991M $1.607M
YoY Change -32.64% -63.81%
Inventory $2.223M $2.223M
Prepaid Expenses
Receivables $3.911M $5.295M
Other Receivables $3.197M $3.197M
Total Short-Term Assets $36.77M $36.77M
YoY Change -38.56% -38.56%
LONG-TERM ASSETS
Property, Plant & Equipment $12.91M $13.83M
YoY Change -77.68% -76.64%
Goodwill $6.500M
YoY Change -55.35%
Intangibles $12.57M
YoY Change -17.56%
Long-Term Investments
YoY Change
Other Assets $71.00K $71.00K
YoY Change -1.39% -1.39%
Total Long-Term Assets $32.97M $32.97M
YoY Change -62.98% -62.98%
TOTAL ASSETS
Total Short-Term Assets $36.77M $36.77M
Total Long-Term Assets $32.97M $32.97M
Total Assets $69.74M $69.74M
YoY Change -53.17% -53.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.998M $3.998M
YoY Change 0.48% 0.48%
Accrued Expenses $12.87M $12.87M
YoY Change -4.59% -4.59%
Deferred Revenue $131.0K
YoY Change 24.76%
Short-Term Debt $10.00M $10.00M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $84.37M $84.37M
YoY Change 380.16% 380.16%
LONG-TERM LIABILITIES
Long-Term Debt $41.89M $41.89M
YoY Change -4.83% -4.83%
Other Long-Term Liabilities $117.0K $579.0K
YoY Change -89.3% -47.03%
Total Long-Term Liabilities $42.47M $42.47M
YoY Change -5.85% -5.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $84.37M $84.37M
Total Long-Term Liabilities $42.47M $42.47M
Total Liabilities $126.8M $126.8M
YoY Change 102.36% 102.36%
SHAREHOLDERS EQUITY
Retained Earnings -$438.5M
YoY Change 62.2%
Common Stock $123.0K
YoY Change 70.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$57.09M -$57.09M
YoY Change
Total Liabilities & Shareholders Equity $69.74M $69.74M
YoY Change -53.17% -53.17%

Cashflow Statement

Concept 2024 Q4 2024 Q2 2024
OPERATING ACTIVITIES
Net Income -$108.8M -$168.0M
YoY Change 512.46% 164.25%
Depreciation, Depletion And Amortization $3.267M $10.10M
YoY Change 6.66% -10.27%
Cash From Operating Activities -$8.108M -$40.35M
YoY Change -6.82% -9.98%
INVESTING ACTIVITIES
Capital Expenditures -$133.0K $5.992M
YoY Change -110.95% -47.37%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities $133.0K -$5.992M
YoY Change -110.94% -76.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $12.34M
YoY Change -61.47%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 17.22M $27.68M
YoY Change 6231.62% -15.05%
NET CHANGE
Cash From Operating Activities -8.108M -$40.35M
Cash From Investing Activities 133.0K -$5.992M
Cash From Financing Activities 17.22M $27.68M
Net Change In Cash 9.247M -$18.66M
YoY Change -195.87% -50.09%
FREE CASH FLOW
Cash From Operating Activities -$8.108M -$40.35M
Capital Expenditures -$133.0K $5.992M
Free Cash Flow -$7.975M -$46.34M
YoY Change -19.57% -17.56%

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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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