Benzinga | Nov 1, 2021 08:13AM EDT

Akoustis Clocks 194% Revenue Growth In Q1, Forges XBAW Filter Deal With New Customer

* Akoustis Technologies Inc (NASDAQ:AKTS) reported first-quarter FY22 revenue growth of 193.7% year-on-year to $1.87 million, missing the consensus of $2.01 million. The company's previous revenue guidance was $2.0 million.

* The gross margin loss was (55.4)%. EPS loss of $(0.25) missed the consensus loss of $(0.20).

* Akoustis held $75.7 million in cash and equivalents.

* Outlook: Akoustis looks to return to double-digit sequential revenue growth in the December quarter, as it ramped volume XBAW RF filter solutions to multiple customers across the WiFi 6, WiFi 6E, 5G network infrastructure, and other markets.

* Akoustis' December revenue guidance of $3.5 million -$4.0 million will likely be up by 100% Q/Q at the mid-point.

* "We continue to experience strong demand and a growing sales funnel for our WiFi 6E, 5G mobile and CBRS XBAW(tm) filters," CEO Jeff Shealy said.

* Akoustis plans to increase the annual production capacity at its New York fab by the end of CY21 to 500 million filters per year.

* Akoustis forged a deal with a new mobile customer to develop an XBAW filter for a challenging 4G/5G band.

* "This new mobile customer selected our patented XBAW technology given its superior isolation and rejection performance, and we expect that this will be the first of multiple mobile filters we develop for this leading RF component maker over the next few years," CEO Jeff Shealy said.

* Price Action: AKTS shares closed higher by 0.27% at $7.52 on Friday.