Akoustis Registers 83% Revenue Growth In Q3; Adds Another Tier-1 5G Mobile RF Module Customer

Akoustis Technologies, Inc AKTS reported third-quarter FY22 revenue growth of 83% year-on-year (25% Q/Q) to $4.61 million, missing the consensus of $4.70 million.
Non-GAAP EPS loss of $(0.27) missed the consensus loss of $(0.22).
Akoustis held $55.9 million in cash and equivalents.
CEO Jeff Shealy stated, "Despite the persistent macro headwinds presented by both COVID and semiconductor supply chain shortages, Akoustis was able to achieve record revenue and unit growth in the March quarter, and we expect that growth to continue. This is being driven by production ramps of our patented XBAW RF filter solutions to multiple customers across the Wi-Fi 6, Wi-Fi 6E, 5G mobile, and network infrastructure and other markets."
Shealy added, "During the March quarter, we added another tier-1 5G mobile RF module customer, bringing our total number of mobile customers to five. We have also recently announced new Wi-Fi design wins, all of which are expected to ramp into production in calendar 2022."
Outlook: Akoustis sees Q4 revenue growth of over 30% Q/Q.
Price Action: AKTS shares traded lower by 0.35% at $4.42 on the last check Monday.