Benzinga | Aug 30, 2021 09:20AM EDT

Akoustis Misses On Q4 Earnings, Ships First 5G Mobile WLP Filter

* Akoustis Technologies Inc (NASDAQ:AKTS) reported fourth-quarter FY21 revenue growth of 489.3% year-on-year to $2.16 million, missing the analyst consensus of $2.52 million.

* Filter Product Revenue increased 440% Y/Y and 68% sequentially.

* FY21 revenue was $6.6 million, up 270% Y/Y.

* The gross margin loss was (58.9)%.

* Non-GAAP EPS loss of $(0.19) missed the consensus of $(0.16).

* Akoustis held $88.3 million in cash and equivalents.

* Akoustis shipped the first 5G mobile filters to its tier-1 RF component customer under its wafer-level technology (WLP).

* Both filters aim to offer 5G/WiFi coexistence in the mid and ultra-high bands in filter modules for 5G smartphones, tablets, and other mobile devices.

* Akoustis is on track to deliver the second WLP filter sample to this customer by CY21 and enter production in the second half of CY22.

* Akoustics recently won a volume commercial order for its patented WiFi 6 XBAW filters from its second WiFi 6 OEM customer.

* Price Action: AKTS shares closed higher by 14.3% at $9.99 on Friday.