Benzinga | Jan 31, 2022 08:05AM EST

Akoustis Clocks 96% Sequential Revenue Growth In Q2; Issues Positive Q3 Outlook

* Akoustis Technologies Inc (NASDAQ:AKTS) reported second-quarter FY22 revenue growth of 96% quarter-on-quarter to $3.67 million, missing the consensus of $3.78 million.

* "Despite the ongoing macro headwinds presented by both COVID and semi-conductor supply chain shortages, Akoustis was able to achieve record revenue and unit growth in the December quarter and we expect that growth to continue. This is being driven as we ramp production of our patented XBAW(tm) RF filter solutions to multiple customers across the Wi-Fi 6, Wi-Fi 6E, 5G network infrastructure and other markets," CEO Jeff Shealy said.

* Non-GAAP EPS loss of $(0.23) missed the consensus loss of $(0.20).

* Akoustis held $67.5 million in cash and equivalents.

* Outlook: Akoustis sees Q3 revenue growth of 25% Q/Q.

* Akoustis issued a separate statement on receiving five new Wi-Fi design wins from multiple customers, each expected to ramp into production and ship in the current calendar year.

* Price Action: AKTS shares closed higher by 4.34% at $5.05 on Friday.