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Akoustis' (AKTS) Q4 Loss Wider Than Estimates, Revenues Miss

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Akoustis Technologies, Inc. (AKTS - Free Report) reported fourth-quarter fiscal 2021 non-GAAP net loss of 19 cents per share, wider than the Zacks Consensus Estimate of a loss per share of 16 cents. The company had reported a loss of 19 cents in the year-ago quarter.

Revenues of $2.2 million lagged the Zacks Consensus Estimate by 14.3%. On a year-over-year basis, the company’s top line witnessed an improvement of more than 489.3% amid semiconductor supply chain issues and other disruptions caused by COVID-19 crisis.

Strength in Wi-Fi filter business and increasing design wins across main markets acted as a tailwind. At the end of fiscal fourth quarter, the company had one major customer in production. The company expects to have more than five customers in production by the end of the current calendar year.

In the quarter under review, core XBAW filter shipments soared 68% quarter over quarter. In the reported quarter, the company commenced shipping XBAW filter sample to tier-1 RF component client for assessment and characterization.

Akoustis Technologies, Inc. Price, Consensus and EPS Surprise

 

Akoustis Technologies, Inc. Price, Consensus and EPS Surprise

Akoustis Technologies, Inc. price-consensus-eps-surprise-chart | Akoustis Technologies, Inc. Quote

 

The company reported a non-GAAP operating loss of $9.7 million in fiscal fourth quarter compared with a loss of $6.6 million in the year ago-quarter.

In the past year, Akoustis’ shares have returned 12% compared with the industry’s rise of 26%.

 

A Look at Some Recent Developments

Akoustis entered into a foundry agreement with tier-2 RF front-end module client to produce filters for 5G mobile.

The company rolled out latest 5 GHz Wi-Fi 6E offering with 5.6 GHz and 6.6 GHz XBAW filter modules in the quarter under review. The company also secured design win from a new tier-1 enterprise client for its 5.5 GHz and 6.5 GHz Wi-Fi 6E XBAW filters.  

The company also secured an order for the development of 3.8 GHz XBAW filter from an existing defense client.

Akoustis announced a deal with a tier-1 PC chipmaker for the advancement of Wi-Fi 6E RF diplexer product solely for the PC market.

Balance Sheet & Cash Flow

As of Jun 30, 2021, the company had cash and cash equivalents of $88.3 million compared with $90.4 million as of Mar 31, 2021.

Cash used in operating activities in fiscal fourth quarter was $7.4 million compared with $5.9 million utilized in fiscal third quarter.

Fiscal 2021 Numbers

Revenues of $6.6 million were up 270% year over year. The year-over-year growth can be attributed to the company entering volume commercial production of XBAW filters with a tier 1 consumer-focused Wi-Fi 6 client.

For fiscal 2021, the company reported non-GAAP loss per share of 78 cents unchanged from fiscal 2020.

For fiscal 2021, cash used in operating activities was $29.4 million compared with $21.3 million utilized in fiscal 2020. Capital expenditures in the fiscal 2021 was $12.5 million.

Zacks Rank & Key Picks

Akoustis currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader technology sector are Avnet (AVT - Free Report) , Paycom Software (PAYC - Free Report) and Silicon Motion Technology (SIMO - Free Report) . All the three stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.

Long-term earnings growth rate of Avnet, Paycom and Silicon Motion is pegged at 25.4%, 25% and 8%, respectively.

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