Q3 2024 Akoustis Technologies Inc Earnings Call Transcript
Key Points
- Revenue increased by 7% sequentially to $7.5 million in the March quarter, with filter-related revenue up 13% quarter-over-quarter.
- Akoustis Technologies Inc (AKTS) has secured nine design wins in Wi-Fi 7 AP platforms, indicating strong future growth potential in this segment.
- The company is actively involved in the CHIPS Act funding, enhancing its research capabilities and potential for government-backed financial benefits.
- Akoustis Technologies Inc (AKTS) successfully commenced preproduction deliveries of XBAW filters for Wi-Fi 7, showing progress in product development and customer engagement.
- Cash burn was reduced by 31% sequentially in the March quarter, reflecting effective cost management and operational efficiency improvements.
- The company experienced an unexpected sunset of a major Wi-Fi 6E program, which could impact short-term revenue streams.
- Guidance for the June quarter revenue is projected to be flat to down 5%, indicating potential stagnation or decline.
- GAAP operating loss was $22.6 million for the March quarter, driven by significant costs such as labor, goodwill impairment, and operational expenses.
- Ongoing litigation with Qorvo poses financial risks and uncertainties, potentially impacting the company's operations and market value.
- Despite reductions in cash burn, the company still faces challenges in achieving operating cash flow breakeven, projected within the next nine months under current conditions.
Good day, ladies and gentlemen, and welcome to the Akoustis Technologies fiscal 2024 third quarter conference call. As a reminder, this conference is being recorded (Operator Instructions) A replay of the call will be available on the Investor Relations section of the website. Thank you.
Thank you, operator, and good morning to everyone on the call. Welcome to Akoustis's third quarter fiscal 2024 conference call. I am Ken Boller, CFO; and I'm joined today by our Founder and CEO, Jeff Shealy; Corporate General Counsel, Drew Wright; and EVP of Business Development. David Aichele.
Before we begin please note that today's presentation includes forward-looking statements about our business outlook. All statements other than statements of historical facts included in this conference call such as expectations regarding our strategies and operations, including the timing and prospects of product development and customer orders and design wins, possible collaborative or
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